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Christians involved in fierce bickering over claim biblical boat finally found

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Noah's Ark hunters go to war with each other

Christians involved in fierce bickering over claim biblical boat finally found

By Joe Kovacs




© 2010 WorldNetDaily


More than a year and a half since Christian explorers trumpeted their alleged discovery of Noah's Ark atop Mount Ararat in Turkey, a war of words is escalating among fellow believers who call the claim an intentional deception that will disparage an actual find of the biblical vessel.

In this photo from Noah's Ark Ministries International, an explorer is purported to be investigating a wooden structure on Mount Ararat in eastern Turkey that it says may be the remnant of Noah's Ark mentioned in the Bible.

"Every false report undermines the potential of a true discovery by bolstering the critical view that Noah's Ark is a myth and therefore cannot be found," says a new report issued by the Virginia-based World of the Bible Ministries.

"Every false report further diminishes the potential of a true discovery by constantly exciting the public consciousness with a sensational claim that fails to deliver. The 'cry-wolf syndrome' then takes effect in society so that no one really cares even when the real thing is finally found."

In April 2009, WND reported that Chinese and Turkish explorers with Noah's Ark Ministries International, or NAMI, said they were "99.9 percent sure" they found the remnants of the legendary biblical vessel high up on Mount Ararat in eastern Turkey.

The 15-member team said it recovered wooden specimens from a structure at an altitude of 13,000 feet and that carbon dating suggested it was 4,800 years old. Several compartments, some with wooden beams, were said to be inside and could have been used to house animals.

Some video has been posted on YouTube and can be seen here:

Within a day, some seasoned archaeologists who made numerous expeditions to Mount Ararat threw cold water on the claim.

Now, after further investigation on Mount Ararat, Randall Price, a Judaic studies expert at Liberty University, and geologist Don Patton have issued an in-depth critique on the matter, standing firm in their contention the evidence shown to international news media was actually material transported from the northeastern Turkish town of Trabzon near the Black Sea, and transplanted atop Ararat as part of a movie production about Noah's Ark.

The report places much of the blame for the scheme on Kurdish guide and former Price colleague Ahmet Ertugrul, nicknamed "Parasut" (pronounced parachute), for his large, parachute-like mustache:

Kurdish guide Ahmet Ertugral, also known as Parasut (Parachute) for his trademark mustache.
According to one source some of the wood came from an old barn, however, other sources said the large wood came from an old ferryboat ... The wood was carried by large trucks to 2,500 meters (8,200 feet) and then by horses to 3,700 meters (12,100 feet). Then each worker carried two pieces of wood until all of it was at the site. They started by putting the wood on the ground to make floors. Then they made sides and finally a roof. There is a ladder in one cave that leads down to the wood. The workers took ash and rubbed it on the wood to make it look old.

They piled up snow against the wood frame they built and let the rain, ice, and snow cover everything inside and out. Rocks and other things fell on the roof and one caved in.








Wood seen in this crevasse was transported to Mount Ararat from another region of Turkey, alleges archaeologist Randall Price and Don Patton.

The government may or may not have known about the transportation of the wood and the construction of the structures, but, as our source said, the government is only interested in furthering tourism since the economy is so poor, so they probably wouldn't care or say even if they knew. The workers said they worked on the inside for one month from around November 1 to December.

Parasut took many old things to put into places in the structure like stone bowls, seeds, and a rock. The piece of old wood that the Chinese gave to be tested was just a single piece that came from Alamut, a 3,500-year-old castle located 20 kilometers (12 miles) from the city of Esfahan, Iran. Parasut also put straw and other things on the floors. When the people heard on the news that Parasut claimed to have found the ark many of them laughed, but others said they would keep quiet because it would be good to bring in the tourists. ...

They were told they were building a "movie set" and that the movie people would arrive to film what they made. According to them, Parasut himself never actually went to the site, but continually asked them for details to be sure everything was looking good.

