Tennille Gofers Assignment


######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.

US Bank Manifest Changes---Up-Date
by Christopher Menkin



It is not Bob Dole but Robert "Bob" Doyle, Senior Vice President Capital Markets, who is rumored to have taken over the "broker division" or what is labeled by their web site as “Manifest Funding--- www.manfestfunding.com).

Several calls Friday morning from US Bancorp "officers" basically said the story was "inaccurate;" and to learn what was really happening, speak with the US Bank media representative. No calls were returned, but in the afternoon more confirmation from brokers who were told they were “cut off” by Manifest, primarily because the new policy required a very high annual volume. One well-established discounter who many readers would know by name, said they did several million dollars a year with Manifest, but it was not enough).

Several gave dollar minimums, but without confirmation, would prefer not to state. It also may have been different with different brokers. Not knowing the other side of the conversation, cannot qualify the dollar amounts. However, all were told Manifest was going to emphasis their vendor business, cutting back on employees; many are being paid through August (or at work until the end of August, depends, no official word to date).

Some of this may appear confusing as US Bancorp Manifest is not located in one geographic area and has several "departments" or "divisions."

The numbers heard are more rumor than fact, but it is said that "broker division" was being cut to the top 50, who were representing 75% of their volume.

In the "Funder/Superbroker Looking for New Broker Business" this is what was submitted by US Bank:

“US Bank Manifest Funding Services
In business since 1987
Paul Meyer -Director of Sales-East
Paul.meyer@usbank.com
507-532-7191
Charlie Ehlers-Director of Sales-West
Charlie.ehlers@usbank.com
507-532-7119
www.manfestfunding.com
Members:
ELFA, NAELB, NEFA
140 employees”

It should be noted that some of these being retained or cut off are also other leasing companies and including in the “top 50.” Just as in the story about LEAF sending leases to Financial Pacific, many were also sending to Manifest, too. As Paul Menzel, CLP, president of Financial Pacific noted in the story:

"We do business with third party originators all over the country. That may include all types and sizes of operations, including small brokers, independent leasing companies, captives, and banks. LEAF submits applications under the same program and pricing as our other Third Party Originators.

"It is not unusual for them to be selling assets to FinPac as a way to manage portfolio risk. FinPac has a unique niche in the credit funding spectrum and understands how to evaluate and manage higher risks. Many of our clients just do not want to hold those deals in their own portfolio. What LEAF is doing goes on everyday by sophisticated and sound lenders all over the world. It is just good risk management."

Many leasing companies have been doing this for years, including banks, other funders, and for many reasons from having extended too much credit or having too much of the same equipment or the customer wants 60 month terms and the funder only wants to grant 36 or they don't like the equipment.

Leasing News has noted U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis' leadership as well as backing from the board of directors has lead to expansion of the bank as well as stability and his famous quote, "We want to make all the good loans we can at US Bank," no sarcasm here as the time he made the statement banks were being accused of not making any loans at all. He wanted stockholders, bank customers, and potential bank customers to know US Bancorp was not backing away from the marketplace, and at the same time, were making internal changes. (1)

These changes coming to light today actually started with the position of the Portland finance office getting out of the middle market broker business. Earlier, exactly May 13, 2009 Leasing News noted: "Michael J. Rizzo, President & CEO, Business Equipment Finance Group, executive vice president at U.S. Bank, was recently let go by management. March 20, 2009 he told Leasing News he was no longer in charge of the U.S. Bancorp Business Equipment Finance Group). He said Dave Verkinderen is the General Manager of that division. Adrian Hebig is the Chief Operations Officer. Both are considered peers.

"He was given other bank assignments, and in the realignment, a position was not available, Leasing News was told. It was not a performance issue of US Bank Manifest, which reportedly has higher delinquencies and problems than before.

"Cindy Fleck recently left to join MCA Relationship Manager for Channel Partners under her old boss Brad Peterson."

President and CEO of U.S. Bancorp Equipment Finance is still Sal Maglietta. This was originally the Oliver-Allen operation, one of the first companies to specialize in IT: leasing equipment for computer systems, networking, communications, PC connectivity, primarily to middle market clients. They were sold in March, 2000 to US Bancorp."

There were other changes, but not confirmed so will not be noted here.

Others commented to Leasing News, "We knew this was just a matter of time with the way US Bank was allowing Manifest to operate." In actuality, US Bancorp Manifest has been slow in this trend which perhaps started with GE Capital, as well as CIT, Key Equipment Finance, and even LEAF Specialty cutting back and then off as well as others such as Balboa Capital, Direct Capital, Marlin Business Services, Evans, not to mention the companies that got completely out of leasing, such as Pentech that had a special relationship with one of their divisions taking Manifest "turn downs."

While it is true banks are protecting their capital, being perhaps “forced” or “taking advantage” of purchase of smaller banks and branches, there is a paradigm change facing the leasing industry.

What is happening at this time is FASB moving into putting all leases on balance sheets with residuals noted. Many are ignoring this "time bomb" and do not realize it will not only affect larger ticket leasing more than anything else, but other markets, too, including middle-market, and yes, the small ticket marketplace. It will also get banks more out of leasing and therefore lines of credit, warehouse leasing, and perhaps availability for small ticket financing---turning leasing more into "finance." Make deals more "rate conscious".

The trend has been to more "finance" as noted by associations using it in their title (one is now the National Equipment Financing Association" and the Equipment Leasing Association is now the Equipment Finance and Leasing Associations.

There are also changes in the captive lessor marketplace as well as the franchise industry now starting to do their own financing as a "captive lessor." The private label program first jumped to larger vendor operations and has moved to other marketplaces.

In the past, when leasing companies have raised criteria, gotten out of programs, new ones were born as the "C" and "D" marketplace always exists, and even "A" and "B" have small ticket leasing needs that at one time Bank of America or Wells Fargo would jump at, but today much too small for their larger operation, even in the day of computers and wireless communication abilities. What then are being left are many “risky credits” and yields will determine as the more margin in a transaction, the more the risk can be increased (That has not changed nor has “the person with the gold makes the rules.)

(1) US Bancorp 1st Quarter—A Winner
by Christopher Menkin
http://www.leasingnews.org/archives/Apr2010/4_21.htm#us_bancorp

(2)Leasing Companies Out of Broker/Discounting Business
(Please read the first paragraph in this list: )
http://www.leasingnews.org/Pages/Out-of-broker-bus.htm


Leasing Industry Help Wanted

Tax Manager
Portland, Oregon

Multi-state property/sales tax experience.
Vertex & PTMS tax management software exp. preferred.
Click here for more information
Please Contact: B. Gail Proper gproper@pfsc.com or Johnathan Wease jwease@pfsc.com

http://www.pfsc.com/
One of the nation’s largest and most trusted independent lease and loan servicing organizations.

 

Please see our Job Wanted section for possible new employees.

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Alert: Trinity Back at It
by Bernie Boettigheimer CLP



Whoever came up with the old saying “You can’t teach an old dog new tricks” never met Lee Goff. Lee is the owner of Trinity Corporate Solutions formerly of Farmersville, Texas. Trinity is one of the vendors featured in my article ANATOMY OF A FRAUD which appeared in a December 2007 issue of Leasing News, While the other two vendors mentioned in that article have disappeared, Lee however, changed addresses two times and company name three times. At present his company is located in Sachse, Texas and is again producing troublesome leases for our industry. If you are looking for the personification of sleazy operator, this guy is it. Don’t take my word for it, just look him up on RipoffReport.Com:

“Lee Goff, under any of his corporate entities such as Trinity Corporate Leasing, Your Credit Desk, Group Four Investment, and several others is a classic con-artist. Regardless of what corporate entity he is fronting at the time, he professes himself to be a humble servant of God……Here is how his best known scam works. He represents himself initially as a leasing company, sometimes a leasing broker and works for you, the client, to get your purchased financed. At the same time he is working with by our vendor, advising them that he has you financed and promising that payment for whatever you purchased will be transferred as soon as the transaction closes” (Excerpt from RipOff.com - http://www.ripoffreport.com/loans/lee-goff/lee-goff-yourcreditdesk-com-a6f2c.htm)

In every case, he starts dealing with the customer as a broker/finance consultant, but he then changes the transaction format whereby he is the vendor and removes the real vendors from the transaction. He promises the real vendors payment, and upon funding he retains the full invoice money and never in turn pays the real vendors for the equipment delivered. Eventually the customer is sued by the real vendors who actually delivered equipment as well as the funding companies. It is a double whammy to the lessee. Another source verifying his modus operandi is Complaintsboard.Com:

“Selling leases on equipment he doesn't own title to, Lee Goff and his many corporate fronts have a long and well established record of ripping companies off. These victimized companies are left owing leasing companies hundreds of thousands of dollars while their debts to their vendors are never paid, leaving them on the hook”. (Excerpt from Complaintboard.com - http://www.complaintsboard.com/?search=TRINITY+CORPORATE+SOLUTIONS&everything=Everything)

Now Goff has a new trick. His new scheme starts with the lessee as he poses as a leasing broker. However his company, Trinity Corporate Solutions lists itself as a vendor. He seems to prefer lessees who need new phone systems preferably using mid-sized vendors. He takes the vendor’s invoice and puts a mark-up on top of that and tries to get his company approved as a vendor. If the funder does not find him as an acceptable vendor, he offers the original vendor as his supplier but then presents his invoice as the installer. Lee Goff used this trick on one of our Subscriber last November but was caught “red-handed” when the original vendor said they were installing the equipment. I guess he thought that he could pull the same trick this month to another one of Lease Police Subscribers. He was caught again! We are not talking small-ticket leases anymore as many of the leases are six figure transactions.

