” Although American lawmakers are now turning their attention to the New York Fed’s actions in 2007 and 2008, some think attention should primarily focus on the banks that were doing the actual manipulation. Dennis Kelleher, the head of the advocacy group, Better Markets, and a persistent critic of the Federal Reserve and Treasury Department, described the brouhaha surrounding Geithner as a “total third-tier issue.” Kelleher suggested that Geithner’s actions should be looked into “after doing a full investigation of what happened, prosecuting the people who broke the law, and compensating tens of millions of American that were victimized by this interest-rate rigging.” After that, he said, “you can worry about whether or not a regulator did his job at the height of the crisis.” “

…

Read Matthew Zeitlin’s full Daily Beast article here.