Tim Geithner had evidence of a financial crime of epic proportion — so he wrote a memo.
That’s about the only way you can sum up the then-New York Fed boss’ actions several years ago, when he was confronted with fairly compelling evidence that banks under his direct supervision were manipulating Libor — a key benchmark of global finance.
The Libor scandal has become pretty big news, with Barclays ousting its CEO and agreeing to pay a large fine even as it cooperates with civil and criminal law-enforcement authorities now investigating other big banks.
But it doesn’t end there: There’s also evidence that top regulators, including Geithner, now Treasury secretary, knew about and largely ignored the mess.
On Friday, the New York Fed released documents that supposedly exonerate Geithner. Selective leaks to friendly news outlets ensured kind first-day coverage, with one headline reading “Geithner tried to curb bank’s rate rigging in 2008.”
Read More at The NY Post. By Charles Gasparino.
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Geithner and obama ought to be tarred, feathered, and run out of town on rails (or let the CIA do a number on them).
This country is in great trouble. The problem with that statement is that it goes along with the desire of the New World Order folks to declare the USA defunct and to “save” it with the UN taking over instead of FIXING the problem, first by getting rid of ALL of Washington politicians.
Was the Economic Crisis Manufactured?
http://weroinnm.wordpress.com/2011/03/06/was-the-economic-crisis-manufactured/
“Food For Thought”
Semper Fi!