A quick glance at today's ECB open market operations section indicates that even Trichet may be getting a little worried about liquidity gone wild in Europe. Of course, his US counterpart has no such concerns. Earlier today, the European Central Bank announced that it had drained a whopping €295 billion in an unscheduled, one-time liquidity-absorbring, fine-tuning operation. There were 193 bidders supporting the ECB operation. Is liquidity getting a little frothy? "Fine-tuning" liquidity by almost a third of a trillion may seem to indicate so.