Something has to give.
Either Ken Lewis is telling the truth, the BofA balance sheet that he signs off on isn't as bad as we all think it is, and he's in strict compliance with Sarbanes-Oxley.
Or he is not.
I'm thinking "not".
Ken Lewis and Bank of America have financial AIDS, thanks to sleeping with Angelo Mozilo and John Thain. We tried to warn him. He did not listen. He got drunk. He should have used protection. But no, he wanted to party.
So here's financial-AIDS-ridden Lewis, who has single-handedly destroyed a great American institution and the lives of thousands, either telling the truth, or lying his ass off and daring Eric Holder to arrest him when it all blows up:
Bank of America Corp. chief executive Ken Lewis fired back Friday against speculation that his company could be nationalized by the government, dismissing such talk as “a bunch of malicious rumors.”
“It's just absurd,” Lewis said in an interview on CNBC. In all his talks with government officials, he said, “I've never had anybody even hint at it.”
Lewis also said the Charlotte bank will not need more government money. “Categorically, I can say no,” he said.
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15 comments:
Ken Lewis should be arrested today, NOW. Lewis is No Different than guilty scumbag Mozillo, only more stupid. But:
If stupidity was a crime, 99% of All fat dumb lazy America would be incarcerated in a Sheriff Arpaio-style tent city.
Begin filling up the FEMA camps with guilty white collar criminals and begin executing them publicly.
Your grandchildren will thank you.
You're Welcome.
Though we have good laws, yet they want their execution.
Or even if they are executed it is in a wrong sense.
--Jon Pym on the eve of the English Civil War
He will probably get a promotion to treasury secretary.
Is the stock going to zero?Citi has aids too.
Keith Obamma isn't going to arrest anyone. He is a corrupt thug from Chicogo. He sang a song of change so he could get some. Now he is destroying what is left of our country, our freedoms. You could see this comming from orbit. He told people what he was going to do. So did Hitler and Stalin. This guy and his thugs will not stop. They will have to be stoppped.
Keefer,
On the one hand I admire him for his personal growth, coming from nothing to becoming CEO of what use to be a huge financial institution.
The American dream.
On the other hand he and BOA were the most unethical bankers around, from supporting terror organizations to supporting illegal citizens etc.
BOA deserves to collapse more then being nationalized.
I hope he goes to jail
Casey, You are correct.
Citi has aids too
Ken Lewis should be nominated to the newly formed cabinet post of used-condom recycler, test division.
Bojangles Obama is coming over tonight for some fried chicken and then to shoot some hoops in the yard. Bowling, as you know, is out.
Whoopee, Stalin was Right. Socialism is GREAT!
looking at that picture..
Why do I see that guy talking and acting like Dan Akroyd as Beldar Conehead,
We Are from France!
There simply has to be more to the story for Lewis to risk all of what appeared to be a relatively sound BAC for the known crap of Countrywide and MLynch. This isn't tin foil hat stuff, but what did the gov't promise Lewis? It all doesn't add up even if you think Lewis is dumb. Noone is that dumb. People are that crooked or greedy or have closed door deals going on, but nobody is that dumb to do what BAC did without other consideration involved.
I've spoken to Lewis and, being from Charlotte, have followed him for years. He is not stupid and I doubt he's corrupt. He always has been hell bent on making NCNB/BofA bigger. Gotta think that Hank knew that and played his hubris.
Here's my take: he wants to be big. He has successfully managed dozens of acquisitions. Hank Paulson was the devil on his shoulder telling him to buy more and he wanted to anyway. He thought CW/ML weren't that different from all the others. Hubris and Hank got the best of him. His fault but not criminal.
he looks like JR from the TV show Dallas.
Anon said:
'Here's my take: he wants to be big. He has successfully managed dozens of acquisitions. Hank Paulson was the devil on his shoulder telling him to buy more and he wanted to anyway. He thought CW/ML weren't that different from all the others. Hubris and Hank got the best of him. His fault but not criminal.'
It does not matter what Hank Paulson or anyone else told him.
BOA under his leadership did really bad things with their shareholders money.
1-Donated money to Arab terror organizations
2-Provided documentation to illegals for the purpose of being used as fake IDs
3-Did everything Countrywide did, so in essence BOA always was a Big Countrywide, if Mozilo is guilty then he should be Bigger guilty.
But this whole notion that he was forced into something is plain stupid,
BOA was not the only one bidding on Merrill Lynch, he worked very hard to get his hands on it, of course he thought it was an awesome deal at that time.
I wonder if you can even borrow BAC to short it, rate must be thru the roof. Shall we just buy SKF instead? Seem like this story is old
"Ken Lewis and Bank of America have financial AIDS"
It's a Level 3 affliction caused from playing hide-the-sausage (MBS) in 'fudged' ASSet sheets.
"I've spoken to Lewis and, being from Charlotte, have followed him for years. He is not stupid and I doubt he's corrupt. He always has been hell bent on making NCNB/BofA bigger.
Here's my take: he wants to be big. ... He thought CW/ML weren't that different from all the others. Hubris and Hank got the best of him. His fault but not criminal."
So he screwed up! Throw to bum out! Why do the shareholder put up with the same ballteam. It's time to make some trades and let go people!
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