N.Y. Fed Silent on Barclays

    WASHINGTON, DC - MARCH 21:  U.S. Secretary of the Treasury Timothy Geithner testifies during a hearing before the House Oversight and Government Reform Committee March 21, 2012 on Capitol Hill in Washington, DC. The hearing was to examine "Europe's Sovereign Debt Crisis: Causes, Consequences for the United States and Lessons Learned."  (Photo by Alex Wong/Getty Images)

    Alex Wong / Getty Images

    Timothy Geithner will testify on Capitol Hill Wednesday in the case against British bank Barclays. The Treasury secretary alerted regulators to issues with London’s benchmark interest rate, known as LIBOR, four years ago. Yet Geithner, who at the time was head of the Federal Reserve Bank of New York, did not inform regulators that Barclays had admitted to his staffers that it’d been rigging LIBOR, and the Fed was largely uncooperative in the Commodity Futures Trading Commission and the Justice Department’s investigation into Barclays’ behavior. Geithner will face more questions regarding his reaction to Barclays’ behavior from House and Senate members this week.

    Read it at The Washington Post