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Banking & Finance
ECONOMIC ANALYSIS: Ignorance, not greed, soured soup at Lehman Brothers
September 22, 2008
Mike HicksThe collapse of Lehman Brothers and the widespread stock sell-off it engendered is a bit scary. It shows those of us on Main
Street that more than a year after the subprime mess became daily news, significant and sophisticated financiers still grapple
with the effect on their firms. They are now far less significant and sophisticated than they once believed. I'm still uncertain
as to how this will end. The U.S. and world economies will emerge stronger, more vibrant and...
MoreCity Securities' strategy: Stay true to your roots: State's oldest investment bank avoided Wall St. woes
September 22, 2008
Peter SchnitzlerIn recent days, as some of Wall Street's most storied institutions teetered, the mood at Indiana's largest and oldest investment
firm was almost serene. City Securities Corp. managers tracked news tickers and consulted CEO Mike Bosway, who was on vacation
in Ireland, via his BlackBerry. But their biggest concern wasn't the financial underpinnings of their own company. It was
tumbling stock prices, which depressed the value of the portfolios of their 15,000 clients. Bosway saw no need to rush home...
MoreTough economy touching all industries, but some are hurting more than others
September 22, 2008
Anthony Schoettle, Cory SchoutenStock markets are falling, jobs are disappearing, and the outlook for the economy seems grim. Banks, real estate developers, retailers and manufacturers are taking the worst hits, but all types of businesses in central Indiana are hurting. From health care to technology, education to philanthropy, every industry is trying to take the setbacks in stride.
Experts: Building boom not over: Big projects wind down, but new ones fill pipeline
September 8, 2008
Scott OlsonThe completion of $2 billion in city construction projects has left a gaping hole in contractor job schedules-as wide as when
the roof opens at Lucas Oil Stadium. Even so, industry leaders remain optimistic about staying busy despite the combination
of a tepid economy and the end of a local boom that stretched the limits of the labor pool. The $1.1 billion airport midfield
terminal project, the $715 million stadium and $150 million Central Library expansion helped to create so...
MoreVIEWPOINT: Advancing manufacturing is key to future
September 1, 2008
Joseph HornettWe've all heard it: Our economy is creeping to a crawl. Skyhigh oil prices, a weak housing market and the struggling U.S.
dollar are discouraging consumers and business owners alike. Fears about our nation's fiscal health are shaking broader confidence
in the banking industry, the system of global trade, and even our public image abroad. In the face of such adversity, it's
helpful to remember that Americans have faced daunting challenges in the past. In tougher times, such as the...
MoreBEHIND THE NEWS: Banker ready to make Salin a force in state's largest city
August 25, 2008
Greg AndrewsAlvin "Kit" Stolen is back atop an Indianapolisbased bank, albeit one many locals have never heard of. But Salin Bank & Trust
Co. has big plans to get noticed-and get customers-here. After establishing strong market positions in south-central and northern
Indiana, it finally has its sights on the center of the state. For now, Salin has just one Indianapolis-area branch, its headquarters
near Keystone at the Crossing. But plans are in motion for two Hamilton County locations. And while bank...
MoreDeveloper pegs Plainfield for spec office building: Local real estate brokers question potential demand
August 18, 2008
Scott OlsonNow a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar
with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres
along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building.
Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer.
Infrastructure work...
MoreMurky motive adds intrigue to Old National loan saga
August 18, 2008
Greg AndrewsIn the buttoned-down world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong
reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes
it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing
the wrongdoing for personal gain.
MoreBEHIND THE NEWS: Murky motive adds intrigue to Old National loan saga
August 18, 2008
Greg AndrewsIn the buttoneddown world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation
is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential
losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing
for personal gain. There are no allegations, for instance, of setting up fictitious borrowers to scoop up bank cash on his...
MoreDeveloper pegs Plainfield for spec office building: Local real estate brokers question potential demand
August 18, 2008
Scott OlsonNow a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar
with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres
along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building.
Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer.
Infrastructure work...
MoreStadium scores Colts 30-percent sponsorship increase: Entertainment in 14 themed areas starts four hours before kick-off;
strategy gains notice from other NFL teams
August 11, 2008
Anthony SchoettleThe Indianapolis Colts will score almost $18 million annually through their new stadium's title sponsorship and deals with
14 founding sponsors, each of which has its own themed area of the stadium's interior. Including sponsor agreements for two
massive video boards at each end of the stadium, a narrower video board circling the upper reaches of the lower bowl, and
other in-stadium deals, the Colts should bring in $20 million, 30 percent more than in the RCA Dome, according to...
