Frank, Maloney Statement on Goldman Sachs Warrant Buyback

Jul 22, 2009 Issues: Economic Recovery, Economy, Financial Institutions

Washington, DC — 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.”

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