Title: Bank of America CEO dismisses nationalization speculation

" The White House -- fixing the banking system is central to any economic recovery. But at least one major bank executive is fighting calls to nationalize the banking system. And since Peter Howell. Joins us live from Boston now with the story Peter. Yet thank each network outside the Bank of America into it at headquarters here by Austin's financial district. Ken Lewis the CEO of BankAmerica was in town today. As a bank this had to go back three times per taxpayer bailouts. Taxpayers are now in the bank American attitude of 45 billion dollars plus another hundred billion dollars in loan guarantees. But mr. lewis' message today was we are not in such deep trouble that we should be or need to be completely taken over by the taxpayer."

" The last thing we need to do. Distort nationalizing banks big America's chief executive Ken Lewis drew a huge crowd to the Boston College chief executives club. But despite some recent optics and troubled Bank of America stock. Lewis is still feeling pressed to dismiss speculation that his bank and others may have to be taken over by taxpayers. This in my view would be a nightmare. The announcement nationalization would immediately undermined confidence in the financial system even further and send shudders through the investment community government control awards banks. Would politicized lending decisions and capital allocation process damaging the economy. BankAmerica stock jumped 92 cents to 585 Thursday but that's only after plunging over the last two years from highs over fifty dollars. -- money manager John Morris suppress -- advisers said it's that week's stock price the keeps speculation about nationalization. Bubble companies are vulnerable their share prices are very low and therefore the market caps. Are far far lower than their outstanding liabilities and so does have the sense that. He only the government can get them out of this the share prices come back but also be some recognition that the markets voting there. And saying these companies are viable. How important is. Bank of America going to have to bring out an incredible who's who from Boston's power relief. Celtics haven't -- brooks back in investing legend Peter Lynch to the patriots owner Bob Kraft. Senate president Teresa Marie possible gubernatorial candidate Charlie baker and a -- inciting a former governor bill well. Despite the pounding the Bank of America shares have taken Lewis said he's optimistic that the bank can rebound in 2009. Along with the whole national economy right now is."

" to find tangible glimmers of hope in the economic data we see every day. But I believe we're going to break the back of this thing and I still believe we will do it this year. There's too much ammunition being fired from too many directions to not bring this beast down."

" Now you hear that very vivid hunting. Metaphor that he uses to describe the situation with the economy gives you some insight. And how can Lewis has been sealed a bank that's made more than four dozen acquisitions. Over the years and got bigger and bigger. We're behind a bank that once about it that was noticed the first national bank a -- and after several different generations wound up becoming part of Bank of America jet. What this Ken -- say about how the bank bailout effort is doing so far. Well he makes the case that even though they were reluctant in the first Friday actually take money they they were forced to accept cash from the government back in the fall. In his view he thinks it is working its leading to banks making more -- stabilize the system. It would expect America over the course of these here should make before accounting charges have -- fifty billion dollars he says Bank of America. Should be able to earn its way out of this crisis. Our thanks Peter how reporting from downtown Boston thanks Peter."