Goldman buys back TARP warrants for $1.1 billion
• ReutersGoldman Sachs Group Inc. said it has repurchased warrants given
to the U.S. Treasury under the Troubled Asset Relief Program for $1.1
billion.
The investment bank
said it believes the value of the warrants, as determined by the Treasury, was
fair.
As part of the Treasury's
$10 billion preferred stock investment in the bank last fall, the government
received warrants that would have enabled it to buy Goldman shares at a set
price in 10 years.
Goldman has
already paid back the $10 billion loan, as well as paying $318 million in
preferred dividends on the
investment.
