The High Costs of the Cloud
Data centers make “the cloud” tangible. The supposed benefits—such as jobs—might not be.
The federal panel investigating the TARP bank bailout has announced that nearly a dozen banks have been buying back government-issued warrants at a steep discount from their face value. Banks that received emergency government funding were required to give the government warrants to purchase the company's stock at a certain price in the future. The banks are now buying back these warrants at only two-thirds of their face value. So far, the transactions have resulted in a loss of $10 million in revenue to taxpayers.
Some on the panel are considering a proposal to mandate the sale of the warrants on the open market to maximize the benefit to taxpayers.
Link to story in the Wall Street Journal.
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