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Legg Mason Seeks Solutions for Auction-Rate Buyers
Topics:Credit | Housing | Mortgages | Subprime Lending
Companies:Legg Mason Inc
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U.S. money manager Legg Mason said Friday it is exploring solutions to provide liquidity to holders of auction-rate preferred securities issued by seven closed-end funds of its affiliates.
Closed-end funds issue these securities to borrow and boost returns. However, the credit crunch has disrupted the market for these securities and rendered them illiquid.
Legg Mason [LM
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] said in a statement the seven funds of its affiliates have issued about $672 million of these securities.
Copyright 2009 Reuters. Click for restrictions.
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