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.
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