WASHINGTON - The Resolution Trust Corp. recouped millions of dollars more by auctioning securities from failed institutions rather than selling them all to a broker, three economists found.

The study's authors, all former RTC traders, found that investment firms bid more for securities than the going market rate. If the RTC had contracted with a major securities house, such as Salomon Brothers Inc., the government would have recovered millions of dollars less from the liquidation of failed thrifts. The authors did not estimate an exact figure.

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