Tim Geithner’s Libor Recommendations Came Straight From Banks, Documents Show

Tim Geithner’s Libor Recommendations Came Straight From Banks, Documents Show

The policy recommendations Geithner forwarded in an attachment on June 1 first appear in a staff memo dated May 20 that reads: “A variety of changes aimed at enhancing LIBOR’s credibility has been proposed by market participants, and seem to be under consideration by the BBA. These proposed changes include, but are not limited to…”

A comparison between Geithner’s recommendations and those put forward by “market participants” — shorthand for banks — makes it clear that Fed staff asked banks how to fix the problem, then presented those answers as their own. (Most of the banks consulted were likely U.S.-based institutions, as several of the recommendations are aimed at giving more power, not surprisingly, to U.S. banks.)

Below are excerpts from the recommendations, side by side:

Full article here…

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Comments
2 Responses to “Tim Geithner’s Libor Recommendations Came Straight From Banks, Documents Show”
  1. Equity Free says:

    I just don’t know how more much &shit has to hit the fan , before the masses revolt .!

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