Monthly Archives: June 2009

The Downfall Of Legg Mason

Legg Mason, a prominent mutual fund company based in Baltimore, MD, showed its true hand yesterday.   If there is any doubt that this company has learned anything from the bank industry downfall, then let me show you why I doubt it.  

In a year which has seen the following highlights:

Then this comes across the wire on Monday: 

Legg Mason’s Fetting nets $6.5M in 2009 compensation


“In raising Fetting’s compensation, the company’s board of directors considered Fetting’s “accomplishments during the year, including his leadership during one of the worst financial crises of the last 100 years,” Athridge said in an e-mailed statement.

Fetting was credited with helping the company raise $1.15 billion in capital, recruiting new top executives, cutting expenses by $135 million and selling off billions in structured investment vehicles, or SIVs, from the company’s money market funds, Athridge said.”

 

Leadership worth a 39% raise?  Am I missing something or was it Fetting’s leadership that guided the company into these problems?    Yep, wait for it – from Legg Mason’s own site:   

Mark Fetting joined Legg Mason in June 2000 as Senior Advisor focusing on strategy.

In case you didn’t read the article earlier – Baltimore-based Legg Mason (NYSE:LM) lost $1.9 billion for the year ended March 31

Miss Irene’s (Fells Pt)

Cool new pub/restaurant in Fells Pt.    This building was literally falling down the last time I was missireneslogodown there.    We went to John Steven last night to walk along the waterfront and have some beers when we came upon this place (directly across Ann St).    17 draft beers including Belgians (Affligem & Leffe Bruin most notably).   Didn’t have a chance to sample the food but looking around, everyone seemed happy with their selections.

 

Stop in and try this place and let me know what you think.

Natty Boh

 

Being an import into B’more, you quickly realize the mystique around the local brew that was National Bohemian.   I was reminded of this over the weekend as I drove through the Brewers Hill community (just outside Canton, site of the old factory).   Sadly, its no longer brewed here but is still available.  NattyBoh48
Then earlier this morning, I stumbled onto Kasper On Tap with a link to some classic commercials.  

Cheers!