They only came forth to tell their story once they learned that the movie makers were claiming their "movie set" was the real thing! They did not want to be considered "a liar like Parasut." They did not want to be thought of as "bad people." However, because they live in close proximity to Parasut and continue to work on Mt. Ararat, they have asked that their identities not be revealed. This is a dangerous part of the world and there is a lot of money at stake and Parasut is not someone to be trifled with.

Noah's Ark Ministries International is firing back at the report, stating, "We are very disappointed and enraged by some Christian scholars, who used partially factual, and plausible-yet-false materials, piled into an article looking like a scholarly report, with bold titles accusing NAMI of making a fraud. It severely maligned and hurt this organization and the exploration-team members. ...

"Most of the materials in it are based on creating or speculating a story line, by connecting the fragments of facts publicized by this organization at different situations, and put into a made-up beginning and end, and compiled into a document that misleads readers."

Is this a beam from Noah's Ark? Explorers with Noah's Ark Ministries International have released this photo of a wooden structure it says it has documented at an altitude of 13,000 feet on Mount Ararat in eastern Turkey.
This photo of what is alleged to be wood inside a possible site of Noah's Ark on Mount Ararat reveals apparent cobwebs, which archaeologists and geologists are questioning.

Among the items in dispute is a photo of a "fossilized wood sample." NAMI says Price's suggestion it was a fraud is "absurd," explaining, "Anyone with some knowledge of photography knows that the color of the objects in the picture can be influenced by the light setting and photographic techniques. If we were trying to commit a fraud, as they say, why would we display the actual object?"

This sample is alleged to have been doctored to appear as if it were wood, according to U.S. archaeologist Randall Price.

Price responded, "It is not possible to produce in a photo such complete saturation in a brown color from an almost pure white original object. There is no question that the photo was presented in this manner so as to look like wood rather than rock in their publication, and therefore is an intentional deception."

Photographs from 2008 showing cobwebs, straw and clumps of vegetation. Archaeologist Randall Price and geologist Don Patton cast doubt on the claims of the Kurdish guide "Parasut" since the cave in which they were found is subject to annual flooding and refreezing in an active, moving glacier.

NAMI also complained about a photo showing Patton holding a piece of wood claimed to be from the NAMI site.

American geologist Don Patton holds a piece of wood he claims has been manipulated to deceive people into thinking Noah's Ark has been found.

"We have no way to verify the origin of the wood, but we have reason to suspect that the wood is an intentionally created false evidence for the purpose of maligning us," NAMI said.

In a dispute of biblical proportions such as this, money often becomes a factor, and Price and Patton are complaining the publicity over NAMI's alleged discovery is having a ripple effect on churches, Christian schools and Creation ministries in the U.S. and China: "We have letters from church pastors, seminary presidents, and missionaries in China who are opposed to NAMI raising large sums of money from Christians through their film and testimony without providing the evidence necessary to prove their claim."

Price actually thinks Noah's Ark might be at another location he's been personally investigating at an elevation of 16,800 feet on Mount Ararat.

"A ground-penetrating radar survey has successfully located a large man-made structure we believe to be wood at the 16,800 elevation," said the Price and Patton report. "We mention this in closing simply to remove the frequent accusation that we are jealous of the NAMI team for having made a discovery. Our motive has only been to set the record straight with respect to the private knowledge we possessed concerning Parasut and the NAMI research so that the Christian faith may not be tarnished as the result of a fraudulent scheme."

Hoaxes are nothing new when it comes to searches for Noah's Ark.

Among the best-known scams is one from 1993, when California actor
George Jammal deliberately duped CBS Television and the filmmakers of "The Incredible Discovery of Noah's Ark" into believing he saw and touched the vessel on Mount Ararat.

The Press-Telegram of Long Beach, Calif., was among those documenting a Noah's Ark hoax perpetrated by Southern California actor George Jammal in 1993. Jammal admitted cooking wood from railroad tracks in sauce to create "sacred wood" he claimed he had retrieved from the biblical vessel on Mount Ararat.

