Legg Mason Provides Money Market Fund Update, saying "Legg Mason, Inc. today announced additional support for four money market funds with exposure to securities issued by Structured Investment Vehicles and other similar conduits (SIVs). Legg Mason also announced that it had renewed for one year a total return swap with a major banking institution in support of $355 million of SIV securities. In addition, to provide flexibility during a time of prolonged market turmoil, Legg Mason has obtained amendments to its existing debt covenants," said the company in a press release. Mark R. Fetting, the company's CEO, commented, "Legg Mason continues to manage its resources and to take proactive steps in support of our money market funds during difficult market conditions. Today's actions give us financial and operating flexibility to handle potential further market deterioration. We are actively pursuing a number of options to eliminate exposure to SIVs in the money market funds." See also, WSJ's "Legg to Offer Aid to Funds With SIV Assets".
