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VOL. 124 | NO. 32 | Tuesday, February 17, 2009

Stanford Financial Chairman Charged With $8B Fraud

Crescent Center Memphis Office Raided By FBI

Asking for "emergency relief to halt a massive, ongoing fraud," a complaint issued by the SEC Tuesday alleges the businessman, R. Allen Stanford – chairman of the Stanford Financial Group of companies – schemed to sell about $8 billion worth of certificates of deposit that promise higher returns than would have been available with genuine CDs offered by traditional banks.

Armstrong Rules For MCS In School Funding Lawsuit

Shelby County Chancellor Kenny Armstrong has ordered the city of Memphis to restore more than $57.5 million in funding to the Memphis school system.

State’s Greenest Home Set for Debut

Ten days remain before TERRA house, the sustainable-design demonstration home in Uptown, is unveiled at a ribbon cutting, so Eric Criswell is making sure all the final touches are in place before the public gets a glimpse of what will be the “greenest” residence in Tennessee.

Liquor Stores, Groceries at Odds Over Wine Sales

Memphis liquor stores are asking customers to sign a petition against a bill in the Tennessee Legislature that would permit wine sales at supermarkets and convenience stores.

SEC and FINRA Probe Stanford Financial

Stanford Financial Group Inc., a Houston financial services company with an investment brokerage office in Memphis and which is a benefactor to several causes in Memphis, has caught the eye of federal investigators.

Local Weather
Currently
Memphis, TN
35.0°F
Fair
Wind: Calm mph
Humidity: 67%

EVENTS

The Memphis Rotary Club will meet today at noon at the University Club of Memphis, 1346 Central Ave. Bruce Watts, president and CEO of Fred’s Inc., will speak. Lunch is $18 per person and reservations are required. For reservations, e-mail Taylor Hughes at taylor@memphisrotary.org.

more events »

City Council To Consider Frayser Foreclosure Woes

Steve Lockwood, executive director of the Frayser Community Development Corp., offers a nine-digit figure when quantifying the pain of the housing slump in Frayser, the epicenter of foreclosure activity in Shelby County.

States Face Competing Priorities For Stimulus Cash

NEW YORK (AP) – It may sound like a nice problem for states – figuring out how to spend the billions in infrastructure funding they’ll receive as part of President Barack Obama’s economic stimulus plan.

Hilton Garden Inn Planned For Land Behind Cordova Retail Center

2.76 acres, Cordova, TN 38016, Sale Amount: $1 million -
A Hilton Garden Inn is coming to the vacant land behind Countrywood Crossing shopping center on North Germantown Parkway in Cordova.

"60 Minutes" to Feature Blytheville, Nucor

BLYTHEVILLE, Ark. (AP) - CBS' "60 Minutes" will feature a segment this Sunday about the city of Blytheville and its Nucor Corp. steel plants nearby in northeast Arkansas.

Economic Woes Test Historically Black Colleges

ATLANTA (AP) - Historically black colleges and universities, which for decades have been educating students who can't afford to go – or can't imagine going – elsewhere, have been particularly challenged by the nation's economic meltdown.

Government Pension Agency Braces for Recession

WASHINGTON (AP) - The deepening recession spells trouble for a little-known government corporation that insures the pensions of 44 million workers and retirees.

Lawmakers Differ on Education Funding Proposal

NASHVILLE, Tenn. (AP) - Lawmakers from both parties agree that K-12 education in Tennessee should be a priority, but they disagree over legislation that would fund it out of an education budget separate from the rest of the state's spending plan.

Economy Slowing Tenn. Prison Plans

NASHVILLE, Tenn. (AP) - Prisons officials say the sluggish economy is affecting plans for new correctional facilities in Tennessee.

Report: Glaxo to Cut Prices for Poor Countries

NEW YORK (AP) - Drug maker GlaxoSmithKline PLC says it will cut drug prices to the 50 poorest countries in the world and use 20 percent of its profits from those countries to build health clinics and other infrastructure, according to published reports.

Tennessee's Slow Flu Season Could Get Worse Fast

NASHVILLE, Tenn. (AP) - State health experts say Tennessee's flu season has been unusually light this year but could get worse fast.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 35 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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