via: WashingtonPost
by: Jia Lynn Yang
July 12, 2012
While president of the Federal Reserve Bank of New York, Timothy F. Geithner pressed British regulators to reform the way a critical global benchmark called the London interbank offered rate, or Libor, is calculated, according to a June 1, 2008, e-mail obtained by The Washington Post.
Writing to the head of the Bank of England, among others, Geithner made six recommendations, which included eliminating incentives that could encourage banks to manipulate the rate and establishing a “credible reporting procedure.”
“We would welcome a chance to discuss these and would be grateful if you would give us some sense of what changes are possible,” Geithner wrote.
It’s unclear what other steps Geithner took and whether his efforts stopped any wrongdoing by banks. Last month, London-based Barclays, one of Europe’s largest banks, admitted that it schemed to manipulate Libor during the financial crisis — and its chief executive has asserted that regulators knew about its activities but didn’t do much to stop them. The scandal has led to the resignation of Barclays’s senior executives.
Continue Reading At: WashingtonPost.com
Like this:
Like Loading...
"currency wars", 2008, 2008 Collapse, Austerity, Bank of England, Bankrupty, Barclay Executive, Barclays, bernanke, Bix Weir, BLS, Bob Diamond, Bond Capital, Bonds, Bureau of Labor Statistics, business cycle, Capital Account, CDS, Central Banking, CFTC, Chris Duane, CME, Commodities, Commodity Futures Trading Commission, Commodity Markets, Consumer Confidence, Corporations, Crony capitalism, Currency, David Morgan, Debt, Debt crisis, Debt Saturation, Depression, Dollar, Downgrades, Economy, EFSF, end the fed, Eric Sprot, ESM, EU, EUROPEAN UNION, Fed, Federal Reserve, Fiat, Finance, Financial Crisis, Financial Survival Network, Fraud, Gerald Celente, Germany, Glass-Steagall, Gold, Gold Manipulation, Goldilocks, Greatest Truth Never Told, Greece, Gross Domestic Product, HIGHER UNEMPLOYMENT, HSBC, Inflation, Interest Rates, investing, Investors, Italy, Jamie Dimon, Jeff Nielson, Jim Sinclair, Jobs, John Embry, Jon Corzine, JP Morgan, Kerry Lutz, King World News, Lehman Brothers, Libor, LIBOR Scandal, LTRO, Manipulation, Market Conditions, Markets, Max Keiser, MF Global, Mike Maloney, Monetary Policy, Money, Moody’s Downgrades, Moodys, New York, News, Oligopolies, Operation Twist, Peregrine, petrodollar, Ponzi Scheme, Portugal, Power, QE, Quantitative Easing, Raid, Rate, Recession, Recovery, Return, RoadToRoota, SEC, Segregated Accounts, SGTBull07, SGTReport, Silver, Silver Doctors, Silver Manipulation, Smash, solvency, Spain, Stable Money, Stocks, Sub Prime Crisis, Swaps Market, TFMetals, TFMetals Report, Theft, Timothy Geithner, Toxic Assets, Treasuries, Unemployment, United States, US, vigilante, Wealth Cycle, Wealth Transfer, whistleblower, Zerohedge, ZIRP, Zombie Banks
This entry was posted on July 13, 2012, 10:25 pm and is filed under Economy, Finance, News. You can follow any responses to this entry through RSS 2.0.
You can leave a response, or trackback from your own site.
#1 by nonviolentconflict on July 14, 2012 - 12:58 am
Reblogged this on NonviolentConflict.