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ECONOMIC ANALYSIS: Revised economic data show pronounced growth

Can government really create jobs? That’s a question candidates in the throes of a political campaign, whose rhetoric promises endless prosperity, will sometimes put to economists like me. My answer has always been that there is a lot our leaders can do to destroy jobs, but very little they can do to create them, at least in the short run. But recent events have caused me to reconsider this. Our government, or more accurately, the statistical agencies we employ to…

EYE ON THE PIE: Do we need agriculture department?

Indiana’s General Assembly reflects Hoosier values. It wants to make us more like other states. If others have daylight-saving time, so should we. This is called progress. If others have a Department of Agriculture, so should we. This, too, is called progress. The idea that we should differentiate ourselves from others, that we should find new solutions to problems, is not examined. Let’s look at House Bill 1008, which would create an Indiana Department of Agriculture. This proposal was given…

Smoke carries economic toll: Ban backers cite health, productivity costs

The annual cost of treating the secondhand-smoke-related illnesses of Marion County residents likely exceeds $16 million, a cost borne partly by businesses that provide their employees health insurance. Businesses also shoulder harder-to-calculate costs in the form of lost productivity and absenteeism, according to a 2002 study for the Marion County Health Department believed to be the best estimate yet of the local impact of cigarettes. But backers of the proposed City-County Council ordinance that would ban smoking in Indianapolis’ bars…

STATEHOUSE DISPATCH: Lawmakers likely to resurrect best bills in second half

The second half of the General Assembly’s “long” session is now upon us, even though it doesn’t quite feel like it had closure to the first half. Unless you were in Florida or Arizona watching baseball’s spring training games, you are well aware of the House Democrats’ tactics that resulted in a lack of quorum on the final days for passage bills from their chamber of origin. The lack of a quorum meant more than 130 bills died ignominiously on…

It isn’t just $hopping: Retail buyers have to do a lot of analysis and numbers-crunching

“I can’t think of one thing [I don’t like about my job],” said Demmary, whose title is merchandise manager. “For my personality, it’s a great fit. But some people may not like how detailed you have to be, and how much computer work there is. I’ve heard other salespeople say, ‘How can you stare at that spreadsheet all day?’ But if you don’t like to work the numbers and be at the computer a lot, you wouldn’t like it.” Demmary’s…

Marketing plan takes bad bounce: Owners of local IT firm, ABA pro hoops team get caught in snare of negative publicity

Unfortunately, the stories have focused on a series of bizarre events surrounding the team and its owners. The Rhythm’s third owner, recording artist Sally Anthony, Bucher’s wife, found herself at the center of several of the stories. Neither Bucher nor Christian returned repeated calls seeking comment for this story. Anthony was also unavailable for comment. The trio initially made a series of savvy moves, including filling the team roster with top talent just short of making the NBA. The owners…

Bankruptcy bill pushes debt repayment: Proposal could make it harder for individuals to escape debt, put limitations on corporate reorganizations

Upon seeking bankruptcy protection in late 2002, Conseco Inc. initiated a plan to shower key executives with millions of dollars in retention bonuses if they prevailed in reorganizing the company. The windfall for the six officers, totaling more than $9 million, is just one of many instances in which impoverished corporations have sought to recover from bankruptcy by dangling lucrative incentives to deter executives from fleeing. But in the aftermath of such scandals as Enron Corp. and WorldCom Inc. (now…

End of an Ayres?: Federated’s planned acquisition of May likely to doom brand name founded in Indy

When Indianapolis residents talk about shopping trips to L.S. Ayres, they are as likely to mention a visit 30 years ago as an excursion last week to check out the new spring fashions. As retail options have spread beyond regional shopping malls, stores like Ayres are no longer considered at the forefront of fashion. So, while Lyman S. Ayres and the company he founded in 1874 are an important part of the city’s social history, in the present-day retail world,…

SPORTS: NCAA’s no-tolerance gambling stance tested

My first experience with sports gambling came as a youngster. My father would come home with “parlay cards.” They were always imprinted with the line, in bold type, For Amusement Purposes Only. And so, for a long time, I thought my pop was just having a good time as he scanned the teams and numbers, then circled some of those numbers on the bottom tear-off portion. Later, I discovered there was more than amusement involved because, on occasion, he’d say…

Cartoon was unfair to accountants:

While we understand the cartoon you ran on page 12 of the March 7 issue was an attempt at humor, it clearly conflicts with the values and beliefs of the CPA profession. CPAs are trusted professionals who must meet rigorous certification standards and adhere to a strict code of ethics to practice their profession. The cartoon depicts CPAs mocking taxavoidance schemes. This couldn’t be further from the truth. The CPA profession vehemently opposes tax avoidance under any and all circumstances….

