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IPFS News Link • Cost of Empire

Did Morgan Stanley Just Screw Taxpayers Out Of $400 Million?

08/06/2009 • The Business Insider

Well Jamie is after all Resident obamas favorite banker! This morning Morgan Stanley said it paid $950 million to repurchase warrants issued to the government as part of last fall's bank bailout program. So how does that stack up against recent TARP exits? Not very well, according to TARP warrant expert Linus Wilson. "This deal was not as good as the Goldman Sachs and American Express deals for taxpayers," economist Wilson says. Morgan Stanley paid just 68 cents on the dollar, according to Wilson's calcuations. By that metric, the Morgan Stanley warrant deal short changed taxpayers by about $400 million.

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