Last week's headlines

Legg Mason bolsters more money market funds

July 06, 2008

5th such action tops $2 billion

Legg Mason Inc. said it will take a $265.3 million charge in the quarter ended Monday, more than half of it to shore up more money market funds invested in troubled asset-backed securities. This is the fifth time since last year that the Baltimore money manager has stepped in to buttress money market funds managed by its subsidiaries, for a total of $2.147 billion.

McCreight joins Under Armour

Under Armour founder Kevin Plank is splitting his job, bringing in a veteran retail executive as president of the Baltimore athletic wear company as it transforms itself from upstart to major player. David McCreight, who was most recently president of Lands' End, will report to Plank and be responsible for the core businesses, which include footwear, apparel and accessories.

Nonprofits lead in job growth

Nonprofits are continuing to drive employment growth in Maryland, a new report suggests. Nonprofit jobs grew almost three times faster than for-profit employment in 2006, according to the Johns Hopkins Center for Civil Society Studies and the Maryland Association of Nonprofit Organizations. Nonprofit jobs rose 2.9 percent from 2005 to 2006, the most recent numbers available.

MiddleBrook CEO steps down

After eight years of struggling to make a success out of MiddleBrook Pharmaceuticals, chief executive officer and founder Edward M. Rudnic agreed to step down after a management shake-up and a $100 million investment from a private Chicago investment firm. It is the company's latest effort to bring its version of a time-released antibiotic to market.

Best year yet for city arena

1st Mariner Arena, Baltimore's indoor sports and concert arena, had its best year financially last year and is on track to surpass that performance this year, managers of the aging facility say. The arena's net income - from ticket sales and concessions - has risen in each of the past three fiscal years, reaching a record $638,410 in fiscal 2007, according to financial statements.

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