Morgan Stanley is to pay $950m to sever yet another link to the US government's bail-out plan, buying back warrants it gave the authorities as part of a $10bn capital injection at the height of the crisis last year.
The bank said the redemption of the warrants, which gave the government the right to buy shares at a fixed price for 10 years, would give taxpayers a 20 per cent annualised return on their investment.
The move follows repayment of billions of dollars from the troubled asset relief programme and is part of the US banking industry's efforts to free itself from the political pressure and constraints on pay that came with the federal aid. Most banks still have short-term debt guaranteed by the government.
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