Look for Geithner to 'Take a Beating' on the Hill
It is shaping up to be a dramatic week for Treasury Secretary Timothy Geithner, who will face a grilling on the Libor scandal in two days of hearings on Capitol Hill.
Geithner has come under scrutiny because of questions about how he handled allegations of rate manipulation when they came to his attention in 2007 while he was president of the Federal Reserve Bank of New York. The Treasury secretary has long battled accusations that he is too close to Wall Street, and the Libor case has revived those criticisms.
He will appear before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
"Geithner's going to take a beating," said Mark Calabria, the director of financial regulation studies with the libertarian Cato Institute and a former aide to Sen. Richard Shelby, R-Ala., the Senate Banking panel's ranking member.
"I certainly expect a lot of Republicans will bend over backwards to pretty much paint this as 'he fell down on the job,' if not try to imply that he was complicit," Calabria added.
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