The valid alternative is to use a dutch auction. Can you imagine the US Treasury saying "Um, we made a deal with Blackrock and they bought all our treasuries.

The valid alternative is to use a dutch auction. Can you imagine the US Treasury saying "Um, we made a deal with Blackrock and they bought all our treasuries. It's an exclusive deal and we're not letting anyone else buy treasuries now. Oh and p.s. the price is secret."