Billionaire Joseph Lewis buys more BSC

Discussion in 'Wall St. News' started by turkeyneck, Dec 26, 2007.

  1. Dec. 26 (Bloomberg) -- Billionaire investor Joseph Lewis raised his stake in Bear Stearns Cos. for the second time this month while shares of the fifth-biggest U.S. securities firm declined.

    The 70-year-old high-school dropout first bought a 7 percent stake in September and increased it to 8 percent earlier this month. He now owns 9.6 percent, according to a regulatory filing today. That makes him the New York-based company's largest shareholder, according to data compiled by Bloomberg, ahead of James Barrow, who oversees $50 billion as the president of Barrow Hanley Mewhinney & Strauss in Dallas.
  2. Lewis sold December 110, 105, 100, 95, and 90 puts and was obviously assigned on his short puts.
  3. chud


    Blowup waiting to happen.

  4. Maybe so. His adviser in the deal is Bear Stearns. He's dealing with people who sell their own mothers to get ahead.