Thain said, "that if we didn't sell the CDO's, we wouldn't of had to raise capital."
Of course-Because then the "asset" would of remained on the balance sheet in Level 3 land at fictitious prices!
Which is why it's "tough" to be a bull. You have to suspend belief, and to be almost intellectually dishonest with these jokers that run these companies.
But that's how the game is played.
The bear scenario is so well played out, because everyone has already acted on the information that is already out there.
So you have to be a little Pollyannish even though these Wall Street CEO's will make you want to puke with their lies and disingenuousness.
But don't let that prevent you from making money!