The scramble continues to get out of hock with the Government and Bank of America speak about repaying $45Bn by end of year.  More power to them … this would be a good thing if they can pull it off. BofA seeks to repay $45bn by end of year | FT BofA is on track to raise more than $35bn in capital by the end of September, say people familiar with the matter, which it must do before paying back the $45bn bail-out money it received under the Troubled assets relief programme. Continue reading Bank of America plan to repay TARP money

American Banker have picked Lewis over a close second, JPMorgan Chase’s James Dimon. While the two accomplished significant takeovers this year, the decision centred on Lewis’s elevation of Bank of America into the ranks of ‘universal banks’ roughly defined as big, and covering all aspects of financial services.  And the Banker of the Year Award Goes to …  |NY Times Between Bank of America’s two crowning deals <Merrill Lynch and Countrywide Financial> and JPMorgan’s firesale purchases of Bear Stearns and Washington Mutual, the two have become by far the biggest universal banks in the country, with major presences in virtually … Continue reading Kenneth D. Lewis of Bank of America is "Banker of the year"

The Euro governments have agreed on what appears a sensible plan to re-assure depositors, yet keep the pressure on Banks to sort themselves out.  Included are measures to ‘sanction’ institutions that need help, something the Americans had trouble with. Europe agrees bank crisis action Europe’s biggest economies have agreed to work together to support financial institutions – but without forming a joint bail-out fund. French President Nicolas Sarkozy hosted the meeting of the leaders of Britain, Germany and Italy in Paris. … … Mr Sarkozy announced a series of allied measures – including unspecified action against the executives of failed … Continue reading Europe act smartly, but some additional information on the US bailout raises questions