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FBN's Charlie Gasparino reports that House staffers are floating the idea of Treasury Secretary Geithner taking oath at the upcoming hearings on the L...
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There's some Republican House staffers that they give turning up the heat on Treasury Secretary Timothy Geithner during his scheduled appearance.
What the house financial services committee at the Dodd-Frank hearing next week Charlie Gasparino has the latest on yeah.
Well here's what we're getting from -- -- now we have the point out that the leadership you know a member actually has to do this but what they're doing thinking of doing something that would be pretty political pretty symbolic.
At least this is the idea that's been floated by house staffers Republican House that was obviously Tim Geithner.
Is a Democrat and east Obama's Treasury Secretary particular putting him under oath it would be -- pretty significant thing.
Because they want to know what he knew when he knew it exactly what you mean what he knew it about the Libor -- and as you know Tim Geithner we've been reporting this for the since last week.
Fed released documents New York fed release documents when Tim Geithner.
Was -- in the New York fed during the financial crisis I think in his head of the New York fed and that's the main regulator of the big banks here.
Between 2003 and 2008 right before he became Treasury Secretary -- group -- knew about.
Libor -- it's pretty clear from those documents.
His investigators talked to people at -- the one bank that that is settle this case and basically.
-- without much prodding the dark mark these bankers admitted that they were rigging Libor that they were manipulating it downward.
So -- Geithner is going to be asked about these questions in during these hearings next week -- things on the 25.
It's a regular -- Dodd-Frank hearing but expect a lot of stuff on Libor the question is Willie beef will we be truthful.
And I'll tell you what -- staffers are floating now just to turn the screws on on him -- to ensure that he tells us exactly what what they believe what they want to know.
Is somehow staffers want him to be put on the -- could be significant move that's a pretty insulting it is it's insulting Jon Corzine.
You know after the blow prevent global the loss of customer money and multiple criminal investigations.
He was put on hold.
Jamie Dimon was not put under oath from what -- from what -- from what I -- call.
Jamie -- -- when it when he had explained the London will trading loss Qaeda and interest in things if you put the Treasury Secretary under -- This would be pretty blatant political move I think you need -- -- you clearly need some sort of sign off from from some Spencer Bachus was reported who runs a house financial services committee.
We should point out that bachus has not a guy from what I understand has not agreed to do this yet it has been brought to his attention this is purely at the staff level but it is a very serious conversation.
Over the last couple days at the staff level.
About floating this thing and getting a member to ask pockets that telcos member -- -- to do this and you know I give it a 5050 chance but if it does he does -- it could be kind of high drama right Jon in Jon Corzine's name up that it was a great cat has a great shot.
Tim Geithner is name that name up there and here's the reason why.
If you read the documents if you know anything about the New York fed first off but if you read those documents Geithner knew about the -- Right he had to that you can you resist being put on Europe I mean how would you trying to resist that back channel with obviously.
I mean he couldn't say it's political and you know they're Putnam needless political closes -- of what I knew what I -- know but I will tell you this.
Couple things -- interest in about this Libor scandal he knew about it.
Barclays admitted to him admitted that there was a degree of collusion -- other whether firms are doing it.
That's number one number two is there was a story kind of interest and storing up in the post I should point out and though and this made it around around a lot of the house financial service committee's members -- -- -- when he made those recommendations are that was part of his defense you know I made recommendations of the Bank of England had a change -- -- we got those recommendations from the banks themselves her.
It's there was a -- about this up there's a lot of interest things scuttlebutt go macro and obviously you and I've talked about the liabilities.
When I come on active at at 3 o'clock in the 3 o'clock hour -- talk more about the life that was about potential lawsuits and you might -- We're gonna have a fairly significant development in that.
But this is and this is a store -- to act is not going away it's interesting with Geithner leaving the administration the end of the term if there's a tie in there.
-- maybe maybe they figure he's expendable let's go it go FF I mean I think.
You know there's a lot of -- lot of Republicans right now are saying that Mitt Romney and the republic and the you know these are Republican commentators I I -- to.
Conservative same -- -- not tough enough on.
The -- the administration's own sort of financial scandals you know we talk about Bain Capital which is in the scandal by the way it's you know sometimes -- -- Some some companies made money a lot -- -- -- a lot more companies -- money they didn't it's called private equity get used to -- that's capitalism.
Our but there's a lot of financial sort of sort of smoke and fire when it comes Obama administration Solyndra.
MF global was run by his chief -- one of his chief -- street fund -- John Corzine.
And Geithner what Geithner knew about the bid rigging -- he clearly knew about it he clearly did not do enough did not.
You know he knew that they were pushing it that would -- -- in any wrote a memo.
Yeah I mean you don't think about that.
Lot of people pushing for it doesn't happen to be doing with central banks from the world wanted to do anyway keeping rates are well I know I tried by the way it -- and that's not have Libor and there.
I'm glad -- if it's if it's manipulative both.
Right -- -- -- manipulate it is now Charlie Gasparino thanks so much.
