Timothy Geithner Accused Of Alerting Banks To 2007 Interest Rate Cut For 2nd Time

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Timothy Geithner Accused Of Alerting Banks To 2007 Interest Rate Cut For 2nd Time

Timothy Geithner Accused Of Alerting Banks To 2007 Interest Rate Cut For 2nd Time

* Richmond Fed’s Lacker resurrects 2007 allegation

* Geithner said in 2007 that claim was not accurate

* U.S. Treasury declines comment on latest Lacker statement

* Disclosure of rate cut plans would be highly unusual

HuffPO via Reuters-

In the summer of 2007, as storm clouds gathered over the world’s financial system, then-New York Federal Reserve President Timothy Geithner allegedly informed the Bank of America and other banks about the possibility the U.S. central bank would lower one of its critical interest rates, according to a senior Fed official.

Jeffrey Lacker, the head of the Richmond Fed, originally raised the allegation during a Fed conference call in August 2007, and he stuck to his 5-year-old claim against the current U.S. treasury secretary in a statement provided to Reuters on Friday.

[HUFFINGTON POST]

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