The Worst Trade Of All Time!
Billionaire (um I mean millionaire) Joseph Lewis disclosed that he paid $1,260,913,899 for his 12,136,724 share stake in Bear Stearns (NYSE: BSC). If the currently proposed deal goes through, this investment is now worth only $28,157,200 - a dramatic loss of $1,232,756,699.
This will go down as one of the worst trades of all time.
In the filing, Lewis noted that he may take actions to protect his investment following this weekend's sale to JPMorgan (NYSE: JPM).