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Bank of America appoints new director

Bank of America

The Bank of America Corporation board of directors appointed Michael D. White as a director, effective immediately. White, 64, is the recently retired chairman, president and CEO of DIRECTV.

Merrill Lynch fined $415m for misusing customer cash

Sec Building

The Securities and Exchange Commission announced that Merrill Lynch has agreed to pay $415m and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors.