3. In your view, did Bank of America know of Merrill Lynch’s ballooning fourth quarter losses before the shareholder vote on December 5, 2008? If so, was the company required to disclose the losses to shareholders? Explain. Is the pressure from regulators to go through with the deal relevant to the evaluation of Bank of America’s actions? Why, or why not?

CASE 4. shareholder losses and exeCutive gains: Bank oF ameriCa’s aCquisition oF merrill lynCh