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Thursday, November 19, 2009
U.S. To Sell Warrants In Three Financial Firms
By Greg Robb
MarketWatch Pulse
WASHINGTON -- The Treasury Department announced late Thursday that it intends to sell warrants to purchase common shares in three financial firms: JP Morgan Chase, Capital One Financial Corp and TCF Financial Corp. The warrants were received in return for government capital injections in the firms. Over the next month, Treasury said it intends to conduct auctions to sell the warrants. The agency said it expects to conduct similar auctions in the future for other warrant positions it holds in banks. The proceeds will "provide an additional return to the American taxpayer from Treawsury's investments in these banks," the department said. JP Morgan Chase [s:JPM], Capital One [s:COF] and TCF Financial [s:TCF] have each repaid the government's investment.
Copyright © 2009 MarketWatch, Inc.
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