Govt. Gets $1.5B from Bank of America Stock Warrants Sale
EmailABC'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.
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I can’t believe there aren’t any negative comments yet? But hey its still early, I’m sure there on the way as always. LOL
Posted by: Deval769 | March 4, 2010, 6:19 pm 6:19 pm
So the market system really works.Seems we should do more bailouts, it’s good business.
Posted by: Freedtoo | March 4, 2010, 7:11 pm 7:11 pm
The people who have been so all self-righteously angry and critical of bailouts have not come up with a single workable alternative to them. Nor have they confronted the consequences of what may have happened had they not bailed out monster companies grown too large to fail. Nor have they been at all honest about who has pushed for decades to deregulate to the extent that these companies became so gargantuan. All they do is go to their moronic Tea parties to exchange ignorances. This is what the results are of so many people listening seriously and uncritically to propaganda pushers such as Rush Limbaugh, Hannity, and Beck, who are no different in their approach to issues than Joseph Goebbels was, Hitler’s Minister of Propaganda.
Posted by: Igorvitch | March 5, 2010, 6:21 pm 6:21 pm
What ABC can’t afford monitors? Three comments in a row from Igorvich freedtoo and all identical.
I probably agree with the tea parties comment and sentiments generally, but couldn’t he have at least told a bit more in each offering, not merely copy and paste 3 same same. Forget Hitler at least try crediting Obama or the bugger who broke it GWB!
Posted by: Rob carter | March 5, 2010, 6:34 pm 6:34 pm
Rob, your post makes little if any sense.
Posted by: Igorvitch | March 5, 2010, 9:55 pm 9:55 pm
B of A got 45 Billion. We are given a first sentence GOVERNMENT RAKED IN when we the people have at last got a little over 3% of it back from bargain hunting investors? Great writing Batman. Certainly it is too early to say the bailout did not cost us all a bundle. The March ninth closing date is just around the corner too. Dig deep taxpayers.
Posted by: David G. Hallowell | March 6, 2010, 1:55 am 1:55 am
Once again, David, we hear from a detractor that has no thoughts on what could have and most likely would have happened without the bailouts or stimulus. All some of you want to do is the same old tiresome complaining about taxes when there isn’t an iota of proof that we have better economic times during periods of cuts. In fact, the data indicates the opposite, but you people are not interested in facts, just in political gotcha games and absurd over-generalizations. Did the huge tax cuts for the fat cats during Bush W’s and a Republican administration do anyone any good other than the wealthiest? Nope. Did not happen. Trickle down economics is a fantasy perpetrated on the naive who won’t research the real legislative history.
Posted by: Igorvitch | March 6, 2010, 3:06 pm 3:06 pm
I knew you guys wouldn’t disappoint me! Go ahead and tear each other up! The best way to build anything up is to tear it down first, I guess! It wouldn’t matter who was in office, the general public likes the negative stuff, we’re drawn to it like an old Soap Opera. Don’t watch for awhile, maybe a year or two, come back and catch up as if you were gone for a couple of commercials. Research says this, research says that! I hope I hit the lottery, in the mean time, I’ll just go to work and be thankful I have a job and thank God I’m healthy and don’t need assistance. Remember most people are just one major crisis away from being financially or physically ruined while everyone is enjoying their debates in the ivory tower.
Everyone needs to go to their corners and regroup and come back with ways to work together before the American people pull of their belts and spank them for not being neighborly. Here is my hand to support my fellow American regardless of his gender, race, party affiliateion.
I want to help my fellow American, I don’t want any harm on them. Come on People. Health Care is “The New Civil War!”
Remember when and the country was divided then too:
1. Blacks weren’t considered equals because of the color of their skins
2. Minorities weren’t allowed to vote
3. Women were seen as equal and weren’t paid equal for the same type of work
4. Taking the land from the Indians, how many people died?
5. Blacks weren’t allowed to go to school with Whites
6. Slavery was a law at one time, even some whites were indentured servants, very seldom talked about
7. Alcohol was once prohibited and bootlegged
8. Certain music was considered evil or communist
Every generation needs their share of turmoil, its our destiny since the birth of our nation. The good has alway fought with the bad.
All I’m saying is lets take some of the good things that worked and learn from the things that haven’t, but we need to work together to help this nation, fighting just to be fighting isn’t good for anyone.
I’m off my soap box, I didn’t mean to go there.
Posted by: Deval769 | March 7, 2010, 1:01 am 1:01 am
How is it possible that banks are making billions of dollars in such an awful economy? They aren’t loaning money it seems. Pretty fishy to me
Posted by: Bob | March 9, 2010, 8:12 am 8:12 am
It is better to help Greece. It is all bends
Posted by: PPP Ukraine | March 9, 2010, 4:44 pm 4:44 pm