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VOL. 124 | NO. 92 | Tuesday, May 12, 2009

First Indictment In Stanford Financial Probe Names Holt

The chief investment officer for Texas financier Allen Stanford’s business empire before regulators shut it down three months ago is now the first Stanford executive indicted after a sweeping probe of the organization.

More Cash Available for First-Time Buyers

The Memphis Area Home Builders Association is launching a program that will allow first-time homebuyers to borrow their down payments from the organization’s nonprofit division and repay it from their $8,000 federal tax credits.

County Commission Greenlights Mortgage Lender Lawsuit

Plan for 100 Layoffs Back To Committee

The Shelby County Commission has approved moving forward with a lawsuit against an unidentified group of mortgage lenders for discriminatory lending practices.

Bank Stock Offerings Weigh on Financial Shares

NEW YORK (AP)KeyCorp, which is among 10 major U.S. banks ordered by the government to raise more capital as a buffer against future losses, joined several other banks Monday in announcing public stock offerings.

Trustmark Expected to Hit Confident Note At Meeting

Trustmark Corp. chairman and CEO Richard Hickson told an audience at last week’s Gulf South Bank Conference that his bank is ready to ride out the economy’s storm.

Local Weather
Memphis, TN
Mostly Cloudy
Wind: West at 17.3 mph
Humidity: 76%


The Memphis Chapter of eWomenNetwork will host a program titled “How to be a Business Magnet” today from 8:30 a.m. to 12:30 p.m. at the Hilton Memphis, 939 Ridge Lake Blvd. The workshop will be led by trainer and business coach Saralyn Collins. Cost is $65. For more information, visit www.ewomennetwork.com.

more events »

GTx Prepares for Market Launch

GTx Inc. is exploring whether to hire its own sales force or partner with another entity as it prepares to transition from a company almost exclusively involved in research and development to one with its own products.

Stimulus Money Skips Needy Areas

WASHINGTON (AP) – Counties suffering the most from job losses stand to receive the least help from President Barack Obama’s plan to spend billions of stimulus dollars on roads and bridges, an Associated Press analysis has found.

Neuvo Salon Files Permit For New East Memphis Location

5158 Wheelis Drive, Memphis, TN 38117, Permit Amount: $712,367 -
Neuvo Salon has filed a $712,367 permit application with the city-county Office of Construction Code Enforcement to build a two-story, 4,700-square-foot salon at 5158 Wheelis Drive in East Memphis. The building will sit on a half-acre lot on the north side of Wheelis off South White Station Road.

Speaker Wary of GOP Bid to Resurrect Voting Bills

NASHVILLE, Tenn. (AP) - A Republican lawmaker's attempt to resurrect three voting bills is raising concerns about delaying the conclusion of the legislative session.

Senate to Vote on Loaded Rifles, Shotguns in Cars

NASHVILLE, Tenn. (AP) - The Tennessee Senate is scheduled to vote on whether to allow people with handgun carry permits to transport loaded rifles and shotguns in their vehicles.

Tenn. Proposes: Pull Up Your Pants or Pay a Fine

NASHVILLE, Tenn. (AP) - Tennessee is trying to become the first state to prod teenagers to pull up their britches by kicking them in their wallets.

US FDA Approves Dissolvable Version of Lamictal

LONDON (AP) - The U.S. Food and Drug Administration has approved a dissolvable version of GlaxoSmithKline PLC's blockbuster drug Lamictal, the company said Monday.

AIG Sells Japan Headquarters for $1.2 Billion

CHARLOTTE, North Carolina (AP) - Embattled insurer American International Group Inc. said Monday it is selling its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash.

US Plans New Antitrust Effort

WASHINGTON (AP) - The Obama administration warned corporate America on Monday that the government will more aggressively investigate big firms that hurt smaller competitors, contending that lax enforcement by the Bush administration contributed to the current economic troubles.

US Red Ink Rising Even Higher, to $1.8T

WASHINGTON (AP) - The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.

Industry Makes Effort on Health Care Costs

WASHINGTON (AP) - President Barack Obama praised the health care industry's promise to cut $2 trillion in costs over 10 years, but lawmakers questioned how much it really helps in coming up with a solution for the millions of uninsured.

GM CEO Says Tasks Are Large to Avoid Bankruptcy

DETROIT (AP) - Bankruptcy protection for the nation's biggest automaker is becoming more probable with a deadline just over two weeks away, the company's top executive told reporters Monday.

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PROPERTY SALES 79 396 11,921
MORTGAGES 90 443 13,870
BUILDING PERMITS 191 975 25,139
BANKRUPTCIES 56 289 7,762

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