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WATCH LIVE: Geithner testifies on Libor reform

By Kay Steiger
Wednesday, July 25, 2012 9:05 EDT
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US Treasury Secretary Timothy Geithner, pictured on June 6, said he welcomed Spain's appeal to the eurozone for a 100-billion-euro ($125 billion) lifeline for its banks.  (AFP)
 
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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.

Visit msnbc.com for breaking news, world news, and news about the economy

Kay Steiger
Kay Steiger
Kay Steiger is the managing editor of Raw Story. Her contributions have appeared in The American Prospect, The Atlantic, Campus Progress, The Guardian, In These Times, Jezebel, Religion Dispatches, RH Reality Check, and others. You can follow her on Twitter @kaysteiger.
 
 
 
 
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