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FBN’s Charlie Gasparino on the NY Fed’s plan to release documents related to its response to the Libor scandal.
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Investigation in the bank's alleged manipulation of the London Interbank offered rate that Libor rate and whether regulators including.
-- in -- Treasury Secretary rather Timothy Geithner did enough to stop it is heating up once again Charlie Gasparino has the latest on the story.
You kind of students stumbled over -- you don't like because they're looking I don't wasn't there well.
Is that think he wouldn't when you're looking at his actions when he was New York fed president.
Who has what happened was back in 2007 -- does and it's working what he was and he was alerted.
That banks like Barclays which settled the major case pay 450 billion dollars settled its CEO had this forced to step out.
He was alerted that time and what did he do when did he know it.
All this is gonna come out from -- -- on the stand.
The the house financial services committee is doing an investigation we understand they've asked for documents and -- what what sources close of the -- -- on the Fox Business Network.
Is that those documents may be released as early as Monday and usually the way the New York fed does this whose -- He was headed to Europe fed they're asking for that document requests from the New York fed the Fed releases it on its web sites what do you think.
-- -- there I mean here's what they've asked for I mean who knows but -- ask for.
What did you do in terms of when you were told that he was told several times in 20072008.
That -- will always be manipulated.
This is a big thing if you can't trust -- It's one of the base rates that what everything credit cards homes.
It set by the banks themselves they send in their Libor what they think Libor should be it's supposed to be a real a real sort of measurement.
They were manipulating it down during the financial crisis.
He knew about that.
And they they -- -- and when you found out about this to your -- to remember the Fed investigators.
Did you go to the UK regulators did you tell the SEC did you tell the Justice Department because this is manipulation.
Which has the smell of illegality criminal stuff going on what did you do in terms of alerting other regulators.
We're gonna find a little more detail on that the look -- for documents -- will be interest -- be great reading from what I understand as early as Monday.
We do have the the cold in New York fed so bottom line is it's imminent it's coming out sometime soon.
They're telling me people close that the that the committee that that demanded documents -- -- money and one of the good things here they just don't give that a committee.
They put it on its website so we'll be checking the web -- Monday and distribute fairly -- listen.
Tim Geithner is now the Treasury Secretary.
He's come on the lot of criticism for not doing enough.
This is kind of an election year where.
You judged you know the people at the present works work works with the -- -- pres Obama whether there court.
Their their core competency and you know Tim Geithner has been fairly controversial.
Over the last four years he is stepping down if there's a second no matter whether right second -- so -- over at.
He is proof -- lot Nebraska he has having you know something he's done well some things I think he has I think.
You know that you know -- -- too much money I think that was like a panic when people -- you do things I criticism of his handling of the US economy.
That he should know some of the stuff the President Obama -- to do in the teeth of rising unemployment that I got its work that the New York fed should know this you don't propose health care.
When unemployment is not going down sufficiently that is a drag on business it's something that even Larry Fink -- Larry -- quite -- like -- Who's on the phone with them all the time -- has -- Adams apple workers I think has -- public consent.
You know supports President Obama -- -- health care plans and say it's a drag on business so I.
You know this is my probably Tim Geithner.
I have some issues with its -- com -- involving.
Involving the economy it'll be interesting to see what he did you now why wouldn't Geithner went a step in and report all those banks manipulate the rate that what -- guess what.
It was in New York Fed Chairman.
New York fed president -- -- -- -- to back he's overseeing the banks and he's worried that they are paying too much interest rate during that -- so we he had incentive.
To allow them to manipulate it down.
Does the name Roman Gabriel -- team.
-- -- I'm Gabriel.
-- he was accused of quarterback for for the Rand yeah.
You know I remember -- -- because there's another guy named Jim kick it.
-- -- -- No -- can't -- capt -- -- water was -- was the quarterback for the vikings and is also the Coach of UC Berkeley but this -- comic they had some legendary.
Shoot -- -- happened -- game if they get a football -- we'll go to -- rule that would it was Roman Gabriel is in the studio something feel like I.
-- -- -- -- It's -- whether it was a big weight.
