Many of the banks did not need the TARP injection. They paid the money back before the ink was dry. Others sold shares and repurchased the warrants equally fast. This had a ballooning effect on the return calculation you speak of. On a risk adjusted basis, a concept which I don't expect anyone on this thread to understand, the return was far higher. But anyone in finance can argue with a straight face that the .6% figure is flawed, regardless of what wikipedia or the general press reported.