Ups and downs Featured

9:09am EDT January 31, 2003
(Ups) to Penton Media. In December, the beleagured media company sold Streaming Media Inc. to Information Today Inc., further reducing its noncore asset holdings as part of its restructuring plan. The move, which lessens Penton's debt load, puts the company one step closer to a rebound.

(Downs) to Cuyahoga County. Its new $5.6 million computer system purchased to handle property tax billing was installed late and delayed mailing property tax bills out to homeowners until it was almost too late for them to get their payments in before Dec. 31. While the payments weren't due until the end of January, the county's failure to get its act together could prove costly for thousands who wanted to pay early and deduct the taxes from their 2002 federal income tax returns.

(Ups) to the Fed. Sandra Pianalto has been named the Federal Reserve Bank of Cleveland's new president, replacing Jerry Jordan, who retired Jan. 31. Pianalto, an economist by trade, has been with the Fed's Cleveland office since 1983 and has served as COO since 1993. This is a bold move by a traditionally male-dominated industry, and one that is truly deserved.