The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Freddie's Fall Hits Miller Hard Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, September 09, 2008

Freddie's Fall Hits Miller Hard

News summary by MFWire's editors

The mortgage giant's government bailout threw more fuel on the Value Trust fire in the press. The Balitmore Sun's Hanah Cho reports that Legg Mason Capital Management owned almost 80 million shares of Freddie Mac common stock as of July 31 (12.4 percent, and 17.7 million of those were in the Legg Mason Value Trust on June 30), including 30 million shares that Bill Miller purchased this summer, before it plunged 80 percent from $652.6 million ($8.17 per share) on July 31 to a little over $70 million ($0.88 per share) Monday, in light of the just-unveiled federal rescue of Freddie, as well as Fannie Mae. Cho notes that it's possible that Legg no longer owned the same nearly 80 million shares by the time the bailout came out, and she also talks to Morningstar's Greg Carlson about possibly countervailing positive prospects for Miller and Legg Mason.

The new Freddie Mac-inspired worries about Miller and his Value Trust continue a trend that's come up throughout the summer (see MFWire, July 11, 2008). 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use