Bank of America Chief Executive Ken Lewis said his company is still in talks with U.S. 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 was confident it would resolve the issue, in a Wednesday letter 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 $20 billion bailout for the firm -- in which the government said it would share losses on $118 billion of toxic assets.
Towns called on Lewis to repay the taxpayers and stop stonewalling.
It seems that the bank wants to have it both ways -- all the benefits of government insurance without having to pay a dime for all of its benefits, he said in statement.
Towns' committee is examining the role of the government in Bank of America's buy of investment bank Merrill Lynch.