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Sen. Chuck Grassley (R-Iowa), ranking member of the Senate Judiciary Committee, and Senator Mark Kirk (R-Ill.) took Treasury Secretary Timothy Geithner to the woodshed over lack of action regarding the LIBOR manipulation scandal in a letter Tuesday.

The senators claim in 2008, the Federal Reserve Bank of New York, where Geithner was serving as president, raised concerns about LIBOR (London Interbank Offer Rate) but did nothing to solve the problem of the rate’s dominance in U.S. financial markets, nor did he alert the American public to potential fraud.

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