Billionaire a friend indeed to Cayne, says report

The British billionaire who bought a 7% stake in Bear Stearns was just helping out a friend, the New York Post reported.

Joseph Lewis, the British billionaire who bought a 7% stake in The Bear Stearns Cos. Inc., was just helping out a friend, the New York Post reported.
Bear Stearns Chief Executive James Cayne is a pal and bridge buddy of Mr. Lewis, according to a Post source, shaking speculation that Mr. Lewis would attempt to somehow utilize his sudden position as one of the bank’s primary shareholders.
Bear Stearns suffered as a result summer’s subprime-mortgage defaults, and since Monday, when the SEC filings revealed that five of Mr. Lewis’ firms purchased nearly 8.1 million shares for $860.4 million, the stock has improved, closing yesterday up 14 cents at $107.64.
The Post also reported that Mr. Lewis has maintained a longtime account at and trading relationship with Bear Stearns.
Mr. Lewis made hundreds of millions of dollars from a string of start-up businesses and a holding company he owned through the 1970s, and then shifted to currency trading once he moved to the Bahamas in 1979.
Over the next decade, Mr. Lewis amassed his billions through successful currency trading.