Bank of America CEO admits to huge 'error'

When I read that Bank of America (BAC) Chief Executive Kenneth Lewis told the Financial Times that he made a "tactical error" in accepting money from the government's bank bailout fund to complete its takeover of Merrill Lynch, I immediately thought of my two-year-old son, Jacob. He often says "sorry" for stuff that really does not merit an apology because he does not know the meaning of the word. Neither does the head of one of the few remaining major financial institutions.

Lewis' admission to the paper is simply astonishing. "He expressed regret that an 'abundance of caution' had led him to take more aid than he said was necessary to absorb Merrill's $15bn fourth-quarter loss," the paper said.