LIBOR scandal: Bank of England says Geithner pressed for changes (insurance, companies)
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The gold pool collapsed in the late sixties. Then there was a "gold run" back in 1971 when countries showed up to the window and demanded gold. Probably all went out the window then but they just kept it on the books. Who really knows. Apparently nobody does.
The gold pool collapsed in the late sixties. Then there was a "gold run" back in 1971 when countries showed up to the window and demanded gold. Probably all went out the window then but they just kept it on the books. Who really knows. Apparently nobody does.
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.
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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.
Geithner was the key architect on the October 2008 bailout of the US financial system under Bush.
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 he informed authorities and worked to stop the manipulation.
And he informed authorities and worked to stop the manipulation.
And you would prefer that he had.......done what?
If he had informed authorities there would have been massive arrests. Either that, or like all other regulations that have been broke over the last decade or so, they all simply decided to ignore it.
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