Crain's Chicago Business back issues from May 2009:
More builders cut prices amid slump; Hope discounts plus low interest rates and tax credit spark sales.(Brief article)
May 04, 2009; ... Byline: ALBY GALLUN Sales of new homes in the Chicago area continued their free fall in the first three months of the year, but price-cutting gave some developers a much-needed boost. The opening of the spring selling season offered little encouragement for ...
Politics of race; OBAMA'S RISE EXPOSES FAULT LINES AMONG AFRICAN-AMERICAN POLITICAL LEADERS.
May 04, 2009; ... Byline: Greg Hinz It was party time of sorts for Barack Obama last week, as the Chicagoan who is president celebrated his 100th day in office. But for African-American leaders back home, a different kind of activity has taken hold of late: worry. Yes, worryworry ...
Biz leaders must throw weight behind reform.
May 04, 2009 ... Illinois' business community must throw its weight behind a new set of proposals aimed at cleaning up state government. Nobody has more at stake in the fight against corruption than business, which pays a heavy price for the state's notorious "pay-to-play'' political system ....
Jaws of Strife; With Idex stock up about 50% since early March, some wonder whether investors will get pinched.
May 04, 2009 ... Byline: H. LEE MURPHY Investors seem hungry for the smallest scrap of hopeful news in the stock market. How else to explain the run-up in the stock of Northbrook manufacturer Idex Corp.? The company, whose products range from highly engineered pumps and fluid ...
MED SCHOOL CHECK-UP; Holly Humphrey.
May 04, 2009; ... Byline: Mike Colias Holly Humphrey 51, dean for medical education, University of Chicago Pritzker School of Medicine While making the rounds with a group of medical interns at the University of Chicago Medical Center about a decade ago, Holly Humphrey ...
GOOD HANDS; Judith Greffin.
May 04, 2009; ... Byline: Steve Daniels Judith Greffin 48, senior vice-president, chief investment officer, Allstate Corp. Judith Greffin is wrestling with the financial crisis at work and at home. The Ohio native, named Dec. 1 to oversee Allstate's nearly ...
U of C docs attack CEO's finance focus; Madara under fire as faculty push back on budget controls.
May 04, 2009; ... Byline: MIKE COLIAS Some University of Chicago Medical Center faculty members are accusing CEO James Madara of putting hospital finances ahead of research and teaching. A letter delivered to Dr. Madara last month and signed by 76 faculty members asserts that, since ...
HIGH HURDLES; Lori Healey.(Brief article)
May 04, 2009; ... Byline: John Pletz Lori Healey 49, president, Chicago 2016 When Mayor Richard M. Daley wants to get big real estate projects done, he turns to Lori Healey. As president of the Chicago 2016 Olympics bid committee, Ms. Healey faces her toughest ...
WRITING A MARKETING RX; Kim Feil.
May 04, 2009 ... Byline: Monee Fields-White Kim Feil 50, chief marketing officer, Walgreen Co. Kim Feil knows firsthand the art of rebuilding something from the foundation up. The home-renovation buff turned a two-flat into her single-family home nine years ago. ...
GIRDING FOR CHALLENGES; Sharon Owen.(Brief article)
May 04, 2009; ... Byline: John Pletz Sharon Owen 54, general manager, Gary Works, U.S. Steel Corp. When Sharon Owen first walked through the gates at U.S. Steel's Gary Works and passed the general manager's office, she never dreamed that she'd be back 33 years later to ...
Friedman pushes post office plan; Alderman Reilly prefers park on big River North parcel.
May 04, 2009; ... Byline: THOMAS A. CORFMAN AND EDDIE BAEB Real estate developer Albert Friedman and the U.S. Postal Service are struggling to pull together a deal to build on one of the last large development sites in the congested River North neighborhood. The postal service last ...
THE WAY FORWARD; Laura Thrall.(Brief article)
May 04, 2009; ... Byline: Monee Fields-White Laura Thrall 49, president, CEO, United Way of Metropolitan Chicago With just a few months under her belt as the new CEO of the United Way, Laura Thrall recognizes job one: Getting United Way and the agencies it funds through the ...
Public schools need the private sector to boost career ed.
May 04, 2009; ... Byline: Veronica Anderson Chicago Public Schools is taking another stab at setting a meaningful course for its long-rudderless career education program. For this latest round, civic and business leaders have gotten more deeply involved, as Mayor Richard M. Daley pushes to align ...
