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WATCH LIVE: Geithner testifies on Libor reform

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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.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Still-free Epstein friend Ghislaine Maxwell likely cooperating with prosecutors: Vanity Fair columnist

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High-powered wealth manager Jeffrey Epstein may have committed suicide — but the case looking into his alleged involvement in trafficking and raping teenage girls is far from over. One particular loose end is Ghislaine Maxwell, a British socialite who was close friends with Epstein — and who is accused of helping to groom Epstein's victims, and who has seemingly disappeared.

As Vanity Fair contributor William Cohen told MSNBC's Alex Witt, Maxwell is likely not really on the lam at all — she may be helping prosecutors in secret, to lull Epstein's other co-conspirators into a false sense of security.

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MSNBC’s Joy Reid names every Trump-loving evangelical leader who refused to take her call on Trump’s ‘chosen one’ claim

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On Saturday, in conversation with Muslim political commentator Dean Obeidallah, MSNBC's Joy Reid castigated evangelical conservatives for their silence on President Donald Trump anointing himself "the chosen one" and retweeting a radio host who compared him to the second coming of Jesus Christ.

"Dean, we reached out to a bunch of people," said Reid. "I wanted to know — I grew up in the church. The idea of somebody declaring themselves the next coming of God or the King of Israel, which is what the Romans used to belittle Jesus before they executed him for defying the Roman emperor — Now Trump saying it's a joke, it's apostasy. We reached out to Franklin Graham, Ralph Reed, Focus on the Family, Jerry Falwell Jr., Vice President Mike Pence, and the RNC. We got no response at all. We had Pat Robertson, who declined to comment."

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Scaramucci busts White House staffers who ‘hate Trump’s guts’ yet still work for a ‘full-blown lunatic’

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On MSNBC's "AM Joy" on Saturday, former White House Communications Director Anthony Scaramucci acknowledged his own faults in supporting President Donald Trump for as long as he did — but urged that his experience has shown him that many more could be pulled out of the fold, if given an accepting opening to do so.

"I accept all criticism," said Scaramucci. "Joy, if you want to fault me and your viewers want to fault me for getting there late, I’m okay with that. I can accept that because I’m a flawed human being. Here is what I would say to everybody. This is an international crisis, you have to create an off-ramp that did what I did, spinning a Rubik’s cube and saying, this part is good, that part is good, that part is bad. And then through the process of cognitive dissonance, we started to lesson the parts that were bad."

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