How is Bank of America CEO Ken Lewis feeling a day before shareholders vote on whether or not he gets to keep his job? Stressed out, apparently. A Wall Street Journal story today reports that preliminary results of the Treasury's 'stress tests' of the major banks show that BofA may need to raise "billions of dollars." An analyst at FBR Group, a DC-area financial firm, projects that BofA's capital shortfall could be up to $70 billion.
The official stress test results don't come out until next week, but if BofA fails, the government may have to pour tens of billions more into the bank. Ken Lewis' mismanagement of the bank already has taxpayers on the hook for up to $199.2 billion.
It is time for CEO Ken Lewis to go. Click here to sign your taxpayer proxy card demanding that Lewis be fired and we will make sure it's delivered to Bank of America tomorrow.