In order to qualify for this programme, the Ministry of Finance has asked participating institutions to meet certain criteria, including: “(1) to ensure that the remuneration of executive incentives does not promote excessive and unnecessary risks that threaten the value of the financial institution; (2) the need to recover bonus or incentive allowances paid to an officer on the basis of profit and loss accounts, profits or other criteria that subsequently prove to be substantially inaccurate; 3) prohibiting the financial institution from making a golden payment of a parachute to an executive on the basis of the determination of the internal income code; and (4) the agreement not to tax deduct executive compensation at USD 500,000 for each executive.”  The Treasury also purchased preferential shares and warrants from hundreds of small banks, with the first $250 billion allocated to the program.  In a review in January 2012, it was reported that AIG still owed about $50 billion, GM about $25 billion and Ally about $12 billion. Break even on the first two companies would be at $28.73 per share compared to the current share price of $25.31, or $53.98, compared to the current share price of $24.92. Ally has not been publicly. Of the 371 banks that were still making money, Includes regions ($3.5 billion), Zions Bancorporation ($1.4 billion), Synovus Financial Corp. ($967.9 million), Popular, Inc. ($935 million), First BanCorp of San Juan, Puerto Rico ($400 million) and M-T Bank Corp. (US$381.5 million).  Up to March 31, 2009, four banks out of more than five cents had returned their preferred share bonds. None of the listed banks had repurchased its warrants held by the U.S. Treasury prior to March 31, 2009.  Under the terms of U.S.
Treasury investments, banks that return funds can negotiate to repurchase warrants at fair value, or the U.S. Treasury can sell the warrants to third-party investors as soon as possible. Warrants are call options that increase the number of shares outstanding when exercised profitably. The American Bankers Association (ABA) has asked Congress to cancel the government`s arrest warrants and called them “dependant exit fees.”  However, if the warrants for Goldman Sachs` capital purchase program are representative, the warrants for the May 1, 2009 capital purchase program were worth between $5 billion and $24 billion. The lifting of CPC guarantees therefore amounts to a subsidy of $5 billion to $24 billion for the banking sector at the expense of the government.  While the ABA wants CPP guarantees to be depreciated by the government, Goldman Sachs does not share this view. A Goldman Sachs representative was quoted as saying: “We believe that taxpayers should expect a decent return on their investments, and we look forward to doing so if we can return TARP money.”  The Federal Reserve, whose mission is to secure the United States.