Too Big To Fail datapoint of the day
Ken Lewis was interviewed, in Texas, on CNBC this morning, and Becky Quick started off with a softball:
Quick: This is an area where you have a major market share, just like you do in the rest of the country. I heard recently you say that one out of every two Americans has a banking relationship with you?
Lewis: Every other American family banks with us, yes.
Lewis was grinning from ear to ear when he said this — as though it wasn’t a highly embarrassing admission that his bank is far too big to fail and therefore poses an enormous systemic risk. If you needed any evidence that Ken Lewis still doesn’t Get It, you don’t any more: he’s still of the mindset that bigger is better. Hell, he probably still thinks that buying Merrill Lynch was a Really Good Idea.
I don’t know what the best way might be of cutting BofA down to a manageable and less-dangerous size. But I do know that with Lewis in charge, the chances of that happening are exactly zero.