ML-Implode News - Primary Dealers Rigged Treasury Auctions, Says Lawsuit Based on Star Market-Manipulation Researcher

The same analytical technique that uncovered cheating in currency markets and the Libor rates benchmark -- resulting in about $20 billion of fines -- suggests the dealers who control the U.S. Treasury market rigged bond auctions for years, according to a lawsuit... More than two-thirds of a certain type of Treasury auction appear to have been rigged. She found issues with other auctions, too.
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According to the plaintiffs, 69 percent of the auctions of reissued Treasuries from 2009 to 2015 appear to have been rigged, artificially boosting yields by 0.91 basis points.
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"These analyses reveal a consistent pattern: Treasury auction yields were artificially high (and prices correspondingly low)," according to the complaint. "Defendants then turned around and sold the Treasuries at higher prices (and correspondingly lower yields) in the secondary markets, reaping substantial profits."

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Primary Dealers Rigged Treasury Auctions, Says Lawsuit Based on Star Market-Manipulation Researcher