It's 2013, and Wall Street still doesn't seem to understand that emails and privacy typically don't mix well.
Last week, the Justice Department filed a lawsuit against S&P accusing the ratings agency of knowingly increasing its ratings on the mortgage investments that helped launch the U.S. into the 2008 financial crisis. In numerous internal emails released with the lawsuit, S&P analysts made claims suggesting that they were very aware of how little quality control was valued at S&P.
This is far from the first time that Wall Street workers have incriminated themselves with emails they assumed no one other than the recipient would ever see. From the infamous "Fabulous Fab" email to Lehman Brothers employees referring to assets that they were publically promoting as "goat poo," it seems people in the financial industry have a knack for making fools out of themselves all over the World Wide Web.
Here is our roundup of 9 of the most incriminating things traders have allegedly said via email:
S&P Lawsuit Emails Reveal Analysts Saw Problems With Quality of Ratings
According to a federal lawsuit, a 2007 email allegedly written by an investment banker to an S&P analyst included <a href="http://www.huffingtonpost.com/2013/02/05/sp-lawsuit-emails_n_2623933.html?utm_hp_ref=business" target="_hplink">this statement</a>. Other emails sent by S&P suggested that analysts were very much aware of how little quality control was valued at S&P.
The "Fabulous Fab" Email
Goldman Sachs Vice President Fabrice Tourre sent <a href="http://www.businessinsider.com/fabrice-tourre-fabulous-fab-2010-4" target="_hplink">internal emails</a> suggesting he had <a href="http://articles.marketwatch.com/2010-04-16/industries/30812338_1_fabulous-fab-tourre-exotic-trades" target="_hplink" target="_hplink">major doubts </a>about the collateralized debt obligations he sold to investors in early 2007.
S&P Employee and Collaterized Debt Obligations
In an internal email sent in December of 2006, an S&P employee indicated that he knew <a href="http://dealbook.nytimes.com/2013/02/04/u-s-and-states-prepare-to-sue-s-p-over-mortgage-ratings/" target="_hplink">how bad collateralized debt obligations</a> were before the heart of the financial crisis, The New York Times reported.
Goldman Sachs Traders On Subprime Mortgages
By 2006, Goldman Sachs traders were internally describing subprime home mortgages in <a href="http://www.huffingtonpost.com/2012/08/10/investigation-goldman-sachs_n_1765368.html" target="_hplink">a very negative light</a>.
Former Merrill Lynch Analyst Henry Blodget
Blodget <a href="http://www.time.com/time/business/article/0,8599,1938544,00.html#ixzz2K3H3Vm5H" target="_hplink">encouraged investors </a>to buy stocks that he privately wrote in emails were not good investments, to say the least, Time reported in 2009.
Barclays Traders and Libor
In private emails, Barclays traders wrote incriminating statements indicating <a href="http://ftalphaville.ft.com/2012/06/27/1062301/libor-manipulation-done-for-you-big-boy/" target="_hplink">the manipulation of libor</a>, the Financial Times reported.
JPMorgan Chase <a href="http://www.reuters.com/article/2011/02/18/jpmorgan-idUSN1829544020110218?WT.tsrc=Social Media&WT.z_smid=twtr-reuters_ com&WT.z_smid_dest=Twitter" target="_hplink" target="_hplink"> claimed</a> in a lawsuit that Lehman deceived JPMorgan with bad assets, which Lehman employees allegedly referred to internally as "goat poo."
Merrill Lynch Analysts
Back in the early 2000s, then-Attorney General Eliot Spitzer used internal emails from Merrill Lynch to prove that the bank continually promoted stocks -- <a href="http://usatoday30.usatoday.com/money/finance/2002-04-15-spitzer-email-evidence.htm" target="_hplink">such as Internet company GoTo.com</a> -- that it did not really believe in.
Morgan Stanley Bankers
Morgan Stanley bankers openly joked about <a href="http://www.huffingtonpost.com/2013/01/23/morgan-stanley-cdo-emails_n_2535784.html">a toxic investment</a> they were creating in 2007 and debated naming it "Shitbag," "Nuclear Holocaust," "Subprime Meltdown" and "Mike Tyson's Punchout," according to recently unearthed emails. The bankers later agreed upon the name "Stack."
Also on HuffPost: