Govt. Gets $1.5B from Bank of America Stock Warrants Sale

By Sadie Bass

Mar 4, 2010 12:38pm

ABC's Matthew Jaffe reports from Washington:

The government raked in a record $1.54 billion from selling stock warrants it held from the bailout of Bank of America, the Treasury Department said today. The $1.5 billion haul is the most the government has received from a single firm’s warrant sales, beating the $1.1 billion from the sale of Goldman Sachs warrants.

As part of the $700 billion bailout of the financial system, the government provided Bank of America with around $45 billion. Once Bank of America repaid the bailout funds in December, the only remaining issue left to resolve was the government selling the stock warrants. When Bank of America and the government were unable to agree on a price for the warrants, the warrants were then sold at an auction. The closing of the warrant sales is expected to occur on March 9.

More HERE.

You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus