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NEW YORK – Former Merrill Lynch & Co. CEO John Thain resigned from Bank of America Corp. Thursday following news that Merrill had moved up its yearend bonuses, paying them just before BofA completed its acquisition of Merrill and sought more government bailout money
The bonuses to Merrill Lynch executives were also paid out as the company prepared to report a $15.45 billion fourth-quarter loss — a loss that led Bank of America to request and receive $20 billion in government bailout money. Merrill also received bailout funds.