On Wednesday, Treasury Secretary Timothy Geithner was grilled by Republicans on the House Financial Services Committee over the Libor rate-rigging scandal, in which big banks allegedly manipulated a benchmark interest rate used in trillions of dollars worth of financial transactions. As head of the New York Federal Reserve in 2008, Geithner has been accused of turning a blind eye to the rate-rigging even when he was alerted to suspicious activity, and Republicans on the committee hammered him on that point. "It appears you treated it as a curiosity, or something akin to jaywalking, as opposed to highway robbery," Rep. Jeb Hensarling (R-Texas) said. Geithner denied the insinuation, saying he notified his fellow regulators as soon as he heard of possible wrongdoing.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why Pakistan won't hunt down the terrorists within its borders
- Sorry, GOP, tax cuts don't pay for themselves
- How academia's liberal bias is killing social science
- 43 TV shows to watch in 2014
- Pope Francis' American problem
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Why torture doesn't work: A definitive guide
- What would a U.S.-Russia war look like?
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
- Hey, bosses: Stop giving bonuses to your employees
Subscribe to the Week