"Piece of shit," you've been replaced by "shit breather" in the lexicon of dumb Wall Street emails. Because if there's a Wall Street scandal, you can bet there are some dumb emails involved.
The latest example is brought to you by the lawsuit New York Attorney General Eric Schneiderman filed Monday evening against Bear Stearns (via JPMorgan Chase & Co., which purchased Bear during the crisis) alleging it knowingly stuffed mortgage-backed securities full of subprime garbage and then foisted them on unsuspecting investors.
Sure enough, there are emails. The AG's complaint says it has a bunch of emails showing how Bear Stearns employees and executives, even, were well aware of how ugly the loans they were stuffing into mortgage bonds were:
For example, according to a June 2006 internal Bear Stearns email, almost 60% of AHM loans that were purchased through the conduit were 30 or more days delinquent. After learning this information, Defendants went on to issue over 30 subprime and Alt-A securitizations that included AHM loans. ...Other internal communications reflect Defendants' awareness of the bad quality of loans that were being included in other securitizations.
In connection with the Bear Stearns Second Lien Trust 2007-1 ("BSSLT 2007-1") securitization, for example, one Bear Stearns executive asked whether the securitization was a "going out of business sale" and expressed a desire to "close this dog." In another internal email, the SACO 2006-8 securitization was referred to as a "SACK OF SHIT" and a "shit breather."
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