Can I Have My Warrants Back?

-
Almost a month ago, we brought to your attention the latest effort by the banks to magically make billions of taxpayers' money disappear by repaying their TARP funds and getting back for free the warrants that they had granted to the government.

Today we are happy to report that the effort is already bearing the first fruits as Old National Bancorp in Indiana, has repaid the government in full by returning its bailout money and repurchasing its warrants for which it paid $1.2 million while analysts estimate them to be worth as much as $6.9 million. According to the story JP Morgan hopes to be next...

JP's CEO J. Dimon anticipated that some of us may disinterpret the Bank's anxiety to repay, as having something to do with their warrants thought to be worth around $1.1 billion. So he went on record to explain that their main concern is the limits that prevent TARP recipients from hiring skilled foreign workers with a H-1B visa, which are a “complete and utter disgrace.” "JPMorgan employs many U.S. citizens overseas and one of the “worst” things that could happen would be for other nations to revoke visas in response to government policy", he added.

Having read this, a visibly touched Treasury Secretary T. Geithner said that the government cannot wait to get rid of the warrants either, and would be happy to sell at whatever prices the Banks would be willing to offer. He failed however to mention the possibility of the Government awarding Dimon with some sort of medal for protecting US labor rights abroad, and for that Dimon is feeling justifiably upset...
-