Using the wonderful Old National Bank model of selling warrants back to TARP recipients, the Treasury sold back to Iberiabank for $8.66 per share warrants that by most reasonable calculations were worth $19.78 a share. If they continue at this rate, we can expect to forfeit almost $10 billion of gains to the TARP recipients.
The Treasury also has difficulty buying these warrants, at least they did with the Goldman-Sachs warrants. Buffet bought them with a resale value of $82.18, Treasury at $72.33.
Who the hell is Geithner working for? Why doesn't Obama rein him in? Where is the Council of Old Men (the Economic Recovery Advisory Board) in all this? These deals are so @#$%^ bad. They defy logic.
1 comment:
I think it begs the question: who is Obama working for?
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