Bank of America's (BAC) Lewis Looks To Start Repaying TARP Next Month
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Bank of America (NYSE: BAC) CEO Ken Lewis told the LA Times that he expects his bank to pass the government's 'stress test' and he wants to start repaying the billions in TARP money next month, after the test is concluded.
Lewis also defended Bank of America's controversial acquisitions of Countrywide and Merrill Lynch and said higher stock prices, slowing of home price declines and improvements in certain consumer delinquency gauges -- "leads me to think we're starting to see the bottom" of the recession."
Bank of America has received $45 billion in TARP funds, with only AIG (NYSE: AIG), at $182.5 billion, and Citigroup (NYSE: C), at $50 billion, receiving more. The money is not free, with BofA paying the government $2.85 billion a year in dividends.
Lewis said once the government's stress test concludes next month, he would like to make his first payment on the TARP funds. He said, "As soon as we think the markets normalize, we would very seriously like to pay it all back." That could occur as early as the fourth quarter of this year, Lewis added.
To Read The Full LA Times Article Click Here
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