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    Meltdown

    Merrill Investigation Expands

    Things keep getting worse for former Wall Street titan John Thain, who resigned as CEO of Merrill Lynch last week after the firm posted huge fourth quarter losses and The Daily Beast and CNBC revealed he had spent $1.2 million to refurbish his office. Thain became the poster boy for bailout-related shenanigans after Merrill Lynch doled out $4 billion in bonuses right before being acquired by Bank of America despite the company's desperate financial straits. Now New York State Attorney General Andrew Cuomo is investigating Thain and other board members to find out if they deliberately misled shareholders about the size of the firm's losses in order to keep their bonuses intact. Thain wasn't the only one at the bonus trough—Wall Street bonuses overall were down 44 percent in 2008, but still clocked in at a hefty $18.4 billion.