WASHINGTON — The Treasury Department, on average, has achieved "slightly better" returns 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 in measuring the value Treasury receives from warrant repurchases and auctions — the department looks at "implied volatility." The higher the volatility of a transaction, the greater the value received.

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