Replies to post #2601 on Bank of America Corp (BAC)

[WID]

Ken Lewis Interview on Financial Times

For the month of January, BOA makes $40 bil. mortgage loans.

BoA received an initial $25bn from the Treasury in September. It requested a further $20bn at the end of December as the scale of Merrill’s losses eclipsed BofA’s initial forecasts.

“In hindsight, it was a tactical mistake because it put us in the same category as Citigroup,” said Mr Lewis. “We could still have had 8 per cent tier 1 capital after a $15bn loss but we wanted a cushion.”

The full interview is at:
http://www.ft.com/cms/s/0/50000286-074f-11de-9294-000077b07658.html