It’s been a profitable week for Little Tim Geithner and the Treasury boys. Hot on the heels of the news that it’s getting its money back from those deadbeats at Citigroup and Wells Fargo comes its successful sale of those zero-cost warrants it got from TCF Financial Corp., a Minnesota bank.
The Treasury turned a tidy $9.45 million profit on the TCF warrants, getting twice the minimum bid price of $1.50 apiece in a Dutch auction. The warrants don’t expire for another nine years, during which time TCF’s share price only has to rise $3.50 to make them worth exercising.
Yea, it’s a drop in the bucket. Yea, there’s still $60 billion in TARP money outstanding. But let’s give this one to the little guy. He’s already been overshadowed–not difficult, we understand–by Big Ben’s big win and fancy Time magazine cover. But for the first time in a long time, it hasn’t been a terrible, horrible, no good, very bad week for the Treasury Secretary. As of Wednesday morning, anyway.
So, Timmy, soak it in.
With the recent announcements on repayments, we are now on track to reduce TARP bank investments by more than 75%, while earning a healthy profit on that commitment.
Take a bow. And keep your head down while you’re at it.
U.S. Treasury to net $9.45 mln from TCF warrants [Reuters]
Shazola, you get worse every day. TCF is not based in Wayzata, but it certainly is based in Minneapolis. Get your shit straight. Hello…
-the guy that grew up in Wayzata
$9.45 MM.. HA! Making twice that shit in bonus.
-LB
Last sentence, “A keep your head down while you’re at it.” Cmon Son!
Made $9.45M on TCF. How did the “investments” in AIG, GM, Fannie and Freddie pan out? Are we seeing big unrealized gains there?
Barry O. and Timmie brag about small “winners” (only winners if you ignore risks taken) and don’t mention the gigantic losers. What a pair of turds.
Shazhole, my guess is that you are somewhere near water, perhaps the beach, and laughing as you post your latest pile of crap while downing yet another blueberry mojito. At least that is the impression one gets from reading some of the drivel you continue to post. A blatant lack of effort is obvious – a slap in the face, if you will, to all of us hard-working DB readers who take time out of our busy day to read DB only to be forced to skip anything posted with the name Jon Shazar on it. A while back I said there was no way you could be worse than Greg – a simple law of averages thing you know. You, however, have proven me to be 100% wrong, so thanks for that.I mean a goddamn chimp with a #2 pencil was better than Greg, but you? Well…
Your not giving Hank Paulson all the credit he deserves. FAIL.