— Chrysler plans to file for bankruptcy after failing to come to terms with its creditors. See more below in TOP STORIES — Small-business owners expressed frustration Wednesday at their inability to access credit despite the government’s injection of more than $500 billion into banks so far under the $700 billion TARP program. Representatives from local Wisconsin banks at a Congressional Oversight Panel hearing in Milwaukee noted, however, that they have voluntarily accepted TARP funds and continue to lend. Wayne Perrins, general manager of Badger Trailer and Equipment Corp., said the company’s bank has demanded a roughly $2 million payment, threatening to call its loans if the business does not come through, even though Badger has not missed any payments and is improving its operations. Perrins said Badger’s lender will not renew its loans, and without access to operating capital, Perrins said the company is in danger of going out of business. “We have worked very hard and have initiated 20 to 30 years of needed improvements to our business practices in just two years,” Perrins said. “We are finally poised to succeed as we move forward into the future. However, we need a willing financial institution as our partner.” Bank officials who testified at the hearing painted a different picture, saying they have upped their lending since receiving TARP funds. Peter Prickett, president and CEO of First National Bank-Fox Valley, which has received $4.3 million in TARP funds, said it has increased lending, and already leveraged the money it received nearly three times over. Since Oct. 1, the bank has increased lending by $20 million, has renewed $21 million in credit lines and purchased several million in municipal bonds, he said. Read more from the hearing: http://www.wisbusiness.com/index.iml?Article=157138 — Madison Democrats Rep. Terese Berceau and Sen. Fred Risser have reintroduced a bill to quintuple the state’s tax on a half-barrel of beer. The bill, which was also circulated last session, would raise the tax from $2 to $10, which equates to 2.5 cents per bottle. Berceau said the increase is long overdue, and the new revenue could help cover law enforcement and alcohol abuse costs that would otherwise be under-funded in the new state budget. — In the book “”Catastrophe: The Story of Bernard L. Madoff, The Man Who Swindled the World,” authors Deborah and Gerald Strober doggedly interviewed dozens of people who were victims of or knew Bernard Madoff, people who were affected by his actions, and a few who were able to see past his “charm.” BizOpinion book reviewer Terri Schlichenmeyer says although the book dips into the melodramatic and sometimes reads like a supermarket tabloid, pulling all this information into one place makes this book an as-comprehensive-as-possible explanation of what transpired, given that we may never know for sure. In the afterword, the authors discuss how this happened, and they offer scenarios for what comes next in this drama and in the way financial business is conducted. Read the full review: http://blogs.wisbusiness.com/bizopinion/2009/04/book-review-catastrophe-story-of.html — The Wisconsin Better Business Bureau is warning consumers to be on the lookout for fraudulent e-mails and Web sites trying to take advantage of the current swine flu outbreak. “Scammers read newspapers, watch TV and surf the Internet and they know that by using a hook from the day’s top headlines, that they’ll be able to catch lots of fish,” said Randall Hoth, Wisconsin BBB president/CEO. “Right now, issues associated with swine flu and a potential pandemic are of global interest and that means scammers have a very large pond to go phishing in. Sadly, although we see this as a tragedy, scammers see this as an opportunity.” See the BBB release: http://www.wisbusiness.com/index.iml?Article=157097 ************************* MONDAY, MAY 4 at The Madison Club The next WisBusiness.com Luncheon at the Madison Club, organized by the Madison Club, Madison Magazine, and WisBusiness.com, is slated for Monday May 4 at 11:45 a.m. The guest is Tim Cooley, Madison’s new economic development director. Learn more about Cooley: http://www.cityofmadison.com/news/view.cfm?news_id=1252 The event is open to the public, and the price for lunch is $19. Call the Madison Club to register at (608) 255-4861. The luncheon starts at 11:45 a.m. and ends at 1 p.m. ************************* TOP STORIES
TRW to close Kelsey-Hayes Ettrick plant: Kelsey-Hayes Co., an automotive supplier and subsidiary of TRW Automotive Holdings Corp., will close its plant in Ettrick, north of La Crosse, beginning June 25, resulting in the loss of 70 jobs. Western Industries sets layoff of 55 in Watertown: Western Industries Inc. has informed state officials of its plan to temporarily lay off 55 employees from its plant in Watertown. Wisconsin beer tax proposal faces long odds: Wisconsin’s beer tax, which has been flat for 40 years, would be five times higher under a proposal backed by police, health workers and others. Report: State wage between men’s, women’s wages widens: A Wisconsin Women’s Council report released this week shows that women earn only 77 cents for every $1 men make. That is worse than last year’s report when women earned 78 cents for every dollar. Port of Green Bay going ahead with dredging projects: The Port of Green Bay is forging ahead with a trio of projects, despite not being in line for funds through the American Recovery and Reinvestment Act, the port director said.
************************************************************ See commentary from around the state and columns from ************************************************************ TECHNOLOGY (back to top) – Online toolkit aims to help employers face flu outbreak
ECONOMY (back to top) – Rockwell reduces earnings outlook; profit down 72%
MANUFACTURING (back to top)
LABOR (back to top) – Squeegee trade just scraping by
SMALL BUSINESS (back to top) – Sologear sees FlameDisk as hot alternative to charcoal – Oversight panel gets an earful from state small businesses
REAL ESTATE (back to top) – Cardinal Stritch walks away from Cousins Center deal – Milwaukee area industrial vacancy rate jumps
AGRIBUSINESS (back to top) – Citizens Group Files Appeal to Rosendale Dairy Permit
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