[Profiler] Found: "Error: 208, Severity: 16, State: 0"

So, while running some code, trying to figure out why it's failing, I see this:

Error: 208, Severity: 16, State: 0

What is it, you ask? Some sort of weird bug, maybe, involving temp tables.

Run this:

exec ('exec master..xp_cmdshell ''dir c:\''')

No problems.

Run this:

create table #Listing (results varchar (255))
insert #Listing (results) 
exec ('exec master..xp_cmdshell ''dir c:\''')

Bingo.

Why is this the case? I wish I knew.