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VOL. 124 | NO. 33 | Wednesday, February 18, 2009

STANFORD SHOCKER

Chair of Stanford Financial Group charged with $8B fraud

The U.S. Securities and Exchange Commission has charged a Texas billionaire whose family of companies has deep ties to Memphis with an $8 billion securities fraud.

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.

Appraiser Surrenders License In Fraud Case

Thomas W. Farris Sr. permanently surrendered his license as an appraiser last month after a state investigation determined he engaged in “fraudulent conduct.”

Turley Pushes For Progress On Fairgrounds

Memphis Mayor Willie Herenton and fairgrounds developer Henry Turley met for about an hour in Herenton’s office Tuesday about the uncertain future of the project.

Norfolk Southern Rules Out Pidgeon Park

Norfolk Southern Corp. has officially ruled out Frank C. Pidgeon Industrial Park south of Downtown Memphis for its planned intermodal yard because of logistical reasons, the company confirmed Tuesday.

Local Weather
Currently
Memphis, TN
45.0°F
Fair
Wind: Calm mph
Humidity: 52%

EVENTS

The Sales and Marketing Society of the Mid-South will host a presentation by James Hutto, managing project director for Valeo Design and Marketing, today at 11:45 a.m. at the Holiday Inn Select, 5795 Poplar Ave. Hutto will present “ROI Marketing for Your Business: Driving Top-Line Growth with Your Website.” Cost is $25 for guests and $15 for students. Lunch is included. Guests may pay at the door.

more events »

Wis. Supreme Court Tosses Suit Against Medtronic

MADISON, Wis. (AP) – Patients cannot sue the makers of potentially unsafe medical devices approved for sale by federal regulators, the Wisconsin Supreme Court ruled Tuesday.

GTx Plans to Hire 65 Salespeople, Posts Losses

GTx will hire up to 65 pharmaceutical salespeople this year once the company hears back from the U.S. Food and Drug Administration about a regulatory review of toremifene for the prevention of bone fractures in men with prostate cancer who are on androgen deprivation therapy.

Duncan Named Senior VP For Homewood Suites by Hilton

Bill Duncan has been appointed senior vice president of brand management for Homewood Suites by Hilton and the newly launched Home2 Suites by Hilton.

Lawmakers Raise Concerns Over TDOT Stimulus Money

NASHVILLE, Tenn. (AP) - Tennessee wants to quickly contract out all of its $572 million in federal transportation stimulus money, but some state lawmakers are raising concerns that their districts aren't in line for enough road and bridge projects.

Wal-Mart Reports Better-Than-Expected Q4 Earnings

NEW YORK (AP) - Wal-Mart Stores Inc. said it's still pulling shoppers away from its main rivals and enjoying a rise in customer traffic as the world's largest retailer released better-than-expected fourth-quarter earnings Tuesday.

Largest Banks That Received Aid Cut Lending

WASHINGTON (AP) - The 20 largest banks that received government rescue funds slightly reduced their lending to consumers and businesses in the last three months of 2008, the government said Tuesday.

House Speaker Kent Williams Returns to Legislature

NASHVILLE, Tenn. (AP) - State House Speaker Kent Williams has returned to the Legislature after missing part of last week to attend to his hospitalized mother.

Electric Nissan to Have 100-Mile Battery Range

CHATTANOOGA, Tenn. (AP) - A top Nissan North America executive says the company's new, all-electric car to be sold starting late next year will have 100 miles of pure battery range.

Homeowners' Rallying Cry: Produce the Note

ZEPHYRHILLS, Fla. (AP) - Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.

Liberty Media Deal Staves off Sirius Bankruptcy

NEW YORK (AP) - Liberty Media Corp. will invest $530 million in Sirius XM Radio Inc., fending off a likely bankruptcy for the satellite radio company and blocking a bid by a rival, Dish Network Corp. CEO Charlie Ergen, to take control of Sirius.

Klobuchar Wants Prosecution of Peanut Plant Owner

ST. PAUL, Minn. (AP) - U.S. Sen. Amy Klobuchar is calling for the criminal prosecution of the owner of the peanut-processing company at the center of the national salmonella outbreak that's sickened more than 600 people and been linked to nine deaths.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 46 229 20,995
MORTGAGES 74 248 24,609
FORECLOSURE NOTICES 0 27 8,637
BUILDING PERMITS 478 837 43,174
BANKRUPTCIES 61 177 14,079
BUSINESS LICENSES 12 58 6,459
UTILITY CONNECTIONS 29 114 13,625
MARRIAGE LICENSES 20 67 5,136

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