U.S. Senator Jack Reed questions Federal Reserve Chairman Ben Bernanke on economic policy and possible Libor manipulation.
Ben Bernanke, Geithner response to
Libor scandal rings hollow
ReutersJul 28, 2012, 01.13AM IST
WASHINGTON:Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.
It's a line of argument that has fallen flat with some lawmakers and investors, who want to know why Bernanke and other key US regulators did not do more to end a potentially criminal rigging of interest rates affecting trillions of dollars in financial contracts.