Topics:  banking, big banks, libor rate, timothy geithner, us treasury secretary

US treasury wanted Libor reforms

NEW documents show United States treasury secretary Timothy Geithner pressed the Bank of England four years ago to make changes to the key interest rate Libor.

More than a dozen banks are under investigation over suspected rigging of the rate.

The London interbank rate, also known as Libor, influences interest rates globally, from mortgages to credit cards.

In 2008, Mr Geithner, as head of the New York Federal Reserve, sent a private email to the Bank of England governor Mervyn King and recommended six ways to enhance the credibility of the rate.

The email, which included a two-page memo, has been obtained by the Washington Post.

Read more at ABC news online.



Local Real Estate

Featured Jobs

Tweed jobs listed daily



Local Partners

LATEST DEALS AND OFFERS

Cars For Sale

Find cars for sale online now.
Learn More

Property Listings

Search for a property online right now.
Learn More

Local Profile

Stay Connected

Get the news as it happens, in your inbox

You can change the newsletters you are subscribed to when you edit your profile

Edit Profile


Special Offers

Latest deals and offers

Horoscopes

Taurus

Attending to unfinished emotional business from the past may be tedious but essential now. You need to let go of past hurts and memories. You...

read more

Marketplace

Special Offers & Promotions

Compare & Save