IG Says Feds Paid Major Law Fims Millions Based on Bills That Didn’t Describe TARP Work Done
Friday, September 30th, 2011
In a blistering report (PDF) this week, a special inspector general for the Troubled Asset Relief Program says major law firms were paid millions by the U.S. Treasury Department based on bills that provided little or no explanation of the work that was done. Although it stopped short of saying that the law firms should definitely pay the money back, the report called for the government to “specifically determine the allowability” of $5.8 million in fees for Simpson Thacher & Bartlett; $2 million for Cadwalader Wickersham & Taft; and smaller amounts for two other well-known law firms, reports the Blog…