WASHINGTON, Sept 10 (Reuters) - Bank of America Chief Executive Ken Lewis said his firm is still in talks with officials on how to compensate the government for a prior loss-sharing agreement, according to a letter released by a watchdog lawmaker on Thursday.
Lewis called the government talks 'thoughtful and professional' and said Bank of America is confident it will get to a resolution of the issue, according to the letter sent on Wednesday to Rep. Edolphus Towns, chairman of the Committee on Oversight and Government Reform.
Bank of America has been negotiating how much it must pay for an agreement -- part of a January bailout for the firm -- in which the government said it would share losses on $118 billion of toxic assets. Lewis said this agreement was not signed and that he does not plan to use it.
(Reporting by Karey Wutkowski; Editing by Phil Berlowitz) Keywords: BANKOFAMERICA/CONGRESS (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Lewis called the government talks 'thoughtful and professional' and said Bank of America is confident it will get to a resolution of the issue, according to the letter sent on Wednesday to Rep. Edolphus Towns, chairman of the Committee on Oversight and Government Reform.
Bank of America has been negotiating how much it must pay for an agreement -- part of a January bailout for the firm -- in which the government said it would share losses on $118 billion of toxic assets. Lewis said this agreement was not signed and that he does not plan to use it.
(Reporting by Karey Wutkowski; Editing by Phil Berlowitz) Keywords: BANKOFAMERICA/CONGRESS (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.