Bank of America bows out
Treasury Secretary Hank Paulson
Earlier in the week, Paulson had called Ken Lewis, the CEO of Bank of America, and asked him to take one for the team by looking seriously at buying Lehman. Lewis told Paulson in a call Friday night that Bank of America couldn't consider buying Lehman unless the government took around $65 billion off Lehman's books. When Paulson said the government wouldn't help, Lewis put his pencil down - for the moment. He did come to New York that weekend but was not at the Fed. Read more.
NEXT: Lehman's books get scrubbed
Last updated December 16 2008: 4:23 PM ET
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