Outrageously Regrettable CEO Comments

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"We have more capital than we need, so we can say to the market that we don't need more injections. We can confirm that we have tackled the problem."
That was John Thain, back in March. Only a few months later, of course, Merrill Lynch had to go back to the market to sell more equity to deal with credit market losses. But this time they swear they really have tackled the problem!
Portfolio's Megan Barnett has a run down of broken promises from banking executives, including Thain's. Perhaps our favorite comes from Ken Thompson, who was the chief executive of Wachovia when he said this back in May 2006: "The mortgage market is going to be a great market in this country for a long time. We've got population growth. We've got people who are always going to want to live in homes that they own. It's going to be a great market."

"I Said What?!"
[Portfolio]

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