Ownership change draws near for Robin Run: NBA reorganization plan calls for sale to Brookdale

Robin Run Village, a northwest-side retirement complex, could start spring under new management if it and other National Benevolent Association properties are sold in the next few weeks as expected. Robin Run and 10 other NBA locations around the country are slated to become the property of Chicago-based Brookdale Living Communities. Brookdale’s parent, Fortress NBA Acquisition LLC, bid $210 million last year to buy the senior living locations from the bankrupt NBA for Brookdale, but the deal still has some…

INVESTING: As seeds of market decline are cast here, look to Japan

Japan has been a stock market dog for 15 years. The Japanese economy is the world’s second-largest and its resurgence after World War II is amazing, but the country has been a trap for investors. That picture might be changing. Let’s go over some history first before we talk about why Japanese stock makes sense today. By the early 1970s, Japan had lifted itself out of the war’s destruction. Then the manufacturing companies there got a miracle: the first oil…

Granting tax amnesty could pay dividends for Indiana: State estimates it could collect $100 million or more

Indiana scofflaws delinquent on their back taxes could come clean without the threat of penalties under a tax amnesty program that could generate an estimated $100 million or more for the cash-strapped state. The option of giving lawbreakers a grace period to pay their debts and have interest, penalties and fees waived has been easier for legislators to swallow given Indiana still is confronting a deficit in the $800 million range. Sen. Luke Kenley, R-Noblesville, chairman of the Tax and…

ECONOMIC ANALYSIS: Job growth, other factors portend stronger economy

While it’s not quite the job creation engine it was in the late 1990s, the newcentury U.S. economy is still one of the brightest stars on the global stage when it comes to growth. Last month’s strong employment gains, on the heels of upward revisions to overall growth and productivity, should put to rest any fears that the national economic expansion will be foundering anytime soon. According to the Bureau of Labor Statistics, payrolls at U.S. business establishments grew by…

GERALD BEPKO Commentary: Chicago World’s Fair is model for Indiana

Cities seem to progress in stages with moments of decline, growth, exceptional energy, and, at times, a sense of destiny. For many years, Indianapolis has been a city on the move, a little like Chicago in 1893 when it hosted a World’s Fair. Chicago sought to shed its frontiertown image and establish itself as a city of global consequence. It beat out New York, St. Louis and Washington, D.C., for the right to host the fair. In hosting it, Chicago…

Art for rent: LAMP sparks rental program: Gallery director hopes to spotlight local artists

Colorful or monochromatic, sober or whimsical, mundane or ephemeral. LAMP Fine Art Gallery Director Jennifer Kaye totes thick binders full of images of artwork espousing those qualities and just about every description in between. She hauls the binders to clients’ offices, helping them select the perfect work to hang in an office, lobby or hallway. Kaye is an artist and a gallery director, but she’s remade herself as a saleswoman for the launch of the downtown gallery’s art rental and…

VOICES FROM THE INDUSTRY: Bridging the cultural divide between banks, life insurers Gaps, barriers and challenges Making it work

In 1999, the Gramm-Leach-Bliley Act removed barriers to bank and life insurance affiliations and loosened the rules for allowing bank sales of insurance. Many banks and insurers looked at their new partnership as a win-win-win: Banks added a bigger non-interest revenue source; insurers gained a more robust mode of distribution; and consumers gained the conveniences of having more of their financial matters addressed in one place. Five years ago, industry analysts projected big business as a result of this partnership,…

Local buyout specialist attracts $43 million: Hammond Kennedy Whitney & Co. targets M&A

In 2002, it took Glenn Scolnik and his partners 85 road shows to raise $57 million for their new management buyout fund. They just raised another $43 million with a single presentation. “Our investors agreed we needed more money. It was a very easy fund-raise,” said Scolnik, president and CEO of locally based Hammond Kennedy Whitney & Co. “You don’t want to crow too much, because it’s not over ’til it’s over. Until you realize an investment, you only have…

Anthem, docs still skirmish: Insurer’s new pre-approval rules rankle some A rocky marriage

Anthem Blue Cross and Blue Shield just dumped a load of extra work on the office staff of the average ear, nose and throat specialist, according Dr. Thomas Whiteman. The WellPoint Inc. subsidiary now requires pre-approval for nonemergency, high-tech imaging such as MRI or CAT scans. The insurer started the new policy March 1 to curb overuse. Whiteman said the average otolaryngologist-or ear, nose and throat specialist-schedules as many as eight of these tests a day. If Anthem insures just…

Convention, Colts issues in play: With gambling plan off table, stadium funding gets elusive

Whether it includes taxes on players’ salaries, tickets and suite rentals remains to be seen. But early deliberations won’t include revenue from gambling, according to Sen. Luke Kenley, R-Noblesville, who chairs the Senate Tax and Fiscal Policy Committee. “There’s not going to be any gambling included in the bill,” Kenley said. “It’s not going to be funded through slot machines or pull tabs.” Sen. President Pro Tem Robert Garton, R-Columbus, also said he’d oppose any measure including slot machines or…