Bank Of America (BAC) CEO Blames Government For Credit Crisis

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Now that his company has its bailout cash from Henry Paulson, Bank of America (BAC) CEO Kenneth Lewis can say whatever he wants about the government. BAC has probably spent all the money, so the Treasury can’t take it back.

Today, Lewis blamed the current credit crisis on lax regulation by state officials and said all "systemically important" financial institutions need some form of federal oversight, according to Reuters.

To add insult on insul,t he added that the structures of Fannie Mae (FNM) and Freddie Mac (FRE) were set up "to take on extra risk because of the implicit government backing they enjoyed as GSEs."

Douglas A. McIntyre