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It is highly likely Geithner knew about these manipulations while he was head of the NY FED, before becoming Sec. of the Treasury. And yes, if the London banks were doing this you know the largest US banks/investment houses were doing it as well. Too many equity lines of credit out there based on the LIBOR which were incredibly low; much lower than going through a traditional bank for a home equity loan (read 1.7%).
The Federal Reserve Bank of New York released documents Friday that show it learned five years ago of big banks understating their borrowing costs to manipulate a key interest rate. The documents also show Treasury Secretary Timothy Geithner, who was then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent.
Yes, your linked quote just reinforced exactly what I stated. Geithner knew before he became Sec. of the Treasury, back when he was President of the NY FED.
The Bank of England is now saying that Geithner, head of the NY Fed at the time, asked them to make changes to the LIBOR benchmark. This was back in 2008..when our financial firms/banks were falling apart.
The DOJ has been asked to look into this. Well we know where this will go, don't we ?
The government is going to see if the government did anything wrong in global financial markets.
Bank of England says Geithner pushed for Libor changes - Yahoo! News
The Bank of England confirmed on Friday it had received U.S. recommendations to overhaul the Libor benchmark at the heart of a global rate-rigging scandal, saying it had passed them on to the banking group responsible for the rate.
..
During the 2007-2009 financial crisis, the borrowing costs of many banks soared as counterparties worried about their health. Some banks may not have wanted their high borrowing costs to become public out of fear it may have fueled concern about their viability.
It is not clear how far the New York Fed pressed any concerns it may have had. The New York Fed declined to comment.
This administration is making Nixon's look downright ethical!
‘‘As much as $800 trillion in financial products are pegged to LIBOR, so any manipulation of this rate is of serious concern,’’ Neugebauer said in a statement Friday. ‘‘We'll continue looking into this matter to determine who was involved in this practice and whether it could have been prevented by regulators.’’
Where it could have been prevented? Did they read the article? LOL
Yes, your linked quote just reinforced exactly what I stated. Geithner knew before he became Sec. of the Treasury, back when he was President of the NY FED.
And it would seem, did nothing as it continued even after he becamse SoT.
the bigger issue really is the prime rate, and you can thank our government and the federal reserve for citizens being ripped off every year.
and certainly give a special thank you to geithner as former head of the federal reserve of NY, and now our very own appointed treasury secretary.
who's going to punish them?--certainly not our top cop crook, eric holder, who is involved in his own little housing scam.
who's going to tell on any of the crooks-after all, the largest tax whistleblower in US history went to jail. what message is that supposed to send to future whistleblowers????: http://www.democracynow.org/2010/4/15/ubs
this administration doesn't like whistleblowers much.
Last edited by floridasandy; 07-14-2012 at 03:28 PM..
I was reading where at the end of June Barcleys paid a 450 million dollar fine to the DOJ and Department and UK Financial Services Association for their part in "rigging" the rates. So they get a free pass apparently, pay a fine none of which comes from their pockets of course, and will escape the ramping up of criminal charges which will surely follow. Somebody will have to go down with the ship. It won't be Tax Cheat Timmy or any of the real crooks though. They are too high up or will buy their way out with others money and the game marches on.
Yup that's right. Only this is bigger than just the US so even if he buries it won't matter.
LIBOR is global.
The Bank of England is the Rothschilds family.
Citi, BofA and JPM are all involved as well.
The Rothchild family... anyone care to guess how big the Rothschild family is and how diluted that wealth is as a result? Surely there must be another family that we can blame for all the ills in the world.
nothing to see here folks. Probably bush's fault anyway.
lol
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