Republicans took aim at Mr. Geithner for, in their view, going easy on Wall Street despite knowing that some banks had been trying to manipulate a key interest rate. When he ran the Federal Reserve Bank of New York in 2008, Mr. Geithner advocated broad reforms to the rate-setting process rather than curbing the bad behavior at specific banks. Mr. Geithner, now the Treasury secretary, also acknowledged on Wednesday that he had never alerted federal prosecutors to the wrongdoing.
A New York lender has sued a group of large banks on the panel that sets a key global interest rate, saying it was cheated out of interest income through alleged rate manipulation. The lawsuit, filed last week in District Court in M... Read Post
WASHINGTON -- Treasury Secretary Timothy F. Geithner told lawmakers Wednesday that he acted appropriately as president of the Federal Reserve Bank of New York when he learned in 2008 that a key international interest rate could be m... Read Post