A report by the Financial Times has uncovered evidence that Bank of America may have known and approved of Merrill Lynch's decision to grant $4 billion in bonuses last December. The report notes that John Thain, the CEO of Merrill Lynch, then a recent acquisition of Bank of America, had at least two conversations with J. Steele Alphin, the chief administrative officer of B of A, before a board meeting during which plans for bonuses were announced. (New York Times)
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