From Bob English
How the NY Fed Gifted an Extra $15.7 Million to Wall Street [Yesterday]
As part of the Federal Reserve's ongoing QE2 program, nearly each day, the NY Fed purchases US Treasury securities from a select group of primary dealers in what is called a permanent open market operation (POMO). Ordinarily, the auction begins at 10:16 am and ends at 11:00 am Eastern. While the exact mechanics of the operations are not public, the NY Times published an article about the team that manages them here, divulging a few details, which we subsequently analyzed here.
EU Energy Commissioner did not say a catastrophe was going to happen, he just expressed his fear - spokesman