Geithner Tells Senate He Was Concerned About Libor in 2008
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Treasury Secretary Timothy F. Geithner, responding to a second day of questions by lawmakers, said he was concerned when he heard about potential weaknesses in the London interbank offered rate in 2008 and repeated that he moved quickly to alert regulators in the U.S. and U.K.
“I absolutely thought this was a problem,” Geithner told the Senate Banking Committee today. Geithner, who was president of the Federal Reserve Bank of New York at the time, said he discussed Libor with officials at the Treasury Department, Securities and Exchange Commission and the Commodity Futures Trading Commission.