According to the Internet Movie Database,
Jammal "made the hoax as blatant as possible, making up persons with
names such as 'the Armenian friend, Mr. Allis Buls Hitian' or 'my dear
Polish companion Vladimir Sobitchsky,' and cooking a piece of pine in
sauce to present it as 'a piece of the ark' – and yet his story was
presented as the real thing and shown as the key testimony in the
video; after some time, humiliating its makers, Jammal publicly
revealed the details of his hoax."

Meanwhile, there are those who suspect Noah's Ark is not on Mount Ararat itself, but on another peak some 15 miles away, where a boat-shaped object sits on a mountain in Dogubayazit, Turkey.

Many believe this might be Noah's Ark, already found on a mountain near Mount Ararat (courtesy: wyattmuseum.com).

It was first
photographed in 1959 by a Turkish air-force pilot on a NATO mapping mission, and gained worldwide attention after its image was published in a 1960 issue of Life Magazine. Ark-hunter Richard Rives of Tennessee-based Wyatt Archaeological Research summarized evidence for the possibility that site could be the resting place of the ship, indicating:

  • A boat-shaped object 300 cubits in length can plainly be seen in the mountains of Ararat or Urartu. Visible, equable, and symmetrical features can be examined. Subsurface interface radar scans reveal buried features which, once again, are equable and symmetrical.

  • Much of the material found at the site is fossilized and contains organic carbon, demonstrating that it was once associated with living matter. The presence of organic carbon has been verified by multiple scientific laboratories. Plant and animal fibers have also been found within the object and have been documented by way of forensic testing.

  • In addition, metal artifacts found at the site are composed of a combination of metals such as modern day sophisticated alloys – once again, verified by metallurgical laboratories.

His museum's website features on-location photographs and charts, making its case with
physical evidence including radar scans of bulkheads on the alleged vessel, deck timber and iron rivets and large "drogue" stones, which may have acted as types of
anchors.


However, there's been no shortage of critics
from both scientific and Christian circles who think the Dogubayazit site is
erroneous.

Lorence Collins, a retired geology professor
from California State University, Northridge, joined the late David Fasold, a
one-time proponent of that site, in writing a scientific summary claiming the location is
"bogus."

"Evidence from microscopic studies and photo
analyses demonstrates that the supposed Ark near Dogubayazit is a completely
natural rock formation," said the 1996 paper published in the Journal of
Geoscience Education. "It cannot have been Noah's Ark nor even a man-made model.
It is understandable why early investigators falsely identified it."

In both the Old and New Testaments, the Bible speaks of Noah's Ark, and
Jesus Christ and the apostles Paul and Peter all make reference to Noah's flood
as an actual historical event.

According to Genesis, Noah was a righteous man who was instructed by God to
construct a large vessel to hold his family and many species of animals, as a
massive deluge was coming to purify the world, which had become corrupt.

Genesis 6:5 states: "And God saw that the wickedness of man
was great in the earth, and that every imagination of the thoughts of his heart
was only evil continually."

Noah was told by God to take aboard seven pairs of each of the "clean"
animals – that is to say, those permissible to eat – and two each of the
"unclean" variety (Genesis 7:2).

Though the Bible says it rained for 40 days and 40 nights, it also mentions
"the waters prevailed upon the earth a hundred and fifty days."

Genesis 8:4 does not say the ark rested on "Mount Ararat," but rather the "mountains of Ararat," and it was still months
before Noah and his family – his wife, his three sons and the sons' wives – were
able to leave the ark and begin replenishing the world.

The Hebrew word translated as "Ararat" in Genesis is also rendered in the King James Bible as "Armenia" in 2 Kings 19:37 and Isaiah 37:38.