I don’t know what his next trick will be. Will he present himself as a leasing broker, vendor or manufacturer? Will he change names and addresses and start again? That is almost a certainty! He frequently passes himself off as a business partner of IBM, Lenovo, CDW and others so beware and don’t be the victim of this OLD DOG’S NEW TRICKS. At LeasePolice.com we track hundreds of scoundrels just like this and our contacts and informants in the field keep us ahead of their activities. Do not get fleeced when the real price to eliminate losses from them is very cheap and readily available.

Regards,
Bernie Boettigheimer CLP
President
Lease Police, Inc.
972-361-8111
214-549-3426-cell

Anatomy of a Fraud, a short story
By Bernie Boettigheimer, CLP
http://www.leasingnews.org/archives/December%202007/12-14-07.htm#fraud

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

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Leasing 102
by Mr. Terry Winders, CLP


Tax Depreciation for Leases to Municipal or 501C (not-for-profit)

Depreciation for Federal Income Tax is called “Capital Recovery”, and for GAAP accounting, it is called “the amortization of an expense”. Capital Recovery benefits are only allowed for Lessor’s if they follow the rules, and have a “true lease,” and the lease term is 80% or less of the equipments useful life.

Back in the Thirties the Government recognized that assets depreciate faster in the beginning than they do later on, so ADR depreciation was established as an accelerated form of depreciation with many classifications. In 1991 the Economic Recovery Tax Act established ACRS depreciation which decreased the categories of equipment and increased the acceleration. In 1986 they “modified” ACRS and it became MACRS to slow down the acceleration and the introduction of the Alternative Minimum Tax (AMT) reduced it even more for those required to pay income tax under the AMT.

The tax reform act of 1984 was the first time a reduction in accelerated depreciation benefits were required for leases to a U.S. State or Municipal Government or a not-for-profit entity (501C). Straight line depreciation is all that lessor’s are allowed to take because the “use” of the equipment is in a Lessee organized not to make a profit. The 1984 Act requires the Lessor to take straight line depreciation over the greater of the property’s ADR Class life, or 125% of the lease term. Even though the lessor’s income is taxed in a 501-C and is tax free in a Municipal it is the “use” that dictates the right to take capital recovery benefits not ownership. Capital recovery allows the tax payer to recover the equipments Capital cost over time prior to paying taxes on taxable income.

There are exceptions for short term leases (under three years and the lease term must be lower that 30% of the ADR class life). The class life for computers is Asset class 00.12 with a class life of 6 years, so to quality under 30% the ADR term the lease needs to be less than 21.5 months. Also there are some exceptions for high tech short term assets. A complete review of the qualified high tech assets is required to determine if your high tech asset qualifies.

Municipal lease income is tax free which eliminates the need to take capital depreciation provided the municipal entity has taxing authority and the lease payments are paid from tax revenues. In addition the equipment must be “essential use property” and there “must” be a bargain purchase option or an automatic title transfer. Also leasing generally is paid from the annual budget and requires a non-appropriation clause that allows the municipality to return the equipment if no funds are ear marked for that equipment in the next year’s budget.

It is wise to include a provision in the municipal lease that provides that if the non-appropriation clause is used that the municipality may not replace the equipment with any other equipment or “service” that provides the same benefit that our equipment provided for the balance of the lease term. Many leasing companies have lost, just using the equipment replacement language, as outside contractors take over the task making the equipment obsolete.

Tax free income is attractive so long as you have some taxable income. Without taxable income tax free income is less desirable than taxable income that is sheltered from other activities. Also there is a restriction on bank funding of municipals because they are restricted from taking the interest cost to fund the transaction from other taxable income making them less competitive that non-bank funding.

A lease to a non-profit that is a true lease for Article 2A puts the Lessor in the spot of paying taxes on the revenue stream, just like a standard tax lease, but having to straight line the capital depreciation, there by raising the tax effect and raising the lessee’s payment. Many Lessor’s must chose to take the credit risk and price a bargain option lease with a non-profit or price the additional income tax into the deal to qualify as a true lease to get an Article 2A lease instead of a Article 9 disguised lease.

Tax depreciation is a benefit or a curse depending on the nature of the transaction. Make sure you check with your tax preparer before entering into these type of deals and make sure your pricing is correct taking into account the correct impact.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.

He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

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Bank Beat---Umpqua Acquires More Branches


Nevada Security Bank, Reno, Nevada, (also known as Silverado Bank, Roseville, CA) was closed Friday by the Nevada Financial Institutions Division with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits. Umpqua acquired Rainier Pacific Bank of Tacoma, Washington, and Seattle-based Evergreen Bank earlier this year. In 2009, it purchased the failed Bank of Clark County in Vancouver, Washington.

Five branches The bank was established in December 27, 2001 and had one office in Roseville, California (Placer County), four in Reno and one in Incline Village. They had gone from 90 full time employees March 31, 2009 to 78 by March 32, 2009.

The Bank had received a serious FDIC Cease and Desist order June of last year.

Equity had dropped from $53.7 million the previous time period to $12 million while non-current loans rose from $24.9 million to $51.7 million, from a $1 million profit to a $1 million loss after charge offs of $2 million ($1.55 million construction and land development, $267,000 secured by 1-4 family residential property, and $185,000 commercial and industrial loans). Tier 1 risk-based capital ratio 2.85%.

As of March 31, 2010, Nevada Security Bank had approximately $480.3 million in total assets and $479.8 million in total deposits. The FDIC and Umpqua Bank entered into a loss-share transaction on $368.2 million of Nevada Security Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.9 million.
http://www.fdic.gov/news/news/press/2010/pr10137.html

List of Bank Failures
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

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Tustin, California--Adopt-a-Dog


Name: Sarah
Age: 2 Years
Breed: Terrier Mix
Posted: 6/16/2010

Sarah was just rescued from the shelter along with her 2 little babies. She has now been spayed, vaccinated, de-wormed, treated for fleas and microchipped. She is extremely lovable and would love to find a forever home. She is ready to go home today.

Sarah

If you are interested in adopting or fostering Sarah or any of our available dogs or cats, please email us at friends@fochp.org or leave us a voice mail at (714) 280-4993.

KKB Puppies
Tustin, CA 92780
(714) 264-4532
leslieoakley@sbcglobal.net
http://fochp.org

Application:
http://www.fochp.org/pdf/fochp_application.pdf

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

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Today in History

1964- James Chaney, Andrew Goodman and Michael Schwerner left Meridian, MS, at 9AM to investigate a church burning at Philadelphia, MS. They were expected back by 4 PM. When they failed to return, a search was begun. Their murdered bodies were found on Aug 4.

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This Day in American History

