Tuesday, January 27, 2009

Being Ken Lewis

Ken Lewis, CEO of Bank of America, came to Detroit last year and before the Detroit Economic Club said, "I think there's one too many" automakers. (Are others thinking the same of banks right now?) After the speech, Mr. Lewis also said, in a rather pedantic self-righteous tone, "I think the American people are suspect of just giving more money and buying more time. They want to see that the companies have in fact changed and the strategies have changed."

After the original bailout of $25 billion, Bank of America was recently back to the Treasury Department for an additional $20 billion. Do you think someone needs to remind Mr. Lewis of his own words? Should Treasury have withheld the additional $20 billion? Speaking of accountability, where did the original $25 billion go? Bank of America got the additional $20 billion without being held accountable for the first $25 billion. This is insanity.

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