Spotlight: Marcus Katz.(Brief article)
May 04, 2009; ... Byline: Ann Saphir `Relentlessly pursuing clients' at CME Group Job: Director, over-the-counter interest rate products and markets, CME Group Inc., since December. Vitals: 47 years old; bachelor's degree in business administration, West Virginia ...
LEGAL LEADER; Susan Levy.(Brief article)
May 04, 2009; ... Byline: Steven R. Strahler Susan Levy 51, managing partner, Jenner & Block LLP Susan Levy offers a legal brief in re: her decision to leave a successful courtroom practice to become managing partner of Jenner & Block: "I thought I could do this job.'' ...
Trib's next step: big blog; New Web site to host writers by the dozen.
May 04, 2009; ... Byline: ANN SAPHIR The Chicago Tribune is planning a network of blogs as the centerpiece of a digital push designed to win younger audiences. The blogs, to be run under an umbrella site called ChicagoNow.com, will cover everything from sports and lifestyle to arts and ...
Tyree eyes Sun-Times; Mesirow chief seeks investors to acquire "great institution'.
May 04, 2009; ... Byline: ANN SAPHIR Chicago financier James Tyree is assembling a group of investors to bid on Sun-Times Media Group Inc. Mr. Tyree, CEO of Mesirow Financial Inc., told Crain's he has reviewed Sun-Times' books and discussed a possible bid with CEO Jeremy Halbreich and ...
AN OPPOSING VOICE; Christine Radogno.
May 04, 2009; ... Byline: Steven R. Strahler Christine Radogno 56, minority leader, Illinois Senate State Sen. Christine Radogno was a social-worker-turned-mother when she was propelled into politics by a not-in-my-backyard issuea fire station proposed for the next ...
NORTHERN STAR; Sherry Barrat.
May 04, 2009; ... Byline: Steve Daniels Sherry Barrat 58, co-president, personal financial services, Northern Trust Corp. In this economy, Sherry Barrat is in a surprising position as head of Northern Trust's unit catering to wealthy individuals: the catbird's seat. ...
The Modern Wing Opening Gala.
May 04, 2009 ... When: 6:30 p.m. Saturday Where: Art Institute of Chicago, 111 S. Michigan Ave. How much: $2,500 and up ...
Three more to try for meals in the West Loop.(Directory)
May 04, 2009 ... MetroKlub Restaurant 733 W. Madison St. (312) 602-2104 The West Loop's kosher MetroKlub serves mostly business-lunch groups, with peppy dressings and sauces giving personality to basic fare. MetroKlub serves lunch Mondays through Thursdays in a cozy, ...
Datebook.(Calendar)
May 04, 2009 ... THIS WEEK MAY 5: Union League Club of Chicago Public Affairs Committee presents Breakfast@65West: America's Economy: How Bad Will it Get? When Will it Improve? 7:30 a.m. Union League Club, 65 W. Jackson Blvd. Fee: $20. (312) 435-5946. MAY 5: Illinois CPA Society ...
On the Move.(Brief article)
May 04, 2009 ... ARTS/ENTERTAINMENT PEGASUS PLAYERS, Chicago: Christopher Schram, 48, to executive director, from executive director at Redmoon Theater. FINANCIAL SERVICES CORTLAND CAPITAL MARKET SERVICES LLC, Chicago: Tim Houghton, 43, to managing director for business ...
METAL MELTDOWN; Slumping scrap prices spread pain through a long chain of suppliers.
May 04, 2009; ... Byline: JOHN PLETZ The downturn in housing and auto production popped a price bubble that just a year ago brought record profits to the scrap metal business. Metal manufacturing was slow to feel the impact of the recession, as overseas demand kept the industry afloat ...
Boeing faces doubts on Dreamliner debut; McNerney says 787 will hit first-quarter 2010 delivery date.
May 04, 2009 ... Byline: JOHN PLETZ With both of Boeing Co.'s main businesses sputtering, pressure is building on CEO James McNerney to deliver the new 787 Dreamliner on a timetable many consider unrealistic. Mr. McNerney said last week he is "confident in the schedule'' that calls ...
Retail's rotten year; Sales fall across region; impact of Cook's tax hike hard to discern.
