Ken Lewis delivers TARP-free Bank of America despite Obama pitchforks

Deliverer is a synonym for Messiah, and Lucifer wields pitchforks

The soon to resign CEO (Ken Lewis, pictured courtesy of TMR) of the nation's largest bank, and his cocky defender here at Examiner, have been vindicated in spades, with this announcement last week:

Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.

Bank of America was among hundreds of banks that received government support through the government's TARP program. The bank received $25 billion as part of the initial round of investments when the credit crisis peaked last fall. It received an additional $20 billion in January shortly after it acquired Merrill Lynch in what was a heavily scrutinized deal.

Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO, including executive pay limitations.

Bank of America has been searching for a successor to Lewis since it announced in late September that he planned to retire on Dec. 31.

President Barack Obama asked about recently announced executive bonuses, stated that he didn't "come to Washington to save fat cat bankers who still don't get it."

No, he came to try and literally sic pitchfork lynch mobs on them while many were getting threats to their life and safety. His administration falsely claimed that Bank of America Corporation (BAC) was "insolvent", despite the fact that it had never missed a payment on its obligations. It was clear that Obama wanted his Treasury Secretary Timothy Geithner to be BAC's new CEO. He tried everything to drive it into the ground, and he did succeed in getting Ken Lewis removed as Chairman of the Board.

But while Obama was taking apology tours and dating Michelle at the taxpayers expense, Lewis took no salary for two years and paid the government back its un-asked for loan, nine years early.

Obama is looked upon (or was) as some sort of Messiah during the 2008 Presidential campaign by yutes, Europeans and the American left in the press and the Democratic Party.

But do Messiah's wield pitchforks? No.

Messiah's perform miracles, and given Lewis' performance, he must better understand the tendency of Messiahs to be crucified. The TARP pay back miracle follows on the heels of the miracle he performed in turning the merger with a bankrupt Merrill Lynch into a money maker, after being forced to go through with the deal by Geithner's predecessor at Treasury, Hank Paulson, during the financial crisis late last year.

Lewis also survived lies about the deal by Paulson and Fed Secretary Ben Bernanke, both of whom claimed that they didn't coerce Lewis to go thru with the deal after learning of Merrill's balance sheets.

Finally, he survived relentless attacks by the dead-tree drive by media outlet (Charlotte Observer) in his hometown that tried to out North Carolina's largest private employer out of business. Guess they thought it would sell more newspapers?

Ken Lewis was attacked by the economy, the media, congressional show trials and a thuggish, Chicago Way President and Administration.

The result: Bank of America survives and does more to reduce the deficit that all of the above combined.

Could the man that de-TARPed Bank of America do the same for the United States of America?

Ken Lewis for President 2010!

Click here for all prior DeVine columns on this subject.

Mike DeVine’s Charlotte Observer, Atlanta Journal-Constitution and Minority Report columns

"One man with courage makes a majority." - Andrew Jackson