Arab Today, arab today geithner points to london over libor scandal
Last Updated : GMT 22:34:05
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.

arabstoday
arabstoday

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

 



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 Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals 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