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At one point, for example, the firm sold newly issued thirty-year Treasury bonds and bought thirty-year Treasuries that had been issued a few months previously and were yielding a slightly higher rate of interest.
While yields on munis have fallen over the last year, Treasury yields have dropped more sharply, thanks in part to the flood into Treasuries that helped push up their prices.
Many investors, having lost stocks and other investments, are buying up Treasuries that offer little or no return.
In the bond market, investors sold off the longer-dated Treasuries that have been used as safe havens in recent years.
The news about Mr. Daschle's move helped reverse losses on Treasuries that followed a hefty $16 billion auction of reopened five-year notes.
"If it becomes like U.S. Treasuries, that is a positive for Asia," said Ifzal Ali, the chief economist of the Asian Development Bank in Manila.
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"That's what's left of the Spanish treasury that Stalin took," he told me.
Second, the corporate treasury that will be tapped for NBC's bid is Comcast's, not General Electric's.
Those include a separate budget for the euro zone that could be backed by a central treasury that would have the ability to borrow money.
At that time, the Philippines was in even worse financial shape, with crushing foreign debts and a treasury that had been looted by the Marcos family for two decades.
The new deficit numbers also do not account for any drains on the national treasury that might result from further declines in the housing market.
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