SATURDAY INTERVIEW

Advice for Obama From Ernst & Young’s Chief

Published: December 26, 2008

JAMES S. TURLEY, chairman and chief executive of the auditing firm Ernst & Young, says one danger facing the Obama administration is that it will overreach with sweeping new regulations and maintain government ownership of failed firms like the American International Group for too long

He also argues that banks and other financial institutions should be required by the government to mark all their assets to their current value, a hotly debated practice that others in the industry are resisting because it might set off a new round of loss write-downs.

Ernst & Young, one of the Big Four auditing and accounting firms, is advising the Treasury Department in the management of the Troubled Asset Relief Program(TARP). Here are excerpts from a recent conversation

see attached file