New York Exchange bans short-selling Legg Mason
This morning the New York Stock Exchange expanded the list of financial companies that are temporarily immune to short selling. Legg Mason is among them, as is M&T Bank Corp. and General Motors (which has a huge finance wing). Shorting a stock is when you sell borrowed shares in the expectation the price will fall. If it does, you buy the shares at the lower price, remit the shares to the lender and make money. Gang short-selling is blamed for much of the trauma in recent days.
As of 10:20 Legg is down about $2.
