New Bank Bailout Bloomberg Video: Complete Interview With Bank of America CEO Ken Lewis. Broadcast Feb.25
Embattled Bank of America CEO Ken Lewis took his confidence game to the air earlier today, sitting down with Bloomberg reporter Margaret Popper. Among Lewis' claims were that the Countrywide division is doing some nice business with the recent re-finance boomlet and that Merrill's asset management and brokerage businesses are also performing well.
The money snip from the companion article published later by Bloomberg:
Lewis said the bank was “strongly advised, with an emphasis on strongly,” not to walk away from the Merrill deal. He said the government told Bank of America, “‘We will work with you. We know this is a Merrill issue.’ I was told, ‘We view you as a strong company that has done the right thing in a difficult situation,’ and that, ‘the money will be there for you.’”
Lewis said he looks forward to talks with New York Attorney General Andrew Cuomo, who is investigating Merrill’s $3.6 billion bonus payments to employees in December, just before the merger was completed. “When we get the facts out and we show what we’ve done and how we did it, we’ll be fine,” Lewis said.
'The money will be there for you' he was told. Bernanke and Paulson apparently weren't blowing smoke either, as less than a month after these secret conversations, Lewis was awarded an additional $20 billion capital injection from taxpayers plus a tasty $118 billion asset guarantee.
Don't be confused by the pictures, the undelying links are different. Go up top for the short clip and down below for the full deal.
Reader Comments (13)
"The compensation was a function of how the company did ahead of the mortgage crisis." - Angelo Mozilo testifying March 7, 2008 before the United States House Committee on Oversight and Government Reform.
Yeah right. That compensation was textbook fraud. Damn, I missed my invitation to become a charter member of the "Friends of Angelo" club like Christopher Dodd, Franklin Raines, & Co.
Even though Wachovia had massive problems of their own and would likely have failed anyway, Ken Thompson royally screwed Wachovia shareholders and put the nail in the coffin with his "crown jewel" delusions.
another great post. I live in California and you are right. World Savings was giving loans to everybody and their mom. They did invent "pick-a-pay" option. Wachovia made a huge mistake buying this toxic criminal bank. Also, Capital One (not being in the best shape themselves) bought the criminals running Greenpoint mortgage in 2006 at the height of the bubble. This is unbelievable!! Will do a search under Herb and Marion Sandler. these two criminals would do great in jail!
Keep the informative posts coming. We need to make people aware of these criminals. They started this whole mess and they are not being held liable. Not faiR!!
and great job DailyBail for your contribution. I'm mad and this a site where I can come and share my frustrations.
I feel much better now. Venting my anger. Thanks DailyBail.
Relegated out of the MSM and to the New York Times Blog. Of course we all read that right?
http://opinionator.blogs.nytimes.com/2008/10/07/snl-take-down-taken-down/
October 7, 2008, 3:10 pm
‘SNL’ Take-Down Taken Down
By Tobin Harshaw
I introduce to the court Exhibit A.
http://michellemalkin.com/2008/10/07/the-forbidden-skit-full-transcript-and-screenshots-of-snls-sorossandler-bailout-satire/
The forbidden skit: Full transcript and screenshots of SNL’s Soros/Sandler bailout satire
By Michelle Malkin • October 7, 2008 01:06 AM
New censored video here: http://sweetness-light.com/archive/snl-edits-dem-fatcats-from-bailout-sketch
Herb's Rebuttal to SNL censorship stink - "We are being unfairly tarred."
http://www.usatoday.com/money/industries/banking/2008-10-05-sandler-golden-west_N.htm
Sandler defends Golden West in Wachovia debacle; 'SNL' skit stings
Posted | Comment | Recommend E-mail | Save | Print |
By Michael Liedtke, AP Business Writer
MSM finally does cover Golden West - 60 Minutes Piece. Well done lads. Well done.
http://www.cbsnews.com/stories/2009/02/13/60minutes/main4801309.shtml
60 Minutes
World Of Trouble
Scott Pelley Reports
Feb. 15, 2009
Herb's Rebuttal to CBS - "Quick Qualifier" loans and "stated income" loans are different. Nevermind we invented option ARMs. Metrics. Mumble. Pay no attention to that man behind the curtain. Mumble. Wachovia should have paid more for Golden West. Mumble. F*** it, we're freaking billionaires! If only Bernie Madoff had given more to Mother Theresa, all would be forgiven.
http://www.cbsnews.com/htdocs/pdf/LetterGrahamMessick21209.pdf
Things have got to change.
But first, you've gotta get mad!...
You've got to say, 'I'm as mad as hell, and I'm not going to take this anymore!'
Then we'll figure out what to do about the depression
But first get up out of your chairs, open the window, stick your head out, and yell, and say it:
GET UP GET UP TIGHT NOW AND GO TO YOUR WINDOWS
"I'M AS MAD AS HELL, AND I'M NOT GOING TO TAKE THIS ANYMORE!"
it is time to leave the computers and take to the streets
santelli has scheduled a chicago tea party for july
pool some bucks together from like minded patriots. organize a steering committee. buy full page ads in your local newspapers. get the fu..ing permits you will need to exercise your constitutional right. and lets show these mfers who really runs this country.
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
SAY IT LOUD SO THEY ALL WILL HEAR US
WE WANT INDICTMENTS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
THEY ARE ALL CONSPIRATORS
WE WANT INDICTMENTS
WE WANT INDICTMENTS
SETTLE FOR NOTHING LESS
I am 100% in agreement with you. Restoring justice is the single most important action our government can take to bring confidence back. I would include i that idea firing every finance industry executive and board member part of institutions that have received any emergency funding or debt guarantees for cause and without any compensation. That is justice. The same schmucks who created this mess are still in business as financial alchemists.