Everyone thought this would be tricky: Banks buying back the warrants that the government ended up with as part of their TARP injections. JPMorgan has certainly thrown a wrench into the cogs. After failing to reach a valuation agreement with the government, JPMorgan says it will allow the government to auction the warrants publicly. Other banks may follow suit, as regulators are said to have rejected valuation proposals from other banks as well.

The Congressional Oversight Panel has warned that taxpayers, so far, have not been well served--11 small banks have bought back warrants. On these deals, the government has collected only two-thirds of what it could have and gave up an estimated $10 million, reports CNNMoney.com. Stay tuned. The danger here is that the public values them at super discounted prices, well below what the banks originally offered. 

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