There's a long story behind this that I won't bore you with, but I ended up working as an intern at the Public Utility Commission where I was supposedly going to learn about government politics. Instead, I and my fellow students were expected to compile a list of all square kilometers in the State of New York that had at least 40% area at less than 20% slope (we had to shade the areas on USGS maps). Now this was really boring! But I figured it wasn't as boring as the humanities class I'd have had to take otherwise. So I stuck with it, even though everyone else quit.
When the semester ended, they asked me to continue working through the summer. And since they weren't authorized to hire a summer student, they hired me into a full-time engineering position! I was earning four times what I had the previous summer. Very sweet!
Now my school is really happy with me too, as I have paved the way for them to place more interns during the next school year. My reward is that the school lets me enroll in a special "projects" course, which means I can get more school credits for working at the PUC again next semester. As the survey of New York State is done, I get to do some real work dealing with siting of power plants.
And the next summer, I again work for the PUC. Now I'm writing computer programs to predict the behavior of smoke plumes released from power plant stacks. Life is good! They even offer me a permanent job on graduation if I want it.
Okay, your internship with Merrill Lynch might not work out this way at all...but one never knows. As someone who is unproven and inexperienced, you should expect to do the "dirty work" for a while. Maybe if you persevere while the others drop away, this "guy" will have other things for you to do.
Good luck!
already been there for a few wks. 
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