When the New York Fed was forced to release documents last Friday, July 13, showing its head, Tim Geithner, had long known of the rigging of the LIBOR rate, it tried to cover for Geithner by featuring a June 1, 2008 email of his to Bank of England head Mervyn King suggesting reforms. But none of Geithner's suggestions would have stopped the rigging of the rate. Moreover, when the Bank of England ignored them for all of four years through the present, Geithner did nothing.
Not only that, but Huffington Post columnist Ryan Grim established today, from the Fed's own Friday document-dump, that every one of the six recommendations he sent King on June 1, 2008, he had simply passed on from the Wall Street banks whom he had consulted on LIBOR. Each of them appears identically, often word-for-word, in a May 20 Fed staff memo beginning, "a variety of changes aimed at enhancing LIBOR's credibility has been proposed by market participants [code for banks],... These proposed changes include, but are not limited to..."
Dump Geithner and Obama, and go with Glass-Steagall.