Note: Media wishing to interview Joe Kovacs, please contact him.
Joe Kovacs is an award-winning journalist, executive news editor for WorldNetDaily.com and author of the No. 1 best-selling book "Shocked by the Bible: The Most Astonishing Facts You've Never Been Told."
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Putin says Russia may build stockpile if New START treaty founders

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Putin says Russia may build stockpile if New START treaty founders

The Russian prime minister, on CNN, says the deal is in the U.S. interest. But if Congress fails to ratify the treaty, Moscow may build up its nuclear stockpile instead of reducing it.

By Sergei L. Loiko, Los Angeles Times

Reporting from Moscow — Russian Prime Minister Vladimir Putin, his confident bluntness on full display, has declared Russia might build up its nuclear weapons instead of reducing them if the New START treaty arranged with the Obama administration is not ratified by Congress.

If the treaty is held up by U.S. legislators showing "a very dumb nature" then Russia will "have to react somehow," Putin said in an interview with CNN's Larry King scheduled for broadcast Wednesday.

Putin said the treaty, which calls for reducing the maximum nuclear warheads in each country from 2,200 to 1,550, is in the best interest of the United States.

He emphasized the importance of both the treaty and Russia's bid to become an equal partner in the North Atlantic Treaty Organization's plan to build a European missile defense system.

"If our proposals are met with only negative response and additional ABM [anti-ballistic missile] threats emerge along our borders Russia will be simply obligated to ensure its security with different means, including the deployment of new [strategic] complexes, new nuclear missiles," Putin said. "That's not our choice. We don't want that to happen. But this is not a threat on our part. We simply want to say that this is all we expect if we don't come to an agreement."

President Obama has described the completion of the treaty, which he and Russian President Dmitry Medvedev signed in April, as imperative to national security. Obama and former Secretary of State Colin Powell held a news conference Wednesday encouraging the Senate to ratify the accord.

Senate Republicans led by Sen. Jon Kyl of Arizona have been reluctant to vote on the treaty as Congress approaches the end of the year, saying there are many unresolved issues. The Republicans have raised concerns about the modernization and safeguarding of the country's nuclear arsenal and said the treaty would limit U.S. missile defense options.

Sen. Bob Corker, a Republican member of the Foreign Relations Committee, said Obama administration officials this week responded to several concerns, raising the possibility that the treaty might be approved by year's end, the Associated Press reported.

Putin, who preceded Medvedev as president, said in the CNN interview that without the treaty Russia would have to arm itself against "new threats" posed by U.S. plans for the missile defense system in Europe.

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Are Aliens Among Us? Sort of, NASA Says

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Are Aliens Among Us? Sort of, NASA Says

By John Brandon
A scanning-electron micrograph image of arsenic-eating bacteria, which NASA says has redefined the quest for life in the universe.

A scanning-electron micrograph image of arsenic-eating bacteria, which NASA says has redefined the quest for life in the universe.

Alien life has been among us all along, according to new biological findings announced by NASA Thursday.

Research conducted by biochemist Dr. Felisa Wolfe-Simon from the U.S. Geological Survey has turned the quest for alien life on its ear, suggesting that phosphorous, carbon, and the other fundamental elements found in every living thing on Earth aren't the only signs of life. Wolfe-Simon explained the findings at a hotly anticipated NASA press conference on Thursday.

After a two-year study at California's Mono Lake, near Yosemite National Park, Wolfe-Simon found that a bug will grow in the presence of the toxic chemical arsenic when only slight traces of phosphorous are present. It's a radical finding, says molecular biologist Steven Benner, who is part of NASA's "Team Titan" and an expert on astrobiology -- forcing the space agency to redefine the quest for other life in the universe.

"When we're searching for alien life, if it's not a Ferengi from Star Trek, what would it be?" Benner asked FoxNews.com. In his estimation, we've always defined life as something that has the exact same chemistry as a life-form on Earth. The new discovery will likely change that equation, because it means the basic building blocks of DNA are not quite what we thought.

