Tag Archives: Bank of England

By Caroline Salas Gage – Timothy F. Geithner was president of the Federal Reserve Bank of New York in 2008 when he learned about banks under-reporting Libor, the global benchmark for $500 trillion of securities. He sent a memo in June of that year to Bank of England Governor Mervyn King raising concerns and recommending changes in how the rate is calculated. Little has been done to address the issue since, and King said last month that he only just learned of wrongdoing and Geithner didn’t highlight malpractice.

“Geithner is not the primary person in the world responsible for Libor,” said Calabria, Cato’s director of financial-regulation studies in Washington and a former Senate Banking Committee aide. “There were items on that memo that were absolutely first and last the responsibility of the British Bankers’ Association and by extension the Bank of England.” more> http://tinyurl.com/8nb2h75

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• What’s Fed to Do as 15 of 18 Banks Fixing Libor Aren’t American (bloomberg.com)
• Timothy Geithner pressed Mervyn King to reform Libor in 2008 (guardian.co.uk)
• Libor review to publish proposals (bbc.co.uk)
• Geithner Sent BOE’s King Libor Revamp Recommendations in 2008 (bloomberg.com)
• New York Fed Says It Knew Barclays Underreported Libor – Bloomberg (bloomberg.com)
• Libor rate reform launched by UK regulator (business.financialpost.com)
• Geithner: U.S. Acted ‘Early’ and ‘Forcefully’ on Libor Flaws (blogs.wsj.com)
• Libor design flawed says Geithner (bbc.co.uk)
• Bank boss Mervyn King is dragged into rate-fix scandal (express.co.uk)
• U.S. judge in Libor cases puts new lawsuits on hold, Basil Katz, Reuters
• Libor needs to be replaced, says Sir Mervyn King, Helia Ebrahimi and Angela Monaghan, Telegraph