Reuters: Regulatory News: Geithner defends U.S. response to 2008 Libor concerns

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Geithner defends U.S. response to 2008 Libor concerns Jul 18th 2012, 13:23 NEW YORK, July 18 | Wed Jul 18, 2012 9:23am EDT NEW YORK, July 18 (Reuters) - U.S. Treasury Secretary Timothy Geithner defended his response in 2008 to concerns that emerged over the benchmark Libor interest rate, arguing on Wednesday that U.S. regulators pushed early and forcefully for reforms. Geithner, then head of the New York Fed, sent an email to Bank of England Governor Mervyn King in June 2008, recommending six ways to enhance the credibility of Libor after Barclays had flagged concerns as early as 2007. U.S. regulators set in motion a "very, very powerful enforcement response," Geithner said at the CNBC Institutional Investor Delivering Alpha conference, adding more enforcement on Libor is yet to come.

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