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VOL. 124 | NO. 142 | Wednesday, July 22, 2009

UPDATE: Herenton Again Raises Doubts About Departure

Election Commission Sets Tentative Oct. 27 Election Date

Memphis Mayor Willie Herenton has again raised the possibility that he might not leave office on July 30. That possibility comes the same week that Herenton wondered aloud why reporters doubted that he would leave next week.

Stanley May Talk Today About Extortion Allegation

The TBI is investigating an alleged attempt to extort $10,000 from state Sen. Paul Stanley, of Germantown.

Morgan Keegan Draws Heat From SEC, Ala. Agency

Two regulatory bodies took enforcement action against Memphis-based Morgan Keegan & Co. Inc. Tuesday morning.

County Clerk's Office Corruption Probe Goes Federal

The probe of corruption at the Shelby County Clerk’s office moved into federal court Tuesday afternoon as four people pleaded guilty to federal charges.

Local Logistics Industry Embraces Norfolk Southern Expansion

Although Norfolk Southern Corp.’s planned $129 million intermodal yard won’t be built within the city limits but instead in neighboring Rossville, Memphis’ logistics and distribution industries stand to benefit from the railroad’s decision to expand its local presence.

Local Weather
Currently
Memphis, TN
44.0°F
Fair
Wind: Northwest at 9.2 mph
Humidity: 71%

EVENTS

The Shelby County Commission Ad Hoc Committee on Reappraisals will meet today at 9 a.m. in the fourth floor committee room of the Shelby County Administration Building, 160 N. Main St. The “Reinventing Government Tour” meeting, hosted by commission Chairwoman Deidre Malone, will meet at 10 a.m. For more information, call Steve Summerall at 545-4301.

more events »

Feds Try to Halt Civil Case Against Stanford

The U.S. Department of Justice wants a federal judge in Texas to put the brakes on the first stages of a civil fraud case filed in February against Texas financier R. Allen Stanford and several former subordinates.

Nuisance Actions Keep Piling Up

When Memphis police arrived to close Hughes Uptown this past weekend, the North Memphis nightspot’s security guards bailed out of their golf cart and left behind two handguns – a .45 caliber and a .40 caliber semi automatic pistol.

Memphis Music Foundation Elects Bell Chairman

Al Bell has been elected the new chairman of the Memphis Music Foundation.

Regions Financial Loses $244M in Q2

BIRMINGHAM, Ala. (AP)Regions Financial Corp., parent company of Memphis-based Morgan Keegan & Co. Inc., reported Tuesday it recorded a loss during the second quarter as it nearly tripled its provision for loan losses – a problem nearly all banks are facing amid the ongoing recession.

Earnings Preview: UPS

ATLANTA (AP) - UPS Inc., the world's largest shipping carrier, is scheduled to report second-quarter results on Thursday. The following is a summary of key developments and analyst opinion related to the period.

Caterpillar Q2 Profit Falls 66 Pct on Weak Demand

Caterpillar Inc.'s second-quarter profit tumbled on slumping sales of heavy equipment and the cost of staff cuts, but it saw signs that the global economy is starting to stabilize after a prolonged slide.

Some Bailout Firms Up Lobbying Spending in Q2

WASHINGTON (AP) - As Congress spent much of the last three months looking at ways to tighten regulations on financial institutions, some of the biggest recipients of the government's $700 billion bailout increased their spending on influencing legislators.

CIT Says Bankruptcy Filing Still a Possibility

NEW YORK (AP) - CIT Group Inc. said in a regulatory filing Tuesday that it might have to file for bankruptcy protection if not enough bondholders participate in a recently launched debt exchange.

Bernanke Says Fed Can Take on Supercop Role

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from lawmakers wary of expanding the Fed's duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place.

Drug Industry, Pfizer Lead in Health Lobbying

WASHINGTON (AP) - The drug industry's trade group and one of the nation's biggest pharmaceutical companies reported spending more money than other health care organizations on lobbying in the second quarter of this year.

Senior Democrats Call on Treasury to be More Open

WASHINGTON (AP) - Two senior congressional Democrats are calling on the U.S. Treasury Department to make the $700 financial bailout program more visible and accountable to taxpayers.

McClatchy Cost Cutting Yields Surprising Q2 Profit

SAN FRANCISCO (AP) - McClatchy Co.'s second-quarter profit more than doubled as a cost-costing spree that wiped out one-third of the newspaper publisher's staff offset the loss of more advertisers and subscribers.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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