BY DAN FITZPATRICK, SUSANNE CRAIG AND DEBORAH SOLOMON
Kenneth Lewis is getting a hard lesson in the new balance of power between Washington and Wall Street.
The Bank of America Corp. chairman and chief executive had agreed to buy brokerage giant Merrill Lynch & Co. in September, possibly saving it from collapse. But by early December, Merrill's losses were spiraling out of control. Internal calculations showed Merrill had a horrifying pretax loss of $13.3 billion for the previous two months, and December was looking even worse.
Mr. Lewis had had enough. On Wednesday, Dec. 17, he flew to Washington, ready to declare that he was through with Merrill, ...
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