At that time, I wrote that Ken Lewis was lying and it got confirmed months later by his testimony to NY Attorney General.
(Bloomberg) -- [...] Lewis also disputed the stress-testers’ estimate of a potential 5.7 percent loss rate for Bank of America’s home-loan business. The rate during the first quarter of 2009 “would have to more than double and then be sustained at that stratospheric level for seven more consecutive quarters,” Lewis said.
[My comment: can anybody believe that? Remember that BofA also baught the subprime and alt-A and CDO kings: Countrywide and Merrill Lynch!]
Lewis said he expects a “slow but sustainable economic recovery” with growth in the U.S. and Europe in the second half of this year. “The worst is most likely behind us,” he said.
[My comment: of course, he saw the crisis come and now he sees it end...]