cut paste of paragraph + bullets loses the paragraph content

See the screencast including firebug code.
http://screencast.com/t/uyEPKrFVmu

Note: I can easily reproduce this bug on a new page. http://screencast.com/t/OzyAeGp6R6

to reproduce:

1. create a bullet list
2. below it add a paragraph
3. below the paragraph add another bullet list
4. select the paragraph + the 2nd bullet list and cut it
5. now try to paste it into the list at the top...the paragraph content gets stripped out.