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34.036.965 von LBR am 06.05.08
14:09:26die auch?
Legg Mason Inc. posted a bigger-than expected loss, its first as a
public company, after bailing out money-market funds hurt by
investments in debt backed by subprime mortgages.
The fiscal fourth-quarter net loss was $255 million, or 1.81 cents
a share, compared with a profit of $172.5 million, or $1.19 a
share, a year earlier, the Baltimore-based fund manager said in a
statement today. Revenue fell 6.4 percent to $1.07 billion.
Legg Mason lined up $1.97 billion in financing since November,
including $1.25 billion from private-equity firm Kohlberg Kravis
Roberts & Co., to prevent losses by three money- market funds.
The funds bought debt issued by so-called structured investment
vehicles, or SIVs, that held securities backed by subprime
mortgages. Legg Mason said the financing costs cut earnings by $291
million. It also wrote down management contracts by $94.8
million.