Treasury to Sell Capital One Warrants (This Should be Fun)
Who says the Treasury can't get in on a little Black Friday week action?
Washington Business Journal:
The Department of the Treasury will sell the warrants to purchase common stock that it received from Capital One Financial Corp. as part of the government’s $3.6 billion Troubled Asset Relief Program (TARP) investment in the company in the fall of 2008.
The investment consisted of the purchase of 3.6 million shares of preferred stock and the warrants. Capital One repurchased the preferred stock from the Treasury in June.
The approximately 12.7 million warrants allow for the purchase of a comparable number of Capital One shares of common stock at a price of $42.13 per share anytime up until Nov.14, 2018. Based on Capital One’s (NYSE: COF) closing price Monday of $38.36, the warrants were almost 10 percent “out of the money.”
At $7.50 a pop, they make better stocking stuffers than those Zhu Zhu Pets you can't find except for $60 on Amazon.
Idiots. An Amazon reviewer wrote she told her kid that Santa got in touch and said the elves were working too hard and may not be able to bring a Zhu Zhu Pet this year but would see if the Easter Bunny could drop one off when production is up in April. That's fucking genius. But if someone wants to pay $60 for one, by all means, don't let me stop you. (I repeat: idiots)