    1731-the birthday of the “first lady,” Martha Dandridge Custis Washington, wife of George Washington, first president of the US. born at New Kent County, VA. Died at Mount Vernon, VA, May 22,1802.
http://www.whitehouse.gov/history/firstladies/mw1.html
http://www.ushistory.org/valleyforge/served/martha.html
    1788- US Constitution in effect: by a vote of 57 to 47, New Hampshire became the ninth state to ratify the Constitution. With this ratification, the Constitution became effective for all ratifying states, as the approval of nine states was required for the Constitution to go into effect. The fishing colony, first settled in 1623, and named in 1630 by Captain John Mason after his Hampshire, England home, was a part of the Massachusetts colony. Then, in 1679 it became a separate royal colony. Concord, the capital of the Granite State, was also central to much of the Revolutionary War. The official state bird is the purple finch, and has a matching state flower, the purple lilac.
http://www.visitnh.gov/
    1821 ---The African Methodist Episcopal (AME) Zion Church was formally constituted in New York City. Nineteen clergymen were present, representing six African-American churches from New York City; Philadelphia; New Haven, CT and Newark, NJ.
    1856-John Durkee of the Committee of Vigilance led a raid on the schooner "Julia" and hijacked the muskets aboard that were destined for the militia at San Francisco. He took the arms to the Committee's headquarters on Sacramento St. State Supreme Court Justice David Smith Terry was arrested by the Committee of Vigilance for stabbing vigilante policeman Sterling A. Hopkins on Jackson St. between Dupont and Kearny. Hopkins, who was the hangman for Cora and Casey, was in serious condition. Hopkins was stabbed when he attempted to arrest a member of the militia who was testifying in court about John Durkee's seizure of arms destined for the militia.
    1858--- Louisiana chess prodigy Paul Morphy arrives in Europe.
He won the first American Championship in 1857 in New York with a perfect score, and then went on to Europe, financed by his admirers, and played the best in Europe and won every match.
http://www.starfireproject.com/chess/morphy.html
http://batgirl.atspace.com/index.html
    1859-Birthday of Henry Ossawa Tanner, one of the first black artists to be exhibited in galleries in the US. He was born at Pittsburgh, PA. He died May 26, 1937, at Paris.
http://sheldon.unl.edu/HTML/ARTIST/Tanner_H/SSIII.html
http://www.doupine.com/tanner.htm
http://www.nbmaa.org/Gallery_htmls/tanner.html
    1882 – Birthday of American illustrator Rockwell Kent, Tarrytown Heights, New York.
http://organizations.plattsburgh.edu/museum/kentkent.htm
http://www.artcyclopedia.com/artists/kent_rockwell.html
http://www.artline.com/galleries/aaron/prints/kent/kent.html
    1893 - On the first day of summer the temperature at Dodge City, KS, soared to 106 degrees during the midst of a blistering heat wave. The heat wave initiated a severe three year drought in the Central Plains Region. Ironically, at about the same time, heavy rains in the Mississippi Valley were causing the river to swell to its highest level of record at New Orleans, LA.
    1922-Massacre of strikebreakers by union members began at the Southern Illinois Coal Company's strip mine near Herrin, IL. During a nationwide strike by the United Mine Workers (UMW), a group of recruited strikebreakers arrived at the mine. Fighting broke out, and one striker and two strikebreakers were killed. The mine was quickly surrounded by armed UMW members. On June 22, approximately 60 strikebreakers inside the mine surrendered to union members, who marched them to a barbed wire fence and gunned them down. A few who managed to escape were hunted down and slain in a nearby cemetery. Twenty-one strikebreakers and one mine official were killed, and most of the rest were severely wounded.
http://www.geocities.com/Heartland/7847/massacre.htm
http://www.wvculture.org/history/minewars.html
http://www.prairieghosts.com/bloody_will.html
http://www.egyptianaaa.org/SI-HerrinMassacre.htm
http://www.geocities.com/apwualbany/laborhistory1920.html
    1928 - Mary Pickford cut off her 18, nearly waist-length, golden curls. She had reigned in films as "America's Sweetheart" for nearly 25 years, and wanted to make the transition in films to play more mature roles. At age 35, she put scissors to the tresses that locked her into her film ingénue image, and styled her hair in a more fashionable short bob. Few fans went to see her new, grown-up sound films. After only four sound films, Pickford retired from the screen, knowing that she would never be accepted by the public as anything but the little girl that she had successfully portrayed during the silent film era.
1929 singer Helen Merrill birthday
http://www.warnerclassics.com/finlandia/fa/biogs/merrill.htm
http://museum.media.org/ella/carnegie/artists/merrill.html
    1932-Jack Sharkey won a 15-round split decision over Max Schmelling to capture the world heavyweight championship in a fight in New York. Schmeling had won the title two years before by defeating Sharkey on a foul. Sharkey kept the title for one year before being knocked out by Primo Carnera.
    1932-Birthday of TV and movie composer Lalo Schifrin.
http://www.schifrin.com/biography.htm
    1936-Birthday of singer O.C. Smith, Mansfield, LA Died 2001
http://home.earthlink.net/~deankay/O.C.Smith.html
http://www.tsimon.com/ocsmith.htm
    1942- The movie "Little Tokyo, U.S.A." is released by Twentieth Century Fox. In it, the Japanese American community is portrayed as a "vast army of volunteer spies" and "blind worshippers of their Emperor, " as described in the film's voice-over prologue.
   1942 - Churchill receives the news of the fall of Tobruk while meeting with US President Roosevelt. FDR immediately offers aid and 300 Sherman tanks and 100 self-propelled guns are immediately dispatched to North Africa. The better equipment will make a difference in the British performance at El Amien.
    1943 -- Supreme Court rules on the Hirabayashi & Yasui cases, upholding the constitutionality of the curfew & exclusion orders against Japanese- Americans.
http://www.janm.org/clasc/resources.htm
    1943—Federal troops put down race riots in Detroit, Michigan. Disorders first appeared on southern military posts, where white residents clashed with northern black soldiers, who did not proffer the customary subservience. But the most severe race riots occurred in the cities: Harlem; Philadelphia; Mobile, Alabama; El Paso and Port Arthur, Texas; Springfield, Massachusetts; Hubbard, Ohio. A two-day guerrilla war between blacks and whites in Detroit during the summer of 1943 left twenty-five blacks and nine whites dead, seven hundred of both races injured, and $2 million property damage. The riot only ceased when six thousand troops occupied the city. Two weeks later, during the famous zoot- suit riots in Los Angeles, white servicemen terrorized the city's Mexican-American sections for four days as the city police, the Military Police, and the Shore Patrol all looked the other way. The only factor which kept violence against Japanese-Americans at such a low ebb was their forcible removal.
http://info.detnews.com/history/story/index.cfm?id=185&category=events
http://www.detnews.com/history/riot/riot2.htm
http://www.pbs.org/wgbh/amex/eleanor/peopleevents/pande10.html
http://www.yale.edu/ynhti/curriculum/units/1979/2/79.02.04.x.html
http://www.newnation.com/Archives/NNN-poll-06.html
    1945-the Battle of Okinawa ended with American grenades exploding in the background, inside the Japanese command cave at Mabuni the battle for Okinawa was ended when Major General Isamu Cho and Lt. General Mitsuru Ushijima killed themselves in the ceremonial rite of hara-kiri. In the long battle that had begun April 1, the American death toll reached enormous proportions by Pacific battle standards---7,613 died on land and 4,907 in the air or from kamikaze attacks. A total of 36 US warships were sunk. More than 70,000 Japanese and 80,000 civilian Okinawans died in the course of the battle. It was this event that lead President Harry Truman to authorize the atomic bomb to end the war with Japan as he realized how many Americans would be lost in the invasion of the main land.
http://memory.loc.gov/ammem/today/jun21.html
http://www.globalsecurity.org/military/facility/okinawa-battle.htm
    1948---Top Hits
Nature Boy - Nat King Cole
Toolie Oolie Doolie - The Andrews Sisters
You Can't Be True, Dear - The Ken Griffin Orchestra (vocal: Jerry Wayne)
Texarkana Baby - Eddy Arnold
    1948- Columbia Records, Bridgeport, CT, introduced to the public at the Waldorf-Astoria Hotel in New York city long-playing microgroove phonograph records. CBS engineer Peter Goldmark was the inventor of the non-breakable Vinylite plastic disks, which played at a speed of 33.3 revolutions per minute. One side of a 12-inch “LP” played for 23 minutes, compared to 4 minutes for a one side of a standard 78-rpmrecord; 78s were quickly supplanted by the new technology. In 1952, I joined the Columbia Record Club and have been a member ever since.
    1955 - Johnny Cash's first single, "Cry Cry Cry," is released.
    1956---Top Hits
The Wayward Wind - Gogi Grant
I Almost Lost My Mind - Pat Boone
Transfusion - Nervous Norvus
Crazy Arms - Ray Price
    1956 -- Playwright Arthur Miller, appearing before the House Committee on Un-American Activities (HUAC), refuses to betray his left-wing associates. He will appear again in1957 & be convicted for contempt, which is overturned on appeal in 1958. John Steinbeck defends Miller in the June 1957 Esquire.
http://ocean.otr.usm.edu/~wsimkins/trial.html
    1958-Bobby Darin's "Splish Splash" enters the US record charts, where it would reach #3. Bobby would later say that the song only took him about ten minutes to write.
    1964- James Chaney, Andrew Goodman and Michael Schwerner left Meridian, MS, at 9AM to investigate a church burning at Philadelphia, MS. They were expected back by 4 PM. When they failed to return, a search was begun. Their murdered bodies were found on Aug 4.
    1964-Jim Bunning of the Philadelphia Phillies pitched a perfect game against the New York Mets, winning, 6-0. Since Bunning had previously pitched a no-hitter for the Detroit Tigers, his effort against the Mets gave him a no-hitter in each league. Gus Triandos became the first catcher to handle a no-hitter in each league.
    1964---Top Hits
Chapel of Love - The Dixie Cups
A World Without Love - Peter & Gordon
I Get Around - The Beach Boys
Together Again - Buck Owens
    1965-Arthur Ashe, tennis champion, leads UCLA to NCAA tennis championship
    1965 - Gary Player won the U.S. Open golf tournament to become only the fourth winner to earn all four top pro golf titles. Player from South Africa was the first non-American to achieve the feat. The Grand Slam of golf, incidentally, includes the U.S. Open, the British Open, the Masters and the PGA Championship. The other professional golfers who have won all four events are Ben Hogan, Jack Nicklaus, and Gene Sarazen. The winningest golfer: Sam Snead.
    1966 -- Summer Haight Ashbury: Shops opening, dances every weekend, HIP merchants, Diggers. Morning Star Ranch, owned by Lou Gottlieb of the Limelighters, along with Ramon Sender, open the land (32 acres) to anyone who wants to live there.
http://www.diggers.org/homefree/hfh_int.html
http://www.ic.org/morningstar/home.html
http://www.napafest.com/limeliters.html
    1967 -- Solstice party in Golden Gate Park: an estimated 30-50,000 boogie.
http://www.sftoday.com/enn2/summerlove.htm
    1967 -- "First day of summer": New Buffalo founded near Taos, New Mexico (9 miles south of Lama).
http://www.summeroflove.org/law.html
    1970-the first major league baseball player to make seven consecutive hits in seven times at bat in the same game was Cesar Dario Guiterrez, shortstop for the American League Detroit Tigers, who in the second game of a double header with the Cleveland Indians at Cleveland,OH, hit a single in the first, third, fifth, eighth, tenth, and twelfth innings and a double in the seventh inning, Detroit beat Cleveland, 9-8.
    1972---Top Hits
The Candy Man - Sammy Davis, Jr.
Song Sung Blue - Neil Diamond
Nice to Be with You - Gallery
The Happiest Girl in the Whole U.S.A. - Donna Fargo
    1972-Hurricane Agnes hit the eastern seaboard for five days, wreaking havoc across seven Atlantic Coast states. Casualties included 118 lives and 116,000 homes, leaving more than 200,000 homeless after Agnes dumped 38.1 million gallons of water over 5,000 square miles.
    1972 - Billy Preston received a gold record for the instrumental hit, "Outa-Space". Preston, who played for gospel singer Mahalia Jackson, back in 1956, was also in the film "St. Louis Blues" as a piano player. He was a regular on the "Shindig" TV show in the 1960s; and recorded with The Beatles on the hits "Get Back" and "Let It Be". Preston also performed at "The Concert for Bangladesh" in 1969. Many well-known artists have utilized his keyboard talents, including Sly & The Family Stone and the Rolling Stones. 1985 - Ron Howard directed his first music video. The TV star of "The Andy Griffith Show" and "Happy Days" also directed the film "Cocoon", which included "Gravity", the song used in the video. Michael Sembello, a guitarist who played on Stevie Wonder's hits between 1974 and 1979 was responsible for "Gravity".
    1975 - The Captain and Tennille's Love Will Keep Us Together jumped into the Number 1 slot on Billboard's record charts, and stayed there for 4 weeks.
    1975-Elton John headlines a bill at Wembly Stadium that also features the Eagles, The Beach Boys, Rufus and Joe Walsh. The crowd favorite was the Beach Boys, who played a 90 minute set.
    1978 - Evita, a musical about the life of Argentine popular idol Eva Perón, opened in London. The music was by composer Andrew Lloyd Webber, lyrics by Tim Rice and it was directed by Harold Prince. The play was an instant hit.
    1980---Top Hits
Funkytown - Lipps, Inc.
Coming Up - Paul McCartney & Wings
Biggest Part of Me - Ambrosia
One Day at a Time - Cristy Lane
    1982 -- New edition of Stephen Crane's The Red Badge of Courage is published, restoring cuts made by his editor in 1895.
http://www.columbia.edu/ cu/libraries/indiv/rare/guides/Crane,S/navigator.html
    1988 - The first full day of summer was a torrid one, with afternoon highs of 100 degrees or above reported from the Northern and Central Plains to the Ohio Valley. Sixty-nine cities in the north central U.S. reported record high temperatures for the date. The high of 110 degrees at Sioux Falls, SD, was an all-time record for that location. Highs of 103 degrees at Des Moines, IA, 102 degrees at Fort Wayne, IN, 109 degrees at Huron, SD, 108 degrees at Sioux City, IA, and 101 degrees at South Bend IN were records for June.
    1988---Top Hits
Together Forever - Rick Astley
Foolish Beat - Debbie Gibson
Dirty Diana - Michael Jackson
I Told You So - Randy Travis
    1986-President Ronald Reagan gives speech defending his judicial appointments. One June 17 he had announced that Warren E. Burger would retire as chief justice of the Supreme Court effective July 10. The president named Associate Justice William H. Rehnquest as Burger's successor, and also named Antonin Scalia, of the U.S. Court of Appeals for the District of Clubia, to the Court. The changes were interpreted as a gain for conservative judicial philosophy.
    1986—Excedrin is taken off the shelf. On June 19 it was declared the cause of death of two persons in the Seattle, Wash., area. Both had taken Extra-Strength Excedrin capsules containing the poison. Bristol-Myers, the makers of Excedrin, responded by announcing they were taking all the bottles off the shelves. The person or persons who had broken the seal and poisoned the bottles were never caught. Bristo-Myers destroyed all bottles, introducing a new seal and plastic wrapping became common on all over-the-counter drugs.
    1987 - No. 1 Billboard Pop Hit: "I Wanna Dance with Somebody (Who Loves Me)," Whitney Houston.
    1988 - The first full day of summer was a torrid one, with afternoon highs of 100 degrees or above reported from the Northern and Central Plains to the Ohio Valley. Sixty-nine cities in the north central U.S. reported record high temperatures for the date. The high of 110 degrees at Sioux Falls, SD, was an all-time record for that location. Highs of 103 degrees at Des Moines, IA, 102 degrees at Fort Wayne, IN, 109 degrees at Huron, SD, 108 degrees at Sioux City, IA, and 101 degrees at South Bend IN were records for June
    1989 -- Supreme Court rules it's a-ok to burn the US flag as a political expression.
http://recollectionbooks.com/siml/stan/FlagBurner.html
    1992 - Tom Kite beat fought fellow golfers and the elements as he won the U.S. Open. Scoring records had given way to survival at Pebble Beach, California. Howling winds made the greens as hard as concrete. Kite's final-round even-par score of 72 was enough to give him a two-stroke victory over Jeff Sluman.
    1995 - Microsoft and Netscape officials met at Netscape headquarters in Mountain View, Calif. Notes taken by Netscape co-founder Marc Andreessen indicate that Microsoft offered to buy a share of its rival if Netscape would stop making Navigator for the Windows market. The Andreessen notes would be used later in the U.S. government's massive antitrust case against Microsoft Corp. (Microsoft founder Bill Gates was painted as the master string-puller in a no-holds-barred plan to destroy Netscape Communications Corp. when it refused to collaborate on a plot to divide the market for Internet browser software. At the time Netscape had the monopoly with almost a 80% share of the marketplace. The opposite is true today.)
    1997-The Women's National Basketball Association opened its inaugural season with three games. The Houston Comets beat the Cleveland Rockers, 76-56, the New York Liberty defeated the Los Angeles Sparks, 67-57, and the Sacramento Monarchs beat the Utah Starzz,70-60. Two teams, the Charlotte Sting and the Phoenix Mercury, began their season the following day with Phoenix Mercury began their season the following day with Phoenix defeating Charlotte, 76-59. Each team in the WNBA, a summer league operated by the NBA, played a 24-game schedule.
    1999 - America Online announced its investment of $1.5 billion in DirecTV creator Hughes Electronics Corp. The agreement gave AOL new high-speed options and expanded ties between the world's largest Internet provider and the leading U.S. satellite TV service. A combination of AOL's Internet services and Hughes' digital TV system would help increase DirecTV's subscriber base while boosting the market for AOL's interactive TV and high-speed Internet services.
    1999 - The album Millennium, recorded by The Backstreet Boys, was certified gold.
http://www.thebackstreetboys.com/
http://www.backstreet.net/
    2001--- Returning to major leagues after a stint with Newark Bears of the independent Atlantic League, Jose Canseco starts as the designated hitter for the White Sox. The former All Star, who has 446 career home runs (23rd all time), didn't get any offers after being released by the Angels in the spring. In 2005, his book is a “tell all” on how many players were using steroids, he and his team mate Mark McGuire, included, he claims.

