The New York Times LOUISE STORY and ERIC DASH March 6, 2009
CHARLOTTE, N.C. — One Merrill Lynch trader apparently gambled away more than $120 million in the currency markets. Others seemingly lost hundreds of millions on tricky credit derivatives.
But somehow all this red ink did not spill into plain view until after Merrill earmarked billions for bonuses and staggered into the arms of Bank of America.
Merrill hemorrhaged $13.8 billion during the final three months of 2008 alone.