Bear Stearns' Wild-Card Shareholder
Joseph Lewis' big bet on Bear Stearns (BSC) is looking like a big mistake. Since the billionaire investor came on board last September, upping his stake three months later, the stock has been in a death spiral. The latest hit: a nearly 7% plunge following the expected news on Jan. 8 that James Cayne would step down as chief executive of the beleaguered investment bank. In all, Lewis, the single largest shareholder in Bear, has watched the value of his 10% stake erode from $1.2 billion to $840 million.
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