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Geithner shuns criticism over Libor scandal


09:10, July 26, 2012

WASHINGTON, July 25 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner defended his handling of the Libor scandal, directing the blame to the British regulators in a hearing in the U.S. Congress on Wednesday.

In his testimony to the U.S. House of Representatives, Geithner said the concerns about the reliability of the London interbank offered rate, or Libor, were in the public domain in 2008.

"We took the initiative to bring those concerns to the attention of the broader U.S. regulatory community including all the agencies that have responsibility for market manipulation and abuse," he said.

Geithner, who was then head of the Federal Reserve Bank of New York, was grilled by congressmembers about his response to the scandal related to the London interbank offered rate which is a key benchmark for financial transactions globally.

Geithner said after he learned of the misconduct about Libor, he notified both the U.S. and British regulators and sent the Bank of England governor "a very detailed memorandum recommending a series of changes" which included strengthening governance and establish a credible reporting procedure.

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