BAC 45 billion Dollar check fails to calm state
Banc of America Corporation sent the state a pretty big check the other day: 45 billion Dollars. The huge sum was promtly paid as a return of TARP money received as bailout.
BAC has severly bungled the matter and despite labeling the return as a morally just process: “We owe taxpayers our thanks for making these funds available to the nation’s financial system and to our company during a very difficult time,” said Ken Lewis BAC CEO. BAC probably hoped to edge off the radar by the return but it now seems the US SEC and Robert Khuzami will pusue legal action on BAC despite the 45 billion return.
Needless to say, Bank of America Corporation will have a hard time offering any golden packages in their search for a replacement CEO after Lewis.
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Seed Newsvine
December 21st, 2009 at 10:18 am
[...] chunks of Federal money? Citygroup is paying back 20 billion, Wells Fargo 25 billlion and earlier Bank of America TARP repayment of 45 billion. If all this will woo the government is as yet undecided but the reason behind the [...]