SHAREHOLDERS KEPT IN DARK ON MERGER LOSSES

     Three and a half years late, it was revealed in court documents filed June 3, 2012 (in advance of a shareholder's lawsuit) that in the merger of Bank of America and Merrill Lynch on September  12, 2008, B&A  failed to disclose to shareholders (voting for a Merger in person and in a proxy)) that huge losses to B&A were probable because of the Merger.  Subsequent undisclosed losses totaled at least $14 billion. As these losses unfolded after the Merger, the common stock of B&A fell more than 50%, wiping out about $50 BILLION in market value. Per the New York Times article of June 4, 2012, 2 days after that shareholders meeting, B&A's Board of Directors met and were told of the loss of $14Billion in the 4th quarter of 2008. The Bank's General Counsel, Mr.Timothy Mayopoulos, lost his job the next day after he expressed  surprise by the size of the losses. "He was fired without explanation and immediately escorted from the premises without being given the opportunity to collect  his personal belongings".

      At Merrill Lynch, before the Merger, Mr. John Thain displaced Mr. Stanley O'Neal as CEO and Board Chairman in November, 2007. Previously, Mr. Thain had been Co-Chief Operating Officer for Goldman Sachs, COO and CEO of NYSE and NYSE Euronext, Inc.  Merrill Lynch under-performed badly in 2008 and Mr. Thain finally found B&A agreeable to a merger which  was consummated on September 12, 2008. Mr. Thain received total compensation of $83 million for his less than a year at Merril Lynch. He was slated to be the new CEO and probable Board Chairman of B&A after the Merger was completed.in January, 2009. After 2008 multi-billion dollar losses (with  many days losing $16.5 Million every HOUR of an 8-hour day) at Merrill Lynch for the 4th quarter were announced, Mr. Ken Lewis ( the CEO at B&A who Mr.Thain was replacing) called Mr.Thain, after which Mr. Thain was fired the next day, receiving $93 million for his 53 days associated with B&A.  In 2010, Mr. Thain became CEO of the CIT Group Inc. at a salary of only $6 million. Wall Street is unbelievable, isn't it?