Yesterday, as previously indicated, the U.S. Treasury announced that it has commenced a secondary public offering of 150,375,940 warrants (A warrants) and 121,792,790 warrants (B warrants) to purchase common stock of Bank of America Corporation, issued to Treasury under the Capital Purchase Program and the Targeted Investment Program. The offerings are expected to price through a modified Dutch auction, and will open and close on March 3, 2010. In October, Treasury announced that an auction may be initiated when a qualified entity under the CPP is ready to repurchase its warrants, and the entity and the Treasury cannot come to an agreement on the valuation of the warrants. Treasury has since disposed of a number of warrant positions by means of public offerings.