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VOL. 124 | NO. 139 | Friday, July 17, 2009

Hot Flavor: Plain Vanilla

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.

In ’08, TARP Thrown Over Finance Industry

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.

Q2 Bankruptcies Rise 6 Percent

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.

Norfolk Southern Selects Fayette County Site

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.

Gabardi, Metropolitan Bank Thrive Despite Recession

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.

Local Weather
Currently
Memphis, TN
82.0°F
A Few Clouds
Wind: South at 5.8 mph
Humidity: 88%

EVENTS

MPACT Memphis will have a lunch with Shelby County Mayor A C Wharton Jr. today at noon at Pearl’s Oyster House, 299 S. Main St. The lunch is for members only. To R.S.V.P., contact Joy Turner at jturner@mpactmemphis.org or 528-8340.

more events »

Chairmanship Battle a Preview Of Coming Political Landscape

The political fortunes of the Shelby County Democratic Party haven’t been this high in awhile.

June Air Cargo Up; Delta Makes ‘Strong Statement’

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’s Unemployment Rate Rises Slightly

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.

Environmentalists Seek to Bar TVA Nuclear Reactor

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.

Itawamba CC Plans Its Largest Ever Expansion

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.

Firefighter Criticizes Sotomayor Over Ruling

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."

Lawmakers Frustrated With Foreclosure Aid Programs

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.

CIT Won't Get Bailout, Raising Bankruptcy Prospect

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.

Budget Umpire: Health Care Bills Would Raise Costs

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.

Lawmakers Say Paulson Bent to Demands of Bank CEO

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.

JPMorgan Profit Surges on Investment Banking Gains

CHARLOTTE, N.C. (AP) - The banking industry has another winner.

Marriott Q2 Profit Declines 76 Percent

NEW YORK (AP) - As businesses continued to scale back on travel in the recession, Marriott International Inc.'s second-quarter profit fell 76 percent.

Foreign Demand for US Financial Assets Down in May

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.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
MARRIAGE LICENSES 20 111 2,290

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