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Wednesday, May 09, 2007

BofA CEO: "We did some stupid things"

by Calculated Risk on 5/09/2007 12:27:00 PM

"We are close to a time when we'll look back and say we did some stupid things. We need a little more sanity in a period in which everyone feels invincible and thinks this is different."
Bank of America Corp. Chief Executive Officer Ken Lewis, May 9, 2007
From Bloomberg: Bank of America's Lewis Calls for Lending `Sanity' (hat tip Brian)
Bank of America Corp. Chief Executive Officer Ken Lewis said a so-called credit bubble is about to break after six years of historically low interest rates and relaxed lending criteria.
And isn't just talking about housing:
The chief executive said that while the bank has turned down some corporate customers as too risky, "the deals we've turned down have been taken up quickly by others."
Lewis also made some positive comments (see story).