NBA Finals Champions for this Day

    1988 Los Angeles Lakers

[headlines]
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Baseball Riddle

All professional
Leagues forbid its
Use.
Made to be
Indestructible.
Never cracks.
Unfilled inside the
Middle.

Baseball's
Attempt to save
Trees.

Written by “ Dan Zamudio”
Printed in “Catcher in the Wry,”
Baseball Poem
McFarland and Company

[headlines]

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SuDoku

The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?

http://leasingnews.org/Soduku/soduko-main.htm

[headlines]

--------------------------------------------------------------

Daily Puzzle

How to play:
http://www.setgame.com/set/puzzle_frame.htm

Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm

[headlines]

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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx

[headlines]

--------------------------------------------------------------

Weather

See USA map, click to specific area, no commercials

http://www.weather.gov/

[headlines]

--------------------------------------------------------------

Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live

--------------------------------

[headlines]

 


EFD Marketing Officer
Walnut Creek, CA

You will identify, develop and maintain broker relationships. Requires a BA or equivalent &
5 years of experience in the equipment financing industry. CLICK HERE for a detailed description and resume submission info.

Visit www.bankofthewest.com, for more information. Bank of the West and its subsidiaries are equal opportunity/affirmative action employers.

www.bankofthewest.com

Monday, January 28, 2008

Headlines---

GE Healthcare Financial cut backs
    "You can't handle the truth!"
    UAEL “dis-invites” Brook to Spring Conf.
    by Christopher Menkin
        Classified Ads—Sales
The Feds believe money grows on trees
    Cartoon---House Payments
        Jumbo Mortgage Higher Limits
Too many vacant houses
    Top Stories --- January 21---25
        Latest Nigerian eMail: Marriage & Money
            Golf Courses/Ranges/and more DVD
                Classified Ads---Help Wanted
Leasing 102 by Mr. Terry Winders, CLP
Lease Packager Notification
    News Briefs---
        You May have Missed---
Sports Briefs---
    "Gimme that Wine"
        Calendar Events
Snapple Real Facts
    Today's Top Event in History
        This Day in American History
Football Poem
    SuDoku
        Daily Puzzle
    GasBuddy
News on Line---Internet Newspapers
Central Minnesota—News Herald

######## surrounding the article denotes it is a “press release”

------------------------------------------------------------------

GE Healthcare Financial cut backs

A highly reliable source reports:

GE Healthcare Financial (formerly HPSC) closed their Medical, Veterinarian ad Chiropractor divisions...they fired most of the sales force and re-assigned a couple people to captive programs

The have retained the Dental and Optical divisions so far....

The reasons vary from poor portfolio performance to "not our core business model"...however most in the industry believe it is due to the sales forces inability to replace the business that left with several salesmen 10-12 months ago.

The captive division is GE Healthcare, a $18 billion (USD) unit of General Electric (GE). It employs more than 46,000 people worldwide and is headquartered in Chalfont St. Giles, Buckinghamshire, United Kingdom. GE Healthcare is the first GE business segment headquartered outside the United States. In 2004, just before the completion of the $9 billion acquisition of U.K.-based Amersham plc, the formerly named GE Medical Systems was renamed GE Healthcare.

[headlines]

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"You can't handle the truth!"

by Christopher Menkin

UAEL “dis-invites” Randy Brook to Spring Conference.

It reminds me of Jack Nicholson in a "Few Good Men," when as Colonel Nathan R. Jessep he bursts out loud on the witness stand, "You can't handle the truth!"

The situation is not as serious here, except it shows United Association of Equipment Leasing (UAEL) leadership has held its members to an incredibly low standard.

It also should make us all wonder if an industry that is afraid to hear of government concerns with its practices is capable of self-regulation.
Certainly the action is to ignore the truth as to what is happening, the complaints by more and more leasing customers, and more and more government regulations to protect them.

UAEL Spring Conference Chairman John Haenselman thought it a good idea that I present retired Federal Trade Commission Senior Attorney Randy Brook with the "Leasing News Person of the Year" award at the Friday business lunch meeting. I would be introduced, hand the award to Randy, and a photograph would be taken to appear in Leasing News. He also asked if Randy Brook would conduct a workshop as he thought it was a good idea and also might attract a higher attendance.

Brook was proud to receive the award and said if I wanted to present it to him at an association meeting, he would attend. He also agreed to do a workshop, as he felt he could answer questions many might have on how the FTC worked or hear what concerns they might have.
He was retired, but since I asked, he would be glad to attend.

