Yesterday, Treasury released a comprehensive report on the disposition of TARP warrants through 12/31/2009. It’s a font of fascinating information–at least for fellow TARP warrant aficionados. Treasury apparently did quite well when it negotiated with banks that wanted to repurchase their TARP warrants. I am still a fan of auctions, but you have to give [...]
Posts Tagged ‘Warrants’
Goldman Really Did Overpay for Its TARP Warrants
Posted in Finance, tagged Finance, TARP, Warrants on January 21, 2010 | Leave a Comment »
TARP Warrants: Let the Bidding Begin
Posted in Auctions, Finance, tagged Auctions, Banks, TARP, Warrants on December 2, 2009 | 5 Comments »
Thursday is a nice milestone in TARP’s history: with the help of Deutsche Bank, Treasury is auctioning off the warrants it received when it invested in Capital One. The company has already paid off the preferred stock that the government purchased last fall, and will now be free from TARP oversight once the warrants are [...]
Beyond the $23.7 Trillion Headline
Posted in Budget, Economy, Finance, Macroeconomics, Politics, tagged AIG, Bank of America, Banks, Budget, Chrysler, Citigroup, Finance, GM, GSE, Housing, Macroeconomics, Politics, TARP, Warrants on July 20, 2009 | 3 Comments »
Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (affectionately known as SIGTARP), is making headlines with his estimate that the government has provided “potential support totaling more than $23.7 trillion” in fighting the financial crisis. That estimate will be officially released on Tuesday morning in the SIGTARP’s latest quarterly report (you [...]
TARP Warrants: Auctions and the Oversight Panel
Posted in Finance, Uncategorized, tagged Auction, Banks, Finance, Stock Market, TARP, Warrants on July 10, 2009 | 1 Comment »
Good news on the TARP warrant front today (previous installments here and here). First off, Reuters reports that: JPMorgan Chase & Co, seeking to completely extricate itself from a federal bailout program, has asked the government to auction warrants to buy the bank’s stock, after the Treasury Department demanded too high a price for the bank [...]
Progress on Auctioning TARP Warrants
Posted in Auctions, Finance, tagged Bank of America, Banks, Budget, Chrysler, Citigroup, GM, TARP, Warrants on June 26, 2009 | 3 Comments »
Ten major banks repaid almost $70 billion to TARP in recent weeks. But they aren’t free from TARP just yet: Treasury still owns warrants to purchase their common stock. I’ve previously argued that Treasury ought to auction these warrants to the highest bidder. Auctions would (a) be transparent, (b) provide full, fair value to taxpayers, [...]
The Subsidies in TARP
Posted in Budget, Finance, tagged Auto, Bank of America, Budget, CBO, Chrysler, Citigroup, Finance, GM, Housing, TARP, Warrants on June 26, 2009 | 3 Comments »
How much is TARP costing American taxpayers? We know that Congress originally authorized up to $700 billion in TARP investments. And we know that $439 billion has been committed to various programs. But how much of that money are taxpayers likely to see again? And to what extent will they be compensated for making those [...]
The TARP Peace Sign
Posted in Budget, Finance, tagged Bank of America, Banks, Budget, Citigroup, Finance, Stock Market, TARP, Warrants on June 18, 2009 | 3 Comments »
Wednesday was a rare day in Washington: the Federal government was actually cash-flow positive. The reason, of course, is that ten major banks repaid $68 billion in TARP money. Smaller banks had previously repaid about $2 billion, so Wednesday’s action lifted total repayments to $70 billion, almost 30% of TARP support to individual banks. (For [...]
Linkfest
Posted in Auctions, Budget, Finance, Health, Regulation, tagged Antitrust, Arbitrage, Auction, Budget, Citigroup, Google, Health, Regulation, Search, Stock Market, TARP, Venture Capital, Warrants on June 11, 2009 | 1 Comment »
Some good items elaborating on topics I’ve discussed in the past week: Paul Kedrosky says that the U.S. Venture Capital industry needs to shrink – by 50%. [my latest post on this] SubsidyScope presents some cool visualizations of the TARP money and other bailouts. (ht: Marcus Peacock in the comments) [latest post] Barrons analyzes the [...]
Tracking the TARP
Posted in Budget, Finance, Macroeconomics, tagged Banks, Budget, Citigroup, Finance, Macroeconomics, TARP, Warrants on June 10, 2009 | 8 Comments »
The TARP continues to grab headlines, so I thought it would be useful to summarize how the TARP money has been used to date. As you may recall, the Troubled Asset Relief Program (TARP) created a pool of $700 billion that the Treasury Secretary could use to stabilize the financial sector. The following chart summarizes [...]
Auction the Warrants: Follow-Up
Posted in Auctions, Finance, tagged Auction, Banks, TARP, Warrants on June 1, 2009 | 9 Comments »
Summary: Readers had some excellent comments on last week’s post about auctioning the TARP warrants. Here are some updated thoughts. Last week I argued that the Treasury should auction off the warrants it received when it made TARP investments in banks. Specifically, when banks are ready to repay the TARP investment, Treasury should auction the [...]
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