John Thain and Merrill

John “the golden boy” Thain told everyone in May that everything was fine and said we have plenty of capital and things were just dandy. Yesterday they announce a “need” for an additional $8.5 billion in a ridiculously dilutive raise. If Thaine and Merrill were dead wrong, I think the bet can be placed that others are soon to follow. I just don’t seethe financials rallying off this news. Do you? Maybe I’m missing something.Futures so far are flat, so maybe the market can shrug this off and we get a turnaround Tuesday. Remember though we won’t get any kind of sustained rally without the financials.

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