VOL. 124 | NO. 139 | Friday, July 17, 2009
Banks return to basics as high-flying corporate days underscore missteps
The Federal Reserve Bank of San Francisco in April reached an agreement with a bank holding company there limiting its activities in several areas, including the payment of dividends.
One of the storylines that emerged in late 2008 and grew to become a symbol of the financial industry’s excess and Washington’s newfound regulatory zeal is a four-letter word: TARP.
For anyone reading tea leaves looking for the next direction of the economy – in particular, consumer activity – an ominous trend emerges from second quarter bankruptcy filings in Memphis.
Wick Moorman, CEO of Norfolk Southern Corp., made it official Thursday: The company is bringing a $129 million intermodal facility to 570 acres in southwest Fayette County.
Metropolitan Bank president and CEO Curt Gabardi doesn’t live in Memphis, but he spends enough time in the city to call it his home away from home.
The political fortunes of the Shelby County Democratic Party haven’t been this high in awhile.
Thursday morning’s Memphis-Shelby County Airport Authority board of commissioners meeting yielded a couple of “Yea’s” and even a “Hallelujah” when the June activity reports were unveiled.
Tennessee Commissioner of Labor & Workforce Development James Neeley announced today Tennessee’s unemployment rate for June was 10.8 percent, up 0.1 percentage point from the May rate of 10.7 percent.
KNOXVILLE, Tenn. (AP) - Five environmental groups petitioned federal regulators Wednesday to block the only commercial nuclear reactor now under construction in the United States – an unfinished 1970s-era reactor the Tennessee Valley Authority is working to complete after three decades in mothballs.
TUPELO, Miss. (AP) - Itawamba Community College has purchased a former furniture plant and plans to use the building for the largest expansion in school history.
WASHINGTON (AP) - Frank Ricci, the white firefighter who recently won his reverse discrimination case at the Supreme Court, said Thursday that an unfavorable ruling by Sonia Sotomayor and other judges "divides people who don't wish to be divided along racial lines."
WASHINGTON (AP) - Lawmakers vented Thursday about the government's inability to solve the nation's housing woes as fresh data showed foreclosure filings continued to rise.
WASHINGTON (AP) - CIT Group Inc. shares tumbled more than 70 percent Thursday as its inability to get emergency government funding raised expectations that the commercial lender will file for bankruptcy protection.
WASHINGTON (AP) - Democrats' health care bills won't meet President Barack Obama's goal of slowing the ruinous rise of medical costs, Congress' budget umpire warned on Thursday, giving weight to critics who say the legislation could break the bank.
WASHINGTON (AP) - Lawmakers accused former U.S. Treasury Secretary Henry Paulson on Thursday of bending to the demands of a major bank and keeping negotiations of a hefty bailout secret in his rush to stabilize financial markets last year.
CHARLOTTE, N.C. (AP) - The banking industry has another winner.
NEW YORK (AP) - As businesses continued to scale back on travel in the recession, Marriott International Inc.'s second-quarter profit fell 76 percent.
WASHINGTON (AP) - Foreign demand for long-term U.S. financial assets dropped by the largest amount in four months in May, as Japan and Russia trimmed their holdings of Treasury securities.