Ten days later I get a telephone call that the UAEL Board of Directors has voted not to have Brook attend the Spring Conference. Basically IFC Credit Corporation was a sponsor and they viewed that as a conflict of interest (Federal Trade Commission has a trial scheduled against IFC Credit regarding the NorVergence matter.) In addition, Leasing News was too controversial, I was told. It seems there are four past president of the association (six if you count staff Joe Woodley and Bob Grohe) on the board of directors.

The name Bob Fine was brought up. I was told he was a "good guy" and a friend of several of the directors. Fine was the head of NorVergence Finance and vice-president of the parent organization. It was his role to sell the leases to leasing companies, presenting the "dog and pony" show that shows service was in the leasing contract; plus he made all the introductions to the leasing companies and banks. When the scandal broke out, he resigned as president of the Eastern Association of Equipment Leasing Association (EAEL.) He was well liked by several of the UAEL board of directors, I was told, and stories we had written were not accurate. Nor were the stories about NorVergence leases.

The story of ex-UAEL president Gordon Roberts was brought up. Roberts had worked with several UAEL directors while at Colonel Pacific Leasing. The story of his being convicted of theft for basically stealing money while he was president of Centerpoint Financial in Denver, Colorado, in 2005 was not appreciated.

There was more to the conversation than reported here, including Evergreen Clauses.

I spoke to Joe Woodley, CEO of UAEL, who told me he was in favor of having Brook appear, didn't know I had made arrangements, and would plead to the entire board. I then spoke to Conference Chairman John Haenselman who told me he had no problem with Brook getting the award, but "my hands are tied."

In the afternoon, Joe Woodley got back to me that it was final. He said he argued on our behalf, told them Brook was not on the agenda, the conference brochure, no speech, just a quick presentation and he wanted the promotion that Leasing News could bring to make it a better attended event. He had a few other words to say, including it was not unanimous, and he told me he was unhappy with the decision.

There also is a move and talks underway to have the UAEL and EAEL merge. While this was not discussed, the tie in with Bob Fine was obvious, as well as the fact Leasing News is controversial. It is in our mission statement: "One of our main goals is to be a crusader of ideas; a provocateur of thought, presenting all sides following internet netiquette."

Randy Brook's reaction was that he could not speak about pending litigation, IFC Credit, and during his career had spoken at many association meetings and conventions. He was now retired, and
basically doing this because I had asked him.

Col. Nathan R. Jessep:    You want answers?
Lt. Daniel Kaffee:            I think I'm entitled.
Col. Nathan R. Jessep:    You want answers?!
Lt. Daniel Kaffee:            I want the truth!
Col. Nathan R. Jessep:    You can't handle the truth!

----

While Leasing News was not informed who was in attendance
or who voted one way or the other, here is a list of the
2008 UAEL Board of Directors:

Paul Knowlton, CLP
UAEL President

Brent Hall, CLP
UAEL Vice President
Pinnacle Business Finance, Inc.

Jim Merrilees, CLP
UAEL Secretary/Treasurer
Quiktrak, Inc.

Brad Peterson
UAEL Immediate Past President
PredictiFund, Inc.

Jim Brady
ABCO Leasing, Inc.

Chris Enbom, CLP
Allegiant Partners Incorporated

Bill Griffith
Padco Financial Services, Inc.

Oren Hall
Agility Solutions Corp.

Brad Kissler
Strada Capital Corporation

Stephanie Manganaro
LeaseTeam, Inc.

Eric Paton
TechLease L.L.C.

Amy Spragg, CLP
LEAF Third Party Funding

Hugh Swandel
Swandel & Associates

Chris Walker, CLP
GreatAmerica Leasing Corporation

Irwin Wittlin
Hemar, Rousso & Heald

Mission Statement
http://www.leasingnews.org/Mission_Statement.htm

Leasing Person of the Year announcement:
http://www.leasingnews.org/archives/January%202008/01-07-08.htm#lpy

[headlines]

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Classified Ads—Sales

Atlanta, GA
If you can use a polished, seasoned, driven leasing professional with 14 years of extremely productive experience, please call me.
Resume Attached .
Saul Sloman
Cherry Hill, NJ
College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or
email at mkuzan@gmail.com
Copenhagen, Denmark
10 years of experience as VP Europe, Middle East and Africa for a US based Equipment Leasing Company. $500,000 plus w/ excellent connections European shipping lines/ maritime financing.
Click here.
Dallas-Fort Worth Texas
Highly experienced, vendor driven professional sales/manager. Solid, "up and running" book of business. Can produce from day one.Looking for aggressive company to join with.
Email: bankingdallas@yahoo.com

Fresno, CA
Aggressive, competitive self-starter w/successful vendor/direct equipment
leasing and asset-based lending experience seeks return to leasing industry
after successful stint in business banking sales.
Email: dsp559@hotmail.com
Resume


Knoxville, TN
12+ years experience in equipment finance (Vendor/Direct/Broker). IT and Construction Equipment. Book of business. Looking for a Career Opportunity preferably in Construction.
Email: Jproulx@smokymountainfinance.com

Montgomery, AL
Individual with 10 years advertising sales exp. & 7 years insurance sales exp.
Wants independent contractor situation in Alabama.
Work with leasing company or broker.334-590-5133
E-mail: billmcneal2003@yahoo.com

Pittsburgh , PA
Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-538-9129
mwiser500@hotmail.com
Oklahoma
Over 30 years of financing experience, resume posted at www.geocities.com/bobbybenmoore, phone 580-351-2531
San Diego , CA
Tenacious, competitive self-starter w/successful vendor/direct equipment leasing and asset-based lending experience seeks return to leasing industry after successful stint in secondary mortgage markets sales.
E-mail: pajohnson1@cox.net
Stuart, FL area
Years of experience in leasing sales, credit, operations, documentation and syndication. Seeking position with direct middle market lender, equip. mfr or major equip. distributor. email: southernleasing@bellsouth.net

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

To place a free “job wanted” ad here, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

[headlines]

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The Feds believe money grows on trees

by Christopher Menkin

Even if the Federal Reserve lowers its prime rate one more time tomorrow, it is difficult to believe that it will deliver much change to the weather of the overall small to middle-sized business climate. The larger companies have already put their focus on foreign marketplaces. The banks and major leasing companies made their move last year, and the manufacturers not only started deliveries, but opening plants; even McDonalds can’t keep up with the demand in China.

While Caterpillar posted an 11% rise in quarterly net income last week on strong growth abroad, it reported the growth came from overseas. The heavy-equipment maker said it expects "recessionary conditions" in the U.S. to persist.

The good news, as banks and funders tighten up, more small to middle-sized companies will turn to leasing, even with higher rates as their only alternative.

Former Equipment Leasing and Finance Association President, now at the think tank, the Alta Group, told CFO magazine last week:

"Companies don't buy or lease equipment because the price is right or because interest rates go down, [they acquire equipment] because they need it," Fleming told CFO.com. He also pointed out that his clients, which comprise finance companies that fund equipment leases for companies of all sizes, are being "very cautious" about capital spending, because the markets are unpredictable right now. "That may be irrational, because business fundamentals are all pretty good, all in all . . . but that's the reality," added Fleming.


Michael J. Fleming, principal, the Alta Group
(photo: the Alta Group)

In the end, said Fleming, "if there is a chance that you are not going to be paid back, what does the price [of capital] matter?"

Fleming is not alone with in the overall economic thinking. Top economic advisors are telling the media that it appears stock market fears are driving the Fed to action, and that the Federal Reserve and it Chairman Ben S. Bernanke could be losing credibility by appearing to act in knee-jerk response to plunging stock prices. Former chairman Alan Greenspan has been critical, but recently silent about the rocky road ahead.

Many economists believe there is no quick end in sight to fallout from the credit squeeze that is creating a slowdown in U.S. growth. They report the recession has started and inflation should still be considered a major concern. The Fed appears to be more concerned with the slow down, as if they had not noticed it before, than inflation that is not only influenced by the price of oil but the value of the dollar overseas, balance of trade, and other costs such as basic needs such as food and housing ( rent has gone up, even though there are more houses for sale, and while house prices may be dropping, they remain historically high as does items such as state tax, gasoline tax, hotel tax, and all the hidden taxes government has created so they can claim they haven’t raised the income tax.)

[headlines]

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[headlines]

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Jumbo Mortgage Higher Limits

Whether recent changes in jumbo mortgages ceilings are supposed to act as a stimulus, the numbers don't jive with reality.

This is from the San Francisco Chronicle, and while houses are expensive here, they are also as expensive in other major cities, and like numbers may be smaller, but so are the salaries.

Using a median price of a resale home in Santa Clara County, where I live ( and this median house is from 1600 to 1800 square feet, small back yard, not much property, originally may have been a “tract”
house) is $739,00, putting 20% down, the jumbo rate of 6.75% would be 6.75%, but under the stimulus package it would be 5.75%, saving $385 a month.

Forgetting the 20% down, look at the amount financed at $591,200 or $3,450 a month or $41,400 a year. Add on the property tax, insurance, gas and electricity, meaning if 25% of your net income goes to housing, you need to net $185,600 a year. Sure, you can use a higher percentage for housing along, but it cuts down everything else. In addition, if there are two bread winners and one of them loses their job, why would you want to make this venture as the reality is the country is already in a recession?

A combination of inflation and recession has not been seen in the last two recessions, as the control of both factors affects the length of the downturn.

[headlines]

--------------------------------------------------------------

Too many vacant houses

by Al Shuler, US Department of Agriculture

I have mentioned inventories several times – a disturbing trend is the number of existing homes for sales that are empty. In fact, almost half of the existing homes for sale are empty.

