Joe Lewis bought a total of 8.1 Mn. shares in Bear Stearns (closed Sept 8th NYSE US$107.50) which makes him the biggest shareholder after founder James Cayne (5.8%) and Putnam Investment Management . Joe, 70 next birthday, who seems to have missed out on a knighthood, or even a baronetcy is a native Londoner but spends most of his time running his 140 company plus empire from the poolside . He had been building up a share stake in Bear Stearns from since early August .Aug. 6 to Sept. 4 spending US$860 Mn. (ish)
As we speak they trade at US$32 down 42% .... which means he has lost about US$600 Mn. (ish)
UPDATE at Market Close NYSE - share price has halved in a week.
Previous Posts on this basket case Bank, Fraudsters home and Black Hole - Court cases, fraudsters, crooks and con-men.
UPDATE Saturday 15th March Financial market traders across London have been told by their firms to stop dealing with Bear Stearns, while dealers in New York scaled back their transactions with the ailing investment bank, sources in several dealing rooms said on Friday. At least six major institutions in London -- including Commerzbank