Today's Edition Of "Flip That Bond" Closes As Primary Dealers Hand Out Vaseline To Taxpayers

There are just two tables we wish to highlight for today's just completed $8.870 billion POMO.

First, the listing of the 10 cheapest bonds that the NYU interns at the Criminal Reserve should be buying:

Note that nowhere in the table above is bond 2.625% of 1/31/2018, also known as CUSIP 912828PT1, auctioned off last Thursday.

So here are the actual results of which bonds got purchased by the Sack Frost:

The bonds indicated as cheapest are highlighted in green. They amount to 9.5% of the entire POMO. What is more notable? CUSIP PT1, the abovementioned 7 year auctioned off last week, was 58.7% of the entire POMO, as Primary Dealers put $5.2 billion of the bond back to the Fed. This is 42.6% of the entire Primary Dealer take down ($12.2 billion) in last Thursday's auction.

Luckily, at least Jon Corzine's MF Global was able to participate in today's daily rape of the US taxpayer, courtesy of yesterday's expansion of the Primary Dealers ranks from 18 to 20 firms (French SocGen benefits as well).

And so criminal U.S. taxpayer rape continues, and nobody cares one bit...


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