When you owe the government so much money that they are basically calling the shots, it’s not a good idea to be on their bad side. Hell may have furies worse than Tim Geithner scorned, but the little guy’s ankle-biting was bad enough for Ken Lewis & Co. So the august wise men of Charlotte got together and came up with a new plan:
Kiss more ass.
In late August and early September, the bank made a decision to be more aggressive, hoping to reverse its luck.
On Sept. 11, Mr. Lewis met with Treasury Secretary Timothy Geithner and talked about the bank’s desire to repay TARP, according to people familiar with the meeting. Mr. Geithner made it clear that the bank would need to raise new capital to get out.
