Tuesday, March 17, 2009
Kenny Boy Jr wants his bonus back
And is squirming like hell to repay the TARP money he had to take to keep Bank of America solvent. The problem is his first estimate for repayment was probably close to accurate, if all the credit cards he got with MBNA don't blow up. Now he says he can do it sooner.
Bank of America Corp. could pay back its $45 billion in government capital by late this year or early next year depending on the economy, chief executive Ken Lewis said in an interview today with the Observer.If he meets or beats his original estimate, he will be running some kind of scam for sure. Trouble is, there is no one in BOA management smart enough to come up with a new and acceptable long term fraud, not even with the Merrill & Countrywide people added in.
The Charlotte-based bank may also pay back the government's money piecemeal, Lewis said. He has previously said he is eager to return the money from the Troubled Asset Relief Program but that it would likely take two to three years to pay off the debt. The capital infusion has come with intense public scrutiny and restrictions on executive compensation and shareholder dividends.
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