The history of SACO 2006-8, as told through court documents dating back more than six years, provides a view into how the mortgage-backed security industry was built up and spectacularly collapsed. For JPMorgan, it has become the mortgage-backed security from hell.
Ace Greenberg’s thrifty and magical career, down to the cheap casket. “Ride winners, take losses.”
Greenberg was named CEO of Bear Stearns in 1978 and took the company public. He was the chairman of its executive committee when the bank, on the brink of collapse, was bought out by JPMorgan Chase in 2008.
People are hocking everything from Salomon Brothers stock certificates to a Bear Stearns visor, in case you want the corporate memories.
JPMorgan scooped up Bear Stearns and Washington Mutual at fire-sale prices in 2008 and is now paying the price.