Bernanke, Geithner response to Libor scandal rings hollow

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Bernanke, Geithner response to Libor scandal rings hollow

Bernanke, Geithner response to Libor scandal rings hollow

(Reuters) –

Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.

It’s a line of argument that has fallen flat with some lawmakers and investors, who want to know why Bernanke and other key U.S. regulators did not do more to end a potentially criminal rigging of interest rates affecting trillions of dollars in financial contracts.

Bernanke said last week he had been largely unable to directly address problems with Libor, or the London interbank offered rate, which he said he learned of in 2008.

“We are and need to continue advocating for reforms to the Libor process. It is constructed by a private organization in the UK, and so our direct ability to influence that is limited,” Bernanke said in congressional testimony.

[REUTERS]

image: Reuters/ Gary Cameron

 

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One Response to “Bernanke, Geithner response to Libor scandal rings hollow”

  1. So, what Bernanke is saying, and has been saying, is that although he and his underlings control and issue our currency, he really has pretty much no effect on anything of importance. Right?

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