Why am I not surprised that the tax cheat-turned-Treasury Secretary would be involved in an international banking scandal?
Just now watched James Rosen on Fox News explaining this to Jenna Lee and — despite the eye-glazing intricacies of the financial details involved — recognized it as a potentially major scandal:
Years before the Libor scandal ripped through the financial industry, Timothy Geithner sent a memo to the Bank of England calling for a slew of changes to make it harder for banks to rig this benchmark borrowing rate.
According to a June 2008 memo obtained by FOX Business, Geithner, who was then president of the New York Federal Reserve, listed six changes aimed at making it more difficult for banks to distort Libor.
The disclosure comes as lawmakers step up the heat on bankers and regulators in the wake of Barclays . . . reaching a $452 million settlement for allegedly intentionally manipulating its Libor rates. More than a dozen banks are being probed for their handling of Libor.
So, the Treasury Secretary who has been up to his eyeballs in the political manipulation of the U.S. economy warned against the private manipulation of financial data for profit.
UPDATE: Explaining what LIBOR is:
Read the whole thing. Lucky for President Obama most people don’t even know what the heck LIBOR stands for, and the media loves to ignore the major scandals of this administration.
Business Insider has much more on this growing scandal.
Update: Linked by I.A. Grea – thanks!