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now we move by bank to bank of america
uh... their ceo kenneth lewis cannot today and
a couple revelations that i thought i thought were very very interesting
he said that he was attacked by mistake to take
at that extra twenty billion dollars int talk money in funds from the united
states that government
edition is mistaken
ten billion extra because overall they've taken forty five billion dollars
in tarp money it is just taking ten million dollars actually would have seen
as weak as citigroup
that one of her to stock price just as much any sense
look uh...
if we had uh... eight percent
tier one capital after fifteen billion dollars lost
but we want a question
okay so uh... forget the technical part of it
but he said look we want an extra ten billion dollars aggression that's what
occurred we took extra money but in hindsight we probably should look for
other res
pause for a second thing about that
so that means well we didn't really need an extra ten billion dollars
but we told the treasury tim geithner and
whoever else and and that in the bush has risen campus another candidate
just in case
i've seen a body else comment on this
when i saw that sort of a all and opposite robin is blind
avenue grabbing ten millions out at the desk and doesn't have
but they're not sure that even mean
hawaii is no one else done by then
how your idea i don't know what they're doing so in some way somewhat lesser
price than others
but why do people look at that story go
so all the things i think you need that ten billion dollars
but that's up
big amount of money to do you
take just in case for a little extra cushion
use abdication of the and by the latest point number two
uh... if you thought you should retain a migrate given back right now
although wells the amount even a billionaire on keep but
but they don't worry of miss lewis promises that he's gonna state bank will
never go
long enough to make sure that uh... the men taxpayer gets paid back
the whole forty five billion dollars
or secular appreciate it
you know what he's doing a great active generosity
'cause of his current salary dot look i'd be for you understand gate you know
matt attended louis understand he took a huge make up this last year his bank of
america didn't do that well you had three forty five billion dollars in
hochman right
taxpayer money
he took a sixty percent pay cut from u_s_ from last year
so where do you get this year
nine point nine sixty million dollars
that sixty percent pay cut
the man who needed forty five billion dollars in taxpayer money to bail out
his company
slowed up eight ten million dollars
now what
planet does that make sense when he says don't worry
i will be generous enough to stay there for a couple more years
until we pay back the smart money
likely the ones that we took we didn't
he had that much
a lot of additional things anything well *** baby takes taxpayer money but
he worked for shareholders so that's the most important thing
in terms of bank of america wanted points out is gerald wasn't
i'll look the bank is required sixty six percent in market value less here
including
dropping seventy four percent actors acquisition
of merrill lynch
so it turns out he's made by a number of tactical mistakes
but in the wall street world
none of that ever matters
no matter how much you suck at your job
no matter how company you are no matter how much you seek your company newell
always get paid
millions upon millions of dollars
and not because of the watch
treasury department and obi-wan treasury department
we're told that we have to go along with that
and we have to forgive them the money
still fun
those salaries for their
well you know what if i save for their failure but of course they didn't fail
they've made a tremendous amount of money
they succeeded wildly
because their goals are different than our goals
unique ann lewis
gives a *** about bank of america
if you look
me a little bit any satisfied in his ego involved thirty look you want to pull it
out it was to be here all right doing both we gotta back the sustainability of
setter
but overall man
so if he didn't
last year in a twenty four point eight million dollars
this year in a tent million dollars
all of you as a passive way make tens of millions of dollars
if everything goes on to bank of america's done tomorrow they nationalism
you know how much is in effect can it was about the bottom line of the fact
that they continue to steal
uh... it's not going to have had his bottom-line at all he's already wealthy
multimillion