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Thursday
Feb262009

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.

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Reader Comments (13)

I want to know the total profits Angelo Mozilo has plundered from this mess - both from IndyMac and Countrywide. Why wasn't Mozilo given a spot at BAC like John Thain? I am sure he could have produced a better office than Thain. At least he has better design sense with that spray on suntan. [sarcasm]

"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.
Feb 26, 2009 at 3:19 PM | Unregistered Commenterspideydouble
Great post spideydouble. Mozilo is the main crook to be blamed for all this mess. He got away from selling all his shares at the top, got all his bonuses. He is the man that created subprime. Why is he getting away from this? he is the main criminal that caused this mess. He should be prosecuted and thrown in jail. maybe inside the jail give him his own tanning machine.
Feb 26, 2009 at 3:30 PM | Unregistered CommenterSanta Monica Monster
Don't forget about Golden West Financial aka "World Savings Bank". Herb and Marion Sandler invented "Pick-A-Pay" mortgage loans. Maybe they can join Angelo in jail. They could take turns with the tanning machine. I hear bridge is popular among thieves. James Cayne is certainly good add it. Maybe he could give bridge lessons in the next cell.

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.
Feb 26, 2009 at 4:10 PM | Unregistered Commenterspideydouble
Spideydouble-

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.
Feb 26, 2009 at 5:23 PM | Unregistered CommenterSanta Monica Monster
Ok, this is what I would be doing if I worked for the FBI. Go arrest Mozilo, Sandler and look at every wholesale broker's book getting loans from these criminals. I'm sure most of the wholesale brokers were cooking the loan apps and I would go after each and everyone of those mortgage brokers. they created documents, lied on apps. So the wholesale brokers are as guilty. Time to arrest these criminals and show examples to the American people. Enough is enough. time to arrest these criminals and throw them in jail.

I feel much better now. Venting my anger. Thanks DailyBail.
Feb 26, 2009 at 5:40 PM | Unregistered CommenterSanta Monica Monster
I vote for mandatory tax audits for all public servants. Anyone who has lied on or failed to pay taxes automatically takes the boot. Oh, wait, then we temporarily have no functioning Federal and State governments. Doh! I pity President Obama in some of his nominations bringing out the inherent corruption in the system. This really increases my trust and respect for our nation's leaders [sarcasm]. I'm looking at you Daschle, Geithner, Killefer, Richardson & Co.
Feb 26, 2009 at 6:33 PM | Unregistered Commenterspideydouble
More on the Sandlers, paragons of society and the nation's oldest and largest philanthropists [sarcasm]:

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
Feb 26, 2009 at 8:39 PM | Unregistered Commenterspideydouble
Goddamnit! My life has VALUE!'

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.
Feb 26, 2009 at 10:37 PM | Unregistered Commenterhoward beale
WE WANT INDICTMENTS

WE WANT INDICTMENTS

WE WANT INDICTMENTS

WE WANT INDICTMENTS

WE WANT INDICTMENTS
Feb 26, 2009 at 10:40 PM | Unregistered Commenterhoward beale
THE TIME FOR TALK IS OVER

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
Feb 26, 2009 at 10:41 PM | Unregistered Commenterhoward beale
BLAH BLAH BLAH

THEY ARE ALL CONSPIRATORS

WE WANT INDICTMENTS

WE WANT INDICTMENTS

SETTLE FOR NOTHING LESS
Feb 26, 2009 at 10:44 PM | Unregistered Commenterhoward beale
We must arrest Mozilo, Sandler, the crooks running Greenpoint mortgage, New Century mortgage (these crooks invented subprime as well) and every single broker that falsfied loan documents with these crook lenders. Why can we do that first so the confident would come back to the markets. that would be the bottom for this mess and we need to move on it. ARREST MOZILO NOW!!
Feb 27, 2009 at 10:32 AM | Unregistered CommenterSanta Monica Monster
@Santa Monica Monster

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.
Feb 27, 2009 at 1:20 PM | Unregistered Commenterspideydouble

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