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Merrill Lynch Trading Inquiry: Hundreds Of Millions Possibly Lost

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CHARLOTTE, N.C. -- One Merrill Lynch trader apparently gambled away more than $120 million in the currency markets. Others seemingly lost hundreds of millions on tricky credit derivatives.

But somehow all this red ink did not spill into plain view until after Merrill earmarked billions for bonuses and staggered into the arms of Bank of America.

Read the whole story at New York Times