Senate Committee to Question Geithner and Bernanke On Libor

0 Posted by - July 10, 2012 - Big Brother, Career & Business, Conspiracies & Scandals, Economics

saupload 09 03 24c geithner bernanke 300x197 Senate Committee to Question Geithner and Bernanke On LiborThe Senate Banking Committee will question U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke on the scandal surrounding the London interbank offered rate.

Committee Chairman Tim Johnson said in a statement that he will question Geithner and Bernanke at regularly scheduled hearings this month. Geithner is set to testify before the banking committee on the Dodd-Frank financial overhaul act, while Bernanke will deliver his semi-annual monetary policy report. Johnson didn’t say whether he would have a separate hearing on Libor, which is used as a benchmark for $360 trillion in global securities.

Johnson’s panel joins the House Financial Services Committee in seeking information on the scandal that prompted Barclays Plc Chief Executive Officer Robert Diamond to quit last week after the U.K.’s second-biggest lender was fined a record 290 million pounds ($450 million) for attempting to rig interest rates. At least a dozen banks are being investigated for manipulating Libor.

“I am concerned by the growing allegations of potential widespread manipulation of Libor and similar interbank rates by some financial firms,” Johnson said in a statement. “At my direction the committee staff has begun to schedule bipartisan briefings with relevant parties to learn more about these allegations and related enforcement actions.”

CONTINUED at Bloomberg.

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