It looks like banks might have rigged another huge market
That’s according to a federal antitrust lawsuit, first reported by Bloomberg's Alexandra Scaggs and Matthew Leising.
The plaintiffs — Cleveland
Bakers and Teamsters Pension Fund, represented by law firm Quinn
Emmanuel Urquhart & Sullivan — claim that Treasury dealers including
Goldman Sachs, JPMorgan, and Morgan Stanley coordinated to manipulate
primary market Treasury auctions.
Bakers and Teamsters Pension Fund, represented by law firm Quinn
Emmanuel Urquhart & Sullivan — claim that Treasury dealers including
Goldman Sachs, JPMorgan, and Morgan Stanley coordinated to manipulate
primary market Treasury auctions.
They cite data from Rosa
Abrantes-Metz, who has testified in other market-rigging cases and is
an adjunct associate professor at New York University.
Abrantes-Metz, who has testified in other market-rigging cases and is
an adjunct associate professor at New York University.
According to her analysis, 69% of a certain type of Treasury auction — for so-called reissued Treasuries — look suspicious.
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