Comments on: Under New Ownership: Bank Of America

CEO Of The Nation's Largest Bank Talks About The Treasury Department's Plans For Buying Into Financial Firms

[rcgreene1]

Agree with all points made. It was as if Leslie Stahl was interviewing a visiting king. BofA has become a monopoly so large that, like WalMart, can now control markets. That Mr. Lewis might be a benign dictator is not the point; the structure that will outlast him grants inappropriate power to a single corporate entity.

And the Red Herring debate on Socialism vs Capitalism obscures the issue. Socialism is a political philosophy, not an economic system, and there have been socialist countries in Europe that have practiced capitalism successfully without injuring the citizenry. But the message I hear from Mr. Lewis is that corporate America, with the government''s help will come back strong -- but without any real increase in concern or structural support for small business and for the working class. And they smiled so much over it all...

[katlady60]

I don''t care how many people B of A has as customers I will never be one of them. I don''t like the big boys I use either a credit union or a local bank. I get excellent customer service from my bank and I don''t have much in my account. Last year I walked into the B of A just where I was doing a craft show and asked them to change three $20''s to fives and ones. I was asked if I had an account there and of course I don''t. I explained I was at the craft show and couldn''t get my car out to go to my bank but I just needed change and the teller said no if I''m not their customer no change. This is a small town about 90,000 people and to treat people like that in that situation was on called for. I wouldn''t with them if they were the only bank in town.

[togotogo1]

60 MINUTES-check out B of A''s credit card practices---UNBELIEVABLE and a good story for you....

[togotogo1]

B of A has bought many credit cards and my rate last year went up 6 times the rate before. They refused and were nasty about negotiating. That''s were their profit came from and why they will lose their good credit customers for the future. I paid off my 15k balance at 25% (GMAB) and will never do business with them again with any of my 5 mortgages or credit cards. I hope they continue to lose their profitability. Bad customer service will be their downfall. You can''t ride on the backs of your your 800+ credit score customers to make your huge profits. See ya!!!

[jill7771]

You think I missed Ms. Stahl''s point? Oh, I don''t think so. I read it loud and clear.
During her narative, she said that BOA was a banking power house located in "Charlotte, North Carolina?" and her tone was rather aloof.
Reflecting a stereotype? What is this, 1930?
That, and she referred to Charlotte as a "town." She should at least call "The Queen City" what it is.

[hanh4]

Instead of congratulating Mr.Lewis of BofA. Ms. Stahl may have wanted to ask him about customer satisfaction instead. Just because half of all American households have some type of an account with BofA, does not mean that they are happy with how they do business. Bank of America ahs been compared to loan sharks and accused of usury. Many Americans, myself included, would have rather borrowed money from the Mafia after doing business with BofA. While they may have chose not to get involved with subprime mortgages, they have raped their credit card customers with high imterest rates, fees and other deceptive lending practices. Ms. Stahl''s warm and fuzzy interview has left me with one question: does Bank of America own CBS?

[missingamerica]

Only the Republicans could get us into a position where whe must pay the leeches to keep sucking our blood.

[hanh4]

Instead of congragulating Mr. Lewis of BofA, Ms. Stahl may have wanted to address customer satisfaction with him instead. Just because half of all American households (according to Mr. Lewis) have
some type of an account with BofA, does not mean that half is pleased with the way that BofA does business. Bank of America has been compared to loan sharks and has been accused of usury. Most customers that I know, myself included, would have rather borrowed money from the Mafia! While they may have chose not to deal in subprime mortgages, BofA has been very successful in raping their credit card customers with high interest rates, every fee imaginable and deceptive loan practices. Ms. Stahl''s warm and fuzzy interview with Mr. Lewis has left me wondering: does Bank of America own CBS?

[paramountpro]

Regarding Lesley Stahl''s comment on Charlotte, and those who are offended by it. I think you missed her point. She was referrring to the stereotypes that many refer to when talking about the south. Charlotte is a great city and most people do know it..but still many do not and think it is Mayberry.

i saw what i think was most of the interview, and what i came away with was this: ceo ken lewis/b of a comes across as well as anyone/any financial institution possible could in light of the economic and financial environment that exists today. lewis actually came across in this piece as a plain spoken, unpretentious, likable person. now, i know he''s filthy rich, but he came across not as some snooty, detached, incompetent, filth rich ceo. some execs, when they do the job lewis obviously has done at b of a, actually earn their rich compensation in this highly pressurized, competitive world of theirs. that interview left me with the desire, literally, to take all the money out of my wachovia acct and deposit it in b of a - tomorrow - seriously!

