Bank of America uncovers Merrill landmine, asks for US$20 bln bailout

Bank of America announced late on Friday that it had uncovered huge new losses at its recently acquired Merill Lynch investment banking unit that forced it to go the US government for US$20 billion in aid and US$118 billion in insurance protection for toxic assets. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.