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Tuesday, March 3, 2009
News Watch Ken Lewis admit he's wrong
Posted By Rhiannon Fionn-Bowman on Tue, Mar 3, 2009 at 10:19 AM
What do you think? Is he being straight with us or are the eyes lyin'?
Bank of America’s request for $20bn of government money to prop up its acquisition of Merrill Lynch was a “tactical mistake” that made the bank appear as weak as Citigroup, Ken Lewis, BofA’s chief executive told the Financial Times on Monday.Mr Lewis vowed to stay on as chief executive of the North Carolina-based bank until it paid back the $45bn of government money it received under the US Treasury’s bank recapitalization program, possibly within two to three years. This is the first time he has signaled his plans to leave the company.
Read the rest of this Financial Times article here (includes a video interview).
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