Bear Stearns Executives Really Believed In The Products They Were Selling

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Just messing, of course. Here's how Nicolas Smith referred to SACO 2006-8 in an email to Keith Lind, an MD on the Bear trading desk, according to a lawsuit by Ambac Assurance Corp against Bear and JPMorgan that was unsealed last week: "It's a SACK OF SHIT...I hope your [sic] making a lot of money off this trade." [The Atlantic]

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