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Article: Where are our medals?(Commentary)
- Article from:
- Arkansas Business
- Article date:
- May 4, 2009
- Author:
CopyrightCOPYRIGHT 2009 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ISN'T IT TRUE THAT IF YOU TAKE a bullet for your country, you get a medal? If so, every Bank of America shareholder deserves one.
In this space on Feb. 2, 2009, I speculated that when Ken Lewis, CEO of Bank of America, tried to back out of the Merrill Lynch deal last December, somebody squeezed him hard. Now we are treated to the sworn testimony of Mr. Lewis that such a squeezing did in fact take place and, at least in Mr. Paulson's case, in no uncertain terms. Mr. Bernanke seemed a bit more circumspect, but was part of the same discussion.
Mr. Lewis simply tried to back away from a collapsing Merrill by using his contractual rights under the "material ...