Benner, said the arsenic-loving organism at Mono Lake grew without high levels of the nutrient phosphate (although some phosphates were still present). Just as important, it could change how we look for alien life on other planets, especially on Saturn and the moons of Jupiter.

"It's a paradigm shift," says Dimitar Sasselov, an astrobiologist who leads the Origins of Life Initiative at Harvard University. "The possibility that Earth-life biochemistry is not universal is a transformational concept. It fills the search [for alien life] with optimism. NASA is moving in a good overall direction. What is needed is to take alternatives for life's chemistry to heart and fund research work better."

Arsenic is poisonous to nearly all forms of life on earth. Even small amounts of the poison become embedded in living tissue, causing liver failure and ultimately death -- in nearly everything BUT these bacteria. 

However, as science fiction author Robert Sawyer told FoxNews.com, there could be even more profound implications. We have always looked for alien life that matches our biology, but now we have found a different life-form that uses arsenic in its basic DNA structure, he said.

Sawyer explained that NASA science probes have always looked in the most likely places we thought life could exist -- on Mars or Europa, a moon of Jupiter. There is an old joke, he says, about how someone lost a quarter in their garage, then looks out in the yard for it. A neighbor asks why they are looking there instead of in the garage; the light is better, he answers.

"We tend to use the tools we know and the places we know to look for alien life," Sawyer said, explaining that humans want to find a walking, crawling alien and not one that just has different DNA.

The change, he says, is that NASA will start looking for arsenic as well, and possibly other chemicals. This could mean new missions to Titan, which is known for having traces of arsenic. Another change could be the scientific equipment we send to space – probes might be retrofitted to search for arsenic.

Benner said the finding even impacts earlier research. Several years ago, when a Martian meteorite crash-landed on Earth, scientists examined it for the presence of phosphates. Now, it may be possible to re-visit some of the earlier findings. This hints at what experts call the "shadow biosphere" -- the existence of other life-forms, even on Earth, that have a radically different DNA structure.

"It's a huge breakthrough. It changes the probabilities for their being life on other planets," Sawyer told FoxNews.com. "If there is more than one recipe that makes life, then there are chances of rolling the dice in a chemical soup of all over the universe, and the chances of that chemical soup giving rise to life is much larger."

For NASA, the scientific discovery could help the agency acquire new funding, serving as a catalyst to convince Congress to green light for new missions to Mars or Titan.

In fact, the Internet buzz about finding alien life, as Sawyer noted, is partly due to how NASA has timed the announcement. A new Congress means new opportunities for scientific missions. He says the reality of the finding is somewhat of a joykill -- we have not found E.T. -- but there are still major implications for science and the search for extra-terrestrial life in our solar system and beyond.

Benner says the findings need further review -- there are questions about how much phosphorous is needed to sustain life. 

"The next phase is to grow more of the stuff in a lab using a defined cultured, maybe cook up a broth that contains no phosphorous at all, look at this with a critical eye," he said.

However you view the announcement, the Lake Mono findings are profound, and the possibilities for finding life -- especially the primordial kind -- are now even greater.

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Bank of America Becomes Bank of Asia as Deals Resume

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Fed data reveal wide scope of loan action during financial crisis

These leaders have been a driving force behind the nation's economic policies since the financial crisis of 2008.


The Federal Reserve pumped trillions of dollars into all manner of banks, investment firms and major companies during the financial crisis, according to documents released Wednesday that reveal for the first time the full scope of the Fed's emergency lending.


The Fed was compelled by recent Wall Street reform legislation to release details of the special lending programs it undertook in 2008 and 2009, when it deployed a wide range of untested tools to try to fight the financial crisis. The programs included more than 21,000 individual transactions with a total loan value that Bloomberg News tabulates at $3.3 trillion. The programs involved have since been shut down, and most loans have been repaid.


