Goldman Sachs said on July 22 it had bought back warrants issued to the US Treasury for $1.1bn. Treasury received warrants over shares that were worth $1.5bn last October when it invested $10bn in Goldman preferred stock under the Troubled Asset Relief Programme.

The warrants could have been exercised at any time for 10 years, and had a strike price of $122.90 against the Wall Street firm's current share price of around $160.

In a July 10 report, the Congressional Oversight Panel estimated the value of the Treasury's Goldman warrants at $940m to $1.25bn, with a best estimate of $940m.

A February 4 report by Duff & Phelps for the COP estimated the value of the Goldman warrants at $436m-$558m at the time they were issued. Adjusting for a cancellation feature that is no longer available, that valuation - still based on Goldman's share price at the time the warrants were issued - would have been $738m.

• Goldman release
• COP report dated July 10 

15 Jul 2009 -

Good in parts

14 Jul 2009 -

Golden stacks

9 Jul 2009 -

Warranted price

19 May 2009 -

A doubtful warrant