Jaime Dimon seems to be all alone when he spurned the government's offer to buy back warrants at the given price. Instead, he opted to take the other approach, which was to sell the warrants via a public auction. Other banks, perhaps eager to avoid charges that it was short-changing taxpayers, have generally agreed to buy back the warrants directly from the government.

Dimon's approach is being couched as a transparency measure in a sense, motivated by a desire to let the market seek the right price, according to the New York Post, which makes perfect sense. This also allows the bank to avoid scrutiny about how the prices were set. So far, the prices paid for the warrants are all over the place. Goldman paid 98 cents on the dollar; American Express, 107; and Morgan Stanley just 68 cents, by one estimate. We'll see how all this shakes out. 

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