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VOL. 127 | NO. 8 | Thursday, January 12, 2012

Raymond James Buys Morgan Keegan

Raymond James CEO Paul Reilly made it official Wednesday, Jan. 11, announcing the company has bought Memphis-based Morgan Keegan & Co. from Regions Financial in a $930 million deal.

Raymond James statement on Morgan Keegan acquisition

Raymond James Financial's official statement about the Morgan Keegan acquisition:

Preserving the Magic

A. Schwab changes but holds on to history

Decades ago, Abram Schwab had the idea of putting a blues singer with a guitar on a stool somewhere in his general store on Beale Street to help along what was becoming a robust demand for the blues records his store sold.

State Court Adopts Code of Conduct

The last time the ethics rules for Tennessee judges were rewritten the Soviet Union still existed and Tennessee Supreme Court justices ran in contested elections.

Wins Shouldn't Be This Hard For Tigers

Let’s start with the positives. The Tigers have a five-game winning streak. They’re 2-0 in Conference USA heading into the Saturday, Jan. 14, game at Houston. Which means they didn’t lose to a horrid UAB team in Birmingham (but they almost did), and they didn’t give away a game at home against Southern Miss (although they gave it the old college try).

Local Weather
Currently
Memphis, TN
71.0°F
Overcast
Wind: from the Southwest at 17.3 gusting to 29.9 mph
Humidity: 76%

EVENTS

The Council of Supply Chain Management Professionals (CSCMP) Mid-South Roundtable will meet for its annual networking event Thursday, Jan. 12, at 5:30 p.m. at St. Francis Church, 2100 N. Germantown Parkway, Parish Life Center, room 108. Ted Townsend, Greater Memphis regional director of the Tennessee Department of Economic & Community Development, will speak about Gov. Bill Haslam’s jobs initiative. Cost is free. Pizza and beverages will be provided. Space is limited. To register, visit www.cscmp.org or email midsouthcscmp@gmail.com.

more events »

Kimberly-Clark Signs Southaven Lease

Kimberly-Clark Corp., a global manufacturer of hygiene and personal health products, has entered the local industrial market in full force.

Loeb Tells Rotary About Overton Square Plans

Among the first of Bob Loeb’s comments when he addressed the Memphis Rotary Club Tuesday, Jan. 10, was that when his firm finishes the redevelopment of Overton Square, the hope is to pass the Rotarian Four-Way Test.

Memphis Doctor Authors Groundbreaking PAD Study

A Memphis physician has authored a national study centered on the cost and health outcomes for Medicare patients treated for peripheral artery disease (PAD).

MEMPHIS LAW TALK

Hamm Drawn to Burch Porter For Firm’s Public Service

Mary Hamm was probably destined to end up at Burch, Porter & Johnson PLLC, a Memphis law firm with a storied past, a roster of well-known legal talent and a history of social justice work.

LOCAL COLUMNISTS

Don’t Let Possessions Mar the Art Of Investing

Ray’s Take With an erratic stock market and banks paying virtually no interest, it’s no wonder people are looking for alternative investments. There’s been a buzz lately about something I haven’t seen interest in since the 70s – art and collectibles as investments, and I have two words to say about that: Bad idea.

Don’t ‘Beg’ The Question

From a newspaper article: “The question begs: Why go crazy celebrating a victory in late May like it was October?”

STATE GOVERNMENT

Tenn. Lawmakers Want More Time on Redistricting Plans

NASHVILLE (AP) – State lawmakers opposed to legislative redistricting plans are questioning the desire of Republican leaders to pass them so quickly.

Haslam Touts Grant Transparency, Closes Records

NASHVILLE (AP) – Gov. Bill Haslam is touting his proposal for more grants for companies investing in Tennessee as fostering transparency in the state's economic development program. But the Republican has also filed a bill to shield information used to make grant decisions from public view.

Haslam Endorses Romney for President

NASHVILLE (AP) – Republican presidential candidate Mitt Romney has announced that he is being endorsed by Tennessee Gov. Bill Haslam.

REGIONAL

Bankruptcy Judge Signs Off on Yarnell's Sale

SEARCY, Ark. (AP) – A federal bankruptcy judge has signed off on the $1.3 million sale of Searcy-based Yarnell's Ice Cream to Schulze & Burch Biscuit Co.

NATIONAL BUSINESS

Wonder Bread Maker Hostess Seeks Bankruptcy Protection

NEW YORK (AP)Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is seeking bankruptcy protection, blaming its pension and medical benefits obligations, increased competition and tough economic conditions.

Fed Survey Shows Economy Ended 2011 With Strength

WASHINGTON (AP) – The final weeks of 2011 were the economy's best since it seemed to be slipping toward recession in late spring – a shot of optimism for 2012.

Banks Face Bumpy Earnings Season

NEW YORK (AP) – You can usually tell a lot about the health of the U.S. economy by looking at the financial results of banks. They’re the people who finance new factories, plant expansions and fatter payrolls.

Social Tensions Increasing in US Between Rich, Poor

WASHINGTON (AP) – Tensions between the rich and poor in the U.S. are increasing and at their most intense level in nearly a quarter-century, a new survey shows. Americans now see more social conflict over wealth inequality than over the hot-button topics of immigration, race relations and age.

NATIONAL GOVERNMENT

Watchdog: Growing IRS Work Hurting Taxpayers

WASHINGTON (AP) – The Internal Revenue Service can’t keep up with surging tax cheating and isn’t sufficiently collecting revenue or helping confused taxpayers because Congress isn’t giving it enough money to do its job, a government watchdog said Wednesday, Jan. 11.

Supreme Court Wrestles With Medical Leave Case

WASHINGTON (AP) – The Supreme Court wrestled Wednesday with how a federal law that grants workers time off for family and medical reasons applies to state government workers in a case that could affect millions of them.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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The Memphis News: Business, politics, and the public interest.