Geithner defends his role in Libor scandal - Jul. 25, 2012
"Financial Services chairman Spencer Bachus, an Alabama Republican,
grilled Geithner about why the New York Fed, under his watch, used Libor
to help set bailout terms during the financial crisis -- even though
the bank knew it was being manipulated.
"We were in the position of investors all around the world," Geithner said. "And we did what everybody else did, which is to use the best rate available at the time."
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