Timothy Geithner never reported the crime to the proper authorities and so covered up the fraud by Barclay's and other banks, a fraud that cost the 99% trillions of dollars--the biggest financial fraud yet..
Republicans hammered Geithner about why he did not inform lawmakers during numerous congressional hearings or in the lengthy debate over Wall Street regulation. Rep. Jeb Hensarling (Tex.) charged that Geithner treated the Libor manipulation “as a curiosity, or something akin to jaywalking, as opposed to highway robbery.”
Other GOP members noted that even though Geithner knew of possible rate-fixing, the Federal Reserve still used Libor in several financial rescue programs....
The Libor scandal, which exploded last month after the British banking giant Barclays agreed to a $450 million settlement with regulators, has allowed Geithner’s longtime critics to renew their gripes over the Obama administration’s response to the global economic crisis.