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Banking

Tuesday, October 7: A bad day for CEOs. Psychological barriers are breached

"These are the most difficult times for financial institutions that I have experienced in my 39 years of banking." - Bank of America CEO Ken Lewis

The week Wall Street capitulated


"If they didn’t let a bank fail, how were they going to prove there was a serious problem? You kill a chicken to scare the monkey..."

Tuesday, October 7: A bad day for CEOs. Dick Fuld faces Congressional grilling. Ken Lewis announces BofA’s capital raising exercise

Tuesday, October 7: A bad day for CEOs. Dick Fuld faces Congressional grilling. Ken Lewis announces BofA’s capital raising exercise

The two longest standing US banking CEOs are both having a bad day: Dick Fuld is hauled over the coals during a congressional oversight committee and abused by bystanders as he leaves the building. He blames a financial tsunami for the collapse of Lehman Brothers. While Bank of America cuts the dividend and raises $10 billion of capital, CEO Ken Lewis says: "These are the most difficult times for financial institutions that I have experienced in my 39 years of banking." Tuesday began with another meeting with a banker that failed to inspire confidence in the Tarp.

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