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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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Should Bear Stearns' CFO Not Have Told Investors Liquidity Was Rock Solid When Internally Telling Colleagues The Company Was As Dry As The God Damn Sahara?

It's almost as though "liquidity is very strong" and "we need more liquidity ASAP" aren't totally synonymous.