What does all of this mean? It looks like it will take considerable time for the housing market to right itself. The consensus forecast for 2008 is about 1 million conventional starts ( excludes mobile home shipments). NAHB’s latest forecast has the market bottoming this year ( 1.08 million), and beginning a slow recovery in 2009 ( 1.185 million) and reaching 1.45 million in 2010. The Fed will probably lower interest rates 50 basis points at their next meeting at the end of this month, but tighter lending standards are making it much tougher to qualify for a mortgage. Affordability is a function of home prices (still too high), income growth (they are now in question as indicated by the latest job report), and interest rates. Lower rates will help, but they are just one part of the affordability puzzle.

The housing correction continues: total starts for 2007 are estimated to be 1.35 million (SAAR), down 24.8% from 2006 levels while single family starts in 2007 were 1.046 million (SAAR), down 28.6% from 2007; and permits fell 25% in 2007 to 1.38 million (SAAR).

In essence, “the chickens are coming home to roost”. Inventories (November 2007), of new homes (505,000) remain stubbornly high, despite continuing cutbacks by builders. The inventory of existing homes is 4.27 million, a 10.3 month supply. The solution to this problem as discussed in last month’s report, is a substantial decline in home prices - - perhaps as much as 15% to 20% from current levels. The slide below indicates that, to date, home prices are indeed receding. But, compared to median prices in 2000, before the run up really escalated, today’s prices are still quite high. In fact, today’s prices are still up 50% over prices in 2000 – that’s considerably higher than the CPI inflation rate of 20% between 2000 – 2007.

December housing starts fell 14.2%, to 1.006 million (SAAR) with single family starts down 2.9% to 0.794 million (SAAR). Regionally, starts were down in all regions: NE (-25.8%); Mid West (-30.8%)%; the West (-19.6)% and the South down 3.3%. Permits continue to slide, down 8.1% to 1.068 million (SAAR), the slowest pace since May 1993.

[headlines]

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Top Stories --- January 21---25

Here are the top ten stories most “opened” by readers last week:

(1) Ex-ELFA President: “rate cut won't help Leasing”
http://www.leasingnews.org/archives/January%202008/01-23-08.htm#cut

(2) What You Don't Know About Headhunters
http://www.leasingnews.org/archives/January%202008/01-21-08.htm#hhunt

(3) Solarcomcapital.com
http://www.leasingnews.org/archives/January%202008/01-25-08.htm#solar

(4) Leasing #102 -by Mr. Terry Winders, CLP
“Landlord/Mortgagee Waivers”

http://www.leasingnews.org/archives/January%202008/01-21-08.htm#102

(5) Key Equipment Finance Numbers
http://www.leasingnews.org/archives/January%202008/01-23-08.htm#kef

(6) The Latest Nigerian Scam
http://www.leasingnews.org/archives/January%202008/01-25-08.htm#scam

(7) FTC-IFC Trial to be a lulu
by Christopher Menkin

http://www.leasingnews.org/archives/January%202008/01-21-08.htm#ftc

(8) PFF Wins One in Creative Capital BK
http://www.leasingnews.org/archives/January%202008/01-21-08.htm#pff

(9) ELFA paid lobbyist $100,000
http://www.leasingnews.org/archives/January%202008/01-21-08.htm#elfa

(10) Cartoon—Puppy in the slammer
http://www.leasingnews.org/archives/January%202008/01-21-08.htm#toon

[headlines]

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The latest Nigerian eMail: Marriage & Money

Dearest One,

Please do not be surprise to receive my email, am juilet agbata
from the republic of NIGERIA a student of university of NIGERIA ABUJA where i was studying accountancy am 24 years. As a matter of fact due to the unexpected dearth of my family in a ghastly motor accident which take the life of my family bring me down not able to further my education why because no one to sponsored me back to school, that is how i left my university.

I now decided to look for a man of my choice whom i can get married with so fortunately i saw your profile of which i know that we can been together it is something i have been thinking and also looking for but when i saw your profile i was so much interested in you i know this will sound strange or funny to your hearing, someone you do not know how can she, be sending such marry proposal to you at the same time need your urgent assistance regarding to my family valuables been kept by my late father in the security vault that worth the sum of ($25,000.000.00) USD. But i want you to understand that the linkage of the drum will not stop it for retaining water not seeing me do not matter, all i need is a honesty man i will have as a husband and also i promise to be a honest woman to you. if you agree to agree to each other we forge ahead and proceed on.

Now that my family are no more i want you to take the silent of my family away from me for i believe that if you are with me i can't think of my family any more i will still let you know that you are mine forever and am yours forever.

i will be very grateful if you can find a place in your heart to accept my proposal
I wait to hear from you urgently
Thanks and my feeling the most distinguish
best regards
Juilet.

[headlines]

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Golf Courses/Ranges/Instructors USA DVD

Never-Search for Golf is a golf course location guide, containing a complete and comprehensive array of golf course contact information, course data and location information… all mapped with unprecedented accuracy to verified coordinates. Designed to appeal to travelers desiring to locate and qualify a golf course in an unfamiliar area, and to golfers who want to expand their area of play.

Includes the most up-to-date locations and profiles of:
All 18,475 Golf Courses in the US
1,600 Driving Ranges
3,500 Off-Course Golf Stores
9,000 Golf Instructors

A business and personal edition are available. In fact, several versions
from $19.95 on up.

30 Day free trial is available

www.never-search.com

[headlines]

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Leasing Industry Help Wanted

Documentation / Funding Manager


Documentation /
Funding Manager
Austin, Texas

Great opportunity with well-respected company, working in the best part of the world. Click here for more information.

Affiliated Investment Group has 22 years experience serving the broker community.

www.affiliatedinvestment.com

EFD Marketing Officer


EFD Marketing Officer
Walnut Creek, CA

You will identify, develop and maintain broker relationships. Requires a BA or equivalent &
5 years of experience in the equipment financing industry. CLICK HERE for a detailed description and resume submission info.

Visit www.bankofthewest.com, for more information. Bank of the West and its subsidiaries are equal opportunity/affirmative action employers.

www.bankofthewest.com

[headlines]

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Leasing 102

by Mr. Terry Winders, CLP

Lease Packager Notification

Early terminations can occur if the lessee returns the equipment, in agreed upon shape, with a check for the remaining rents. But the most common way is a request from the lessee for an early purchase. The non-cancelability of the agreement makes this a sticky issue. In a bargain option lease it would appear that nothing is at risk so why not accept an early payoff with the advantage of a prepayment fee or penalty. The problem comes from how often you accept a reduced amount and what procedure or policy you follow to compute the purchase amount. If you just let anyone pay off early you are establishing a precedent that negates the non-cancelability clause. Someday a lessee may want to pay off early that will leave you in a very poor position with your matched funding and there will not be much you can do about it. I therefore suggest a written policy to handle these requests where you state the method to determine the pay off amount and the reasons for accepting the request overruling the non-cancelable clause in the lease.

One of the problems with new financial institutions, that fund leases, is that they do not have a procedure to notify the packager/broker when they receive an early pay off request so there is no opportunity to discuss the prepayment amount to determine a correct figure. Therefore, part of the funding agreement or the assignment agreement should require the funder to notify the packager of the request so the packager can contact the lessee to determine the facts. Then a proper amount can be determined and a good procedure followed.

You must follow the lease agreement and the language in the agreement or the consequences may not be to your liking. A non cancelable lease has a purpose and should not be ignored.
How do we early terminate a non-cancelable lease? If your lease has a non-cancelable clause then the only way the lease can be paid off early, according to the lease contract, is if the Lessee destroys the equipment or it becomes inoperable and as a result the lessee is in default. Then you must comply with the remedies section of the lease. If there is a loss/default you request compensation to restore the value lost.

In a bargain option lease the value loss is the unpaid balance including any small residual you may have booked or expected. We call this value the “termination value”(TV). In a True lease the value lost is the remaining rents, the equipments value and any unpaid late charges or other fees plus any earnings you may have received by selling or releasing the equipment after termination. We call this the ”stipulated loss value” (STV). The SLV is defined as the amount necessary to make the Lessor whole with the original yield intact, taking the tax consequences into effect at the time of the loss. It is called stipulated because it is a default and is found in the remedies section.

One problem when the equipment is destroyed is that most lessors’s only ask for the SLV or TV stated in the lease. However, there are times when the insured value of the equipment, in the latter term of the lease, is greater than the SLV or the TV. Therefore, your language should say the SLV or the Fair Market Value in exchange whichever is greater. You are entitled, as equipment owner, to the equipments actual value or the amount to make you whole whichever is greater. Without this your transaction may be considered a loan.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

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News Briefs----

Countrywide CEO to Relinquish $37.5 Mln In Payments
http://www.nytimes.com/reuters/business/business-countrywide-ceo.html
?_r=1&oref=slogin--

No Country' Wins Key SAG Prizes
http://www.accessatlanta.com/entertainment/content/shared-gen/ap/
Movies/Film_SAG_Awards.html

[headlines]

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You May have Missed---

Weak Dollar Fuels China's Buying Spree Of U.S. Firms
http://www.washingtonpost.com/wp-dyn/content/article/2008/01/27/
AR2008012702380.html

[headlines]

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Sports Briefs----

Woods makes statement, wins Buick Invitational
http://www.usatoday.com/sports/golf/pga/2008-01-27-buick-invitational_N.
htm?loc=interstitialskip

Brady: "I'll be ready to go"
http://blog.nj.com/ledgergiants/2008/01/brady_ill_be_ready_to_go.html

[headlines]

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“Gimme that Wine”

GrapeRadio on American Airlines
http://www.decanter.com/news/175795.html

Wine rating numbers may not add up
http://www1.pressdemocrat.com/article/20080123/LIFESTYLE/801230312/-1/
SPECIAL&THEMES=FOODWINE

After more than 30 years of creating critically acclaimed vintages, Merry Edwards finally has a winery of her own
http://www1.pressdemocrat.com/article/20080123/LIFESTYLE/801230304/-1/
SPECIAL&THEMES=FOODWINE

King of Carneros: Grape grower sets the standard for the region's wines
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/25/WILMUFMM2.DTL

Wines & Vines 2008 Directory/Buyer's Guide Available Now in Print -- Winery and PhoneBook Quick Search Available Online
http://www.winesandvines.com/template.cfm?section=news&content=52751

Winemap.org
http://www1.pressdemocrat.com/article/20080125/NEWS/801250390/1036/BUSINESS01

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

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Calendar Events This Day

Better Business Communication Day
This is a day set aside to encourage all workers to acknowledge the importance of effective communication in the workplace. Tips, workshops and seminars will be offered around this day to help
workers improve their communication skills.
www.corspan.org

Blueberry Pancake Day
http://homeschooling.about.com/library/bljan28a.htm

Bubble Wrap Appreciation Day
A day to celebrate the joy that Bubble wrap brings to our lives. A day to learn the history and snapping etiquette and to gain a new appreciation of the country’s favorite shipping material
(invented in 1960).