The Fed said it does not anticipate incurring any losses; indeed, many of the programs have turned a profit for shareholders.


The data show that major banks were heavily dependent on the Fed programs for funding during the darkest days of the financial crisis but also that a wide range of America's businesses turned to the Fed for funding at times.


A program to support the market for corporate lending known as commercial paper benefited not only top U.S. financial institutions such as Bank of America and Citigroup, but also was used by iconic American companies such as General Electric and Harley-Davidson.


That and other programs were also used extensively by the U.S. affiliates of foreign firms-including one owned by the South Korean government. The Korean Development Bank used the Fed's commercial paper facility to the tune of billions of dollars, including a $407 million short-term loan on a single day. Many foreign banks, including the Swiss UBS and the German Deutsche Bank took extensive advantage of various programs.


The disclosures are already drawing a new round of criticism for the Fed.


"After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed's multitrillion-dollar bailout of Wall Street and corporate America," said Sen. Bernie Sanders (I-Vt.), a longtime Fed critic who pushed for the new disclosures, in a statement. "Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions."

irwinn@washpost.com yangl@washpost.coa
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Bank of America Becomes Bank of Asia as Deals Resume

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Bank of America Becomes Bank of Asia as Deals Resume

By Cathy Chan
Bank of America Becoming Bank of Asia as Revenue Increases 3

Bank of America is headed for its best year advising on mergers and acquisitions in Asia-Pacific since 2005, and arranging initial public offerings since 2007, data compiled by Bloomberg show. Photographer: Jin Lee/Bloomberg

A black leather couch in Jayanti Bajpai’s 17th-floor Hong Kong office bears witness to Bank of
America Corp.
’s turn of fortune in Asia.

Twenty months ago, Bajpai sat on the sofa with discouraged
Merrill Lynch & Co. colleagues, asking them one at a time to
focus on the benefits of the firm’s merger with Bank of America,
the largest U.S. lender by assets, he said. By the end of last
year, conversations held on the same couch, which overlooks Hong
Kong Park, had turned to deals.

Bank of America is headed for its best year advising on
mergers and acquisitions in Asia-Pacific since 2005, and
arranging initial public offerings since 2007, data compiled by
Bloomberg show. The combined companies have generated 30 percent
more revenue from traditional investment-banking businesses in
the region than they did as separate entities, according to a
person with knowledge of the matter who asked not to be
identified because the figures aren’t public.

“It’s basically getting the focus back,” said Bajpai, 45,
a 23-year Merrill Lynch veteran named co-head of Asia-Pacific
corporate and investment banking in March 2009. “We spent five
months stabilizing the ship, and then it turned. People were
worried about the bank’s future, rather than worrying about the
bank’s business.”

Winning Market Share

The Charlotte, North Carolina-based bank is winning market
share for equity underwriting at the expense of UBS AG,
Citigroup Inc. and Credit Suisse Group AG after hiring almost
400 staff in Asia since early 2009 and focusing on integrating
Merrill Lynch’s investment-banking business with Bank of
America’s corporate-banking platform. In M&A, the company has
gained market share from Citigroup and Nomura Holdings Inc.

The acquisition of Merrill Lynch helped the lender
establish a global footprint in such businesses as advising on
deals, sales and trading and wealth management. It also deepened
corporate-client relationships by providing a wider range of
products and more conduits for raising capital.

Bank of America is ranked sixth advising on M&A and fifth
on IPOs in the region this year, rising from 10th place in 2008
when the merger with Merrill Lynch was announced, Bloomberg data
show. The bank is trailing Zurich-based UBS, Morgan Stanley,
Frankfurt-based Deutsche Bank AG, JPMorgan Chase & Co. and
Goldman Sachs Group Inc. in Asia-Pacific M&A advisory work this
year and the latter four in IPOs. Morgan Stanley, Goldman Sachs,
JPMorgan and Citigroup are all based in New York.

