Tuesday, January 25, 2011

Ugly Mess in AMBAC/Bear Stearns Lawsuit

Nasty stuff here.

“Former Bear Stearns mortgage executives who now run mortgage divisions of Goldman Sachs, Bank of America, and Ally Financial have been accused of cheating and defrauding investors through the mortgage securities they created and sold while at Bear. According to e-mails and internal audits, JPMorgan had known about this fraud since the spring of 2008, but hid it from the public eye through legal maneuvering. Last week a lawsuit filed in 2008 by mortgage insurer Ambac Assurance Corp against Bear Stearns and JPMorgan was unsealed. The lawsuit’s supporting e-mails, going back as far as 2005, highlight Bear traders telling their superiors they were selling investors like Ambac a “sack of shit.”

More at the link.

Nice job-recovery programs, too! Right into the arms of Goldman, B of A, and GM/Obama's Ally Financial.

HT: Ritholtz

1 comment:

Mr Kixvix said...

Experts and patriots are enraged:

The crazies secretly maneuvered more wealth into their pockets

In the last year, than they did in the last 185 years!

Meaning the top 1% now own as much wealth as half the world

Just 5 years ago the filthy rich were 388.

As of January 2016 there’s only 62 people who own

HALF the world!

>>Watch shocking video<<

No living soul can spend that much money in a lifetime…

And when people sits on money,

The economy stalls.

And that’s how it all begins:

What’s coming in the next 6 months or less

Will give a new definition to the infamous “economic crisis”

>>Access U.S. Dollar Exposed!<<

Are you prepared to be broke…

Homeless…

Jobless…

HUNGRY?

Or can you turn the game around:

>>Profit from the dollar crisis: watch video<<

[Mr Mark Fidelman]