Watchlist Sponsored By :
- End of Europe's 'Suckers' Rally'?
- In a Weak Economy, Quirky Restaurant Ads Yield to Tried and True
- Stock Picks to Make You Stay in May
- Oil Jumps but Energy Stocks Fall
- Boats, Motor Homes Get Caught in Credit Squeeze
- Bonds Gain as AIG Renews Fears Over Credit
- Trade Gap Narrows More than Expected in March
- Harris Looking at Strategic Options: WSJ
- AIG Drags on Dow; Energy Stocks Fall
- European Earnings: Subdued End to the Week
- Google's Back! (Did It Ever Leave?)
- Hot Hybrids: Paying More to Save on Gas
- Ethanol Fights Back
- Lightning Round OT: Prudential, Apple and More
- Airgas CEO: "There's A Lot More to Come"
- Your First Move For Friday May 9th
- Options on TAP
- Sell Block: Coach Gets Sprung
- Fast Message - We Answer Your Questions
- Lightning Round: Sprint, Level 3, Oshkosh and More
Legg Mason Seeks Solutions for Auction-Rate Buyers
Topics:Credit | Housing | Mortgages | Subprime Lending
Companies:Legg Mason Inc
Font size:
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
Loading...
(%)
] said in a statement the seven funds of its affiliates have issued about $672 million of these securities.
Copyright 2008 Reuters. Click for restrictions.
Tools:
Print
Email
Del.icio.us
Digg ItMORE FROM CNBC
Data is a real-time snapshot *Data is delayed at least 15 minutes