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Friday, December 28, 2007

Legg Mason Bails Out Cash Funds

by Calculated Risk on 12/28/2007 06:57:00 PM

From Bloomberg: Legg Mason Shores Up Cash Funds With $1.12 Billion

Legg Mason Inc. pumped $1.12 billion into two non-U.S. cash funds to prevent losses, the biggest bailout by a money manager tied to asset-backed debt sold by structured investment vehicles.

The move, along with an earlier cash infusion, will reduce earnings per share by 15 cents in the quarter ending Dec. 31, the Baltimore-based company said today in a statement.
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