May 04, 2009; ... Byline: STEVEN R. STRAHLER AND MONEE FIELDS-WHITE Chicago-area retail sales fell 4.8% last year, the first drop since 2002 and the biggest in more than 20 years. The decline will continue this year and into 2010, says retail consultant John Melaniphy, who compiles an ...
CLEARING THE BAR; Kimberly Taylor.
May 04, 2009; ... Byline: Ann Saphir Kimberly Taylor 47, managing director, president, CME Clearing House division, CME Group Inc. In Kimberly Taylor's five years at the helm of CME Group's clearinghouse, she's built the world's largest processor and guarantor of futures ...
FROM THE WINDY CITY TO D.C. The women of Washington.
May 04, 2009; ... Byline: Paul Merrion In the few months since they accompanied the new president to the White House, three Chicago women are learning to swim in the shark-infested fishbowl of Washington, D.C. First lady Michelle Obama, senior presidential adviser Valerie Jarrett and ...
Correction.(Correction notice)
May 04, 2009 ... A photo caption in the April 27 Business of Life section ...
WHAT'S HAPPENING ON CHICAGOBUSINESS.COM.
May 04, 2009 ... BUSINESS OF LIFE: YOUR COMMENTS Shelters get along like cats and dogs When an excitable puppy comes home to live with a contented dog, turf battles often ensue. The same is happening between Chicago's two premier animal shelters, the Anti- Cruelty Society and Paws ...
Foreclosure wave slams suburbia; City sees first decline in a year as subprime effect eases.
May 11, 2009; ... Byline: STEVE DANIELS Home foreclosures are surging in Chicago's suburbs just as they level off or decline in many city neighborhoods already ravaged by mortgage defaults. Foreclosure cases filed in the first quarter jumped between 25% and 70% from the fourth quarter ...
Room at the top; GOP NEEDS A UNIFYING FIGURE CAPABLE OF LEADING PARTY BACK TO POWER IN SPRINGFIELD.
May 11, 2009; ... Byline: Greg Hinz The glory days of Govs. Jim Thompson and Jim Edgar revealed something essential about the Illinois GOP: Just as Democrats need Mayor Daley, the Republicans depend on a big daddy to keep them orderly, happy and fed. The not-so-Grand Old Party has ...
Beer buzz hints at price battle; Discounts could be MillerCoors' weapon in fight with Bud Light.
May 11, 2009; ... Byline: DAVID STERRETT Brewing signs of a price war among the world's biggest beer makers could make for more memorable summer barbecuesand could test the marriage of Miller and Coors. MillerCoors LLC, a joint venture formed last summer by Denver-based Molson Coors ...
Foodmakers, farmers wage ethanol fight; Emissions rules could limit corn-based fuel.
May 11, 2009; ... Byline: DAVID STERRETT The ethanol-fueled battle between Midwestern farmers and food companies is intensifying as state and federal regulators examine corn ethanol's role in new clean-air standards. The foodmakers scored a big victory in recent weeks. California ...
Code red for Loyola; Hospital's fiscal woes erode university's cash, credit rating.
May 11, 2009 ... Byline: MIKE COLIAS Red ink at Loyola University's health system is threatening the financial health of both the hospitals and the school. The hospital system reported a $32-million operating loss in the 2008 fiscal year, which ended June 30, and was on track last ...
Union attacks Resurrection in TV ads; Hospital chain calls tactic a "new low' in 6-year organizing push.
May 11, 2009 ... Byline: MIKE COLIAS A bruising, six-year campaign to organize Resurrection Health Care workers turned uglier last week with new union-backed TV ads questioning the quality of care at two of its hospitals. In the ads, the American Federation of State County and ...
In tax follies, one thing clear: Stroger must go.
May 11, 2009 ... If anyone needed more evidence of Cook County Board President Todd Stroger's unfitness for office, his hysterics last week provide conclusive proof. Mr. Stroger threw a tantrum after county commissioners voted to repeal the sales tax hike he pushed through last year. In a press ...
A GAME OF ACQUISITION; Once considered a takeover target, OptionsXpress turns the tables and goes on the hunt itself.
May 11, 2009 ... Byline: ANN SAPHIR OptionsXpress Holdings Inc. is in acquisition mode. Last month, the online brokerage agreed to pay as much as $55 million for Redwood City, Calif.-based education provider Optionetics Inc., its third and biggest purchase since 2007. With $200 ...
Reschke's Return; Developer plots $500-million fund to fuel his comeback.
