A week old, but somehow resonant.
(HT Dealbreaker.)

From June’s Q2′s

Next point I want to make is that in spite of this loss for the quarter, we likely have in our last two quarters more than replaced the capital that we have lost. So at the end of the second quarter, we replaced capital that we lost… at the end of the first quarter, we replaced the capital that we lost… at the end of the year we more than replaced the capital that we lost.
And a particularly pertinent snippet of Thainobilia from January’s Q1s:

On the capital side we’ve increased our saved capital from $36.7 billion at the end of the fourth quarter to $41 billion. We are well capitalized under the risk rated asset test. And for those of you who like to blog, we do not have any plans to raise any additional common equity…

Over to you, blogosphere.

Related links
Thain and the credibility question – FT Alphaville
John Thain interview on CDOs, managing risk and the monolines – FT

This entry was posted by Sam Jones on Wednesday, July 30th, 2008 at 12:46 and is filed under Capital markets, People. Tagged with john thain, merrill lynch. Edit this entry.