Geithner Defends Libor Measures Taken By NY Fed In 2008

Law360, Washington (July 25, 2012, 3:04 PM EDT) -- Treasury Secretary Timothy Geithner on Wednesday told lawmakers that he took appropriate measures to alert U.S. and U.K. officials of potential Libor manipulation in 2008 after he learned about possible rate-rigging while running the Federal Reserve Bank of New York.

Geithner told members of the House Financial Services Committee during Wednesday's hearing that he sent a detailed memorandum to the governor of the Bank of England in the spring of 2008 after learning banks not only had the possibility of manipulating Libor rates, but that there...
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