CHARLOTTE, N.C., Feb. 6 (UPI) -- Bank of America Corp. Chief Executive Officer Ken Lewis rejected speculation Friday that his company could be nationalized by the U.S. government.
In an appearance on CNBC, Lewis called the speculation "a bunch of malicious rumors," The Charlotte (N.C.) Observer reported.
"It's just absurd," Lewis said. "I've never had anybody even hint at it."
As for the faltering health of the U.S. banking industry, Lewis said nationalization is not a fix being sought by officials.
"I have talked to government officials, members of Congress and regulators, and no one has ever said they thought nationalization was the way to go," Lewis was quoted as saying.
Bank of America, based in Charlotte, N.C., received $25 billion from the government's Troubled Asset Relief Program, Washington's effort to ease the credit crunch.
At the time, Bank of America indicated it didn't need the money, but took it at the government's direction, the newspaper said. However, Bank of America got an additional $20 billion last month to help cover losses related to its purchase of Merrill Lynch & Co.
