Jay Hancock's blog: Fannie Mae down to $1 a share - Business news: Stock markets, banks and economic observations with columnist Jay Hancock

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September 8, 2008

Fannie Mae down to $1 a share

Ouch ouch ouch ouch. Fannie Mae shares fell to $1 this morning on news that the government will take over the company and much of its ownership. Brother Freddie Mac is down to $1.40. Legg Mason, which owns a huge piece of Freddie, is up $1.25 to close to $46. The thinking: Legg's funds will get killed by the Freddie implosion, but if the bailout leads to an overall financial recovery, Legg's boat will rise, too.

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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