Arab Today, arab today geithner points to london over libor scandal
Last Updated : GMT 14:17:38
Arab Today, arab today
Arab Today, arab today

Geithner points to London over Libor scandal

Arab Today, arab today

Arab Today, arab today Geithner points to London over Libor scandal

Washington - AFP

Treasury Secretary Timothy Geithner sought to deflect criticism of his handling of the Libor banking scandal Wednesday, directing US lawmakers\' scorn toward London regulators. Facing a sometimes fierce interrogation from a House of Representatives committee, Geithner insisted he acted properly when he found out in 2008 that the key inter-bank interest rate was being manipulated. \"I believe we did the necessary appropriate things,\" said Geithner, who was at the time the president of the New York branch of the Federal Reserve. The Treasury chief said he sent a detailed list of recommendations on reforming the rate -- which underpins rates on everything from mortgages to credit cards -- to Bank of England governor Mervyn King. \"We brought those concerns to their attention, and we thought, and I still believe, that it was really going to be on them to take responsibility for fixing this.\" That argument appeared to hold little truck with Republicans, particularly New Jersey congressman Scott Garrett. \"You are the secretary of the Treasury of the United States of America! You had the authority for four years tocome to us, lay out the problem and lay out the solutions and for four years you didn\'t do anything about it,\" he said angrily. Geithner\'s response was terse: \"In my view the regulators did the necessary, appropriate thing in this context and they started that process very early.\" Emails, phone transcripts and internal reports recently released showed the New York Fed under Geithner was explicitly told that banks were misstating their input to the Libor in June 2008. In response Geithner suggested the Bank of England (BoE) expand the number of banks that are on the Libor-setting panel and make the process less opaque. Libor rates for US dollars are currently set by 18 banks -- including three from the United States -- which state how much they expect to be charged to borrow over a range of time periods. Some of the highest and lowest estimates are disregarded and an average is found. That rate then is used as the base for interest rates on home loans, student loans and a range of other consumer products. The Fed and Geithner have been accused of putting Libor abuse on the back burner because in 2008 Wall Street was in the throes of the financial crisis and of failing to bring banks to heel. Two days after Geithner\'s letter to King, the BoE chief replied that Geithner\'s recommendations \"seem sensible\" and would be provided to the British Bankers\' Association, which manages the daily Libor setting process, for consideration. But it appears little changed in the system. Geithner said that US regulators were also notified. \"We took a very careful look at these concerns, we thought those concerns were justified and we took the initiative to take those concerns to the broader US regulatory community.\" That disclosure appears to have resulted in a recent $452 million fine for Barclays, levied by US and British regulators.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today geithner points to london over libor scandal Arab Today, arab today geithner points to london over libor scandal

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday