Will billionaire Joe Lewis be wiped out by Bear? - Top Stocks Blog - MSN Money
 
Search Top Stocks:

Will billionaire Joe Lewis be wiped out by Bear?

Posted Mar 17 2008, 02:00 PM by Douglas McIntyre
Rating:
Filed under: , ,

Billionaire Joe Lewis invested in Bear Stearns, buying as much as 10% of the brokerage firm.

Now, he may be out over $1 billion. On Sunday, the Times wrote that Lewis has lost about $800 million on his investment. That was before Bear Stearns accepted a $2 per share offer from JP Morgan.

Lewis's holding company Tavistock Group owns the Isleworth golf course in Windermere, Florida, and has stakes in companies including sporting-goods maker Puma AG, luxury-car maker Bristol Cars Ltd. and Ambrx Inc., a genetics-engineering firm. Tavistock is also developing real estate in Orlando, Florida, and the Bahamas, according to the Sydney Morning Herald.

It is probably safe to expect that he will not own all of those businesses come next month.

Back to Top Stocks Digg this | Email this | Link to this
Comments

 

yes, I  would like to know if the  CEO of Bear Stearn will get the juicy bonuses these jerks get after being the head of a sinking ship.

JBTocks (Posted 03.17.08 3:40 PM) Report Abuse

Something is very wrong here. A company with this many assets CANNOT lose this much value in 4 DAYS! This is something the Feds should investigate BEFORE the deal with J.P. Morgan can go through.

Jonathan Simmons (Posted 03.17.08 3:41 PM) Report Abuse

While Mr. Lewis' losses are unfortunate, think of the many non-billionaires who are losing their investments, expecially those held in 401Ks and 403Bs.  What Bush has allowed to happen on his watch to our economy makes we wonder why no one has declared George Bush to be a terrorist!  Bush and his lack of leadership has ruined America more than any terror group could hope to do.  I can't imagine our country could suffer much more than it has by Bush's domestic terrorism

Dr, Lynn Lofthouse (Posted 03.17.08 3:55 PM) Report Abuse

Hopefully they have enough money for Alan Shwartz buyout package.  Just last week he was touting the company was inn good shape. That make him ether clueless a liar or perhaps both.

G. Hunter (Posted 03.17.08 4:25 PM) Report Abuse

Here we go again. I remember when the Japenese bought downtown LA at very high prices only to see those sellers move downtown to the west and take the tenants with them. Foreign investors have a history of losing it all when investing in any sort of real estate backed equities. Remember Pebble Beach Golf Course.

rex w. young (Posted 03.17.08 4:28 PM) Report Abuse

Maybe if the 1% would spend some of thier money on investments in manufactoring in America and not just trying to take advantage of everyone else these things wouldn't happen. I for one am a small business owner sales of about $4,000,000 yearly. I try to buy American when I can and always use local small companies when I can to help out the real employers of America. All these big companies are laying off or moving off shore to save some money. When all the jobs are gone and we are working for another country maybe you will get the message!!! Bad loans to people who can't afford a home and have don't have to show their real incomes, WHAT WERE THEY THINKING?? they knew they could sell the bad debt to the greedy Wall Streeters. Then have the rest of us bail them out using the Fed Reserve....Where did all the money go when they sold the bad loans??? Oh ,I know it went million dollar bonuses on Wall Street, Thats where!!!

Its time that we look at what we are as people, and try to do whats right, not just make money for the stockholders...SMARTEN UP PEOPLE!!!!

Kevin Fagan (Posted 03.17.08 4:33 PM) Report Abuse

seres him right to hold that much in one company.  Where did he learn his economics? In Russia with the Clintons?!  JPower

jack power (Posted 03.17.08 4:41 PM) Report Abuse

what a  shame.........poor people   lost the money  and  directors  and  other   BRASS will  take their  million  dollar pay outs ..and    sold  at  ridiculous price of   $2.00.....thhe  whole  team  should  go to jail  and  their  assest be  sold to pay  for  liitle  guys

mike (Posted 03.17.08 4:44 PM) Report Abuse

right now, loss is all relitive. We are all takeing it in %$$%

john (Posted 03.17.08 4:44 PM) Report Abuse

It's nice to see someone with money taking one in the shorts instead of all the little guys like us all the time. Touche!

Matt (Posted 03.17.08 4:50 PM) Report Abuse

1 2 3 4 > Last

Send a Comment

Comments must be directly related to the blog entry. Comments with offensive language will be deleted. Your e-mail address won't be displayed.

(please, no HTML tags. Web addresses will be hyperlinked):