Geithner drawn into Libor scandal

New York Fed Says It Knew Barclays Was Underreporting Libor
Caroline Salas Gage, ©2012 Bloomberg News
Published 08:57 a.m., Friday, July 13, 2012

July 13 (Bloomberg) -- The Federal Reserve Bank of New York said it became aware that Barclays Plc was underreporting borrowing costs for the London interbank offered rate as early as 2007.

A Barclays employee explained to a New York Fed staffer in April 2008 that “Barclays was underreporting its rate to avoid the stigma associated with being an outlier with respect to its LIBOR submissions, relative to other participating banks,” the New York Fed said in a statement posted today on its website.

“The Barclays employee also stated that in his opinion other participating banks were also under-reporting their LIBOR submissions.”

Excerpts from the book: ''Deer Hunting With Jesus'' - by Joe Bageant Video (2007)

"Folks seldom talk politics or current events except during the final weeks before an election and when prompted by lefty agitators like me, or grassroots neocon Republican operatives -- people who understand that the four cornerstones of the American political psyche are (1) emotion substituted for thought, (2) fear, (3) ignorance, (4) propaganda.

Why had the working class so plainly voted against their own interest? And will they do so again?

I am standing in the checkout line at the Food Lion. The lady in front is telling the clerk how her church rallied to buy her and Eddie a secondhand truck after theirs was repossessed: "It only needs a front tire and new brakes." "Praises be to Him!" exclaims the clerk, as if God had come down to personally deliver the 1990 Toyota himself. Obviously they are all born-again. The wife grabs up her purchases, a sixer of Diet Pepsi, a carton of Little Debbie Cakes, and moves on to the door.

Behind me are four or five other customers who could be their doubles, overweight, cheap clothing, looking as though they'd been shot at and missed, and shit at and hit, each of them with his or her own assortment of money, health and legal problems. The fact is, liberals and working people need each other to survive the growing economic calamity delivered to us by the regime that promised to "run this country like a business." The left must come face-to-face with Americans who do not necessarily share all of their priorities especially with Americans who have not been voting."

So I sit here watching fat Pootie in a T-shirt that reads: ONE MILLION BATTERED WOMEN IN THIS COUNTRY AND I'VE BEEN EATING MINE PLAIN! That this is not considered especially offensive says all you need to know about cultural and gender sensitivity around here. And the fact that Pootie votes, owns guns and is allowed to purchase hard liquor is something we should all probably be afraid to contemplate.

The Nazis gave the German people the Jews to hate. The Republicans have given the American people the gays and Muslims to hate."

~Joe Bageant -- "Deer Hunting With Jesus"

As if this really surprises anyone, right?