Bank of America (BAC) said this morning that it was taking a second capital injection worth $20 billion in order to offset losses at Merrill.
Does anyone else recall what Ken Lewis said the last time his company took government cash?
The Deal (October ’08): Trade publication American Banker has announced its Banker of the Year, and on Dec. 4 Bank of America Corp. CEO Ken Lewis (pictured) will formally accept the honour (for the second time) at an awards gala at the Plaza Hotel.
Might this cause some folks to roll their eyes? Likely since, after all, Lewis was the same guy who had the audacity to appear on “60 Minutes” last week and tell Leslie Stahl it was his patriotic duty to take an investment from Treasury Department.
Good thing for BofA shareholders that Ken Lewis is such a red, white & blue-bleeding patriot and that he took that first slug of cash. Otherwise they might really be screwed.