July 27, 2012 |
WASHINGTON — Treasury Secretary Timothy F. Geithner told lawmakers that he doesn't think the manipulation of the scandal-plagued Libor standard by large banks cost taxpayers money when the benchmark interest rate was used to set some bailout terms. Still, he said, Treasury officials are investigating how the London Interbank Offered Rate affected bailout costs. For the second straight day of congressional hearings Thursday, Geithner defended his handling of concerns raised in 2008 that large banks were manipulating Libor.
July 26, 2012 |
WASHINGTON - It's an obscure statistic with an unwieldy name, but the furor over alleged manipulation of a key global interest rate is mushrooming into one of the worst-ever scandals to hit Wall Street. The London Interbank Offered Rate, or Libor, is a benchmark used to set interest rates for trillions of dollars of consumer loans, including mortgages and credit cards. Criminal prosecutors in the U.S. and other countries are investigating whether major banks rigged Libor to boost profits.
July 25, 2012 |
Treasury Secretary Timothy F. Geithner told lawmakers Wednesday that he acted appropriately as president of the Federal Reserve Bank of New York when he learned in 2008 that a key international interest rate could be manipulated by large banks. But despite concerns that the London Interbank Offered Rate, or LIBOR, was vulnerable to under-reporting by banks at the time, Geithner said he and other Fed officials felt it was not a problem to use the rate to set the terms for the $182 billion bailout of American International Group and a $1-trillion emergency lending program called the Term-Asset Backed Securities Loan Facility.
July 22, 2012 |
Click here to download TV listings for the week of July 22 - 28 in PDF format This week's TV Movies CBS This Morning Prince Albert and Princess Charlene of Monaco; Darrell Hammond; Neil Barofsky. (N) 7 a.m. KCBS Today Reports from London include a preview of the Olympics; eating like an Olympic athlete. (N) 7 a.m. KNBC KTLA Morning News (N) 7 a.m. KTLA Good Morning America (N) 7 a.m. KABC Rachael Ray Jessica Alba, Guy Fieri, Elisabeth Hasselbeck and Buddy Valastro.
July 16, 2012 |
WASHINGTON - A House committee is launching a bipartisan investigation into allegations that large banks rigged a key interest rate, and will start by questioning Federal Reserve ChairmanBen S. Bernanke and Treasury SecretaryTimothy F. Geithner at upcoming hearings. At the same time, officials at the country's largest public pension fund, the California Public Employees' Retirement System, said Monday they were examining the effect of the rate-fixing scandal and might seek damages if they could be calculated.
April 15, 2012 |
WASHINGTON -- Top Obama administration aides pushed back Sunday against a charge by Republican presidential challenger Mitt Romney that women have suffered the brunt of the weak economy during the president's tenure. Treasury Secretary Timothy F. Geithner called Romney's claim that women have accounted for 92% of the jobs lost since Obama took office “ridiculous and very misleading.” “It's a meaningless way to look at the basic contours of the economy,” Geithner told Bob Schieffer on CBS' “Face the Nation,” adding that male-dominated industries such as construction and manufacturing were drained of jobs when the recession began underPresident George W. Bush.
April 15, 2012 |
WASHINGTON — President Obama's top economic advisors pushed back hard Sunday against a charge by Republican presidential challenger Mitt Romney that American women have suffered the brunt of the weak economy over the last three years. Treasury Secretary Timothy F. Geithner called Romney's claim that women have accounted for 92% of the jobs lost since Obama took office "ridiculous and very misleading. " The broadside came after a week in which the two campaigns had traded barbs over which candidate was more supportive of working women.
April 5, 2012 |
CHICAGO — Treasury Secretary Timothy F. Geithner said that improvement in the economy is promising, but he warned that too much deficit cutting too quickly could undermine the recovery. Speaking in Chicago, Geithner noted Wednesday that business investment in equipment and software is up 33% and exports have grown 24% in the last 21/2 years. "Overall, we have done a better job than many economies in making adjustments" after the financial crisis, he said. Geithner also commended Eurozone leaders for the safeguards they have put in place to curtail the threat of a new financial crisis.