Bank 'did not act on Libor advice'

Timothy Geithner
Timothy Geithner

J. Scott Applewhite/AP/Press Association Images

US Treasury Secretary Timothy Geithner claimed the Bank of England could have prevented the Libor rate-rigging scandal if his recommendations had been taken on board four years ago.

Mr Geithner told US politicians he immediately alerted authorities in the US and UK, offering "detailed recommendations" to the Bank of England.