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January 26, 2009 2:49 PM

Thain defends actions at Merrill, says BofA knew of bonuses

Former Merrill Lynch chief executive John Thain, ousted last week from his new post at Bank of America Corp., is defending his tenure at the firm, including bonuses paid to Merrill employees before the sale to the bank closed. Thain said Bank of America knew about the bonuses before they were approved.

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