The Treasury Department has achieved "slightly better" returns on average from negotiating warrant repurchases with financial firms as opposed to selling warrants, the department's chief investment officer told lawmakers Tuesday.

David Miller, who heads the Troubled Asset Relief Program's investment strategies, said that in measuring the value the Treasury receives from warrant repurchases and auctions, the agency looks at "implied volatility." The higher the volatility of a transaction, the greater the value received.

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