John “the golden boy” Thain told everyone in May that everything was fine and said we have plenty of capital and things were just dandy. Yesterday they announce a “need” for an additional $8.5 billion in a ridiculously dilutive raise. If Thaine and Merrill were dead wrong, I think the bet can be placed that others are soon to follow. I just don’t seethe financials rallying off this news. Do you? Maybe I’m missing something.Futures so far are flat, so maybe the market can shrug this off and we get a turnaround Tuesday. Remember though we won’t get any kind of sustained rally without the financials.