September 21, 2018

(UPDATE/CORRECTION) Two Ernst & Young Employees Seek Financial Backing for Their Non-flammable Cooking Headwear Business

See update/correction below.

I don't watch much TV, so it's no accident that I missed Shark Tank on Friday. Apparently it's a show where people pitch their ideas to Mark Cuban and other people that have names and lots of money from building businesses. I feel like this show has been done before but my reality television history is weak.

ANYWAY, at least a few of you watch the show because we've received numerous tips about a couple of EY employees that were on the show on Friday. Their idea?

I'll let Juli Deveau and Ozma Khan take it from here:

Alright, so Cuban & Co. aren't buying this idea, but what about the rest of you? Personally, while we here at Going Concern gladly accept freebies, we don't make a habit of endorsing a particular product.

As for the rest of you, these ladies need an angel investor so they can take this thing from the garage to EY Entrepreneur of the Year and I imagine someone out there is looking for an opportunity. Who's in? 

UPDATE/CORRECTION: Shortly after our post went up, a few people told us that neither Juli or Ozma worked at EY but rather were at Deloitte. That struck us as weird, so we asked around and confirmed with two sources within the firm that neither Juli nor Ozma worked at EY! Huh. 

Still confused, we were able to get Juli on the phone who explained that Ozma worked for "a very short time" at EY but had moved on to CAA. Juli does work at Deloitte in Los Angeles as a recruiter for the tax practice. When I asked why Ozma would say she worked at EY Juli suggested that the final product, through the magic of television, gives us impression that they both work at EY when in fact there explanation to the panel of sharks was a little more thorough. We can't even rely on television anymore. WHAT IS THIS WORLD COMING TO?

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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]