COMPANIES A high-ranking lawmaker called on Bank of America chief Ken Lewis to pay the federal government for the right to exit an insurance programme that back-stopped $118bn in toxic assets, even though Mr Lewis told investors two months ago that the programme was no longer needed.
Edolphus Towns, chairman of the House committee on oversight and government reform, wrote to Mr Lewis on Wednesday, saying, “Apparently, Bank of America believes it has the right to back out of this deal with the government because the agreement was never signed.”
