Word: credits
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...Army sergeant and a nurse, Lewis grew up in Columbus, Ga. He joined the firm that would become Bank of America right after graduating from George State College in 1969. Early on, Lewis' cool demeanor and keen credit judgment caught the eye of the bank's chief executive, Hugh McColl. Soon Lewis became the wingman to McColl's swashbuckling merger ways. McColl would do the deals, and Lewis would parachute in to do the cost-cutting and integration. Along the way, the two built Bank of America to become the country's largest bank in terms of deposits...
...retired in 2001, Lewis took over. But rather than retrenching as most people expected, Lewis proved he liked the art of the deal as much as McColl. In 2003, Bank of America bought Boston-based bank Fleet for $47 billion. Two years later he spent $35 billion to buy credit card giant MBNA. And as the credit crisis began to unfold, Lewis picked up Countrywide, which at its height was the nation's largest independent mortgage lender, for just over $4 billion...
...whoever takes over from Lewis will have a tough job returning the bank to the position it was in on the eve of the credit crisis. Lewis seems to agree. In the resignation e-mail that went out to employees, Lewis wrote, "I am disappointed in how we managed credit risk. The next two quarters will be difficult...
...Photo Credit: JohnnyMrNinja/Wikimedia Commons
...mixtures and other things." At that point, the FBI shifted into high gear. Agents quickly picked up the trail and discovered, according to court documents and other sources, that Zazi and at least three associates were shopping for chemicals at beauty-supply stores in the Denver area using stolen credit cards. At the Beauty Supply Warehouse on East Sixth Avenue, a cornucopia of hair extensions, gels and wigs arrayed in a former skating rink, investigators found Zazi's image on security tapes. He was pushing a cart full of hydrogen peroxide-based products down the aisle...