Jeffrey Lacker is sticking to his original allegation made in the summer of 2007, as storm clouds gathered over the world's financial system, that then-New York Federal Reserve President Timothy Geithner allegedly informed the Bank of America (BAC) and other banks about the possibility the central bank would lower the discount rate. According to transcripts of the call released by the Fed on Friday, Geithner at the time denied that banks knew the Fed was considering making any cut. Despite the inherent questionability of his actions however, its still not clear if the disclosure would have been illegal.
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