The warrants were initially to collateralize the original $187.5 B bailout amount which has long since been repaid. Just like the AIG bailout. Thus, the warrants should be retired, also like AIG, by selling them back to FnF for a nominal government recovery. AIG paid $30 M for their 79.9% warrants after receiving a very similar bailout package.
Geithner hid this precedent by imposing the NWS which injected another $200 B in Treasury draw facility, leaving $200 B open but never used. When the SPSPA gets mostly or entirely wound to facilitate release, the warrants MUST go away, other than some small proceeds from the sell back.
IMO.
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