WATCH LIVE: Geithner testifies on Libor reform
U.S. Treasury Secretary Tim Geithner testified before the House Committee on Financial Services on Wednesday about potential Wall Street and Libor reforms.
Libor, an interest rate calculated by various banks in London, has been found to be rigged. An employee at Barclays bank in London admitted that they knew they weren’t posting an “honest rate.” Geithner suggested reforms to the Libor rate-setting process in May 2008.
Watch live, broadcast on MSNBC on July 25.