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VOL. 123 | NO. 141 | Monday, July 21, 2008

Steady as She Goes

Q2 court filings on par with last year

Memphis City Schools in June filed a lawsuit in Shelby County Chancery Court against the city of Memphis because of the City Council’s cutting of nearly $70 million in funds for MCS.

Cooper Offers $10,000 to Prove Jury Tampering in Ford Case

Ten individual businesspeople are each putting up $1,000 on the condition of anonymity, Cooper said.

Federal Reserve Bank Branch Ends Check Processing

The long-awaited staff cuts at the Memphis branch of the Federal Reserve Bank of St. Louis became a reality over the weekend as 36 check processing employees were formally laid off, slashing its workforce of 136 by about a quarter.

Freddie Mac CEO Gets $19.8 Million in 2007

NEW YORK (AP) - Freddie Mac Chairman and Chief Executive Richard Syron pocketed nearly $19.8 million in compensation last year, according to a Securities and Exchange Commission filing Friday, even though the mortgage company's stock lost half its value in 2007.

Feds Eye More Charges for Bear Stearns Executives

NEW YORK (AP) - Prosecutors say they expect to bring more criminal charges against two former Bear Stearns hedge fund managers already charged with lying to investors about the collapse of the subprime mortgage market.

Medtronic Paid New CEO Bill Hawkins $7.1 Million

WASHINGTON (AP) - Medtronic Inc., the world's largest medical device maker, paid new Chief Executive Bill Hawkins compensation valued at $7.1 million for fiscal 2008, according to a proxy statement filed Friday.

School Funding War Wages in Court

The term “whale” is used in the world of casino gaming to describe the kind of gambler able to bet millions of dollars.

Freddie Mac Moves Toward Issuing Stock

NEW YORK (AP) – Mortgage financier Freddie Mac took a step toward issuing common and preferred stock to help bolster its balance sheet Friday when it completed a filing with the Securities and Exchange Commission.

Muddy’s Bake Shop Offers Creativity, Creature Comforts

Kat Gordon, the owner of Muddy’s Bake Shop LLC, didn’t even realize when she opened the business Feb. 29 that it would mean the store could only have a “real” birthday every four years.

Starbucks to Close Nine Area Stores

SEATTLE (AP) – Starbucks Corp. has named all 600 company-owned stores it plans to close in a bid to boost its business and weed out unprofitable locations, including a number in the Memphis area.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 31 327 17,870
MORTGAGES 49 409 20,835
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 129 800 36,616
BANKRUPTCIES 51 243 11,925
BUSINESS LICENSES 21 117 5,677
UTILITY CONNECTIONS 0 175 12,208
MARRIAGE LICENSES 29 121 4,478

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