Treasury Secretary Timothy Geithner said Wednesday that he acted quickly and appropriately to deal with problems in a key global interest rate once he realized the rate-setting process was flawed.
Geithner, who was then head of the Federal Reserve Bank of New York, said during an interview with CNBC that he sent a memo in 2008 to British banking authorities outlining his concerns about possible manipulation of the London interbank offered rate (LIBOR).
He also said he alerted U.S. regulators.
“We did the right and necessary things. We did it right and we did it early,” Geithner said.
The LIBOR affects the interest on many loans.
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