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Economy
In reply to the discussion: Weekend Economists Waiting for FDR July 13-15, 2012 [View all]Demeter
(85,373 posts)13. Fed's Lacker: Libor scandal hurting confidence
http://news.yahoo.com/feds-lacker-libor-scandal-hurting-confidence-021649349--sector.html
A growing scandal surrounding manipulation of a key benchmark interest rate is feeding public anger towards banks, Richmond Federal Reserve bank President Jeffrey Lacker told Reuters in an interview on Friday...the fallout continues to broaden. On Friday, the New York Federal Reserve Bank released emails that showed its then-president, Timothy Geithner, was told about problems with Libor in 2008 - including that some banks had indicated a tendency to under-report their borrowing costs - and he pressed the Bank of England to take action. Geithner is now U.S. Treasury secretary.
A growing scandal surrounding manipulation of a key benchmark interest rate is feeding public anger towards banks, Richmond Federal Reserve bank President Jeffrey Lacker told Reuters in an interview on Friday...the fallout continues to broaden. On Friday, the New York Federal Reserve Bank released emails that showed its then-president, Timothy Geithner, was told about problems with Libor in 2008 - including that some banks had indicated a tendency to under-report their borrowing costs - and he pressed the Bank of England to take action. Geithner is now U.S. Treasury secretary.
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Corporations Dodge LIBOR Scandal Bullet: It’s banks and hedge funds that look like the losers.
Demeter
Jul 2012
#34
Unfortunately, they're probabaly right that it'll take a long time to sort out the consequences; but
snot
Jul 2012
#59
How Out-of-Control Credit Markets Threaten Liberty, Democracy and Economic Security By Ed Harrison
Demeter
Jul 2012
#30
The Great Capitalist Heist: How Paris Hilton’s Dogs Ended Up Better Off Than You
Demeter
Jul 2012
#35
Another "this should be a separate thread", and what of the outcome for this repeat? I'd love to
mother earth
Jul 2012
#39