Docs show Geithner warned U.K. about Libor in '08
By The Week Staff | July 13, 2012
Treasury Secretary Timothy Geithner is moving money around so the U.S. can meet its financial obligations, as the White House and Congress try to reach a deal on the debt ceiling.
Alex Wong/Getty Images
E
mail documents show that U.S. Treasury Secretary Timothy Geithner warned British regulators in 2008, when he was the president of the Federal Reserve Bank of New York, about how the Libor, an important global interest rate benchmark, was calculated and suggested a number of changes. European, Japanese, and American officials are currently investigating a number of banks suspected of rigging the Libor rate in a growing scandal.
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