Ken Lewis is the former CEO of Bank of America. During the financial crisis of 2008, Lewis was involved in the disasterous acquisition by Bank of America of Merrill Lynch. He was charged with fraud in civil court for misleading shareholders about how bad their losses were. So what, you say…he had it coming, right? Well, that’s just it. The government was neck deep in what happened in this acquisition. They virtually forced Lewis to agree to buy Merrill Lynch, not letting him out of the deal when he found out just how bad of shape Merrill was in. Lewis settled in court last year for $15 million. Rich banker or not, Lewis deserved better from our government. They just hung him out to dry.
This is Brian Myers with your Caffeinated Thought of the Day.