Frontrunning Today's Monetization Of Just Issued 2 Year Bonds

[sailingaway]

Readers know our fascination with pointing out the relentless "flip that bond" game that the FRBNY's team of Sack Frost and the 18 Primary Dealers enjoy playing with each other, which just happens to be funded to the tune of millions of dollars each day when there is a POMO (which would be everyday). Two days ago we pointed out the most blatant case of documented taxpayer rape to date, when Brian Sack monetized 71% the just issued 2.125% of 12/15, even though it was not anywhere among the 10 cheapest bonds. We had nothing to add to that - at this point only Congress, and perhaps Rand Paul, can do something about this shovelling of taxpayer money into the banker hole on a recurring daily basis. All we can do is continue to monitor.....

http://www.zerohedge.com/article/frontrunning-todays-monetization-just-issued-2-year-bonds