Government looks to quell nationalization fears - | WBTV Charlotte

Government looks to quell nationalization fears

CEO Ken Lewis says Bank of America "does not need further assistance" now and he doesn't believe it'll "need any more in the future." CEO Ken Lewis says Bank of America "does not need further assistance" now and he doesn't believe it'll "need any more in the future."

WASHINGTON (AP) - Officials say nationalization is not part of the Obama administration's plans to prop up the country's ailing financial system.

Appearing on ABC's "Good Morning America," White House press secretary Robert Gibbs said, "nobody imagines nationalizing banks."

And Federal Deposit Insurance Corp. Chairman Sheila Bair is cautioning against rushing to the conclusion that Washington plans to take over the industry.

Bank of America CEO Ken Lewis, meanwhile is working to reassure employees that his company is not discussing a larger U.S. stake with the government. In a memo posted on the company's internal Web site, Lewis says the bank "does not need further assistance" now and that he doesn't believe it'll "need any more in the future."

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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