Geithner asked British regulators to investigate Libor in 2008

It's great that he raised questions about the suspicious numbers, but at the same time, that was four years ago and nothing ever materialized until this year. What happened and why wasn't this pursued more aggressively by either side? Both sides knew just how important Libor was for everyone from countries, states, cities, homeowners, etc. yet nobody bothered to investigate criminal activity?
The problem that keeps coming back with this industry is the cozy relationship between bankers and regulators. Any reform needs to include something that stops this revolving door between the groups. For too many in the financial industry (and politics) working on the government side is a stepping stone or holding place while waiting for a big payout job on Wall Street. Too many are afraid to be firm with Wall Street because it will kill job opportunities for them.

The right wing media and Big Finance types also like to portray regulators as know-nothing government types who don't understand business. There may be some like that but there is no shortage of former Wall Street people who are regulators, so they know the game. The much bigger problem is the revolving door.

Suggestions are fine, but the people who funded the bailout want and need a lot more.

Geithner suggested to the Bank of England that authorities "strengthen governance and establish a credible reporting procedure" and "eliminate incentive to misreport," the Times reported, citing documents.

"We would welcome a chance to discuss these and would be grateful if you would give us some sense of what changes are possible," Geithner wrote in an e-mail, according to the Post.

Geithner recommended that the British Bankers Association collect quotes from a number of different banks but randomly select a subset of them when determining the Libor, the Journal reported.