Did anyone watch the futures at 3:00 am EST? The Dow futures were up 86, the NAZ futures were up 20, and the S&P were up 11.5. Now they are down across the board.
This morning, Merrill wrote down $14 billion. Now that Merrill has come clean, when are the monolines going to show us their exposure? Merrill said that $2.6 billion of it's exposure was with insurers who can't pay.
When they do, they'll have a balance sheets comparable to Mike Nifong, the Durnam district attorney, who withheld evidence and falsely accused the three Duke college kids of rape.
He declared bankruptcy with $180 million of liabilities.
But these parties are now declaring liabilities that make headlines, but are not economic realities. But it will allow Thain to recapture gains in the future, and get a nice pay package with his brilliance.