MoreSURF THIS: Finding a stray $500-a hint of what Mint can do
August 4, 2008
Jim CotaI received an email the other day offering some suggestions to save about $500 a year through a variety of basically painless
financial moves. Most consisted of suggestions like "move this account, which is making next to nothing, to this bank where
they'll pay you 4 percent." The email also recommended that I build an emergency fund, provided a list of all my account balances
(everything from banking to credit cards to investments), pointed out the top purchases of the...
MoreBEHIND THE NEWS: News from the front lines: More tough times ahead
August 4, 2008
Greg AndrewsThe past 12 months have been hard to take, with all the gloom-anddoom headlines about the weak housing market, subprime credit
crisis and softening economy. We're all ready for some good news. Unfortunately, I can't provide it here. That's because executives
on the front lines of Indiana business-those most tuned in to the twists and turns of the state's economy-aren't ready to
call a turnaround yet. In second-quarter conference calls with analysts, the executives are trumpeting their firms' ability
to...
MoreSPORTS: NASCAR: Good for the city, not so fun to watch
July 28, 2008
Bill BennerDepending upon when IBJ lands in your hands, the 15th Allstate 400 at the Brickyard will be either coming to or going from
the Indianapolis Motor Speedway. So let's talk racin'. Let me begin by saying how pleased I am that Tony George took that
giant leap in 1994 and welcomed NASCAR to the hallowed openwheel grounds of IMS. By most accounts, the Brickyard 400 instantly
became the second-most-coveted prize on the NASCAR circuit and it has remained in that...
MoreGoing mobile: Local executive carves niche as national expert on fast-growing banking-industry technology trend
July 28, 2008
Scott OlsonMove over home computer, the more nimble mobile phone and competing handheld devices have taken the helm as the hippest ways
to conduct banking business online. What's more, an Indianapolis banking executive is at the forefront of the mobile-banking
information movement and is promoting the benefits on a blog he created that is attracting scores of new viewers each month
from around the world. Brandon McGee, 34, may keep bankers' hours at the downtown office of the Columbus, Ohio-based Huntington...
MoreBank-run scenes create concerns: IndyMac situation unlikely in Indiana, but customers should check out stability of their
banks, experts warn
July 28, 2008
Cory SchoutenIt was a scary scene, reminiscent of the Great Depression: Customers lined up outside California's IndyMac Bank branches to
withdraw deposits after a bank run led to the bank's failure. The images have driven some central Indiana customers-businesses
and individuals-to take a more critical look at the strength of their banks and the safety of their deposits. Even as financial
stocks rallied in mid-July, the risk remains for more bank failures. Dismal earnings reports and massive write-downs continued
in recent...
MoreINVESTING: Why Anheuser-Busch bid resonates in Indianapolis
June 30, 2008
Ken SkarbeckOne of our sister Midwestern cities is locked in a fight for its corporate identity. A n h e u s e r- B u s c h , maker and
distributor of Budweiser brand beers-and the corporate icon of St. Louis-is engaged in a $46.3 billion takeover battle for
its survival as a U.S.-based company. The would-be acquirer is Belgium-based InBev, the second-largest brewer by volume in
the world. London-based SABMiller, who in 2002 bought Miller Brewing in Milwaukee,...
MoreCommentary: Wishing Nat City a speedy recovery
June 30, 2008
Mickey MaurerOn June 19, The New York Times business section led with an article titled, "Regional Banks are Rocked." The accompanying
graphic indicated that National City Bank lost 86 percent of its market value since the beginning of this year. No wonder.
The news has not been good. On June 10, Peter Raskind, chairman and CEO of National City, acknowledged publicly that on Feb.
5, the bank had been placed under a memorandum of understanding by the comptroller of the currency....
MoreNetworks help practices extend their reach:
June 30, 2008
Scott OlsonOutside of Indiana, the local law firm of Bose McKinney & Evans LLP has a nominal presence in Washington, D.C., and Raleigh,
N.C. Yet, the midsize practice with roughly 130 lawyers in Indianapolis is handling an immigration issue for a fellow firm
in India and is encouraged about prospects in Argentina, Colombia and Puerto Rico. Global gigs typically are reserved for
larger rivals with an international scope. But scores of firms that want to expand their reach, without the risk...
MoreConseco wins $29M judgment in latest round of legal war
June 23, 2008
J.K. WallConseco Inc. has won another round in court against former Merchants National Bank CEO James D. Massey this month, ringing
up a $29 million judgment against him in a court in Illinois. But Massey shows no sign of throwing in the towel in the years-long
litigation over millions he borrowed to buy Conseco stock. Massey was a director of Conseco from 1994 to 2000.
