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VOL. 126 | NO. 122 | Thursday, June 23, 2011

Morgan Keegan Settles Fraud Claim, Sale Possible

Regulators have announced a roughly $200 million settlement with Morgan Keegan & Co. Inc. in a fraud case several agencies brought against the firm last year.

‘Changing the Scene’

Mayors cite need for economic inclusion on final day of MMBC fair

The Memphis Minority Business Council wrapped up its fourth annual Economic Development Fair at the Memphis Cook Convention Center with a roundtable featuring the mayors of Memphis, Shelby County, Germantown, Bartlett and Collierville discussing the role of minorities and women in local economic development.

Ware Takes Diversion Deal

Former Memphis City Council member Barbara Swearengen Ware has taken diversion in the official misconduct case that led to her suspension from the council late last year and her resignation from the council effective Wednesday.

Orchards of Collierville Sells for $15.7M

The Orchards of Collierville – a 226-unit apartment community at 400 Orchard Circle W. – has sold for $15.7 million.

New Pinnacle CEO Gets Base Pay of $425K

Pinnacle Airlines Corp. of Memphis has reached a contract agreement with its new president and CEO, Sean Menke.

Local Weather
Memphis, TN
Partly Cloudy
Wind: from the South at 11.5 gusting to 20.7 mph
Humidity: 67%


Methodist North Hospital will host a free seminar on congestive heart failure Thursday, June 23, from 11 a.m. to1 p.m. at the hospital, 3950 Covington Pike, suite 250. Dr. Claro Diaz, cardiologist with Sutherland Cardiology Clinic, will speak. The event is free and open to the public. To register, call 888-777-5959.

more events »

Strong Q4 Positions FedEx For Growth

FedEx Corp. beat expectations with its fourth quarter and year-end earnings report on Wednesday, June 22, as founder, chairman and CEO Fred Smith struck a decidedly optimistic tone about the economy.

Council Approves ‘Right-Sizing’ Budget, Tax Hike

While the Memphis City Council left the city property tax rate at $3.19 as it ended the budget season Tuesday, June 21, it added 18 cents to the tax rate on a one-time basis with a separate resolution.

SCOTUS Wal-Mart Decision a ‘Watershed’ Case

The dust is still settling from this week’s ruling by the U.S. Supreme Court in a sex discrimination lawsuit against Wal-Mart Stores Inc.

Janikowski Touts Crime Fighting Success to CRE Group

Although Memphis is often labeled by local and national media as a leader in violent crime and one of the nation’s most dangerous cities, the crimes that make up those rankings are spread across the entire Memphis metropolitan area.

Mayor Wharton Shares Minority Biz Plans

Memphis Mayor A C Wharton Jr. told a minority business forum his administration will begin questioning those who want to do business with the city about their use of minority and locally owned businesses in general.

Ware Resigns From Council

Memphis City Council member Barbara Swearengen Ware resigned Wednesday, June 22, from the district 7 council seat she held since Dec. 1994.

Faughnan Acts as Lawyer’s Lawyer

Brian Faughnan sees his law practice as a window to just about every other area of the law. The special counsel at Thomason Hendrix Harvey Johnson & Mitchell PLLC focuses his practice on ethics as well as first amendment law, media law and business litigation.


But Still …

Philip Martin, columnist for the Arkansas Democrat-Gazette, began his Sunday piece awhile back with a quote from “The Winner’s Manual: For the Game of Life” by Jim Tressel:

Tip Credit And Your Biz

Mid-South restaurants and bars are having a tough time in this economy making ends meet. Fewer people are eating out, and when they do, they watch how much they spend. Owners are looking to cut costs wherever they can. Some may be tempted to cut down on costs by cutting the guaranteed money they pay their wait staff. Any owner so tempted should resist that temptation, because the ramifications could be disastrous.


Haslam Expects to Approve Higher Ed Tuition Hikes

NASHVILLE (AP) – Gov. Bill Haslam doesn't plan to stand in the way of proposed tuition hikes at Tennessee's two higher education systems.

Eastman Chemical to Buy Sterling Chemicals

KINGSPORT, Tenn. (AP) – Industrial chemical maker Eastman Chemical Co. signed a deal to buy Sterling Chemicals Inc. for $100 million in cash, boosting Eastman's market share in more environmentally friendly plastic products.


Haslam Wants 700 Fewer Bills Introduced Next Year

NASHVILLE (AP) – Gov. Bill Haslam wants Tennessee lawmakers to file 700 fewer legislative proposals next year.


Hedge Funds Come Under New US Gov't Oversight

WASHINGTON (AP) – Hedge funds will face closer scrutiny under rules approved Wednesday that seek to protect investors from excessive risks and prevent another financial crisis.


Fed Acknowledges Economy is Growing More Slowly

WASHINGTON (AP) – The Federal Reserve acknowledged Wednesday that the economy is growing more slowly than it expected. But it said it will complete its $600 billion Treasury bond buying program by June 30 as planned and announced no further efforts to boost the economy.

Bernanke Says Some Economic Problems May Persist

WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke says some of the problems that are slowing the U.S. economy could persist into next year.

Post Office Suspends Retirement Contributions

WASHINGTON (AP) – The financially troubled Postal Service is suspending its contributions to its employees' pension fund.

CBO: Debt Crisis Looms Absent Major Policy Changes

WASHINGTON (AP) – A new report says that the national debt is on pace to equal the annual size of the economy within a decade, levels that could provoke a European-style debt crisis unless policymakers in Washington can slam the brakes on spiraling deficits.


Big City Got You Down? Stress Study May Show Why

NEW YORK (AP) – This may come as no surprise to residents of New York City and other big urban centers: Living there can be bad for your mental health.

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PROPERTY SALES 95 253 13,695
MORTGAGES 96 261 15,827
BUILDING PERMITS 250 500 28,258
BANKRUPTCIES 57 178 8,828

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