Jay Hancock's blog: Legg stock falls on worries Citi might sell its stake - Business news: Stock markets, banks and economic observations with columnist Jay Hancock

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November 5, 2007

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."

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.

Follow @jayhancock1 on Twitter