Daisy Day
http://homeschooling.about.com/library/bljan28d.htm

Ernie's Birthday
http://homeschooling.about.com/library/bljan28b.htm

Fun at Work Day
http://holidayinsights.com/moreholidays/January/funatworkday.htm

International Make Your Point Day

Kazoo Day
http://holidayinsights.com/moreholidays/January/kazooday.htm
http://homeschooling.about.com/library/bljan28c.htm

Saint feast Days

http://www.catholic.org/saints/f_day/jan.php

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The sentence: "The quick brown fox jumps over the lazy dog" uses every letter of the alphabet. It is the most common phrase to test the transmission over the wire or wireless.

[headlines]

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Today's Top Event in History

1973-Viet Nam War cease-fire went into effect at 8 a.m., Saigon time (midnight on January 27, Greenwich Mean Time). When the cease-fire went into effect, Saigon controlled about 75 percent of South Vietnam's territory and 85 percent of the population. The South Vietnamese Army was well equipped via last-minute deliveries of U.S. weapons and continued to receive U.S. aid after the cease-fire. The CIA estimated North Vietnamese presence in the South at 145,000 men, about the same as the previous year. The cease-fire began on time, but both sides violated it. South Vietnamese forces continued to take back villages occupied by communists in the two days before the cease-fire deadline and the communists tried to capture additional territory. Each side held that military operations were justified by the other side's violations of the cease-fire. What resulted was an almost endless chain of retaliations. During the period between the initiation of the cease-fire and the end of 1973, there were an average of 2,980 combat incidents per month in South Vietnam. Most of these were low-intensity harassing attacks designed to wear down the South Vietnamese forces, but the North Vietnamese intensified their efforts in the Central Highlands in September when they attacked government positions with tanks west of Pleiku. As a result of these post-cease-fire actions, about 25,000 South Vietnamese were killed in battle in 1973, while communist losses in South Vietnam were estimated at 45,000.

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This Day in American History

