January 16, 2009 1:50 PM

Bank of America considered cancelling Merrill-Lynch purchase

As Merrill-Lynch's losses mounted at the end of the 4th quarter, Bank of American reconsidered its plan to buy Merrill-Lynch, which wasn't set to close until Jan. 1. But federal regulators pressed Bank of America not to walk away from the deal. Friday morning, the bank announced its first quarterly loss in 17 years — even without Merrill's losses.

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