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Merrill Lost $15.31 billion in Q4: BofA
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Merrill LOST $15.31 billion (and more) in 2004-2007. Merrill/BoA REPORTED the losses in Q4. Why is this important? Because a lot of people got paid in between, and the lag between getting paid and the associated performance is so long that it provides incentive to allocate capital in horribly inefficient ways.