Geithner on the Defensive
July 19, 2012 • 8:39AM

Media reports of Treasury Secretary Timothy Geithner's remarks at this morning's New York City event, the CNBC Institutional Investor Delivering Alpha Conference, show a man on-the-run, from the gathering rage against him and his kind. For example, this afternoon's Reuters coverage begins: "U.S. Treasury Secretary Timothy Geithner defended himself against criticisms that regulators should have taken bigger steps to address concerns over the credibility of the benchmark Libor interest rate..."

Of course, the real charges — of systemic looting and murder — go much deeper than bankster "credibility", but, nevertheless, Geithner is on the ropes. He said, in response to the charge that LIBOR-manipulation was widespread and far beyond the case of Barclays PLC, that things would not be left up to just the British authorities. He said that, "They took some modest reforms in response to our suggestions in '08, but they didn't go far enough. And we now have taken the initiative to set up a broader effort involving all the countries that matter around the world, that have a big stake in this, to try to make sure we push" for reforms.

He defended himself:

"We acted very early in response to the concerns that the processes to set this rate were impaired and flawed, and vulnerable to misrepresentation...

"The U.S., to its credit, set in motion at that stage, a very, very powerful enforcement response, the first results of which we have now seen... There is more to come."

He did not say what. He held forth, "We're going to make sure there's a strong, credible reform effort. We need to demonstrate to the world that we're going to have the best enforcement response..."

Later in the day, Geithner gave a press conference at the Treasury in Washington, D.C., in the Cash Room. Although an EIR reporter was present and prepared to ask a question, no questions were allowed.