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Geithner Proposed Libor Changes in ’08

Treasury Secretarys recommendations to the Bank of England included polling more U.S. banks.

By Cheyenne Hopkins and Caroline Salas Gage, Bloomberg | Updated on July 13, 2012

Timothy F. Geithner in 2008 sent the Bank of England recommendations for improving calculations of the London interbank offered rate, now at the center of a scandal over allegations the benchmark was manipulated.

Geithner, the U.S. Treasury secretary who was president of the Federal Reserve Bank of New York at the time, sent Bank of England Governor Mervyn King six recommendations. One was to “establish and publish best practices for calculating and reporting rates, including procedures designed to prevent accidental or deliberate misreporting,” according to a memo obtained by Bloomberg News.

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