This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Last July, New York Fed documents implicated Geithner in rigging Libor (the London Interbank Offered Rate). It's a fundamental rate-setting benchmark. It's set daily between UK banks for overnight to 12 month durations.
It's produced for ten currencies with 15 maturities. It represents the London market's lowest cost of unsecured funding. It's the primary global short-term rate benchmark.
Last summer's scandal reflected a cesspool of financial fraud. Manipulating the rate up lets banks steal countless billions in inflated loan costs.
Downward manipulation deprives states, communities, pension funds, ordinary investors, and retirees of similar amounts from fixed income holdings.
As New York Fed president and Treasury Secretary, Geithner was complicit in fraud. His mandate was to facilitate it. He didn't disappoint.
Instead of fixing a corrupted system, he advanced and exacerbated it. He turned crisis conditions into disaster. He and Bernanke share honors as public enemy number one.
They're world class scoundrels. They gave away the store to Wall Street. They laid foundational plans for greater grand theft. In real democracies, they'd be in prison. Washington will have to explain why not.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
Next Page 1 | 2 | 3 | 4 | 5 | 6
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
