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Winners & Losers
Financial Winners & Losers: Fannie Mae
05/06/08 - 04:35 PM EDT
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- Monday's Financial Winners & Losers
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U.S. money manager Legg MasonLM fell 10.3% to $56.30 after reporting its first loss ever. The company was forced to bail out money market funds that were exposed to risky securities. Swiss bank UBSUBS announced a loss of $10.9 billion and said it will cut 7% of its employees and dump $15 billion of its subprime and mortgage-based securities out of its portfolio. Shares closed down 54 cents to $33.77. Merrill LynchMER shares were down fractionally after the firm disclosed in a regulatory filing that "various governmental entities" have requested information regarding the recent failures in the auction rate securities market. The firm said it intends to "vigorously defend itself" in two lawsuits in U.S. District Court claiming it failed to disclose materials facts about the securities when the market ran into trouble earlier this year. Shares closed down 5 cents to $51.35. Countrywide FinancialCFC also closed down fractionally after the mortgage lender defended its bankruptcy servicing practices before a Senate subcommittee. Shares finished down 2 cents to $5.34.
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