At what point is reporting the crime not enough?
GOP gangs up on Geithner over Libor scandal
By Danielle Douglas, WashPost, Updated: Wednesday, July 25, 11:19 AM
Treasury Secretary Timothy F. Geithner came under fire Wednesday morning from lawmakers who accused him of failing to stop big banks from rigging a critical global interest rate known as Libor in 2008, when he was the president of the Federal Reserve Bank of New York.
Republicans in particular struck a combative tone, saying Geithner neglected to follow-up on what were clear problems with the London interbank offered rate, which is a benchmark for hundreds of trillions of credit cards, mortgages, student loans and financial securities.
Geithner stuck to a defense he expressed last week — that once he learned of the rate fixing he sounded alarms to British and U.S. regulators.
“We brought those concerns to their attention and we felt, and I still believe this, that it was really going to be on them to take responsibility for fixing this,” he told the House Financial Service Committee.
(More here.)
Treasury Secretary Timothy F. Geithner came under fire Wednesday morning from lawmakers who accused him of failing to stop big banks from rigging a critical global interest rate known as Libor in 2008, when he was the president of the Federal Reserve Bank of New York.
Republicans in particular struck a combative tone, saying Geithner neglected to follow-up on what were clear problems with the London interbank offered rate, which is a benchmark for hundreds of trillions of credit cards, mortgages, student loans and financial securities.
Geithner stuck to a defense he expressed last week — that once he learned of the rate fixing he sounded alarms to British and U.S. regulators.
“We brought those concerns to their attention and we felt, and I still believe this, that it was really going to be on them to take responsibility for fixing this,” he told the House Financial Service Committee.
(More here.)
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