APPENDIX D
Report to the Congressional Oversight Panel Regarding Fair Value of Certain Securities and Warrants Acquired by the Treasury under TARP1
IN OCTOBER 2008, the U.S. Congress passed the Emergency Economic Stabilization Act (EESA), which included the Troubled Asset Relief Program (TARP). Under TARP, the U.S. government had a mandate to purchase equity securities that had lost their market liquidity due to uncertain value. Through the program, the government could provide funds to companies and in return receive warrants that gave the government the right to buy stock at a predetermined price. To help determined that price, a newly formed Congressional Oversight Panel for Economic Stabilization asked Duff & Phelps, a valuation firm, to ...
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