Regrets

Lewis: Merrill Aid a “Mistake”

Does this mean taxpayers can have the money back? Bank of America CEO Ken Lewis tells the Financial Times today that requesting $20 billion in aid to prop up his bank's takeover of Merrill Lynch was a “tactical mistake” because it made his bank look as weak as Citigroup. He also vowed he would stay on until BofA repays its $45 billion bailout, which could be in two or three years. He said it was an “abundance of caution” that led him to request more than was necessary. Bank of America’s share price has dropped 76 percent since it took over Merrill.