‘Obvious Improvement’

“They’ve made obvious improvement this year, as the whole
team in Asia has solidified after key management was in place,”
said Ambrose Chang, who helps manage $3 billion at Daiwa SB
Investments HK Ltd. in Hong Kong. “Right after the merger was
announced, I barely received calls from their brokers, who were
uncertain about their future. Things have now normalized, and
they’re doing more IPOs and share placements.”

Bank of America, which didn’t have an investment-banking
team in Asia, has benefited from Merrill Lynch’s strength in the
Asia-Pacific capital-markets business. The U.S. brokerage was
one of the top five IPO arrangers in the region from 2001 to
2007, except in 2003 and 2005, Bloomberg data show.

“While they’ve started climbing from the bottom of the
ladder, there is still room to grow,” Chang said of Bank of
America’s investment-banking operation in Asia. “It’s uncertain
how much synergy the two firms can create because banks are more
conservative about risk-taking and that could hinder the
expansion of a pure brokerage firm like Merrill.”

Trailing in China

One key country where Bank of America trails investment-
banking rivals
is China: Unlike such firms as Goldman Sachs and
UBS, the company still lacks a partner in the world’s fastest-
growing major economy that would allow it to underwrite share
and bond sales.

The bank hired former Goldman Sachs Group Inc. partner
Peter MacDonald as vice chairman for Asia-Pacific in July to
help speed up its expansion in China. Hong Kong-based
MacDonald spent 17 years at Goldman Sachs, including a stint as
chief operating officer of the firm’s Chinese venture partner.

Bank of America derived 9 percent of its total revenue from
Asia for the year ended Dec. 31, 2009, the first since the
merger, up from 2.4 percent in the previous two years, according
to the company’s annual reports.

Net income from Asia surged almost sevenfold to $5.1
billion at the end of last year, in part because the bank sold a
portion of its stake in China Construction Bank Corp., the
nation’s second-biggest lender.

“There had not been enough investment in the Bank of
America platform, and the Merrill operation was distracted over
the past couple of years,” Brian Brille, 50, Bank of America’s
Asia-Pacific president, said in an interview. “Now, with the
successful integration, what happened in the last 12 to 18
months is extraordinary.”

Banker Departures

When Bajpai was asked to move to Hong Kong from London to
run Asia-Pacific investment banking by Andrea Orcel, 47, then
president of international global banking and wealth management,
morale was at a low point, following a flurry of senior
departures
and cost-cutting, Bajpai said. He held his first
group meeting in March 2009.

“My message was very clear: ‘I have no doubt we will win.
We will go through an incredibly tough time, but we will come
out of this as a leading franchise,’” he said he told 400
investment bankers. “People were wondering if we were going to
survive.”

Merrill began losing bankers before Bank of America
completed its takeover on Jan. 1, 2009. Damian Chunilal, former
Asia-Pacific head of investment banking, left in November after
19 years with the firm. His exit was followed by that of Jason Brand, president of Asia-Pacific operations, and Raymundo Yu,
chairman of the region.

Treasury Hires

Nelson Chai, appointed by John Thain to replace Brand in
December 2008, quit two months after the former chief executive
officer was ousted. Chai was replaced in February 2009 by Kim
Hong, who was in the job for seven months. Jim Forbes, named
Asia-Pacific head of corporate and investment banking in
November 2008, returned to New York four months later and was
replaced by Bajpai and Jiro Seguchi, who focuses on Japan.

To boost the integration of corporate and investment
banking, the company this year hired Citigroup’s Ivo Distelbrink
to run global treasury services and Charles Alexander, 53, from
Standard Chartered Plc as head of corporate banking. The bank
has hired more than 120 people since the start of 2010 for
corporate banking and treasury services in Asia, a 30 percent
expansion of those operations, said a person with direct
knowledge of the matter who declined to be identified.

