[P2P-F] Fwd: [Networked-Labour] In case you missed - The Bail Out Business | TNI Report

Tue May 16 19:16:00 CEST 2017

*The Bail Out Business* is the most comprehensive and thorough analysis of
the steps taken since the 2008 financial crisis to understand who benefits
from rescue packages in the EU. Above all, it highlights the role of the
Big Four (audit firms) and a small coterie of financial consultancy firms
in the business of designing and implementing bail out programs in EU
Member States.
Authors
Sol Trumbo Vila <https://www.tni.org/en/bio/sol-trumbo-vila>, Matthijs
Peters <https://www.tni.org/en/profile/matthijs-peters>
Projects
Corporate Power <https://www.tni.org/en/corporate-power>, Democratising
Europe <https://www.tni.org/en/work-area/democratising-europe>, Public
Sector Alternatives <https://www.tni.org/en/public-sector-alternatives>

Bail outs in the EU have a hidden cost for taxpayers. On top of the public
money used for the bail outs, contracts worth hundreds of millions of Euro
have been given to a small number of financial consultants to advise member
states and EU institutions.

The so-called Big Four audit firms (EY, Deloitte, KPMG and PWC), with a
small coterie of financial advisors, have designed the bloc's most
important rescue packages. Bail out consultants have also been rewarded
with new business, even though many gave poor advice or failed to raise the
alarm at crucial moments.

For years we have been investigating austerity measures and vast
privatisation programmes in Europe. Following our last report on the
privatising industry in Europe we decided to hone in on those firms
involved in the numerous EU bail out programmes and found a shockingly
similar pattern. The Bail-out Business reveals the hidden costs of the
rescue packages and a troubling array of conflicts of interest.

*Correction 23/2/2017: Lazard was paid 3 million euros for a few days work*

Watch the video:

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