Treasury Secretary Timothy Geithner, who has kept his head low for months, is back in the news, coming under fire for his somewhat timid response four years ago to suggestions of fraud in the setting of Libor.
The manipulation of the London interbank offered rate by global banks has now emerged as a full-blown scandal and further evidence that these banks have become a rogue industry. It has also raised new questions about Geithner’s record as head of the New York Federal Reserve Bank, the job he held in 2008 at the onset of the financial crisis.
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