Merrill Lynch is thought to have put $50 million into the business.
Merrill Lynch has already paid a $100 million fine to the states.
Merrill Lynch issues nine series a year, with terms also just over 12 months.
Merrill Lynch said it would reduce its costs by more than $100 million over the five years.
Merrill Lynch alone has lost $10.6 billion in market value since the attorney general's investigation was made public.
Merrill Lynch said the job cuts would save $500 million a year.
Merrill Lynch should be associated with these kinds of programs.
Merrill Lynch is being investigated for its role in the deal.
Merrill Lynch operates in 45 countries around the world, he added.
Merrill Lynch received about $8 million for its role in the transaction.