July 19, 2018

Ernst & Young Adds to Its Murderers’ Row of Tax Experts

Ernst & Young has wrestled Jeff VanderWolk away from the Senate Finance Committee where he served as international tax counsel. He'll be an executive director in the National Tax and Americas Tax Center reporting to former assistant treasury secretary for tax policy, Michael Mundaca, according to The Hill.

E&Y has been building up its National Tax Practice quite prominently in the past year or so, announcing the addition of two treasury officials last year, in addition to Mundaca who joined the firm in 2011. You probably also noticed that many of these people have backgrounds similar to soon-to-be CEO Mark Weinberger, who has extensive experience working in the federal government on tax issue and building a legislative advisory firm.

It's not clear if there's an explicit strategy here — loading up for tax reform, perhaps? — but this kind of roster will definitely come in handy for negotiating with a very different arm of the federal government, should any past issues crop up again.

[The Hill] 

Related articles

Ernst & Young Is Here to Help (For a Small Fee)!

ernst_young.jpgWe thought that Ernst & Young was advising the New York Fed on the winding down of AIG out of the goodness of their hearts but it turns out it’s actually about the money.
E&Y could make as much as $60 million advising the New York Fed, which is 50% more than the initial agreement, according to Bloomberg. The NYF is also reimbursing E&Y for expenses, up to 10% of the professional fees. This occurs after the parties had initially said $40 million would be the cap but $60 mil is it, we swear, no more.
And because E&Y is solid like that, the firm is billing out partners and directors at discounted rates ($775/hour). I mean, ’cause, let’s face it, this thing’s a mess and E&Y is going to be working hard, working late, working weekends.
Ernst & Young’s Maximum Pay for AIG Advice Swells [Bloomberg]

Review Comments | 07.20.09

ernst_young.jpgLawyer: Ernst auditing helped sink Hinsdale’s Superior Bank – Plaintiff Alan Schein is still claiming conspiracy on E&Y’s part. [Daily Herald]
Securities Lawsuits Plummet in 2009 – Because they’ve all been filed already [CFO.com]
Stanford case spreads its tendrils – For a Ponz that simply offered CD’s with out of this world interest rates, the international law and jurisdictional aspects will turn your head in knots. [FT.com]
TD Ameritrade Settles Securities Case – “TD Ameritrade Inc. agreed to buy back $456 million of auction-rate securities from its clients as part of a settlement with New York Attorney General Andrew Cuomo, the Securities and Exchange Commission and Pennsylvania securities regulators.” [WSJ]