‘Multiplier Effects’

The expansion is led by Thomas Montag, 53, president of
global banking and markets, who has traveled to Asia four times
this year, according to Jessica Oppenheim, a spokeswoman in New
York for the bank. He was based in Tokyo and Hong Kong from 1998
through 2006 as a Goldman Sachs executive, including five years
as co-president of Japan. Merrill hired Montag in May 2008, five
months before it agreed to be purchased by Bank of America.

The bank secured an advisory role this year from Bharti
Airtel Ltd.
, India’s largest mobile-phone operator, after it
participated in arranging $7.5 billion of loans to the company
for its acquisition of the African assets of Mobile
Telecommunications Co., the Kuwaiti phone operator known as Zain.
That’s something it couldn’t have done without the Bank of
America platform, Bajpai said. The $9 billion transaction was
the bank’s biggest M&A advisory job in Asia-Pacific this year.

“One plus one doesn’t equal two -- it does equal three in
the sense that there are multiplier effects you’re getting from
having a corporate-banking platform,” said Bajpai. “Our
ability to compete has been significantly enhanced, and our
revenue streams have diversified.”

Reliance Industries

In October, the bank helped Reliance Industries Ltd., owner
of the world’s biggest oil-refining complex, arrange a $1.5
billion sale of senior notes, after advising the Mumbai-based
company on its $1.7 billion purchase of shale-gas assets from
Atlas Energy Inc. The sale was the biggest year-to-date
corporate bond offering from India. Citigroup, HSBC Holdings Plc
and Royal Bank of Scotland Group Plc also handled the sale.

“Their debt-market capabilities in the U.S. were important
to us for the bond issue,” Alok Agarwal, Reliance’s chief
financial officer, said in an interview. “If you look back over
a period of three years, other firms had built a stronger
franchise in India than either Bank of America or Merrill Lynch.
They have been able to catch up rapidly by offering a full suite
of products.”

Bank of America also advised Irving, Texas-based Pioneer
Natural Resources Co.
on the sale of its Eagle Ford shale
formation to Reliance Industries in June.

Risk Analysis

Alexander, who worked for 10 years at Lehman Brothers
Holdings Inc. until March 2008, said he and Bajpai are on
regular calls with New York-based Marisa Harney, head of
international risk-strategy development; her team in Asia led by
Singapore-based Barbara Taylor; and Rahul Singhal, chief risk
officer in Hong Kong, to make decisions on deals, loans and
strategy after what he called a “thorough” risk analysis.

“We’re moving the needle in Asia, so we want to do more by
working closely with our risk partners,” Alexander said.

In Australia, the bank made more than 35 hires in the third
quarter of last year, including a team of 10 real estate bankers
lured from UBS. It also recruited Craig Drummond from Goldman
Sachs’s Australian securities unit as country CEO.

‘Top House’

Now Bank of America is having its best year in M&A in the
country in a decade, Bloomberg data show. It ranks sixth after
advising Newcrest Mining Ltd. on its A$9.2 billion ($8.9 billion)
purchase of Lihir Gold Ltd. and helping Carlyle Group and TPG
Capital buy Melbourne-based Healthscope Ltd. for A$2 billion.
The bank, the third-biggest M&A adviser in the country in 2000,
slumped to 24th in the past two years, the data show.

In China, Bajpai brought back Liu Erhfei, 52, one of the
most veteran Chinese bankers in Asia, this year from the firm’s
private-equity unit to lead the country’s investment-banking
business. He also hired Zhang Xiuping, 40, who helped boost
Deutsche Bank’s China M&A ranking to seventh place this year
from 12th when she joined the German lender in 2008.

“I’m happy with the progress, but it’s not where we want
to be,” said Bajpai. “We want to be a consistently top
house.”

To contact the reporter on this story:
Cathy Chan in Hong Kong at
kchan14@bloomberg.net

To contact the editor responsible for this story:
Philip Lagerkranser at
lagerkranser@bloomberg.net

Read more at www.bloomberg.com