Treasury Secretary Tim Geithner testified before Congress before the passage of the “Dodd-Frank” bill, saying that no intervention in the currency markets was necessary since they actually “work quite well”.
Meanwhile he failed to mention that he himself, as head of the Federal Reserve Bank of New York, had executed a $5.4 trillion intervention in the currency markets in the wake of Lehman Brothers’ collapse in 2008.
He now proposes to exempt “currency derivatives” from coverage of the new law.
Will Geithner be held accountable? Charged with perjury, perhaps? Read about it here.
There is just no end to the perfidy, is there?