Perciavalle and his co-conspirators took steps to create the appearance that Mount Sinai was awarding contracts based on competition, when, in fact, they submitted, or caused to be submitted, intentionally high, non-competitive bids
to Mount Sinai on these contracts.
Those submitting non-competitive bids
or bids that are longer than the clearing extension period will not be subject to proration.
Between August 2003 and January 2004, the conspirators submitted non-competitive bids
to the U.
625 bln euros, including 375 mln in non-competitive bids
In response to investor input, Freddie Mac increased the maximum permissible amount of non-competitive bids
for auctions to $100 million and the size of the non-competitive pool to 20% of the offering amount.
3 bln euro issue, which included 300 mln euros in non-competitive bids
, was priced to yield 4.
Fannie Mae conducts Dutch auctions, or single price auctions, on a weekly basis accepting both competitive and non-competitive bids
through a web based auction system.
The agency said non-competitive bids
of up to 30% of the auctioned amount may be submitted during the auction.
In addition, Freddie Mac will increase the maximum permissible amount of non-competitive bids
in each auction to $100 million and the size of the non-competitive pool to 20% of the offering amount in response to investor input, effective with the 2-year Reference Note auction on June 8, 2001.
It said non-competitive bids
of up to 30 percent of the auctioned amount may be submitted during the auction.
During the auction, non-competitive bids
can be submitted up to 30 percent of the auctioned amount," PDMA said.
On Wednesdays, Fannie Mae will accept competitive and non-competitive bids
for Benchmark Bills on a discount-rate basis starting at 8:30 a.