Geithner warned of Libor problems in 2007
By The Week Staff | July 13, 2012
Is Geithner lying?
Brooks Kraft/Corbis
O
n Friday, the Federal Reserve Bank of New York released documents showing that it was aware that banks could be manipulating Libor, a benchmark interest rate used for trillions of dollars worth of financial transactions around the globe, as early as 2007, when the bank was headed by current Treasury Secretary Timothy Geithner. The disclosure came amid ongoing investigations into whether regulators in the U.S. and elsewhere could have done more to prevent the manipulation, which allegedly benefited major banks and made them seem healthier than they were. Only one major bank, Britain's Barclays, has admitted to distorting the rate, for which it agreed to pay a $453 million fine.
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