AmEx redeems Tarp warrants

American Express has paid the US Treasury $340m (£208m) to redeem warrants given to the government as part of the Troubled Asset Relief Programme (Tarp). The credit card firm bought back $3.39bn in preferred shares issued to the government under Tarp last month. It said the cost of buying back warrants to purchase 24.3m shares, plus $74.4m of dividend payments it made on the preferred shares, gave the government an annualised 26 per cent return on its investment.