MoreDirector pay rising with demands on corporate boards: Some members manage to serve multiple Indiana public companies; median
compensation exceeds $59,000
June 23, 2008
Peter SchnitzlerJoe Ruffolo learned a great deal over 35 years as an executive at PepsiCo., Squibb Corp., Reynolds Aluminum and North American
Van Lines. Now running his own investment banking company, Fort Wayne-based Ruffolo Benson LLC, Ruffolo also holds seats on
a halfdozen company boards. Executive compensation experts say that's too much on one plate. Ruffolo is one of a handful of
Hoosiers who serve as independent board directors of more than one Indiana-based public company. Experts say it's an increasingly...
MoreMore manufacturing? Maybe Butler did it: University's accelerator helps plants boost business
June 16, 2008
Scott OlsonTen years ago, Bob McAfee bought SaniServ, an 80-year-old Mooresville institution that pioneered the making of softserve ice
cream machines for restaurants. Despite the manufacturer's longevity, a handful of competitors-one of them much larger and
two roughly the same size-had cut into market share, causing SaniServ's annual revenue to stall at about $10 million. Determined
to improve upon the figure, but unsure how to go about it, McAfee turned to the Butler Business Accelerator. The 2-year-old
consultancy on the Butler...
MoreBEHIND THE NEWS: Steak n Shake roadblock sends dissident on detour
June 9, 2008
Greg AndrewsSince he began scooping up shares of The Steak n Shake Co. last year, dissident investor Sardar Biglari has been forthright
about his intentions. Perhaps to a fault. The Texan's investor group in January laid out its strategy in a 10-page letter.
First, it would push to elect two of its representatives to the nine-member board at the annual meeting. Then, it would ask
shareholders to call a special meeting, where he hoped they would replace the majority of the...
MoreVOICES FROM THE INDUSTRY: One man's trash is a gold mine for privacy violations
May 19, 2008
Joan AntokolNational pharmacy chains such as CVS and Walgreens are not the only ones to experience "dumpster-diving" by investigative
reporters. These drugstores were merely the first to be featured in media reports about customers' personal information being
disposed of without being destroyed first, a violation of state and federal privacy laws. Diving in Local reporters have since
rummaged through the trash of mortgage brokers, title insurance companies, fitness centers, banks, law firms, hospitals and
government organizations. While searching through the trash,...
MoreSymphony Bank results keep hitting sour notes: CEO hopes to succeed by taking bank 'to the people'
May 19, 2008
Cory SchoutenSymphony Bank's palatial branch along East 96th Street-outfitted with a copper roof, towering domed ceiling and heated parking
lot-was designed to telegraph wealth and stability. But instead, the $5 million Taj Mahal became the most prominent symbol
of the bank's excesses and one reason the startup has lost money every year since its founding in June 2005. The bank, which
has no other branches, has torn through two management teams and piled up annual losses of $2 million or more...
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Many serial killer types and psychopaths work as lowly bureaucrats, just waiting to impose their wrath on a powerless person, child, or pet. Don't forget, the BTK killer was a dog catcher.
If a television station wants to improve viewership, get rid of the local blackout. I was born by the brickyard, and have attended 15 or more races. I have children now, I won't attend unless circumstances are perfect. As those with growing families know, they never are. I'm always impressed that upwards of 250,000 people attend the 500. However, as a growing, or, more apt, sprawling city, Indianapolis and its immediate suburbs count almost 2.2 million. Show the race live, let the venue get a kick-back on revenues, and open-wheel racing might have a fighting chance to be relevant again. Just in time for those tax-payer lights to make sense.
John Moore, I too have had the same issue recently. A property next to my house was on the Land Bank and I was interested in purchasing. When I tried to contact Reggie, I got back emails that had nothing to do with what I asked about. Actually my latest response from him was on this past Friday. I had asked about how to buy the property and if it was still available. His response to me was to contact the mayor's office to get the schedule of his appearances. (???) Hopefully the city is able to do something to fix what this guy has done, it would be nice if they would take the properties back and sell them properly so land owners like me and you mother would have a fair chance.
I too work in the industry, with over 25 years of experience and your political spin has probably nothing to do with any rebranding. "Let's dress it up" would have nothing to do with the government "telling us how and what to eat." Give it a political rest. And being a producer for a radio show doesn't mean you've been involved in advertising and branding for 30 years.
Ms. Morris did not understand the ways of the business world, otherwise, like the IMS, she could have petitioned the State Legislature for a handout of State Funds for her charity work. Ms. Morris should consider becoming a state lobbyist for Lemonade Stand Operators.