Friday, December 5, 2008

Ready, Fire, Aim Pt.II

The new General Accountability Office report on the Treasury Department's administration of its $700 billion financial-industry rescue plan is long on broad assertions and short on detailed information.

But the document does provide specifics on the amount of money that certain contractors have received, or stand to receive, through the program.

According to the report, the two law firms assisting the Treasury Department with its capital investments in banks and other financial institutions were paid nearly $2.8 million for their first four weeks of work.

The Treasury Department said last month that its contracts with Hughes, Hubbard & Reed LLP of New York and Squire, Sanders & Dempsey LLP of Cleveland would be worth $5.5 million per firm for their initial six-month term.

Nice to see all walks of profession are getting their turn at the trough.

Read more here at Bailout Sleuth

No comments: