Newly surfaced documents show top executives at Bank of America neglected to tell shareholders about major losses at Merrill Lynch before purchasing the company for $50 billion in 2008. While shareholders relied on optimistic projections from the bank that the deal would earn money, the losses actually resulted in a $20 billion taxpayer bailout. Documents filed as part of a shareholder lawsuit in federal court show Bank of America executives knew about the losses before the purchase. The documents include testimony from Bank of America’s then-chief executive, Kenneth Lewis, who admitted he had received loss estimates that were not included in documents given to shareholders. Documents show that just days before the vote, both companies determined Merrill’s losses for the fourth quarter would be $14 billion before tax. The bank’s former treasurer reportedly warned another official at the time that failing to disclose the losses could be criminal.