Timothy Geithner again under fire on Capitol Hill, this time over Libor scandal

Treasury Secretary Timothy F. Geithner was back in the hot seat Wednesday.

One of President Obama’s most polarizing Cabinet officials, Geithner returned to Capitol Hill for the 66th time since taking office, this time defending himself against charges from House Republicans that he had failed to stop big banks from rigging a critical global interest rate four years ago.

Geithner’s role in the unfolding scandalaround the London interbank offered rate, or Libor, centers on whether he responded aggressively enough in 2008 after he learned of potential rate-fixing while serving as head of the Federal Reserve Bank of New York. The Libor is a benchmark for hundreds of trillions of dollars worth of credit cards, mortgages, student loans and financial securities.

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