Will it be enough to keep Turbo Tim out of the fray?
According to a June 2008 memo obtained by FOX Business, Geithner, who was then president of the New York Federal Reserve, listed six changes aimed at making it more difficult for banks to distort Libor.
The disclosure comes as lawmakers step up the heat on bankers and regulators in the wake of Barclays (BCS: 10.16, +0.03, +0.30%) reaching a $452 million settlement for allegedly intentionally manipulating its Libor rates. More than a dozen banks are being probed for their handling of Libor.
It’s not clear if the memo will be enough to demonstrate Geithner and other U.S. regulators did enough to prevent the deliberate under reporting of Libor rates.
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