Bank of America’s Ken Lewis sez he made a mistake by asking the government for a $20 Billion handout after the bank acquired Merrill Lynch. Part of that deal was paying out $3.6 Billion in bonuses. Let’s see…20 minus 3.6 equals…He should have, he now believes, asked for only $10 Billion. Ummm…10 minus 3.6 equals…As they say on the street: Bull.
As a mea culpa, Lewis sez he will stay on at BOA until the bank pays back every penny of the (now) $45 Billion the bank has taken. A process which will probably take several years. Stand up guy, that.
“I want to repay the Tarp money before I go anywhere, and by then I think we will be seeing the success of the Merrill Lynch acquisition,” he said. “It would be very easy to disappear into the sunset but we have to slug through this.”