[mcv57]

I guess the U.S. Government has abandon Nazis/Bush Economics ... Karl Marxt enter.

[rileymmm]

Ms. Stahl, I found your condescending tone and attitude completely offensive during your interview with Mr. Lewis. As a recent transplant to Charlotte from Chicago, I believe both the native Charloteans and other transplants are a far cry from the "country bumpkins" as you have labeled our population. Why is it that everyone from New York believes that the rest of the world are nothing more than mentally inferior beings? Jill7771 has definitely hit the nail on the head. Sixty Minutes should apologize for the extremely poor way in which this interview was handled. For years, I have had great respect for your show, but after witnessing such an ignorantly handled piece, I''ll be rethinking the weight that I place on your words.

[hdridermlb-2009]

I was disappointed that the real history of Bank of America was not correctly depicted in this piece.

[paramountpro]

Who would have thought Wachovia would be on the brink of collapse? No One! Who would have thought that Merrill Lynch would go down in flames? No One! Who would have thought that BOA, with the help of the US government, would be the next bank to go fail? Stay tuned for this and things he found in his pocket with Andy Rooney.

[tannerbird]

When will the American people start getting there proffit sharing checks.

[slyt2]

Once again i am amazed!! The very people who
are responsible for the plight we are in are
called upon to " bail " us out. How in the
world do you justify buying a company on the
brink of bankruptcy for such a huge amount of
money to avoid negative publicity ? Is it reasonable to assume that the largest mortage holder
in the country had some clue as to what the
consequences of their actions would be. 60 minutes
should call these shysters what they are - crooks!
Now they have access to even more money to use
during their fleecing of honest American citizens.

[paramountpro]

Lesley, Lesley, Lesley I think you need to go to the CLUE store, because obviously you don''t have one! WALL Street is not just the financial institutions in New York, it is a reference to all banking in the US. The collapse of the banks in the past month was mostly from the larger banks across this country, not just Wall Street! WAMU, Soverign, Wachovia etc. They all let the bean counters control lending policy, which as we know now, was a huge mistake. It''s like a kid in a candy store. There is a good chance that BOA will fail too after the Merril Lynch purchase! Bigger isn''t better in this market. I%u2019m going to put my money in a credit union or smaller local bank. They didn%u2019t treat mortgages like a pyramid scheme.

[jebroph]

Not Leslie Stahl''s best piece of work. I cannot believe she failed to mention Wachovia even once during the entire segment. She was so caught up in the Wall Street vs Charlotte thing a better approach would have discussed the rise of BOA versus the fall of WB.

[jill7771]

60 Minutes may not have insulted Bank of America CEO Ken Lewis, but you insulted me, and many other people who live in the Charlotte area. Stahl''s interview tactics were not only tacky and rude, but they were also ignorant. Charlotte North Carolina? Is it North or South Carolina? Are you kidding me?
Where do you live, ... Mars? Have you ever even been to Charlotte? I''ve got news for you, Ms. Stahl. Not only is Charlotte a banking hot spot, it is also the home of some of the largest and most innovative health care companies in the US, and home to a vast number of "transplants," or people who have migrated to the South from above the Mason-Dixon.
So wise up, and watch your tone, ma''am.

[pjtsytms97]

I was defrauded of $6175.00 by a Mexican timeshare resort in Mazatlan Mexico.I was required to apply for a Bank of America credit card for the $6175.00 downpayment. The merchant breached the timeshare contract, I disputed the charges with Bank of America, who refused to credit the earnest money downpayment. Bank of America threatened to report me to the credit bureau, so I was forced to pay Bank of America $6175.00 for absolutely nothing! I wrote a letter to Ken Lewis in August regarding the timeshare fraud, and nothing was done. Bank of America is as corrupt as the merchant who defrauded me.
Pamela J. Turner