Lewis takes $1 billion hit from Bear Stearns

[ben_meyers]

By Marc Jones
26 minutes ago

LONDON (Reuters) - Even the most successful investors can get it horribly wrong, as reclusive British tycoon Joe Lewis has just found out.

The septuagenarian British billionaire currency trader last year built a stake approaching 10 percent in Bear Stearns (BSC.N), a U.S. investment bank weakened by the subprime crisis and widely seen as a takeover target.

The speculation was half right. JP Morgan (JPM.N) set a deal to buy the stricken bank over the weekend, but at a knockdown $2 a share, implying a loss for Lewis of more than $1 billion.

Lewis on Monday called the takeover offer "derisory," according to U.S. business news channel CNBC, and said he does not expect JP Morgan to be successful in closing the deal.

Currency trader is too kind for this guy. Read a little about his "currency speculations' and vulture fund dealings. He and partner George Soros caused the collapse of the British Pound in the early 90's, and made billions on that manipulation.
http://news.yahoo.com/s/nm/20080317/bs_nm/bearstearns_joelewis_dc_2

He won't be out on the streets anytime soon, but some people will because of him.