Geithner Said to Have Pressed British Regulators Over LIBOR in 2008

“WASHINGTON (Reuters) – U.S. Treasury Secretary Timothy Geithner pressed the Bank of England in June 2008 to make changes in the way that Libor, a key interest rate benchmark, was set, according to documents obtained by Reuters.

Geithner, who was the head of the New York Federal Reserve Bankat the time, sent a private email to BoE Governor Mervyn Kingrecommending six ways to enhance the credibility of the London interbank offered rate.

More than a dozen banks are under investigation by authorities in Europe, Japan and the United States over suspected rigging of the global borrowing cost benchmark, which is used in contracts worth trillions of dollars globally.”

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