The Holy Bible is sacred scripture. The "Mormons," or the Church of Jesus Christ of Latter-day Saints believe the Bible as much as any other Christian Church does. In the Article of Faith, number 8, "We believe the Bible to be the word of God as far as it is translated correctly. We also believe the Book of Mormon to be the word of God"
People are inclined to question this belief only because we believe that the Bible is not the sole source of scripture or gospel.
Mormons interpret the Bible according to Mormon theology. When the Bible clearly disagrees with their theology as it does in numerous places they add the terms 'insofar as it has been correctly translated' to attempt to hide their disagreement with the divine word. They also use 'term switching' in that they re-define key terms in ways which have an entirely different meaning from their clear in context Biblical meaning.