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Politics : American Presidential Politics and foreign affairs

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To: Peter Dierks who wrote (26870)	3/18/2008 11:41:14 AM
From: DuckTapeSunroof	Read Replies (1) of 71588

Bear Stearns' second largest shareholder could lose $850M By Jon Nones 17 Mar 2008 at 11:57 AM resourceinvestor.com Bloomberg reports: Joseph Lewis, the second-largest shareholder of Bear Stearns, may have lost $850 million after the securities firm took emergency funding from the New York Federal Reserve and JP Morgan Chase. The billionaire investor accumulated a 9.4% stake last year as New York-based Bear’s stock declined 47% amid the collapse of the subprime mortgage market. He paid an average of about $107 apiece for his 11 million shares, according to a US Securities and Exchange Commission filing. JPMorgan announced Sunday night that it would acquire Bear Stearns for $236.2 million in a deal that was fast-tracked by the federal government to avoid a bankruptcy. The price represents roughly 1% of what the investment bank was worth just 16 days ago. Bear Stearns shares fell $26.26, or 87.5%, to $3.74, above the shockingly low price of $2 per share that JPMorgan Chase is paying, while JPMorgan rose $2.88 to $39.39.

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