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The Congressional Oversight Panel, which is charged with overseeing the Troubled Asset Relief Program, or TARP, said in a report that a group of 11 small banks that have repurchased government warrants in exchange for taxpayer-funded assistance, have bought-out the stakes at 66% of their face value.
The oversight panel, which employed three Harvard University valuation experts to conduct the analysis, said taxpayers would have received $10 million more had the warrants been sold back to the banks at their face value.
The report argues that liquidity discounts are a key factor for why the warrants were purchased at such low prices. Should a similar discount be a major factor for warrant repurchases at larger institutions buying out government stakes, the shortfall to taxpayers could be as much as $2.7 billion, the report said.
Obama PAID full price for everything and SELLs it at the discount rate. No wonder why we don't have any money left and nothing is working.:banned:
Obama is a moron.
Last edited by NEPatriot; 07-11-2009 at 02:39 PM..
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