Who Is Programming the Fed's Computers?

And why is the Fed web site saying that outright MBS purchases were conducted via competitive bidding to ensure that trades were executed at market rates when a paper written in part by the manager of the FRBNY's purchase operations, Brian Sack, says, "Because the MBS purchases were arranged with primary dealer counterparties directly, there was no auction mechanism to provide a measure of market supply"?

There are a lot, and I mean a lot, of questions here on just what price the Fed is paying for Treasury securities, when it is buying from Primary Dealers. The game looks very rigged in favor of the PDs. No wonder they can report months without losing trades.

EPJ's Bob English takes a more detailed look at what looks to be, for all practical purposes, the Fed simply shoveling money to the PD's.  It's all here.