The BBC's Robert Peston has seen confidential internal emails from America's biggest bank, JP Morgan Chase, which throw light on the culture of banking in the run up to the global financial crisis.
The bank is being sued for allegedly defrauding mortgage investors in the run up to the global crash - with accusations focused on the bank's Bear Stearns business.
Robert Peston told the Today programme: "What's new about this case is the detail of what went on at Bear Stearns.
"The case actually does cite emails from bankers at the time admitting that what they were trying to sell was "a sack of..." well, not very nice stuff.
"It's the scale of what's disclosed here that's astonishing. The attorney who has brought this case talks about invetors having lost $22.5bn (£13.9bn)
"It's the sheer scale of how bankers, in a frenzied way, ignored the appauling quality of what they were buying and flogged it to investors to generate maximum profits."
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