Through the Troubled Asset Relief Program, the government received warrants in banks that received state aid. As those funds are repaid, the government is selling or auctioning off the warrants. The market that is being created could give investors a way to bet on long-term recovery of the banks. So far, the Treasury has auctioned warrants for JPMorgan Chase, Capital One Financial and TCF Financial. All of the warrants were sold for more than the minimum bid set by the government.

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