Frank, Maloney Statement on Goldman Sachs Warrant Buyback
Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).
Chairman Frank said: “I appreciate that Goldman Sachs did the right thing today, and we urge all the others to follow this example. I hope that this will lead to greater cooperation by other firms that have outstanding warrants owed to the American taxpayer.”
Chairwoman Maloney continued: “This is good news for the American taxpayer. It shows that quick action was needed last fall to rescue our economy, and that aid from the government not only worked, but the American taxpayer also is getting a return on its investment. Going forward, we can hope that this sets a pattern for other warrants outstanding at other firms that received aid from the U.S. Treasury.”