Gerald Herbert/ AP
Move over Barclays, BOE, and Paul Tucker- US Treasury Secretary Timothy Geithner and the NY Fed’s William Dudley just moved front and center in the escalating LIEBORGATE scandal.
Reuters reports that Geithner, then head of the NY Fed, held a ‘Fixing LIBOR’ meeting with at least 8 Fed officials on April 28th, 2008!
Now that Geithner and Dudley have been fully implicated in the LIEBORGATE, it’s only a matter of time before The Bernank himself is caught up in the scandal.
The entire house of cards is now completely crumbling!
From Reuters:
According to the calendar of then New York Fed President, Timothy Geithner, who is now U.S. Treasury Secretary, it even held a “Fixing LIBOR” meeting between 2:30-3:00 pm on April 28, 2008. At least eight senior Fed staffers were invited.
It is unclear precisely what was discussed at this meeting or who attended. Among those invited, along with Geithner, was William Dudley, who was then head of the Markets Group at the New York Fed and who succeeded Geithner as its president in January 2009. Also invited was James McAndrews, a Fed economist who published a report three months later that questioned whether Libor was manipulated.
“A problem of focusing on the Libor is that the banks in the Libor panel are suspected to under-report the borrowing costs during the period of recent credit crunch,” said that report in July 2008 that examined whether a government liquidity facility was helping ease pressure in the interbank lending market.
When asked for comment, McAndrews directed questions to a New York Fed spokeswoman. Dudley could not be immediately reached for comment.
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Fast forward to 1 min and see the response to Liebor
Hang the little bitch already!
AC
And to think the US spends billions on terrorism every year in Afganistan , Pakistan, Iraq, etc… and these guys are right in their own back yards!!
Too Funny.
Burn Baby Burn!
Hey 2 oz. I was just at Black Rock Desert, home of the burning man. Had a plateful of ravioli at the county club.
Everything aside, I do not think this will touch Timmy or the Fed. They have already admitted they knew about the Libor fixing and they can say they were meeting to decide how to fix the problem. The bankers have already determined who will take the fall and for how long.
Americans still are not awake enough to know any better and many are fighting not to believe their own eyes and ears. The sheep are happily being led to the slaughter. No! I take that back. They are demanding to be led to the slaughter.
I looked at how many people have read the articles posted on this site. Not many compared to the millions of people around the world. I grew up in the 60s and 70s. There was a belief that many espoused, “Better Red than Dead.” I was in the minority by saying, “Nuke ‘em till they glow.”
I am still in the minority along with most of you. I now believe, after being awake for about a year and a half that the bankers have their hand on the stove top control knob and we are the frogs in the pot of nice, warm water. They will slowing increase the heat until we are dead, both literally and figuratively.
There will be no crash, just a slow motion decent into nothingness.
Let’s see Tim never paid taxes for three years, He was arrested in New York this year and for what?, He was part of the Tarp bailouts for his buddies, and now he is with this scandal. This Administration is so corrupt it is sickening.
Acruzn808;