Published on 15 Jul 2012 by TheYoungTurks

“The New York Federal Reserve on Friday released documents showing it knew banks were manipulating a key interest rate more than four years ago.

The documents, which date back to 2007, show that the Fed became fully aware that banks were lying about their borrowing costs when setting Libor, and chose to take no action against them.”

Read more: http://www.huffingtonpost.com/2012/07/13/new-york-fed-libor-documents_n_16715…

Cenk Uygur, Lucas Lilieholm & John Iadarola discuss. Tell us what you think about the LIBOR scandal in the comment section below. Does this revelation surprise you? Should Tim Geithner be removed from office?