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FBN's Peter Barnes on Geithner’s testimony on Capitol Hill concerning the Libor scandal and whether he did enough to notify the authorities.
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Good stuff OK so who put the lie -- liable Treasury Secretary Tim Geithner was grilled on the -- rate fixing scandal on Capitol Hill the big question cause was whether he did enough back in 2008 when he was president.
But the -- fed -- abounds in Washington with the details of the testimony -- Oh that's right actually Geithner spent them they -- morning on the defensive over his actions on Libor back in 2008 he insists he did everything he could.
When he was president of the New York fed back then by alerting British bank regulators.
As well as US regulators -- investigative and enforcement powers.
But some lawmakers were not buying it.
This this conversation is not just about the vulnerability.
Of -- work two to manipulation but in fact an admission.
That it it was in fact being manipulated that there were false reports being filed by someone who was involved in it we had a sufficient basis.
On base of what the market was saying was happening in the witnessing his design on which to dictate the actions we took.
And while it took four years Geithner said that those actions did result in an investigation by the CFTC which brought in the Justice Department and their work led to that 450 million dollars Barkley settlement.
And continuing continuing investigations into the Libor scandal and by the way Geithner says global regulators are now reviewing.
Other benchmark rates for possible miss reporting.
And are of course looking at reforms and -- and alternatives to Libor actually trees lots Mordechai.
