"JP Morgan Chase is close to sealing a deal to buy stricken investment bank Bear Stearns at a discounted price of $2bn-$2.2bn"
From left to right: J.P. Morgan - Bear Stearns
Posted on 03/16/2008 3:35:53 PM PDT by bjs1779
JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns.
The 71-year-old currency trading tycoon, who runs his empire from the Bahamas, holds almost 10% of the bank's shares. Bear’s shares fell 40% on Friday to $27, after it secured a 28-day credit lifeline to stave off collapse.
Lewis began building a stake in Bear last September, when the shares were changing hands for more than $100.
The huge paper losses could force Lewis to sell out of some of his other positions, according to traders, in order to meet margin calls from his lending banks.
Related Links Fear now stalking Canary Wharf The week Wall Street turned from Bear Stearns Bear Stearns stands on the brink of collapse or break-up this weekend. The bank’s woes come as Wall Street braces itself for another week of pain.
Some of America’s biggest financial institutions are set to announce first-quarter figures showing fresh losses and write-downs of billions of dollars.
(Excerpt) Read more at business.timesonline.co.uk ...
Is this the start of rich people jumping out of office windows on Wall Street?
If things get worse he can always get a job as a greeter at Wal-Mart.
If the mussies nuke something.. the market is toast..
He can just call for some hookers from the Emperor’s VIP Club to make him feel better..... ooops, they may not be in business anymore! Well I trust he will find solace elsewhere for his lost $800 million....
I think you meant to post that on Kos.
The "Brown Bomber?" :0)
JP Morgan Chase close to Bear Stearns dealSee http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/17/cnbear117.xmlJP Morgan Chase is close to sealing a deal to buy stricken investment bank Bear Stearns at a discounted price of $2bn-$2.2bn (£986m-£1.08bn).
Frankly, given the open Borders and what I see as relative incompetence at Homeland Security, I am very surprised we have not seen an attack.
Illegals kill Americans everyday, what more do you want?
"JP Morgan Chase is close to sealing a deal to buy stricken investment bank Bear Stearns at a discounted price of $2bn-$2.2bn"
From left to right: J.P. Morgan - Bear Stearns
I think you meant to post that on Kos.
No, I am sick of CEO’s like those at BS earning 20-40 million then have our govt bail them out with taxpayer money and them nearly go bankrupt. Why should the CEO’s get paid so much for bankrupting a company and why should taxpayers bail them out? What about those who were responsible and conservative in their investments, they are taking it in the shorts now. Look at Senior citizens and those on fixed income, their interest earnings are dropping to next to nothing and inflation and taxes will eat up the rest in order for the govt to “save” select greedy opportunists who got caught holding the bag.
No, the IRS did worse to him.
Hmm... now I don’t feel so bad about about my $3,000 loss due to Global Crossing’s implosion.
Interesting, BSC shares actually fell 47.37%, to $30 a share, not 40%; but what does it matter. And down from a buck fifty not that long ago.
Why are you here, freak?
And your point is?
I would love to know of any major stock positions he gets forced out of. Lenders are ruthless in selling stock fast to get their money back. This can create an arbitrage situation, buying the stock that gets hammered for a rebound.
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