Wednesday, February 25, 2009

Ken Doth Protest Too Much... Again

In an interview on Bloomberg TV, Lewis claims the bank will make over $100 billion in revenue in 2009. Ken Lewis And Obama Should Run Telethons. BofA's grand inquisitor has had about 30 media appearances over the past week in which he has repeatedly claimed that nothing is f@*#&d here. Kinda like the president.

***Update from Interview****

1. Will sell "non-strategic assets" from Merrill acquisition (maybe should not have bought them in first place)
2. "Feels good" Bank of Countrywide Lynch will pass stress test (the market feels bad)
3. May sell more of China Construction Bank over time (assuming someone will buy...see AIG)
4. Looks forward to telling his side of story to Cuomo (so do we) Sphere: Related Content
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Anonymous said...

his game goes in circles with Ken being able to say he played by the rules and then the regulators can suggest that they played by the rules, and so on and so on...

FYI: American Banker Friday, March 3, 2006

Regulators at the conference restated their commitment to flexibility and said they expect bankers and examiners to be creative and innovative.

"We regulators will need to consider doing things we have never done before," said Office of Thrift Supervision Director John Reich.

Comptroller of the Currency John Dugan said he had instructed examiners not to "second-guess" the decisions made by bankers when renegotiating loan terms with customers.

Regulators also finalized CRA guidelines on Thursday that say financial institutions will be granted community development credit for loans, investments, and services to distressed areas.

The guidelines say that investing in middle- and upper-income areas (particularly in rural areas, to attract businesses or residents) that revitalizes a designated disaster area will also satisfy CRA standards. The guidelines extended to three years, from one, the period for making such CRA loans in a disaster area.

In a speech in New Orleans, Comptroller of the Currency John Dugan said Thursday that a longer extension might still be granted.