You have to wonder what the thinking was at Merrill Lynch in the wake of the announcement that it would be purchased by Bank of America. It almost seems as if executives decided to empty the coffers, leaving Bank of America to grapple with an even weaker company.

First came the news that the bank approved $4 billion in bonuses for top executives just before the merger. Now Business Week questions the decision to pay a 35 cent-a-share common dividend. "The payout drained another $565 million from Merrill's coffers at a time when the firm should have been building up cash, instead of spreading it around."

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