Billionaire Takes Huge Stake in Bear Stearns

Billionaire Joseph C. Lewis has bought enough stock to become the largest single shareholder in embattled investment bank Bear Stearns, Reuters reports. The reclusive British-born currency trader bought up $860.4 million in shares over the last month, nabbing a 7% stake. Putnam Investing, the second largest shareholder, owns a 6% stake.

Bear Stearns, heavily involved in mortgage-related investments, has take a beating this year, its share price falling about 35% after the failure of two hedge funds. Stock perked up 0.6% in midday trading trading on the news of Lewis' position. (More banking stories.)