"​Legg Mason Net Falls on Fund Costs; KKR Buys Notes" writes Bloomberg. Legg Mason'​s earnings fall on "costs to protect its money funds from losses linked to subprime mortgages". Legg owns Western Asset, manager of the Citi money funds. Also, see WSJ article. In other earnings news, "​U.​S. Bancorp Q4 profit falls 21 percent", says the company was hurt by a "loss tied to financial market liquidity problems that led the bank to repurchase asset-​backed commercial paper held in money market mutual funds run by its FAF Advisors unit".

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