1. Scandal

    Geithner Warned Brits About Libor

    WASHINGTON, DC - MARCH 28: Treasury Secretary Timothy Geithner testifies during a Senate Appropriations Committee hearing on Capitol Hill, on March 28, 2012 in Washington, DC. The committee is hearing testimony on the Treasury Department's response to the forclosure crisis and mounting student loan debt.  (Photo by Mark Wilson/Getty Images)

    Mark Wilson / Getty Images

    In an effort to keep the Libor scandal that has engulfed London from engulfing certain Washington officials, the Federal Reserve of New York will release documents on Friday that detail its response to concerns raised about the global interest rate. In 2008 Treasury Secretary Timothy Geithner, who was then head of the Federal Reserve Bank of New York, suggested that the head of the Bank of England reform Libor and eliminate incentives that encouraged banks to manipulate the rate. A spokesperson for the Federal Reserve of New York said that the documents to be released on Friday “will show that the New York Fed took prompt action four years ago to highlight problems with Libor and press for reform.”

    Read it at The Washington Post