Confirming my opinion that Geithner is Obama's worst decision.
"New York Fed's Libor Documents Reveal Cozy Relationship Between Regulators, Banks "
http://www.huffingtonpost.com/2012/07/13/new-york-fed-libor-documents_n_1671524.html
The New York Federal Reserve on Friday released documents showing it knew banks were manipulating a key interest rate more than four years ago.
The documents, which date back to 2007, show that the Fed was fully aware that banks were lying about their borrowing costs when setting Libor, and chose to take no action against them.
The documents will likely feed growing concerns about whether the New York Fed, its former chief Timothy Geithner and other market watchdogs did everything they could to stop the manipulation. The documents also raise more questions about whether the New York Fed and other regulators were too cozy with the banks involved, looking the other way in order to spare the banks too much pain at a time when the financial crisis was still brewing.
Picking a Bankster insider, who is more concerned with Wall Street than working American always seemed wrong to me.
This just confirms that he is one of the big reasoned we did not and will not get true reform from this administration.
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