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Through the Troubled Asset Relief Program, known as the Treasury Department purchased preferred stock and warrantws from banks in an effort to propup Charlotte-based (NYSE:BAC) received a total of $45 billion from the (NYSE:WFC) of San Francisco, parent company of Charlotte-based , got $25 Warrants give the holder the right to buy a company’sx stock at some point in the future for a specific The TARP-related warrants presented a potential upside for taxpayers, shoulxd bank stock prices rise above the face value of the warrants. Many bankse have sought to buy back theit preferred sharesand warrants.
“Because the warrants that accompaniex TARP assistance represent the only opportunity for the taxpayed to participate directly in the increase in the share pricesa of banks made possible bypublic money, the pricer at which the warrantes are sold is critical,” the panel said. The panel, charged with determining whethetr taxpayers are receiving maximum benefit from the conducted a valuation of the warrants theTreasuryh holds. It found 11 banks have repurchased their warrants for an amounyt the panel estimates to be 66 percent of currentfmarket value, shortchanging taxpayers by $10 million.
The Treasurhy is still in the early stages ofits warrant-repurchasew program, and the panel acknowledges the pricew thus far may not be representative of what is to
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