Even as Merrill Lynch & Co. bled money and warily eyed a merger with Bank of America, company executives were preparing for a windfall. Following the federal government's promise of $10 billion in TARP funds to buoy the ailing firm, Merrill paid out $3.6 billion in bonuses: a package 22 times larger than compensation given by AIG.
Bank of America, which absorbed Merrill in 2008, received an additional $25 billion from the government to facilitate the merger.
Bank of America, which absorbed Merrill in 2008, received an additional $25 billion from the government to facilitate the merger.
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