The Treasury Department released a report yesterday on its first disbursements under the $700 billion bailout plan, the Associated Press reported. It purchased $125 billion of bank stock on Tuesday, which included $25 billion each to Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.; $15 billion to Bank of America Corp. and $10 billion to Merrill Lynch & Co. Inc. (which is being acquired by Bank of America); $3 billion to The Bank of New York Mellon Corp.; and $2 billion to State Street Corp. of Boston. Investment banks Goldman Sachs Group Inc. and Morgan Stanley, which converted to bank holding companies, also received $10 billion each.

Despite uncertain economic times, Sauer-Danfoss Inc. doubled its net income in the third quarter from the same period a year ago and had record sales. Net income was $10.9 million, or 22 cents per share, compared with $5.5 million, or 11 cents per share, in the year-ago period. Net sales rose 8 percent to $490.2 million, with strong demand in the Asia-Pacific region and the Americas, which offset a 2 percent decline in Europe. The company, with operations in Ames, expects demand to weaken in the near future and has lowered its forecast for full-year earnings to a range of $1.15 to $1.25 per share on nominal annual sales growth of 8 to 9 percent.

Four business leaders will be inducted into the Iowa Business Hall of Fame at the Greater Des Moines Committee’s annual Black Tie Dinner on Dec. 11. The inductees are Glen DeStigter, chairman of The Weitz Co., David Miller, retired chairman and CEO of West Bancorporation Inc., and Joe Crookham and Myron Gordin, co-owners of Musco Lighting. The Iowa Business Hall of Fame was founded in 1975 to honor the achievements of Iowans who have made strong contributions to the development and enhancement of Iowa’s business climate. To see past winners, go to www.iowabusinesshalloffame.com.

West Bancorporation Inc., parent company of West Bank and WB Capital Management Inc., reported today that it had a net loss of $360,000, or 2 cents per share, for the third quarter, compared with net income of $4.95 million, or 28 cents per share, for the third quarter of 2007. The bank was affected by a $4 million loss on two loans related to a customer that had been the victim of fraud and conversion of all of its assets, a $1.73 million pre-tax loss on a Lehman Bros. Holdings Inc. senior unsecured note held by West Bank and a $443,000 pre-tax loss on a Lehman bond. Non-interest expenses were up $1.24 million from a year ago, partially from hiring 14 new employees, 11 of whom are in business development roles. The company will discuss its results during a conference call at 2 p.m. today. To access the call, dial (800) 860-2442. A recording will be available at (877) 344-7529, passcode 415080, until Nov. 7.

Moody’s Investors Service has downgraded General Growth Properties Inc.’s senior secured bank debt rating to B3 from Ba3 and could downgrade it further, MarketWatch reported. “The rating action reflects General Growth’s continued strained financial flexibility, and substantial uncertainty of the REIT’s liquidity position and credit profile given significant near-term refinancing and development funding needs, coupled with expected earnings pressure due to a likely protracted downturn in the economy,” the agency said in a statement.

Due to the rally for Democratic presidential candidate Barack Obama at 11:30 a.m. in Western Gateway Park tomorrow, some nearby streets will be closed. Starting today, 12th Street from Mulberry Street to Grand Avenue will be closed until 2 p.m. tomorrow. The northbound lane of 13th Street from Locust Street to Grand will be closed until 2 p.m. tomorrow and both lanes will be closed tomorrow from 7 a.m. to 2 p.m. On Friday, Locust from 10th to 15th streets will be closed from 7 a.m. to 2 p.m., and Grand from 10th to 13th streets will be closed from 10:30 a.m. to 2:30 p.m. The Central Library’s underground parking also will be closed tomorrow until 3 p.m.

The Greater Des Moines Partnership’s Government Policy Council will have its final legislative policy meeting this afternoon from 3 to 4:30 p.m. in the Arthur Davis Conference Room at the Partnership building, 700 Locust St. This meeting will help finalize the council’s 2009 state legislative agenda, which will be presented to the Partnership’s board of directors at its Nov. 21 meeting.