firms rebounded significantly in the bull market of late 1982 and 1983, Becker continued to sustain losses. In May 1984, Paribas bought out the 50% of the company owned by employees and other shareholders, taking full control of the business. However, within a few months, Paribas soured on the business after investing additional capital. Becker had lost in excess of $80 million, through the trading of government bonds, in the final months of Paribas' ownership, losing approximately $15 million each month. However, the company suffered more long-term challenges including high overhead costs and decreased revenues from its investment banking as well as equity and fixed income businesses. In May 1984, Becker sold its securities-correspondent business, representing 500 employees or one-third of its workforce, to Pershing LLC, which at the time was owned by Donaldson, Lufkin & Jenrette. Then in August 1984, Paribas announced the sale of the remainder of the company, comprising its investment banking and other securities businesses to Merrill Lynch. Merrill Lynch acquired Becker for $100 million in stock but absorbed only a few hundred of the firm's employees. The acquisition of Becker came on the heels of the purchase of Lehman Brothers Kuhn Loeb by Shearson/American Express and rumors during the summer of 1984 had paired Becker with Paine Webber, Morgan Stanley as well as Nomura. The purchase of Becker propelled Merrill Lynch to a leadership in the commercial paper markets and also enhanced certain of its investment banking advisory and underwriting businesses. After the acquisition of Becker, a number of executives remained with Merrill, most notably Barry S. Friedberg who would serve as head of Investment Banking in the late 1980s and early 1990s. Notable alumni A.G. Becker enjoyed a rich history of producing leading banking figures who received their early training and up to two decades of experience with Becker before emerging as leaders in their own rights at other banks and in other fields. Many younger Becker bankers, hired from 1977 through 1984, never had the opportunity to rise through the Becker ranks because of its sale to Merrill Lynch in 1984. Nonetheless they can now be counted within the senior ranks of bankers, financiers and academics in roles throughout the United States, including Becker's original home in Chicago. Richard Driehaus, founder of Driehaus Capital Management began his career in the Institutional Trading department at Becker in the late 1960s. Richard Elden, a former