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In the News Bank of America-Merrill Lynch Merger
July 15, 2009
VIEW: This excerpt from our documentary begins with the moment (after the acquisition's been approved) that Bank of America's Ken Lewis learns Merrill's projected to have huge losses in the fourth quarter of '08.
Lewis and Merrill's then-CEO John Thain are in the clip and both appear throughout this one-hour report, which you can view at our Web site -- Breaking the Bank.
UPDATE:: Bank of America takes issue with the last section in this clip in which FRONTLINE reports that then-Treasury Secretary Henry Paulson offered Lewis billions more to cover Merrill's toxic assets, but it was kept secret for almost a month.
Bank of America wrote the following to FRONTLINE:
"It is Bank of America's position that there was no agreement in place with the government before mid-January. While there was general consensus that something would be done, the shape of and ultimate
FRONTLINE stands by its reporting. We believe the facts as we report them are
LISTEN NOW: FRONTLINE's Podcast with producer Michael Kirk and former IMF economist, Simon Johnson.