Legg stock falls on worries Citi might sell its stake
Stock in Baltimore financial house Legg Mason was down more than $4 this morning on the bad news from Citigroup, although it has been steadily recovering. Citi still owns a big chunk of Legg stock, resulting from a deal two years ago in which Citi got Legg's brokers and Legg got Citi's asset-management business. There is concern that the reeling Citi might sell the Legg shares to raise cash. Also, Wachovia downgraded Legg this morning to "underperform."
