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Rep. Randy Neugebaur on pressing the NY Fed for more info on the rate fixing scandal.
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Backyard markets now pretty nice day in New York we'll see what it's like tomorrow -- in Washington when the Treasury Secretary Tim Geithner testifies on what -- -- about the interest rate.
Fixing scandal our next guest pressing -- Geithner and the New York fed for more information congressman -- not.
Joins us now will be questioning I Geithner -- -- he was head of the New York fed back in 2000 today congressman we know we at least said something.
About Barkley is -- rate.
Reading investigation there there are questions about whether Geithner should have done more.
But you wanna know more about to this and it's not just -- is right what's the additional information you wanna have from the New York Federal Reserve.
Well we've expanded you know are in part -- sentiment -- another letter this week we wanna know kind of what other conversations that you had.
We're having with other banks who let the regulators.
When he came to this issue because what we do know is we've seen a little bit of the response.
In that structural memo that us secretary.
-- -- that German are the New York chairman.
Geithner -- TV Bank of England but what we wanna know we see you know this is a pretty serious thing ME week we solve these markets being manipulated price fixing whatever you wanna call it.
And we thought it was a relatively muted response.
-- of the New York.
Fit he was president of the New York fed back then he's the Treasury Secretary right now.
And you know so far this scandal has been largely about Barclays but if you read the Wall Street Journal this morning naming names of individual traders -- the number of banks accused of colluding.
-- together chief that you -- By interest rates to -- -- -- -- the idea it's about more than that so you wanna look at the regulators on that front do you have enough information here to draw a conclusion that.
But it's a New York -- -- -- regulators just.
You know kind of turn the other way and allowed something to happen that shouldn't have.
Well not yet to you know -- -- resent the additional letter we wanna get more information and didn't see exactly who do what what what the reaction was.
-- you heard me ask.
Chairman Bernanke last week at one bank.
Have manipulated to frighten his -- with no one bank could not have been so we have to note that other banks were probably engaging in similar activities from what you've seen so far and all we've seen so far as what was released their recently by the New York fed about Geithner -- just at least -- identifying that this was an issue.
Some of -- all as -- said earlier some said he should've done more were you satisfied with his actions that you know about in 2000.
Well I think what -- his response was was more structural lease or some structural things that you can do may be too improve the level reporting.
But what I we didn't see in there was a reaction to the fact that it was been disclosed that the banks were manipulating that.
Marketplace those are two different issues market integrity and structural changes -- two different issues.
So the main point you wanna make you -- up on Capitol Hill testifying as -- as did the undergrowth by the wife of this testimony -- our house that's gonna work out.
Then not to my knowledge I think the length and -- -- more about what he knew in -- in what they were doing we know that they have immediate lasted about thirty minutes they wrote a memo.
-- but was there any follow up to find out ahead if -- these banks still doing that today's teeny gas action being taken.
We know that they -- the treasury.
At some point in time do what what actions did the treasury take -- -- Her time again we do we really don't have enough information and we need more information here and maybe you'll get some tomorrow but congressman -- Congressman not of -- thank you for joining us that today and we'll keep on top of the story for she.
