Treasury Secretary Timothy Geithner has so far escaped responsibility
for the spreading Libor fixing scandal by releasing documents showing
that when he became aware of the problem in 2008, as head of the Federal
Reserve Bank of New York, he made recommendations to address it.
"The New York Fed analysis culminated in a set of recommendations to
reform LIBOR, which was finalized in late May. On June 1, 2008, Mr.
Geithner emailed Mervyn King, the Governor of the Bank of England, a
report, entitled 'Recommendations for Enhancing the Credibility of
LIBOR,'" a Fed statement released Friday reads. "As is clear from the
work culminating in the report to Mr. King of the Bank of England, the
New York Fed helped to identify problems related to LIBOR and press the
relevant authorities in the UK to reform this London-based rate."
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1 comment:
timmy is a crook. bottom line.
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