It’s one thing to mislead clients about the health of an investment. It’s another to then admit it in an email. Apparently many on Wall Street will never learn the difference.
The latest example of powerful people putting incriminating thoughts in writing comes via Eric Schneiderman, New York’s Attorney General, who filed a suit against JPMorgan Chase Monday accusing Bear Stearns (now owned by JPMorgan) of not telling investors the quality of the mortgage bonds it was selling was starting to deteriorate. As part of the suit, Schneiderman’s team turned up some emails from a Bear Stearns executive, describing the bonds as “shit breather” and “sack of shit” among other terms of endearment.
Bear Stearns is certainly not the first company to get caught up in an email scandal. Here are nine other embarrassing corporate email fiascos: