Morgan Stanley said on August 6 it had agreed to buy back warrants issued to the US Treasury for $950m. Treasury received warrants over shares that were worth $1.5bn last year when it invested $10bn in Morgan Stanley preferred stock under the Troubled Asset Relief Programme.

Goldman Sachs said on July 22 that it had bought back its warrants from the Treasury, paying $1.1bn. The warrants were, at the time of the Treasury’s investment, also over $1.5bn worth of shares.

• Morgan Stanley release

22 Jul 2009 -

The price of success

9 Jul 2009 -

Warranted price