Emails Show Bear Stearns Was Selling Its Investors “A Sack Of Sh*t

And Now JPMorgan May Be Forced To Pay Up

Bear Stearns mortgage execs who now head up desks at Goldman, BofA, and Ally Financial have been accused of defrauding investors of millions through shoddy mortgage securities they engineered and sold when they were at Bear Stearns, Teri Buhl at The Atlantic reports.

And Bear's current parent JPMorgan may be forced to pay.

Emails in a lawsuit unsealed last week show Jamie Dimon's bank has known about the alleged fraud since 2008, but has fought tooth and nail to keep it "from the public eye through legal maneuvering," the Atlantic says

Read more: http://www.businessinsider.com/jpmorgan-bear-ambac-lawsuit-2011-1#ixzz1CbtJ41uZ