In June 2005, when Bank of America Corp.'s then-Chief Executive Ken
Lewis flew to Beijing to sign a $3 billion pact to acquire a 9% stake
in one of China's biggest state-run banks, he hailed the deal as "a
long-term investment."
In Mr. Lewis's view, the money the bank
put into China Construction Bank Corp. should have given the Charlotte,
N.C., lender an entry into the world's fastest-growing economy and a
clear shot at tens of millions of potential banking customers.
The Bank of America chief at the time was part of a parade of top international bankers who piled ...
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