Can Wall Street firms be believed?

Forbes magazine notes that there's a lot of flip-flopping occurring on Wall Street right now. The magazine points out that there are many instances of this. For example, after raising $6 billion in January, Merrill Lynch said it was done; then in April, it raised another $9.6 billion. Lehman Brothers also said its capital levels were fine; soon afterward, it raised another $6 billion. CEO Dick Fuld still is sticking to his worst-is-over line. Not too long before Bear Stearns tanked, CEO Alan Schwartz said on TV that his firm was not experiencing a liquidity run. Now, all this may reflect really fast-moving events and markets. But at this point, every time a company says it's looking good, you have to be suspect, whether fair or not.  

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- here's the article