Is Thain setting himself up?

John Thain has not been shy about telling the world that Merrill Lynch is well-capitalized and will not be raising funds anytime soon. At least one money manager, via Seeking Alpha, thinks this is a mistake. It would be better to hedge your bets, especially when your level 3 assets are creeping higher, when you just posted a big loss and when everyone thinks the next few quarters will be tough. I have argued that Thain has generally been good for Merrill Lynch, and he's received some decent press. But it's fair to say that the firm is not out of the woods yet. We'll see how it plays out. If Merrill Lynch does end up raising capital, there will be some I-told-you-so's passed around.  

For more:
- here's the Seeking Alpha article

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