May 11, 2009; ... Byline: EDDIE BAEB Developer Michael Reschke is trying to raise $500 million from individual investors for a new company that would buy distressed properties and commercial real estate debt. It's a lofty goal given the tough climate for real estate investing ....
On the move.
May 11, 2009 ... CONSUMER SERVICES SARA LEE CORP., Downers Grove: Aaron E. Alt, 37, to senior vice-president and chief financial officer for the North American retail and food-service division, from senior vice-president of corporate development. EDUCATION CHICAGO SCHOOL ...
SLOW ZONE; Industry needs to consolidate, automate, add capacity.
May 11, 2009; ... Byline: PAUL MERRION Chicago's economy has long been tied to its role as the nation's transportation hub, a position threatened by the recession. While moving goods and passengers by air, truck, rail and barge accounts for barely 3% of Chicago's economic output, the ...
LOOKING FOR SIGNS OF LIFE; As customers cautiously come back, services could lead return to growth this year.
May 18, 2009; ... Byline: MONEE FIELDS-WHITE After a brutal economic winter, followed by a tumultuous spring, some Chicago business owners are starting to believe that the worst may be over. For now, the optimism appears contained, limited to a few industries like consulting and real ...
Rate hikes take a toll on truckers; Higher tolls squeeze profits as shipping volumes slacken.
May 18, 2009; ... Byline: JOHN PLETZ Rising tolls are slamming trucking companies already squeezed by a slow economy. Some truckers have been paying 33% more on the Illinois Tollway since January, and truck tolls on the Indiana Toll Road rose 17% last month. The ...
Wave of vacancies puts pressure on apartment owner Equity Residential.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy Vacancies are running 7.2% in the nation's apartment marketplace, the highest since 2004. New York real estate research firm Reis Inc. predicts vacancies will reach 8% this yearthe highest in at least 20 yearswhile rents decline 2%. This is the ...
Waste recycler debuts post-IPO.(Heritage-Crystal Clean Inc.)(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy Heritage-Crystal Clean Inc. completed its IPO in March 2008, just before the IPO market went dry. The stock went public at $11.50, raising $22 million, and rose as high as $18.45 before it got caught in the market downdraft and slumped to $6.90 ....
Safety gear maker to get a lift from feds.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy The government's stimulus package to promote road and bridge construction means those familiar orange barrels and crash cushions soon will become ubiquitous. Many of those barrels and cushions are made by a Chicago company, Quixote Corp. ...
Methode shifts gears as Big 3 clients droop.(Methode Electronics Inc.)(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy Management at Methode Electronics Inc. is making tough decisions this year as it moves further away from its role as a supplier of small electronic parts to the Big Three automakers. The Harwood Heights company recently decided to close a factory ...
Slowing computer sales zap SPSS growth.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy In a tough environment last year, SPSS Inc. saw revenue rise 4% to $302.9 million. In 2009, analysts expect it to shift into reverse, with forecasts for sales to fall 4%, close to the $291-million level of 2007. Customers continue to buy SPSS' ...
USG's asbestos flashback; Chinese drywall suits have a familiar ring.
May 18, 2009; ... Byline: PAUL MERRION Chinese drywall imported during the housing boom a few years ago is turning into a litigation bonanza for trial lawyers and a big headache for USG Corp. More than a hundred homeowners have sued USG and other wallboard makers over the Chinese ...
NEW MORNING; Mansueto's acquisition binge pushing financial-info giant into uncharted waters.
May 18, 2009; ... Byline: ANN SAPHIR Picking through the wreckage of the financial-services collapse, Joseph Mansueto has embarked on a push to make Morningstar Inc. the "premier database'' for the world's investors. But in his ambitious move to grow Morningstar beyond its mutual-fund rating ...
NW catches building bug; Research facility, office tower on tap for medical campus.(Northwestern Memorial Hospital)
May 18, 2009; ... Byline: MIKE COLIAS Its coffers bulging despite the recession, Northwestern Me-morial Hospital is gearing up for more expansion. Sources tell Crain's that two major projects are in the works at the sprawling medical campus in Streeterville: a large biomedical ...
Overriding veto key to county's economic health.
May 18, 2009 ... Cook County commissioners should override County Board President Todd Stroger's veto of a measure rolling back his recent sales tax hike. Mustering the votes to do so will be hard. Overriding a veto requires the votes of three-quarters of the board's 17 members, an ...
