Joe Lewis, a British billionaire, has lost $800 million from investing in Bear Stearns (NYSE: BSC). Lewis has almost 10% of the brokerage company’s shares.
According to the Times ‘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."
Lewis still has the money to buy a tin cup.
Douglas A. McIntyre