Merrill Lynch paid billions in bonuses before bailout

Merrill's move took as much as $4 billion out of the bank days before it became part of Bank of America, which last week said it would get $20 billion from the US Treasury.

Merrill paid out an estimated $3 billion to $4 billion in bonuses in December. In previous years, the bank is said to have paid annual bonuses in January or February.

We are weary of reports like this. Banks and businesses sucking up the government loot and throwing it around on bonuses and vacation packages is only to be expected when they are determined by the Feds to be "too big to fail."