(Portfolio.com) .....Then in October, Ken Lewis told Lesley Stahl on 60 Minutes that he believed it was his patriotic duty to take the $25 billion in TARP money even though his bank didn't need it. With another $20 billion in cash and a whopping $118 billion in loan guarantees, Lewis must be draping himself with the American flag these days.
The bottom line is that Ken Lewis is a failure. Bank of America has now received more bailout money than the bank is worth. He believed he was doing everyone a favor when he agreed to buy Merrill Lynch with very little due diligence. But now we know he's nothing more than just another bank executive who refuses to read the writing on the wall about just how worthless the junk on the balance sheet really is.
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