Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street Highlight

the Federal Reserve Bank of New York, and its president at the time, Timothy Geithner, were made aware by Barclays by April 2008 both of the ongoing manipulation and that other banks were involved.3 But rather than immediately alerting the Department of Justice or even calling in the banks subject to his jurisdiction and warning them that they needed to cease the manipulation immediately, Geithner took far more modest steps. He apparently did little more than send a memo to his regulatory counterparts in England, recommending that the rate-setting process be changed,4