"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, March 14, 2008

Bear Stearns shares crash 42% - Joe Lewis has lost US$600 Mn.

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 , Royal Bank of Scotland and JPMorgan -- had stopped giving prices to the U.S. bank.

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(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish