We've noted in FierceFinance that the broad TARP has attracted more than a few asset management firms vying to help the Treasury Department buy and sell troubled assets. Thus far, the Treasury seems bent on investing in such securities soon, even though the bank investment effort has taken over as the main priority.

Accounting firms have gotten in on the action as well. The Treasury has retained PricewaterhouseCoopers and Ernst & Young. PricewaterhouseCoopers will act as auditor for the program and Ernst & Young will provide general accounting support--which raises some interesting accounting issues. How will the United States account for illiquid securities going forward? Will it follow private sector practices? Will Sarbanes-Oxley drive its reporting practices? Will Henry Paulson be asked to "sign off" the way CEOs are now required? This could get interesting.  

For more:
- here's a Forbes.com article

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