NPR logo

Bank Of America's CEO Admits 'Mistake'

  • Download
  • <iframe src="https://www.npr.org/player/embed/101356537/101356533" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Bank Of America's CEO Admits 'Mistake'

Economy

Bank Of America's CEO Admits 'Mistake'

Bank Of America's CEO Admits 'Mistake'

  • Download
  • <iframe src="https://www.npr.org/player/embed/101356537/101356533" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Bank of America CEO Kenneth Lewis admitted to the Financial Times Monday that asking $20 billion from the government to help absorb losses at Merrill Lynch was a "tactical mistake."

Lewis said $10 billion would have sufficed and that asking for the larger sum undermined confidence in the bank.

Saskia Scholtes of the Financial Times says that Lewis told her paper that he had asked for $20 billion in an abundance of caution, but by taking that amount he made the bank look more like Citigroup and more at the risk of nationalization.