Stocks rise as investors weigh effects of shutdown
Markets on Tuesday weren’t fazed by the the first partial government shutdown in 17 years. Open enrollment for Obamacare exchanges helped WellPoint shares.
Banking & Finance
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Stonegate Mortgage IPO a test of housing recovery
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.
U.S. home sales hit six-year high, but could slow soon
August sales reflect contracts signed in June and July, when mortgage rates were rising steadily. A Realtors group cautioned that buyer traffic dropped off significantly in August. That points to fewer sales in the fall.
Durham backers who exited early now taking financial hit
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.
Chamber’s microloan program swells to $2M after grant
Business Ownership Initiative, a unit of the Indy Chamber, launched its microloan fund last September to help small business owners in Indianapolis.
Stocks reach all-time highs after Fed delays bond tapering
Investors plowed money into stocks and bonds, with the S&P 500 and Dow Jones Industrial Average reaching record highs, after the Federal Reserve’s surprise decision to keep its economic stimulus in place.
West Clay commercial building set for sheriff’s sale
The 24,400-square-foot building was owned by CFS Inc., a Carmel company accused by the Indiana Secretary of State’s securities division of misappropriating the funds of elderly clients who bought ownership interests in rental properties.
Four Hoosiers rate among 400 wealthiest in U.S.
The widow of medical device industry pioneer Bill Cook again is the top Hoosier on the latest Forbes 400 list of the nation’s wealthiest people, and this time has cracked the top 100.
Fed likely to slow bond buys despite tepid economy
On Wednesday, the Federal Reserve is expected to take its first step toward reducing the extraordinary stimulus it's supplied to help the U.S. economy rebound from its deepest crisis since the Great Depression.
Durham’s appeal hangs on tossing damaging wiretaps
Attorneys for Tim Durham and his co-defendants cast their clients’ convictions on a total of 25 felony counts as the result of a string of legal missteps, including bungled jury instructions, and giving investigators the right to conduct wiretaps without first demonstrating that “ordinary investigative techniques failed or were unlikely to succeed.”
Old National to acquire Fort Wayne’s top local bank
Old National Bancorp, the largest financial services company headquartered in Indiana, has agreed to buy Fort Wayne-based Tower Financial Corp. for about $107.7 million, the companies announced Tuesday.
Menard fires back in court fight with Hilberts
Menard has countersued Tomisue Hilbert for “abuse of process,” saying she filed her lawsuit only after companies controlled by Menard removed the Hilberts as managers of a private equity firm and sued to recover millions of dollars in fees paid to the Hilberts.
After years of success, Harlan Laboratories caught in debt vise
The company may violate loan covenants in the next three to six months, and its ability to refinance a $280 million loan that matures in July 2014 is “highly questionable,” Moody’s says.
Zionsville believes in power of small loans
The town has started supporting tiny business loans in its tax-increment financing district.
After tough August, investors face scary September
September is traditionally the stock market’s worst month of the year, but there are several unique events in store over the next few weeks that could make trading even more turbulent.
Hauke fraud victims to get $1M in initial restitution
Former money manager Keenan Hauke was sentenced in July 2012 to 10 years in federal prison after pleading guilty to running a Ponzi scheme that defrauded 67 investors of $7.1 million. Even more victims have emerged since the sentencing.
State pension fund’s performance falls short of target
With more money in bonds than in publicly traded stocks, Indiana’s $27.1 billion pension fund took a beating in the Bernanke sell-off and closed the fiscal year short of its targeted return.
Omnicity lured teen to invest, state says
State securities regulators allege that principals of Omnicity Corp. goaded a 19-year-old to invest $100,000 from his inheritance into the wireless broadband firm so that it could clinch the purchase of an Ohio carrier in 2010.
IU prof’s study suggests putting shareholders on the line
Despite tougher federal laws aimed at curbing executive malfeasance, a study by an Indiana University professor advocates making shareholders more responsible for watching management—or facing financial penalties themselves.
Brokerage giant settles discrimination lawsuit
Hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs' attorney said Wednesday.