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I'm Drew Breunig and I obsess about technology, media, language, and culture. I live in New York, studied anthropology, and work in advertising technology.

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In all, Merrill handed out $5 billion to $6 billion in bonuses that year. A 20-something analyst with a base salary of $130,000 collected a bonus of $250,000. And a 30-something trader with a $180,000 salary got $5 million. But Merrill’s record earnings in 2006 — $7.5 billion — turned out to be a mirage.