Bank Of America Ousts Former Merrill Chief
RENEE MONTAGNE, host:
NPR's business news starts with a giant merger gone awry.
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MONTAGNE: It was described as a shotgun marriage. The giant brokerage firm Merrill Lynch was reeling from the credit crisis in September, and threw itself into the arms of the more stable Bank of America. Now, that merger is on the rocks. Yesterday, Bank of America CEO Ken Lewis ousted the former CEO of Merrill Lynch, John Thain. It came out recently that Thain continued and slipped in big bonuses to Merrill Lynch employees before the merger. Merrill revealed billions in losses last year, forcing Bank of America to ask the government for financial help.
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