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.
