BofA to pay $425 million to cancel Merrill asset guarantee

Bank of America is working to extricate itself from federal support by paying the government $425 million for a guarantee to help the bank absorb losses on assets, mostly at Merrill Lynch. Ken Lewis, CEO of Bank of America, said his goal is to reduce the government's role in the lender's affairs. The bank is also looking to "return to normal market funding," according to a company statement.

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