Investors looking to buy Bear Stearns

Reports indicate that several parties, including Warren Buffet, are interested in purchasing part of Bear Stearns, the investment bank who has seen a lot of trouble by the sub-prime collapse.  Their stock fell almost 22% based on concerns that losses in mortgage-backed bonds will slow its profit growth.

In June, two hedge funds managed by Bear Stearns collapsed because of bad bets on subprime mortgages. The losses helped trigger a month-long rout in credit and stock markets worldwide.

Lewis, widely known as a contrarian investor who purchases depreciated assets, began acquiring shares of Bear Stearns when he paid $860.4 million for a 7% percent stake.

Next up?  Warren Buffet, the CEO of Berkshire Hathaway and second wealthiest man, Bank of America, Wachovia, and two Chinese companies, Citic Group and China Construction Bank, are looking to acquire a significant stake in Bear Stearns.