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Treasury’s Warrior at the Negotiating Table

WASHINGTON — When David N. Miller joined the Treasury Department during the height of the financial crisis, the government’s bailout programs were not expected to break even, let alone turn a profit.

But last week, the Treasury Department’s sale of its warrants in Citigroup, the last of the government’s stake in the firm, fetched $312.2 million, highlighting what has been a steady and, so far, profitable unwinding of taxpayers’ holdings in financial institutions.

Helping spearhead the unwinding is Mr. Miller, a former investment banker who is the department’s chief investment officer of the Troubled Asset Relief Program.

Mr. Miller and his team of 30 have taken part in many of the biggest deals over the last two years, including huge capital infusions into Citigroup and Bank of America, and General Motors’ $23.1 billion initial public offering in November.

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