A firm that did not want to win the contract would submit a price that was much too high.
When all the firms have submitted their sealed bids, Fed officials take the best bids and announce them about an hour later.
Those concerns escalated, he wrote, with each of the other two bills that the firm submitted for work it had done over the same time period.
The firm also submitted a $1 billion bid in error as the result of a practical joke.
The firm has not yet submitted its final report.
A firm submits its initial offer on September 7, 2011.
In competitive bond deals, where firms submit bids and the best price wins, underwriters do take these risks.
The firm submitted a plan that called for a 5000-seat venue costing $75,000 to construct.
It is customary in bankruptcy cases that professional firms assisting with the proceedings submit bills on a quarterly basis.
Once the firms submit corporate matching gifts, the donations will total about $125,000, up from about $88,000 last year.