from Silver Doctors:
CNBC lobbed Timothy Geithner a softball this morning to allow the Treasury Secretary an opportunity to explain away his role in the LIBOR manipulation scandal.
CNBC softball: ‘ Let me just ask you this recent libor –I’m reluctant to call it a scandal but an libor flap. The Wall Street Journal editorial and lots of other people are saying Tim Geithner knew about this, wrote a memo in 2008. If it was such a great problem or such a great scandal why Mr. Geithner did regulators do so little? Why didn’t you make a bigger stink?‘
Geithner’s response?: ‘We did the right and necessary thing and we did it early.’
If by ‘we did the right thing’ you mean handed down explicit instructions on what rates should be submitted by the banks, then yes Timmy, we are positive you did do ‘the right thing’ for the TBTF banks and the Fed.
Turbo Timmy’s Full response on LIEBORGATE below: