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Banking & Finance

Bullard: New policy rule needed

ST. LOUIS, Mo. — During a speech Oct. 11 at the 51st-annual meeting of the National Association for Business Economics, St. Louis Fed president James Bullard reaffirmed the need for a Taylor-type policy rule for the Federal Reserve’s asset purchase program. Such a rule would help communicate how asset purchases may be adjusted as economic conditions change, while remaining consistent ...

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Advance Mississippi adds BankTEL

COLUMBUS and JACKSON — Advance Mississippi has gained a new member. BankTEL Systems, LLC, a financial software company, recently joined Jackson-based Advance Mississippi. “BankTEL Systems, located in Columbus, is pleased to join Advance Mississippi as we share the organization’s goals of promoting real, common sense energy solutions to help fuel Mississippi’s economic future,” said Boyce Adams Jr., vice president of ...

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'We got robbed the day we retired': Victims talk about Stanford debacle

Troy and Melanie Lillie of Maurice, La. lost their life’s savings in the Stanford Financial Group Ponzi scheme. “We got robbed the day we retired,” Melanie Lillie said in a post-hearing interview at the state Capitol Monday in Jackson. Her husband worked for Exxon Mobil in Baton Rouge for 29 years before retiring and instantly investing his retirement funds with ...

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ARRA boosts SBA loans

WASHINGTON — Changes under the American Recovery and Reinvestment Act (ARRA) to U.S. Small Business Administration (SBA) loan programs led to a rebound in SBA-backed loans for small businesses and greater access to much-needed capital. Since the ARRA was signed Feb. 17, SBA has supported more than $11.3 billion in lending to small businesses through its two largest loan programs ...

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Fitch removes negative watch from bonds

JACKSON — Fitch Ratings has affirmed 20 classes of senior bonds, removed the rating watch of “negative” and affirmed seven classes of subordinate bonds issued by Mississippi Higher Education Assistance Corporation (MHEAC) 1999 Trust. The rating outlook remains “stable” for the senior bonds. The actions are based on the improving credit profile of the trust as reflected by the parity ...

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CMI finally showing significant improvement

COLUMBIA, Md. — The combined Credit Managers’ Index (CMI) of the National Association of Credit Management for September rose to 49.8, bouncing back from a nearly stagnant August on the strength of some dramatic improvements in dollar collections and in reductions in accounts placed for collection and dollar amount beyond terms. September saw the biggest improvement in these sectors in ...

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Fitch withdraws Entergy ratings

JACKSON — Fitch Ratings has affirmed and simultaneously withdrawn its ratings for Entergy Corp. and its subsidiaries. Fitch assigned Entergy Corp. an issuer default rating (IDR) of “BBB-.” For Entergy Mississippi Inc., Fitch assigned an IDR of “BBB-,” a :BBB+” rating on its first mortgage bonds and “BBB-” to its preferred stock. Other Entergy subsidiaries rated include: Entergy New Orleans ...

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Economic symposium returning to Coast

BILOXI — The 42nd Hancock Bank Gulf Coast Economic Symposium will be held Oct. 6 from 7 a.m. until 12:15 p.m. at the Mississippi Coast Coliseum Convention Center in Biloxi. This year’s theme is “Gulf South Strong & Proud — Insights for Success.” The event will explore the economic potential and prosperity along the I-10 corridor spanning New Orleans and ...

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Hosemann calls Stanford meeting

JACKSON — Secretary of State Delbert Hosemann will hold a public hearing regarding Stanford Financial Oct. 5 from 1 p.m.-2:30 p.m. in Room 113 of the Mississippi State Capitol in Jackson. Kentucky Secretary of State Trey Grayson, who also serves as president of the National Association of Secretaries of State (NASS), will be in attendance. In addition, the president-elect of ...

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UPDATE: Small Miss. banks still not interested in TARP

Washington is considering another round of bank bailouts for banks that were too small or risky for the first disbursement of Troubled Asset Relief Program funds in fall 2008. But “bailout” might not be the right word, since some banks receiving these funds are in good financial standing. Qualifications are vague, but these new funds could go to banks with ...

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