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Article: Legg Mason's $255M Loss a First.(Financial report)(Brief article)
- Article from:
- American Banker
- Article date:
- May 7, 2008
- Author:
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Legg Mason Inc. posted the first quarterly loss in its history Tuesday.
Its net loss for its fiscal fourth quarter, which ended March 31, was $255.5 million, or $1.81 a share. Analysts were expecting an 84-cent loss, according to Thomson Reuters.
For the year-earlier period the Baltimore money manager reported a profit of $172.5 million, or $1.19 a share.
Mark Fetting, Legg Mason's president and chief executive officer, said that it took a $291 million charge related to money market funds exposed to risky securities, and that the loss was wider than expected.
It also took a charge of $94.8 ...