Treasury says auction of Texas bank Comerica warrants brings government $181.1 million
WASHINGTON – 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.