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VOL. 123 | NO. 125 | Thursday, June 26, 2008

Herenton: Prosecutors Dropped Ford/Lee Case To Go After Me

In a free-ranging discussion that lasted about an hour, Herenton – who at one point held up a recent copy of The Commercial Appeal to blast its coverage of him – sounded off on one of several recent federal corruption cases. Referring to the decision by federal prosecutors earlier this week to drop charges against former Memphis Light, Gas and Water Division president and CEO Joseph Lee and former Memphis City Council member Edmund Ford Sr., Herenton said the feds wanted to get that case out of the way so they could focus on the mayor.

MCS and City Head to Court

A local stalemate over school funding was the reason Memphis City Schools filed a lawsuit against the city of Memphis last week. At some point, education officials in the state capital could weigh in.

Organization Keeps Kids Out of Courts

Mothers of the NILE has a mission to “reduce the number of children who come into contact with the juvenile justice system.”

Housing Slump Hits MAAR Membership Rolls

Membership in the Memphis Area Association of Realtors (MAAR) declined 8 percent in June compared with the same month a year ago, a sign the housing slump finally is taking a toll on the area’s industry professionals.

Public, Media Barred From Buyout Info Session

NASHVILLE (AP) – State officials have barred reporters and the public from town hall meetings with state employees about Tennessee’s voluntary buyout plan.

Local Weather
Currently
Memphis, TN
66.0°F
Fair
Wind: South at 9.2 mph
Humidity: 54%

EVENTS

The Memphis Regional Chamber will host its Breakfast Forum today from 7 a.m. to 9 a.m. at the Memphis Cook Convention Center, 255 N. Main St. ArtsMemphis will host Neil Archer Roan with the Washington-based Roan Group as the speaker. R.S.V.P. to Ericka Milford at 543-3518 or emilford@memphischamber.com.

more events »

New Home Sales, Prices Both Drop in May

WASHINGTON (AP) – Sales of new homes tumbled for the sixth time in seven months in May while median prices kept plunging, underscoring the depth of the nation’s housing woes.

Rainey Kizer Firm, Reviere Ready for Downtown Move

Russell “Rusty” Reviere is moving Downtown. Well, sort of.

FedEx Opens 2 Gateways to Support Distribution Service

MEMPHIS (AP) - FedEx Trade Networks Inc., a subsidiary of FedEx Corp., has opened two new West Coast gateways to support its distribution service.

Countrywide Shareholders Approve Takeover by BofA

LOS ANGELES (AP) - Countrywide Financial Corp. says stockholders controlling a majority of the mortgage lender's outstanding shares have approved the company's takeover by Bank of America Corp.

Fed Holds Rates Steady for Now

WASHINGTON (AP) - With inflation moving higher on its worry list, the Federal Reserve held interest rates steady Wednesday, ending nearly a year of cuts to bolster the economy, and hinted that the next direction for rates could be up.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 102 224 17,767
MORTGAGES 127 277 20,703
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 176 510 36,326
BANKRUPTCIES 54 146 11,828
BUSINESS LICENSES 21 80 5,640
UTILITY CONNECTIONS 27 147 12,181
MARRIAGE LICENSES 11 60 4,417

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