Mr. Geithner, who before joining the administration was head of the Federal Reserve Bankof New York, has saidthe administration’s plan for the Fedis both incrementaland essential.
Following the allegations earlier this year, the bank was negotiating with the FedBankofNewYork, the Office of Foreign Assets Control (OFAC), the District Attorney ofNew York's Office and the Department of Justice.
This report deserves wide attention, not least because of the impressively varied background of its authors, who include the former chief economist of the NewYorkFed, a member of the Bankof England's Monetary Policy Committee, a leading Wall Street economist and an academic.