On the Move.(ANDERSON MIKOS ARCHITECTS LTD)(USI CONSULTING GROUP)(Brief article)
May 18, 2009 ... ARCHITECTURE/ENGINEERING ANDERSON MIKOS ARCHITECTS LTD., Oakbrook Terrace: Michael J. Hurt, 49, to vice-president, from senior project architect. ARTS/ENTERTAINMENT MUSEUM OF SCIENCE AND INDUSTRY, Chicago: Rob Gallas, 58, to vice-president of marketing and ...
Drop in fees, stocks weigh on Northern Trust.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy The fees Northern Trust Corp. earns for managing its wealthy clients' money are shrinking along with the stock market, putting earnings under pressure. Over the past decade, assets under custody in Northern Trust's wealth management group have ...
Beauty division takes an ugly turn for pump maker Aptar.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy The recession has forced many consumers to scale back fragrance purchases, leaving a hole in AptarGroup Inc.'s business. Crystal Lake-based Aptar produces the closures and pumps found on containers for everyday staples like ketchup, as well as ...
With recession, AAR feels a loss of altitude.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy The recession is finally catching up with AAR Corp., which provides maintenance, repair and leasing services to commercial airlines. In the fiscal year ended last May, revenue at the Wood Dale-based company rose 31% to $1.38 billion and earnings ...
Morton's feels the heat as diners cut back on higher-priced meals.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy Chicago-based Morton's Restaurant Group Inc., where a prime porterhouse and cocktails can run close to $100 per person, is being singed by the recession. Revenue was flat last year at $354.5 million, but comparable-store sales declined 5% for ...
It's time to stop dancing around the tax question.
May 18, 2009; ... Byline: Paul Green Forget the hit TV show "Dancing with the Stars.'' The real high-steppers today are most elected officials when it comes to taxes. Why? They fear voter backlash. Simply put, voters want to maintain or even improve existing services without an ...
Loan woes grow at ShoreBank; Socially conscious bank seeks capital.
May 18, 2009; ... Byline: STEVE DANIELS ShoreBank, the Chicago lender that set out to prove banks can make money serving low-income communities, is staggering under a pile of bad loans that's forcing it to raise substantial capital. The bank has more bad loans as a percentage of total ...
FALLING ARCHES; Investors are shunning the burger chain as they eye more growth-oriented opportunities.(McDonald's Corp)
May 18, 2009; ... Byline: DAVID STERRETT Investors are losing their appetite for McDonald's Corp. The Oak Brook-based chain's stock woes this year are in sharp contrast to its performance over the past six years. Extending store hours, broadening its menu and expanding overseas in ...
Southwest seeks a cut of Midway cash; Will city share the $126 mil. from busted airport lease deal?
May 18, 2009 ... Byline: JOHN PLETZ Southwest Airlines Co. is angling for a piece of the $126- million breakup fee from the aborted privatization of Midway International Airport, but the city may not be willing to share. Southwest and other airlines at Midway stood to profit from the ...
Builders lawyer up; South Loop condo developers sue 100 buyers for backing out.
May 18, 2009; ... Byline: THOMAS A. CORFMAN AND SAMANTHA SLEEVI As cancellations rise to more than a quarter of all new condo contracts, two veteran developers are suing home buyers who try to walk away, adding a rancorous new dimension to the housing meltdown. Ventures controlled by ...
Left Behind; MURDERS OF SCHOOL KIDS SHOOTHOLES IN CHICAGO'S OLYMPICS IMAGE CAMPAIGN.
May 18, 2009; ... Byline: GREG HINZ It's graduation time in America. From Notre Dame, where President Barack Obama faces protests, to here in Chicago, the kids are moving on to the next part of their lives. But not one classroom-sized group of kids that I'm thinking ofthe 36 Chicago ...
CORRECTION.
May 18, 2009 ... * Central Can Co. launched an all-plastic can line in summer 2007. A hybrid metalplastic product has been on the market since ...
Foam on: More beer dinners on the menu.(Brief article)
May 18, 2009; ... Byline: H. Lee Murphy Yeasty and spicy are key words in the new lexicon of pairing dinners, now with beer rather than wine. "Beer dinners are hot; craft beers have got a lot of buzz now, says Donny de Castro, coowner of Tavern in the Park, which sold out its first ...