REPORT: Geithner Was Silent On Barclays LIBOR Fraud
WASHINGTON (MarketWatch) - Officials at the New York Federal Reserve, including then-president Timothy Geithner, did not communicate in key meetings with U.S. regulators that U.K. bank Barclays had admitted to manipulating Libor, according to a report in Wednesday's Washington Post. The story, quoting two unidentified people with knowledge of the matter, said that regulators never heard an appeal from the New York Fed to investigate possible wrongdoing over Libor. Officials at the Commodity Futures Trading Commission and the Justice Department worked largely without the Fed's help to build a case against Barclays according to the report. The bank ultimately paid $450 million to settle charges that it provided false submission to the Libor setting panel. Geithner will likely be asked about the issue when he testifies later this morning to the House Financial Services Committee. Geithner has said he sounded the alarm when a Barclays employee told the regional Fed bank that it was submitting false Libor reports.
Here's the Washington Post story...
Jul 25, 2012 at 1:26 PM
Reader Comments (7)
http://dealbook.nytimes.com/2012/07/25/facing-congress-geithner-grilled-on-rate-rigging/
Tim Geithner Admits Banks Bailed Out With Rigged Libor, Costing Taxpayers Huge Amount
http://www.huffingtonpost.com/mark-gongloff/timothy-geithner-libor_b_1701904.html
I did! Here is the text of my (2nd) message:
“I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE ‘FED’ passed! I was also just informed, that ‘Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.’ And, to ‘Please contact his office today and tell him to support AUDIT THE ‘FED’ and allow for a Senate vote!’
327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? I noticed, that in 1995, you spoke openly FOR an AUDIT OF THE ‘FED’ – of course, the need for such an audit has not changed since then – why has your stance (on this issue) changed? https://www.youtube.com/watch?v=fn1u3yDjhN4 ”
CONTACT SEN. HARRY REID TODAY! LET’S FLOOD HIS EMAIL ON THIS ISSUE!
(Feel free to Copy and Paste the message above, if you wish)
http://www.reid.senate.gov/contact/index.cfm
Related News:
Audit the Fed Passes the House! 327(Y)-98(N)
http://www.campaignforliberty.org/profile/7788/blog/2012/07/25/audit-fed-passes-0
Harry Reid vows Federal Transparency Act will never be voted on in the Senate 7/25/12
http://www.freedomsphoenix.com/Article/115546-2012-07-25-harry-reid-vows-federal-transparency-act-will-never-be-voted.htm
Harry Reid’s ULTIMATE FLIP-FLOP Passionate Speech Pleading for an Audit of The Federal Reserve 1/23/1995
https://www.youtube.com/watch?v=fn1u3yDjhN4
http://www.reuters.com/article/2012/07/27/us-barclays-earnings-idUSBRE86Q06Q20120727
[snip]
Despite these latest blows, Barclays beat forecasts with a profit of more than 4 billion pounds ($6.3 billion) in the first six months of the year. The bank said its performance during July was ahead of last year and there has been no exodus of clients.
Barclays shares were up 4.8 percent to 161 pence by 05.59 a.m. EDT, outperforming a 0.2 percent fall by the European bank index .SX7P.
The bank said on Friday that Britain's financial regulator has started an investigation involving the bank and four current and former senior employees, including finance director Chris Lucas.
http://en.rian.ru/business/20120928/176270369.html
[snip]
Ever since the crash of Lehman Brothers four years ago prompted the U.S. government to rescue the country’s largest financial institutions with taxpayer money, U.S. authorities are hesitant to “do something that might make one of these banks fail,” said Stephen Bainbridge, a securities regulation expert at UCLA Law School.