"The first round of TARP didn't give Bank of America the ability to build (tangible) equity, as well as fund
Merrill Lynch, as well as handle loan losses and get rid of the problems on their (balance sheets)," said
Christopher Marinac, an (analyst) at FIG Partners in Atlanta, Ga.
"The reality is that they need more common (equity) -- TARP may not be enough."
Bank of America and Merrill Lynch together received $25 billion from the TARP in October.