Ken Lewis Says BofA Is Fine. Do We Buy It?

Updated from Tuesday, March 3

CEO Ken Lewis says Bank of America (BAC Quote) is strong and doesn't need more government assistance. The market says BofA is worth nearly 90% less today than it was a year ago.

Are these two sentiments reconcilable?

Lewis, the bank's CEO, asserted before Congress last month that BofA's "core business is strong." He told staffers in a memo last month that, "Bank of America does not need any further assistance today, and I am confident we will not need any further assistance in the future. I believe our company has more than enough capital, liquidity and earnings power to make it through this downturn on our own from here on out." ...