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VOL. 124 | NO. 38 | Wednesday, February 25, 2009

Democrats Pull Off Commission Trick

Before this week’s meeting of the Shelby County Board of Commissioners, Commissioner Steve Mulroy was offering magic tricks. Moving a foam cup with static electricity was the trick of the day at that point.

Federal, State Rules Limit Stem Cell Research

Proponents of embryonic stem cell research are waiting for President Barack Obama to overturn a 2001 directive from President George W. Bush that prohibits federal funding, but in Tennessee there are also state restrictions on the research regardless of who pays for it.

Bankers, Politicians Discuss State Of Industry

By the end of this month, small groups of bankers, homebuilders and Realtors will have taken turns trekking to Legislative Plaza in Nashville. They all will have faced a legislative committee whose chairman, Germantown resident Paul Stanley, wanted to hear them answer a basic question, each in their own way:

Accredo Earnings Hit Record $8 Billion

Memphis-based Accredo Health Group Inc., a pharmacy benefit manager for people who need specialty drugs, reached $8 billion in revenues last year, a company record.

Medtronic To Disclose Physician Payments

NEW YORK (AP) – Following years of pressure, medical device maker Medtronic Inc. will begin disclosing how much money it gives physicians in various consulting and other payments, though the reporting threshold is far less than currently proposed legislation.

Shanker Named Partner At Wyatt, Tarrant & Combs

Jill Uiberall Shanker has become a partner at Wyatt, Tarrant & Combs LLP. Shanker is a member of Wyatt’s Corporate and Securities Team.

FINRA Names Richard Ketchum Chief Executive

WASHINGTON (AP) – The brokerage industry’s self-policing organization on Tuesday named veteran regulator Richard Ketchum as its new chief executive officer. He promised tough action against financial fraud at a time when investor confidence is shaken.

Tenn. State Employees Keep Protections Under Bill

NASHVILLE, Tenn. (AP) - State employees targeted for layoffs could be moved to another agency to avoid losing their job under a bill aimed at helping Gov. Phil Bredesen minimize the number of job cuts.

Bills Aim to Give Tenn. Bond Selling Flexibility

NASHVILLE, Tenn. (AP) - A proposal that would authorize Tennessee to use bonds to fund capital projects is among several bills moving through the Legislature that would give the state flexibility in selling bonds.

Tenn. Board of Regents May Suspend Search

NASHVILLE, Tenn. (AP) - The Tennessee Board of Regents may suspend its search for a new chancellor to lead the 180,000-student system of universities, community colleges and technical schools.

AIG Looking at Alternatives for Government Loan

CHARLOTTE, N.C. (AP) - Beleaguered insurer American International Group Inc. is apparently asking for its fourth loan from the federal government just days before it is expected to report a fourth-quarter loss.

2008 Pay Jumps to $8.1 Million for SunTrust Chief

MINNEAPOLIS (AP) - SunTrust Banks Inc. paid James M. Wells III, its president and chief executive, almost $8.1 million in total compensation last year, a 75 percent jump from the prior year, driven by stock awards made before the worst of the banking crisis set in.

Gov't Looks to Quell Nationalization Fears

WASHINGTON (AP) - The U.S. government on Tuesday sought to quell concerns that the administration is moving toward nationalization of the country's ailing financial system, but said it would provide additional support to banks that do not have an adequate buffer to survive in an even worse economy.

Lehman Plans to Spin Off Venture Capital Arm

NEW YORK (AP) - Lehman Brothers says it plans to spin off its venture capital unit to an investment group that will include managers of the business for an undisclosed price.

Thomson Reuters Posts Higher Q4 Profit

NEW YORK (AP) - Thomson Reuters Corp. reported increased profit and sales Tuesday on last year's acquisition of the Reuters news service, topping Wall Street earnings estimates.

Target Q4 Profit Falls 41 Percent Amid Downturn

NEW YORK (AP) - Target Corp. said Tuesday its fourth-quarter profit fell 41 percent, hurt by the consumer spending slowdown, and said it will expand food offerings and bolster its private-label brands.

Office Depot Posts $1.54B Loss for Q4

NEW YORK (AP) - Office Depot Inc. said Tuesday it lost $1.54 billion in the fourth quarter as hefty charges for a restructuring that included facility closings and job cuts and sharply lower sales weighed on the office supply chain.

Home Depot Reports 4th-Quarter Loss of $54M

CHICAGO (AP) - The Home Depot Inc., which has suffered under the weight of the collapsing housing market, reported a fiscal fourth-quarter loss of $54 million Tuesday mostly due to its plan to shut its four smaller home-improvement brands.

GOP Head: Ideology Not Cause for Williams Ouster

SHELBYVILLE, Tenn. (AP) - Ideology didn't factor into Tennessee Republican Party Chairwoman Robin Smith's decision to kick House Speaker Kent Williams out of the party, she says.

Lawmakers Get New Shot to Close Gun Permit Records

NASHVILLE, Tenn. (AP) - Tennessee lawmakers are ready again to try to muzzle state records that list who has a permit to carry a concealed handgun, and this time they are considering making it a crime to publish information about gun ownership.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 307 21,073
MORTGAGES 82 330 24,691
FORECLOSURE NOTICES 66 93 8,703
BUILDING PERMITS 0 837 43,174
BANKRUPTCIES 63 240 14,142
BUSINESS LICENSES 17 75 6,476
UTILITY CONNECTIONS 25 139 13,650
MARRIAGE LICENSES 10 77 5,146

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