N.Y. Fed Silent on Barclays

Timothy Geithner will testify on Capitol Hill Wednesday in the case against British bank Barclays. The Treasury secretary alerted regulators to issues with London’s benchmark interest rate, known as LIBOR, four years ago. Yet Geithner, who at the time was head of the Federal Reserve Bank of New York, did not inform regulators that Barclays had admitted to his staffers that it’d been rigging LIBOR, and the Fed was largely uncooperative in the Commodity Futures Trading Commission and the Justice Department’s investigation into Barclays’ behavior. Geithner will face more questions regarding his reaction to Barclays’ behavior from House and Senate members this week.