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...