The Federal Reserve Bank of New York in 2008, headed then by current Treasury Secretary Timothy Geithner, should have done more to investigate big-bank efforts to manipulate global interest rates, former FDIC Chair Sheila Bair told CNBC.

“Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don’t understand why they didn’t investigate,” Bair said during a “Squawk Box” interview.

Source: CNBC