The Bank Of America on 60 Minutes

Tuesday, October 21, 2008 | 03:00 AM

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Banks are supposed to lend money, and when they stop - as they have in recent months - the workings of our entire economy are threatened. Credit became so frozen, the government had to step in this past week and take an ownership stake in the country’s biggest banks.

On Monday Treasury Secretary Henry Paulson summoned the CEOs of the nine largest banks to Washington - and gave them a massive amount of money so they would start lending again.

The largest of the banks is Bank of America (B of A) - now partly owned by the United States of America.

The head of Bank of America, Ken Lewis, says that when he and the others met at the Treasury Department, it became clear that Secretary Paulson's "offer" was an ultimatum - no negotiations.

"In other words, take it or leave it?" correspondent Lesley Stahl asked.

"Right. Right, right."

The Bank Of America
The CEO Of The Nation's Largest Bank Talks About Treasury's Plans For Buying Into Financial Firms
60 Minutes, Oct. 19, 2008

Tuesday, October 21, 2008 | 03:00 AM | Permalink | Comments (15) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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I believe she said "Take it or take it". Leaving it wasn't a choice.

Posted by: Upandaway | Oct 21, 2008 6:15:28 AM

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