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Fire Timothy Geithner from his position as Secretary of the Treasury

Fire Timothy Geithner from his position as Secretary of the Treasury

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This petition has been created by Rick R. and may not represent the views of the Avaaz community.
Rick R.
started this petition to
President Obama
The Fed knew about the LIBOR rate fixing as early as the fall of 2007. There was a “swirl of activity” on the part of the Fed in early 2008 culminating in a June 1st, 2008 memo by then-New York Fed President Tim Geithner. Yet we are only hearing about it now, 4 years later.

The LIBOR rate fixing has cost individuals, companies and state and local governments an uncalculated but huge sum of money. Certainly, the estimated $14 billion in regulatory and legal settlements it is expected to cost the banks is not the full measure of its cost to the public, nor will the public ever be compensated for its damages.

While there are many in the banks who should be put in prison, Geithner has been Obama's Secretary of the Treasury and has withheld this information from the public for 4 years. This is an incredible failure of his duty to the citizens of the United States.

Had Secretary Geithner brought this matter to public attention when he became aware of it in late 2007, the costs to the public would have been significantly less. Secretary Geithner is guilty of fraud and dereliction of his duties as both New York Fed President and Secretary of the Treasury of the United States. He should be fired and blacklisted from any government or banking position at the very least. An investigation should be begun on his criminal liability as well.
Posted (Updated )