Bank of America CEO Explains How He Beat Wall Street

Is the new financial capital of our country located in Charlotte, NC? 60 Minutes traveled down south to talk to CEO Ken Lewis about his bank, its recent purchase of Merrill Lynch, whether or not the bank bailout is “socialism” and the economic crisis in general.

Here’s what Lewis had to say about executive pay:

“I think they were overpaid,’ he said. “It’s more egregious in financial services than any other industry that I know of. We need to cut back compensation in this industry.”

“So this is a question everybody wants answered: Is this Socialism?” Stahl asked. “Have we now taken a huge step away from the free-wheeling Capitalism that we’ve known for the last 30 or so years?”

“I don’t know what we’ll call it, but it will be different,” he said. “And there will be more regulation. The Golden Era of financial services is over, in my opinion.”


Under New Ownership: Bank Of America
[60 Minutes]