BoA's Ken Lewis Still Doesn't Get It

Ken Lewis was interviewed, in Texas, on CNBC this morning, and Becky Quick started off with a softball:

Quick: This is an area where you have a major market share, just like you do in the rest of the country. I heard recently you say that one out of every two Americans has a banking relationship with you?

Lewis: Every other American family banks with us, yes.

Lewis was grinning from ear to ear when he said this — as though it wasn’t a highly embarrassing admission that his bank is far too big to fail and therefore poses an enormous systemic risk. If you needed any evidence that Ken Lewis still doesn’t Get It, you don’t any more: he’s still of the mindset that bigger is better. Hell, he probably still thinks that buying Merrill Lynch was a Really Good Idea.

I don’t know what the best way might be of cutting BofA down to a manageable and less-dangerous size. But I do know that with Lewis in charge, the chances of that happening are exactly zero.

Comments

[Ranchr:]

Give it a break Felix the day of the short on this stock was last month.

Apr 02 02:23 PM

[The Sim:]

Welcome to Zombie States of America

Apr 02 02:40 PM

[schlumpf:]

aha, Felix know the bank better then Ken.

Apr 02 03:37 PM

[Long US stockS:]

I agree



On Apr 02 02:23 PM Ranchr wrote:

> Give it a break Felix the day of the short on this stock was last
> month.

Apr 02 03:52 PM

[Long US stockS:]

He should know- for his Short position>



On Apr 02 03:37 PM schlumpf wrote:

> aha, Felix know the bank better then Ken.

Apr 02 03:53 PM

[Jonathan Swift:]

When will we see enough of self-serving commentary on Blogs?
BAC has recently almost certainly hit bottom and, with probably occasional reversals, will make major gains through 2009. Anyone who claims that I am only saying this because I own BAC stock is a suspicious troublemaker!

Apr 02 11:25 PM

[Econ 101:]

Cutting BAC down to size wont happen. Altho I like the idea.

It is in the polliticians best interest to consoilidate financial power in a few banks so it is easier to shak them down for campaign contributions. Especially now. If we could get the congress to realize it would be better and more lucrative to have many smaller banks to extort protection money (er, political contributions) from them, we would get smaller banks.

Repeal the 16th amendment!

Apr 03 11:32 PM