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VOL. 123 | NO. 188 | Thursday, September 25, 2008

Bailout Blues

Corker cautions against politics, wants action in shoring up financial system

U.S. Sen. Bob Corker met privately for more than an hour Sunday in his Washington office with U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.

Bernanke pledges Fed will ‘act as needed’ to help

WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke on Wednesday faced a second straight day of tough questioning on Capitol Hill about the Bush administration’s proposed $700 billion bailout plan.

Local Boutique Firm Changes Name, Forms New Partnership

The Law Firm of William M. Jeter PLLC has changed its name to Jeter and Nahmias PLLC as a result of a partnership between Bill Jeter and Adam Nahmias, a 15-year veteran of the law profession who joined the Jeter firm in January 2007.

Lipscomb: Bass Pro Deal Could Slip Away

The clock is ticking on the Bass Pro Shops deal for The Pyramid, said the Herenton administration’s point man in negotiations with the outdoor retailer.

Council Views School System Claims With Jaundiced Eye

Memphis City Schools Supt. Dr. Kriner Cash this week downplayed the latest changes in his portrayal of the school system’s economic bottom line.

Local Weather
Memphis, TN
Wind: South at 12.7 mph
Humidity: 77%


Memphis Regional Chamber will host a Breakfast Forum today from 7:30 a.m. to 9 a.m. at The Peabody hotel, 149 Union Ave. Dr. Kriner Cash, superintendent of Memphis City Schools, will speak. Cost is $20 for members and $30 for prospective members. To attend, make reservations with Ericka Milford at 543-3518 or emilford@memphischamber.com.

more events »

Burke’s Books Building Reopens As Auto Shop

A new chapter began this week in the home of the former Burkes’ Book Store at 1719 Poplar Ave. in Midtown. After months of extensive renovations and additions to the 84-year-old structure, it has reopened as Steve’s Tire & Auto Service Center.

Barnes Joins Crone & Mason’s Intellectual Property Group

Kenneth E. Barnes recently joined Crone & Mason PLC as an attorney focusing on patent and trademark protection. He received both his bachelor’s and master’s degrees from the University of Memphis, and he graduated earlier this year with a juris doctorate from the U of M’s Cecil C. Humphreys School of Law.

Bailout: Accord on Chiefs' Pay, Bush on TV Tonight

WASHINGTON (AP) - The White House bowed on a crucial change in the $700 billion financial bailout plan Wednesday, and President Bush readied a prime-time speech to the nation as the administration scrambled to pull loudly resistant lawmakers onboard and stave off a deepening economic crisis.

AIG Takes $85B Deal from Fed

CHARLOTTE, N.C. (AP) - American International Group Inc. may have agreed to take the U.S. government up on a two-year, $85 billion loan to help stave off bankruptcy, but now the nation's largest insurer faces an FBI investigation.

Pentagon Budget Hits New Record in Spending Bill

WASHINGTON (AP) - The House on Wednesday took up a $630 billion-plus spending bill awarding the Pentagon a record budget while giving generous help to U.S. automakers and victims of hurricanes and floods.

Exec Pay Limits Gain Support as Bailout Questioned

WASHINGTON (AP) - Executives whose companies get a piece of the $700 billion government bailout will have their pay packages strictly limited under proposals that are broadly supported by both Republicans and Democrats in Congress.

Goldman Raises $5 Billion in Public Stock Offer

NEW YORK (AP) - Goldman Sachs Group Inc., seeking to improve not only its balance sheet but its standing with investors, has undertaken a huge capital-raising program that includes an investment of at least $5 billion from Warren Buffett and a common stock offering for another $5 billion.

Health Insurance Costs Grow More Gradually in 2008

WASHINGTON (AP) - Health insurance premiums rose a modest 5 percent this year for coverage that's getting skimpier, researchers say.

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PROPERTY SALES 80 401 13,843
MORTGAGES 99 439 16,005
BUILDING PERMITS 233 998 28,755
BANKRUPTCIES 49 276 8,926

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