Who is Little Timmy Geithner? Let’s play bank fraud Jeopardy!
Timothy F. Geithner, who served as the head of the New York Fed during the crisis years, and other regulators raised concerns about Libor. But they did not stop the problems. As the regulators sought more information about the rate-setting process, they were consumed with trying to save the global financial system after the near collapse of Bear Stearns in 2008 and the failure of Lehman Brothers later that year.
Mr. Geithner, who is now the Treasury secretary, will most likely address the matter in Congressional testimony this month. The New York Fed has defended its actions.
Yeah, that’s a surprise. Little Timmy knew – knew – the Libor was being manipulated – but did nothing. Oh, he may have sent off a strongly-worded memo to the janitor or something, but other than that?
Not much. Not anything. You wonder why Wall Street jumped for joy when Little Timmy was promoted by the one?
Wonder no more.
The country is in the best of hands. And those hands are reaching into your pockets right now.