Accounting firms picked to oversee rescue

October 21, 2008 6:42:53 AM PDT
It's a tough job, but someone has to do it.

The government has selected two major accounting firms to help it manage the $700 billion rescue program for the financial system.

The Treasury Department said Tuesday it had chosen PricewaterhouseCoopers to be the auditor for the program. Ernst & Young will provide general accounting support.

The two firms will work on the part of the rescue program that is handling the purchase of troubled assets from banks as a way of encouraging them to resume more normal lending.


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