Geithner on Libor: U.S. was first to raise red flags

NEW YORK (CNNMoney) — Treasury Secretary Timothy Geithner defended his 2008 response to the Libor-fixing scandal that continues to unfold, and stressed that more reforms and enforcement actions are on the way.

“We acted very early in response to concerns that the processes that set [the Libor] rate was impaired and flawed and vulnerable to misrepresentation,” said Geithner, speaking at the CNBC Institutional Investor Delivering Alpha Conference in New York.

Geithner said he took the “initiative to brief the entire U.S. regulatory community on this at a very early stage” and brought the concerns to the attention of British officials, along with detailed set of recommendations.

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