Auction of Comerica warrants brings in $181.1M
WASHINGTON (AP) - A sale of warrants of the Texas banking
company Comerica Inc. has brought the government $181.1 million in
the latest move to recoup costs for taxpayers from the $700 billion
financial bailout fund.
The Treasury Department said it sold 11.5 million warrants at a
price of $16 per warrant. It said the $181.1 million was its
estimate of what the net proceeds would be to the government from
the sale. Comerica is based in Dallas.
Financial institutions have been eager to cut all ties to the
bailout program, known as the Troubled Assets Relief Program or
TARP, to escape various restrictions imposed on the banks receiving
the support including limitations on executive compensation.