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Market Update : 
Legg Mason Third Quarter Earnings Call
Author: Maclintosh Kuhlengisa
123jump.com
Last Update: 3:37 PM EST February 19 2001

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The asset management firm realised a 12% drop in net income to $154.6 million or $1.07 a share from $174.6 million or $1.21 a share in 2006 after adjusting for a liquidity charge of $23 million or 16 cents a share as the market remained volatile. The decline in the equity markets was harsh and caused substantial investor worry. The bond markets continued to show significant strain, with little reaction to government stimulation.

 
Raymond A. Mason: It is probably important but not overly. It comes up maybe sporadically. The nature of a lot of Europe has been that asset managing was led by basically bank-related asset managers that tended to run money throughout Europe, and therefore ratings went along with it.
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