The Race To $23.7 Trillion

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Now that stakeholders looking to milk the system out of every last dollar from bank bailouts know that their target is $23.7 trillion, the race is on to make sure Neil Barofsky is no liar. Today's entrant is accounting firm Ernst & Young, which is advising the FRB of NY on how to wind down derivatives addict AIG. E&Y recently bumped up its advisory fee estimate by a respectable, although still rookie, 50% from $40 million to $60 million due to the fact that the "scope of work to be performed under the agreement has expanded in light of recent restructuring and other efforts." Next up: E&Y hires outside subject matter experts to help it advise the FRB of NY advise multi-million dollar AIG employees on how to wind down derivatives contracts they don't need any help with.

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