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Disclosure Insight Report: Legg Mason Inc. (LM)
Sweeping Generalizations Bury an SEC Investigation
Confirmed, Undisclosed SEC Investigation – Maintained on Watch List.
Legg Mason is playing a game common among the financial companies: The use of sweeping generalizations to bury a bunch of bad stuff in your filings. To our view, it’s a sleaze-ball disclosure game aimed more at covering a company’s butt than disclosing anything of substance investors can use to assess what are, at times, very real risks to a company.