2012-10-03thomsonreuters.com

``Those colorful quotes in the AG's suit about Bear's "sack of shit" and "shit breather" securitizations? They're in the Ambac complaint. So are the AG's allegations that PricewaterhouseCoopers, engaged in 2006 to offer an opinion of Bear's put-back practices, told the bank to stop keeping the money it recovered from the originators of deficient mortgages for itself and to start passing on its put-back recoveries to MBS investors. The AG, in other words, did a lot of piggybacking on other people's work. I didn't see anything in Schneiderman's complaint that I haven't seen elsewhere in suits against Bear and JPMorgan.''


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