Who was pulling the strings on who?
As Governor of the New York Federal Reserve, Geithner had key communications with the Bank of England in 2008.
These communications are now coming into focus showing expansion of the participation of US Banks in establishing rates.
The Fed, so far has no comment on any of this.
As quoted in Ryan Grim's Huffington Post article:
"A comparison between Geithner's recommendations and those put forward by "market participants" -- shorthand for banks -- makes it clear that Fed staff asked banks how to fix the problem, then presented those answers as their own. (Most of the banks consulted were likely U.S.-based institutions, as several of the recommendations are aimed at giving more power, not surprisingly, to U.S. banks.)"