Stocks rise to record highs as Fed keeps stimulus
Federal Reserve Chairman Ben Bernanke said the central bank is in no hurry to stop supporting the economy because unemployment remains high and inflation is below the Fed’s target.
Banking & Finance
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Indiana banks finally regain pre-meltdown asset levels
Assets for Indiana banks have risen back to levels seen in 2008, and financial institutions are lending again. But smaller, community-based banks still face an array of challenges that could lead to more consolidation.
Stocks gain after encouraging U.S. hiring news
Encouraging news about the U.S. jobs market trumped rising oil prices and worrying developments in Europe's simmering debt crisis on Wednesday.
Ingersoll-Rand’s spin-off plan may give boost to area
Irish industrial conglomerate Ingersoll-Rand Plc is poised to spin off its security operations late this year into Allegion—which will have its North American headquarters and most of its executive team in Carmel.
Fast-growing Stonegate Mortgage files for public offering
Stonegate ranked No. 1 on IBJ’s May list of fastest-growing Indianapolis-area private companies. The eight-year-old company saw revenue rocket from $15.5 million in 2010 to $95.5 million in 2012.
Computer glitch leaks personal info of state welfare clients
Indiana officials say the personal data of welfare clients has been shared with others in a security breach potentially affecting more than 187,000 people.
State sues S&P over flawed ratings of securities
Securities Commissioner Chris Naylor accuses S&P of “systematically and intentionally” misrepresenting its analysis of securities backed by commercial or residential mortgages in order to “maximize revenue and market share.”
Issuers of bonds burned by rate hike
Government entities across Indiana have spent the past two years refinancing every possible bond to take advantage of historically low rates, but the savings might not be so easy to come by if rates continue to rise.
Ex-Lt. Gov. Skillman joins Old National board
Evansville-based Old National Corp. will pay Gov. Mitch Daniels’ sidekick Becky Skillman $70,000 a year in a combination of cash and stock to serve as a director.
Slower U.S. growth might lead Fed to keep up stimulus
The U.S. economy may not be strong enough for the Federal Reserve to slow its bond purchases later this year. That's the takeaway from economists after the government cut its estimate of growth in the January-March quarter to a 1.8-percent annual rate.
Indiana minority investment fund deemed small but promising
New fund is one of few in the nation focused on minority businesses.
Moody’s revises NCAA credit outlook to negative
The NCAA's credit outlook has been downgraded by ratings agency Moody's as the governing body of college sports deals with an anti-trust lawsuit about the use of athletes' images and likenesses.
Fair Finance trustee to continue pursuit into 2014
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
Salin saves cash with video tellers
In what might be the strangest twist in banking technology in years, Indianapolis-based Salin Bank is the first financial institution in the state to install sophisticated, interactive video tellers.
Feud with Hilberts stinging Menard on many levels
Throwing the sexual-extortion allegations into the public domain must be a nightmare for Menard, who for decades has doggedly avoided scrutiny of his personal life—even as he built his chain into the nation’s No. 3 home improvement retailer and built his net worth to an estimated $7 billion.
REITs tumble most since 2011 on concern of rising rates
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.
World looks to Bernanke to clarify stimulus plans
Financial markets have been gyrating in the 3½ weeks since Bernanke told Congress the Fed might scale back its effort to keep long-term rates at record lows within "the next few meetings"— earlier than many had assumed.
Hilbert puts MH management company into Chapter 11
The move, the latest fallout from the executive's feud with hardware king John Menard, puts on hold a Wisconsin lawsuit that sought millions of dollars from the company.
Estate of Financial Center’s former CEO seeks death benefit
The widow of former Financial Center CEO Roger Youngs alleges in a lawsuit that the Indianapolis credit union owes his estate $936,162, per his retirement agreement.
Suit: Menard pressured Tomisue Hilbert for sexual favors
The lawsuit charges Tomisue Hilbert’s rejection of the billionaire is the real reason he launched a bitter battle to remove her husband, Steve Hilbert, as CEO of the Indianapolis-based private-equity funds the three of them started in 2005.