Banking & Finance

Lawmakers ask pension board to keep annuity plan in-house

October 21, 2013
 The Statehouse File
A legislative commission recommended Monday that pension officials scrap a proposal to privatize one part of the state retirement benefit system.
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Cyber bandits are finding new ways into bank vaultsRestricted Content

October 19, 2013
Chris O'Malley
Corporate account takeovers are high stakes for heists.
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REED: Indiana's bank, thrift stocks fully recoveredRestricted Content

October 19, 2013
John Reed
Most remember well the financial crisis that led to the Great Recession. The problems were complex and big, and there were many villains and many more victims.
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Simon’s 20-year run has made investors a bundle

October 19, 2013
Greg Andrews
Simon Property Group now is the largest real estate company in the world and has a stock market value of $59 billion. That’s $6 billion more than Eli Lilly and Co., not that Simon's hypercompetitive CEO, David Simon, has noticed.
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Parade of settlements continues for local securities firmsRestricted Content

October 19, 2013
Chris O'Malley
A third securities firm in the region has been slapped with sanctions by federal regulators.
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S&P 500 pushes further into record territory

October 18, 2013
Associated Press
General Electric, Morgan Stanley and Google all rose after reporting higher earnings than financial analysts were expecting. Google topped $1,000 a share for the first time.
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Indiana-based Springleaf's shares rise after $336M IPO

October 16, 2013
Associated Press
Springleaf Holdings Inc. provides non-prime consumer loans through a network of 834 offices and online.
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Training firm Adayana seeks bankruptcy protection

October 16, 2013
Jeff Newman, Bloomberg News
Indianapolis-based training firm Adayana Inc. said it sought Chapter 11 bankruptcy reorganization this week after two years of unsuccessfully trying to restructure its debts out of court.
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Investment pool head seeks GOP state treasurer nod

October 15, 2013
Associated Press
TrustINdiana investment pool director Kelly Mitchell emailed GOP county chairs over the weekend to announce she's running for the office.
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Poll: Half of older workers delay retirement plans

October 14, 2013
Associated Press
Some 82 percent of working Americans over 50 say it is at least somewhat likely they will work for pay in retirement, according to a poll released Monday.
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After stock zooms up, Internet bank aims higherRestricted Content

October 12, 2013
Greg Andrews
Shares of First Internet Bancorp have more than doubled since December, when founder and CEO David Becker boosted the visibility of the stock by announcing it was shifting from the over-the-counter market to NASDAQ.
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Lilly stock shrugs off analyst downgrade

October 11, 2013
Associated Press
The drugmaker has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations to big sellers and drug-development setbacks, a Jefferies analyst wrote.
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Stonegate snares less than expected in IPO

October 10, 2013
 IBJ Staff
The Indianapolis firm debuted Thursday on the New York Stock Exchange at $16 per share, well below the anticipated range of $20 to $22. In total, Stonegate's 7.1 million shares garnered $114 million.
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Obama to nominate Yellen as Bernanke successor

October 8, 2013
Associated Press
President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the nation's central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed.
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Stonegate expects to raise up to $156M in IPO

October 8, 2013
Chris O'Malley
The Indianapolis mortgage originator will debut Thursday on the New York Stock Exchange, the first local firm to go public since ExactTarget in 2012.
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Moody's lowers Citizens' credit ratings on $2.6B in bonds

October 8, 2013
Dan Human
The credit rating service has stuck with a “stable” outlook for Citizens’ ability to repay its debts. But an Oct. 3 report cites concerns across all the operations at the Indianapolis-based utility.
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Stocks fall as government shutdown hits new week

October 7, 2013
Associated Press
Until now, the stock market has mostly moved sideways since the shutdown began at the start of the month, indicating that investors still expect lawmakers to come up with a deal.
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Families hoard cash five years after financial crisis

October 6, 2013
Associated Press
One of the biggest drags on the economic recovery is fear. Households are hoarding cash, spending cautiously, avoiding debt, and shifting investments into low-yield (but potentially safer) holdings. When done on a global scale, such prudent moves can starve the economy.
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Butler students learn by investing $1.2M from endowmentRestricted Content

October 5, 2013
Chris O'Malley
Butler’s 5-year-old, student-managed investment fund is believed to be the single largest such fund among colleges in Indiana. That big pot of money brings pressure on students.
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Indiana bank cutting 80 workers after merger

October 4, 2013
Associated Press
Citizens Financial Bank president Daryl Pomranke said all the layoffs will be of employees in support roles such as operations and technology
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Indiana sues estate of alleged Ponzi schemer

October 3, 2013
Associated Press
The state has gone to court to freeze the assets of the estate of a dead Kokomo investment adviser so the money can provide possible restitution to victims of a Ponzi scheme who might include former National Football League players.
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Lilly to buy back $5B as sales goal harder to reach

October 3, 2013
Bloomberg News, J.K. Wall
Eli Lilly and Co. said Thursday that meeting its sale target will be a challenge. It plans to repurchase $5 billion in shares and introduce new diabetes drugs to help navigate through patent losses. Another immediate hurdle: Obamacare.
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Stocks rise as investors weigh effects of shutdown

October 1, 2013
Bloomberg News
Markets on Tuesday weren't fazed by the the first partial government shutdown in 17 years. Open enrollment for Obamacare exchanges helped WellPoint shares.
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Stonegate Mortgage IPO a test of housing recoveryRestricted Content

September 28, 2013
Chris O'Malley
Stonegate Mortgage—potentially the first company in Indianapolis to go public since ExactTarget in 2012—plans to entice investors with a nationwide expansion, a diversified income stream, and the prospect that federal reforms will benefit such loan aggregators.
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Durham backers who exited early now taking financial hitRestricted Content

September 21, 2013
Greg Andrews
A group of elite Indianapolis investors who cashed out before Tim Durham's financial empire collapsed have reached a settlement with a bankruptcy trustee requiring them to give most of their money back.
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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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