. >> i like to thank our panel for being here today to help us reso with one of the most serious problems in the financial-services kennedy dealing with compensation and bonuses etc.. there are some things that we have learned about actions that were taken that are very disturbing and i don't know that we have gotten any information to help us understand what went on in some of these actions. for example, i want to know what you have discovered a starting with mr. sperling about the authorization for $5 billion in bonuses to be given to merrill lynch employees at the time that the merger took place between bank of america and merrill lynch. i read accounts in the paper and i have heard information that bank of america new and sign this agreement, that these bonuses could take place later i am told that the ceo said that he was made to sign an agreement understanding that these bonuses are going to be given. normally these bonuses were given at the beginning of a year. they rushed them so there would be given toward the end of the. prior to the signing of the agreement. what do you know ab