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| [00:00.00] | The Bank of America has agreed to pay 33 million dollars |
| [00:03.83] | to settle accusations by the US government |
| [00:06.19] | over billions of dollars of bonuses |
| [00:08.24] | paid out last year by its investment on Merrill Lynch. |
| [00:10.98] | Bank of America took over Merrill Lynch |
| [00:13.40] | to save it from collapse in a deal |
| [00:15.33] | backed by American taxpayers' money. |
| [00:17.45] | John Bithry reports. |
| [00:19.07] | Bank of America had promised its shareholders |
| [00:21.80] | that no bonuses would be paid to bankers at Merrill Lynch |
| [00:24.79] | without its express permission. |
| [00:26.84] | It's agreed to buy the struggling investment bank in September. |
| [00:30.01] | On the same weekend |
| [00:31.38] | that talks to save Lehman Brothers from collapse failed. |
| [00:33.68] | Like Lehman, Merrill Lynch was brought |
| [00:36.30] | to its knees by debt |
| [00:37.48] | links to the US housing market |
| [00:39.03] | that became toxic and lost its value. |
| [00:41.71] | But after Merrill was rescued by BOA, |
| [00:44.07] | it went ahead and paid its staff 3.6 billion dollars in bonuses anyway. |
| [00:48.49] | Shortly afterwards Bank of America |
| [00:51.22] | was forced to go to the government |
| [00:52.66] | for billions of dollars in extra taxpayer support, |
| [00:55.45] | and the revelation of the payments caused a public outcry. |
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