Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net (loss) earnings	$ (1,036)	$ 2,906
Adjustments to reconcile net (loss) earnings to cash used for operating activities
Provision for representations and warranties	2,719	(179)
Depreciation and amortization	378	470
Share-based compensation expense	1,290	830
Deferred taxes	(740)	551
Earnings from equity method investments	258	(214)
Other	852	884
Changes in operating assets and liabilities:
Trading assets	(11,683)	(14,599)
Cash and securities segregated for regulatory purposes or deposited with clearing organizations	2,624	3,363
Receivables from Bank of America	(4,162)	(14,244)
Receivables under resale agreements	(16,504)	(57,109)
Receivables under securities borrowed transactions	(7,549)	10,769
Customer receivables	(3,634)	10,541
Brokers and dealers receivables	5,009	(1,918)
Proceeds from loans, notes, and mortgages held for sale	3,164	3,571
Other changes in loans, notes, and mortgages held for sale	(1,722)	(1,323)
Trading liabilities	5,921	30,652
Payables under repurchase agreements	(7,858)	46,785
Payables under securities loaned transactions	3,753	(11,414)
Payables to Bank of America	17,695	(4,516)
Customer payables	7,126	(4,309)
Brokers and dealers payables	771	(1,638)
Other, net	(763)	(179)
Cash used for operating activities	(4,091)	(320)
Proceeds from (payments for):
Maturities of available-for-sale securities	689	854
Sales of available-for-sale securities	3,453	14,827
Purchases of available-for-sale securities	(1,116)	(508)
Maturities of held-to-maturity securities	250
Equipment and facilities, net	(56)	(154)
Loans, notes, and mortgages held for investment	1,412	1,394
Other investments	3,792	1,406
Cash provided by investing activities	8,424	17,819
Proceeds from (payments for):
Short-term borrowings	(725)	(703)
Issuance and resale of long-term borrowings	6,098	4,548
Settlement and repurchases of long-term borrowings	(12,783)	(18,350)
Deposits	568	(2,226)
Derivative financing transactions	35
Dividends		(76)
Cash used for financing activities	(6,807)	(16,807)
(Decrease) increase in cash and cash equivalents	(2,474)	692
Cash and cash equivalents, beginning of period	17,220	15,142
Cash and cash equivalents, end of period	14,746	15,834
Supplemental Disclosure of Cash Flow Information:
Income taxes paid	107	1,685
(Income taxes refunded)		(288)
Interest paid	3,725	3,916
Non-cash investing and financing activities:
Non-cash capital contribution	$ 0	$ 1,000

MERRILL LYNCH & CO., INC. 10-Q