Most Active Stories
- Historic Hoosier Toboggan Run Opens for the Season
- New Bravas Restaurant Offers Unique, Gourmet Burgers to Fort Wayne
- Musical Variety is the Spice of Life this Month for Fernando Tarango
- What to Expect from the Indiana General Assembly in 2015
- Holiday Home Tour Promises a Nostalgic Glimpse of Fort Wayne's Past
Fri July 13, 2012
Geithner Pointed Out LIBOR Concerns In 2008
Originally published on Fri July 13, 2012 11:04 am
(SOUNDBITE OF MUSIC)
STEVE INSKEEP, HOST:
NPR's business news starts with a warning about LIBOR.
It came years ago. We now know that Treasury Secretary Tim Geithner pointed out problems with the way that London's key interest rates were set. He did this in 2008, in the midst of the financial crisis at the time he was head of the New York Federal Reserve.
In a memo to the Bank of England obtained by several news organizations, Geithner suggested ways to enhance the integrity of the LIBOR. That's the London Interbank Offered Rate, which is now the center of a scandal.
Geithner was apparently worried after hearing banks were misrepresenting the benchmark.
Last month, Barclays agreed to pay U.S. and U.K. authorities $450 million to settle charges that the bank manipulated that rate. Transcript provided by NPR, Copyright NPR.