Merrill Lynch & Co. has hired a former U.S. ambassador to advise on policy matters and strengthen "the firm's relationships with governments, corporations and investors around the world." Richard McCormack, a former U.S. ambassador to the Organization of American States and an Undersecretary of State, will report to Greg Fleming, a president of Merrill's global markets and investment-banking group, and co-President Dow Kim, who focuses on capital markets.

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