July 16, 2018

It’s Really Too Bad That Ernst & Young Isn’t Struggling to Account for Trump

It's Friday afternoon, half the internet is broken (including Disqus!) and it's a presidential election year; in short, it's a slow day.

Incredibly, we were saved from this drought in hell by this post from Politico: "Ernst and Young struggle to account for Trump."

Unfortunately, this is not a story about the Big 4 firm's struggles with an insufferable and shifty client. Good luck of that kind doesn't fall in our lap that often.

No, it's just a story about two GOP elected officials: Senator Joni Ernst (Iowa) and Representative Todd Young (Indiana) and the sticky spot they find themselves in trying to distance themselves from Donald Trump's outrageous statements about a "rigged election" without incurring his spittle-flecked wrath. A clever editor at Politico saw the "Ernst" and "Young" threw in the "account" and gave me something to offer some vapid commentary on. Our hat is off to you, nameless headline writer.

[Politico]

 

 

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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]