    1595 -- Sir Francis Drake, English navigator/pirate (Porto Bello West Indies), after discovering California, dies at about 50, of dysentery, off the coast of Panama.
http://www.mcn.org/2/oseeler/drake.htm
    1772 - The "Washington and Jefferson" snowstorm occurred across the mid Atlantic states. George Washington in Mount Vernon and Thomas Jefferson in Monticello were marooned by this storm. Snowfall was estimated at 3 feet on a level across Virginia and Maryland. Washington wrote, "...the deepest snow which I suppose the oldest living ever remembers to have seen in this country".
    1782-Great Seal of the US: Congress resolved that the secretary of the Congress should “keep the public seal, and cause same to be affixed to every act, ordinance or paper, which Congress shall direct...” Although the Great Seal did not exist yet, the Congress recognized the need for it.
    1787 -- The Free Africa Society organizes in Philadelphia, Pennsylvania.
http://www.pbs.org/wgbh/aia/part3/3narr4.html
http://www.blackvoices.com/
    1791- Plans for National Mint : Though the Constitution granted Congress the "power…to coin money," the dawn of the 1780s found America still a nation in need of a standard currency. Following the Revolutionary War, the U.S. seemed as though as it would adopt copper as its coin of choice. However, various efforts to produce and standardize copper proved futile. Congress pushed on and, in 1786, signed off on Thomas Jefferson’s proposal for a dollar-driven currency. Of course, the nation also needed to develop a means for producing this currency and on this day in 1791, Secretary of Treasury Alexander Hamilton stepped before the House to deliver a report on the establishment of a national mint. Hamilton’s work helped pave the way for the authorization of the United States Mint on April 2, 1792.
    1828-Confederate General Thomas Carmichael Hindman is born in Knoxville, Tennessee. Hindman was raised in Alabama and educated in New York and New Jersey. His family moved to a Mississippi plantation, and he returned from the North to study law. His studies were interrupted by service in the Mexican War, but he was admitted to the Mississippi Bar Association in 1851. He earned a reputation as an avid secessionist long before many southerners held that view. He moved to Arkansas and was elected to Congress in 1858. Hindman's law partner was Patrick Cleburne, who also became a Confederate General. When the war began, Hindman raised his own regiment and led it as a colonel. He was soon promoted to general and he raised an army of 18,000 from Arkansas. His tenure as commander in Arkansas was stormy. Hindman declared martial law, imposed price controls, and enforced conscription. After his force was stopped at Prairie Grove in December 1862, Hindman was reassigned to the Army of Tennessee. He fought at Chickamauga and Atlanta, and was wounded twice. After the surrender, Hindman fled to Mexico and joined a number of Confederates there. Hindman returned to Arkansas in 1868 and dove back into politics. He led a faction that challenged the Republican Party, and, in a pragmatic political maneuver, he began working on a biracial coalition. Hindman was shot as he sat in his living room, most likely by one of his political opponents. He died on September 28, 1868.
    1853-Birthday of Jose Julian Marti, Cuban author and political activist, born at Havana, Cuba. Marti was exiled to Spain, where he stuided law before coming to the US in 1890. He was killed in battle at Dos Rios, Cuba, May 19,1895.
The popular song "Guantanamera" is based on a poem by Marti'. Worked on underground papers & sent to jail & forced into exile (three columns & you're out?)
"No man has any special right because he belongs to any specific race; just by saying the word man, we have already said all the rights."
— Jose Marti
http://members.aol.com/josemarticuba/index1.html
http://www.patriagrande.net/cuba/jose.marti/
    1832 -- Lydia Maria Child's first piece, "Stand From Under," written for William Lloyd Garrison's anti-slavery weekly The Liberator, is published.
http://www.uua.org/uuhs/duub/articles/lydiamariachild.html
http://womenshistory.about.com/library/bio/blbio_child_lydia_maria.htm
    1854 -- Thirty miners attack a peaceful Indian village on the Coquille River near Randolph, Oregon, killing 16. During this period the US Army engaged Indians, signing treaties for rights to land, and Indians who did not want to negotiate for land fought back, killing settlers and it was quite a turbulent time.
The Indians lost as they had no “modern” weapons or horses and many
tribes at the time were “farmers” and “hunters with primitive bow and arrow.” http://fs.jorge.com/archives/Heritage_Program/FurTradeEraInWesternOregon.htm
    1855-The Panama Railway, which carried thousands of unruly miners to California via the dense jungles of Central America, dispatches its first train across the Isthmus of Panama. Before 1855, sea travelers not wishing to endure the long and treacherous passage around the tip of South America would disembark on the East Coast of Nicaragua. They would then proceed by light boat up the San Juan River to Lake Nicaragua, cross the lake in larger steamers, and complete the final overland leg of the journey via carriages. They traveled on a modern road that deposited them on the West Coast, where they boarded a steamer for San Francisco. In 1847, a group of New York financiers organized the Panama Railroad Company to do just that, and in 1850, workers began laying track through Panamanian jungle roughly along the route followed by the present canal. Completed in early 1855, the first train departed from the Atlantic side for the Pacific on January 28. A ship voyage punctuated by a brief train ride across the isthmus now became the fastest and most comfortable means of traveling to California, and tens of thousands of gold-hungry emigrants were soon racing through Panama every year. The traffic of freight and human beings moving both ways across the isthmus kept the Panama Railway busy until 1869, when the first transcontinental railroad was completed in the United States. However, the railway continued to carry a great deal of commercial freight destined for Europe or Asia until the Panama Canal was completed in 1914.
    1855-Birthday of William Burroughs, who invented the first commercially successful adding machine and founded the American Arithmomter Company of St. Louis. The company later became Burroughs Adding Machine Company. His earliest version of the machine, like other adding machines of the time, was accurate but impractical. However, in 1892 he patented a practical adding machine that would become a commercial success. Burroughs, who died in 1898, did not live to see the profits of his invention or the thriving success of his company.
    1856-The Geisel Massacre, Indians go on a rampage. The Geisel Monument
5 miles North of Gold Beach. Located off Highway 101,this day use area state park contains a monument to one of the white families that was attacked by Oregon Indians in 1856 during the “Geisel Massacre.”
    1858- John Brown formalizes his strategy for a raid on Arsenal at Harper's Ferry.
Here is a background that gives quite a bit of understanding of the times and
his motivation.
http://www.wvculture.org/history/jb11.html
    1878- New Haven, Connecticut, opened the first commercial phone exchange, providing eight lines for twenty-one telephones.
    1884-For Star Trek fans, Gene Roddenberry named the famous Captain
Picard after Jean Piccard, scientist, engineer, explorer, born at Basel, Switzerland. Noted for cosmic-ray research and record-setting balloon ascensions into stratosphere. Reached 57,589 feet in sealed gondola piloted by his wife, Jeannette, in 1934. Twin brother of Auguste Piccard. Died at Minneapolis, MN, Jan 28, 1963. To learn about Captain Jean Picard
http://mario.lapam.mo.it/tng/picard.htm
    1885-- Louis “Big Eye” Nelson birthday (1885-1949) Clarinet player, not to be confused with Louis Nelson, trombone player ( they often played in the same band ).
http://www.thejukejoint.com/amcd-007.html
    1902-Carnegie Institution established. Andrew Carnegie spent a good chunk of his life building a chokehold over the steel industry. However, after years at the lead of the second Industrial Revolution, he decided to cash in his chips in 1901 and sold his stake in the mighty Carnegie Steel concern—then worth roughly $40 million—to the United States Steel Corporation for $250 million. Rather than retire and play with his riches, Carnegie followed his belief that a "man who dies rich dies disgraced" and set to doling out his fortune to various philanthropic causes. All told, Carnegie donated $350 million, $10 million of which he handed over on this day in 1902 to establish the Carnegie Institution in Washington, D.C. According to Carnegie, the Institution was designed "to encourage, in the broadest and most liberal manner, investigation, research, and discovery, and the application of knowledge to the improvement of mankind." Carnegie’s lofty mission translated into an organization dedicated to research and education in "biology, astronomy, and the earth sciences."
    1908- Julie Ward Howe, author and activist Julia Ward Howe, famous for her composition, "The Battle Hymn of the Republic," became the first woman elected to the American Academy of Arts and Letters.
http://memory.loc.gov/ammem/today/jan28.html
    1912 – Birthday of American artist Jackson Pollock, Cody, Wyoming. He was instrumental is the development of the distinctly American abstract expressionist movement in the United States. He became notorious for his drip painting methods and his huge canvases layered with paint and embedded objects. Pollock, known for his emotional volatility and heavy drinking, seen as a phony by some, and a hero by others, used his innovative, individualistic and uninhibited style to birth a new artistic genre in post World War II America. " A movie about his life starred
Ed Harris was very factual. Died Long Island, NY,1956
http://www.sheldonartgallery.org/
http://www.ibiblio.org/wm/paint/auth/pollock/
http://www.artchive.com/artchive/P/pollock.html
http://www.pbs.org/newshour/bb/entertainment/jan-june99/pollock_1-11.html
http://www.beatmuseum.org/pollock/jacksonpollock.html
http://www.amazon.com/exec/obidos/ASIN/0671495933/ref=ase_inktomi-bkasin-20/
002-1241397-9042458
    1915 - Congress passed legislation creating the United States Coast Guard, combining the Life Saving Service and the Revenue Cutter Service.
    1915- President Wilson refuses to prohibit immigration of illiterates
    1916-First Jewish Supreme Court justice, Louis Brandeis, was appointed to the US Supreme Court by President Woodrow Wilson. The nomination was confirmed by the Senate on June 1, 1916. He served until 1929.
http://library.brandeis.edu/SpecialCollections/SpecialEvents/Brandeis/
http://www.spartacus.schoolnet.co.uk/USAbrandeis.htm
    1922 - The National Football League franchise in Decatur, Illinois, moved to Chicago, Illinois to become the Chicago Bears.
    1922 - The "Knickerbocker" storm immobilized the city of Washington D.C. The storm produced 28 inches of snow in 32 hours, and the heavy snow caused the roof of the Knickerbocker movie theatre to collapse killing 96 persons.
    1925 -46ºF (-43ºC), Pittsburgh NH (state record)
    1927-Birthday of sax player Ronnie Scott, London, England
http://www.ronniescotts.co.uk/
    1927 –American composer Aaron Copland's First Piano is first performed:
Concerto for Piano and Orchestra.
http://memory.loc.gov/ammem/achtml/actime.html
    1927-- Jean Goldkette and His Dancing Orchestra, "I'm Looking Over a Four-Leaf Clover"
    1928- birthday of James Edward “Pete” Runnels, great baseball player born at Lufkin, TX. Runnels won the American League batting title in 1960 and 1961 playing for the Boston Red Sox. Died at Pasadena, TX, May 20, 1993.
    1932- the first unemployment insurance act passed by a state was enacted by Wisconsin. Every employer of 10 or more was required to put 2 percent of the payroll aside until a fund accrued equaling $75 per eligible worked. An employee who lost his or her job could draw on the fund at the rate of $10 a week for a maximum of 10 weeks.
    1934 - As a result of a compliment from Walter Winchell's newspaper column, a local disc jockey began getting offers from talent scouts and producers. The DJ became known as Redhead, to those in Washington, DC and later, by millions across the United States on CBS radio and television. His trademark, strumming a ukulele and delivering down-home talk, endeared him to fans. His name was Arthur Godfrey.
http://timstvshowcase.com/
http://www.artistdirect.com/music/artist/card/0,,436345,00.html
    1934 - Robert Royce’s ski lift was used for the first time in Woodstock, Vermont. Previously, snow skiers had no way to get to the top of the mountain conveniently.
About 900 yards of manila rope 0.875 inches thick was spliced together, passed over pulleys and around a wheel attached to a tractor, and extended up the hill 300 yards.
    1937- Trumpeter Roy Eldridge records “ After You’ve Gone.”
    1944--*GIBSON, ERIC G. Medal of Honor
Rank and organization. Technician Fifth Grade, U.S. Army, 3d Infantry Division. Place and date: Near Isola Bella, Italy, 28 January 1944. Entered service at: Chicago, Ill. Birth: Nysund, Sweden. G.O. No.: 74, 11 September 1944. Citation: For conspicuous gallantry and intrepidity at risk of life above and beyond the call of duty. On 28 January 1944, near Isola Bella, Italy, Tech. 5th Grade Gibson, company cook, led a squad of replacements through their initial baptism of fire, destroyed four enemy positions, killed 5 and captured 2 German soldiers, and secured the left flank of his company during an attack on a strongpoint. Placing himself 50 yards in front of his new men, Gibson advanced down the wide stream ditch known as the Fossa Femminamorta, keeping pace with the advance of his company. An enemy soldier allowed Tech. 5th Grade Gibson to come within 20 yards of his concealed position and then opened fire on him with a machine pistol. Despite the stream of automatic fire which barely missed him, Gibson charged the position, firing his submachine gun every few steps. Reaching the position, Gibson fired pointblank at his opponent, killing him. An artillery concentration fell in and around the ditch; the concussion from one shell knocked him flat. As he got to his feet Gibson was fired on by two soldiers armed with a machine pistol and a rifle from a position only 75 yards distant. Gibson immediately raced toward the foe. Halfway to the position a machinegun opened fire on him. Bullets came within inches of his body, yet Gibson never paused in his forward movement. He killed one and captured the other soldier. Shortly after, when he was fired upon by a heavy machinegun 200 yards down the ditch, Gibson crawled back to his squad and ordered it to lay down a base of fire while he flanked the emplacement. Despite all warning, Gibson crawled 125 yards through an artillery concentration and the cross fire of 2 machineguns which showered dirt over his body, threw 2 hand grenades into the emplacement and charged it with his submachine gun, killing 2 of the enemy and capturing a third. Before leading his men around a bend in the stream ditch, Gibson went forward alone to reconnoiter. Hearing an exchange of machine pistol and submachine gun fire, Gibson's squad went forward to find that its leader had run 35 yards toward an outpost, killed the machine pistol man, and had himself been killed while firing at the Germans.
    1945 - The US 8th Air Force conducts raids on the Ruhr industrial area and the Rhine with 1000 bombers. Oil plants and bridges are the nominal targets.
    1945 - A convoy of United States trucks from India crossed the Burmese-Chinese border, opening the famous "Burma Road."
    1946-Jazz at the Philharmonic records “Lady Be Good” at Phi8lharmonic Auditorium, LA.
    1947- In New York City, a copy of the 1640 Bay Psalm Book was purchased at an auction at Parke-Bernet Galleries for $150,000 --the highest price ever paid to date for a single volume. (The original title of the book was: "The Whole Book of Psalmes Faithfully Translated into English Metre.")
    1948-Birthday of drummer Bob Moses, New York City, NY
    1948---Top Hits
Golden Earrings - Peggy Lee
How Soon - Jack Owens
Ballerina - Vaughn Monroe
I’ll Hold You in My Heart (Till I Can Hold You in My Arms) - Eddy Arnold
    1955 - President Dwight D. Eisenhower received full authority from the Senate to use armed forces abroad to defend Formosa (Taiwan) against possible attacks by the Chinese Communists.
    1955-- The "Top 10 R&B Show" package tour kicks off its 42-date, 60-day national excursion in New York City, featuring The Clovers, Faye Adams, The Charms, Joe Turner, the Moonglows, Lowell Fulson, and The Bill Doggett Trio.
    1956--Birthday of American composer Richard Danielpour.
    1956---Top Hits
Memories are Made of This - Dean Martin
The Great Pretender - The Platters
Moritat (A Theme from ’The Three Penny Opera’) - Dick Hyman
Sixteen Tons - Tennessee Ernie Ford
    1956-. 1956, Elvis Presley made his first national television appearance on the Tommy and Jimmy Dorsey "Stage Show" on CBS. The big band of the Dorsey’s backed the singer, one of the few times he played without his own band, and to a 28 piece orchestra. Although Elvis's name was on the marquee of the New York theatre where the show took place, his appearance attracted little attention. In fact, the promoter is said to have returned to the theatre at show time with dozens of tickets, unable even to give them away in Times Square. After the show, however, Elvis was a national star. Sales of his debut single for RCA Victor, "Heartbreak Hotel," snowballed
    1957 -"Tonight! America After Dark" premieres, with Jack Lescoulie & Al (Jazzbo) Collins on NBC (between Steve Allen & Jack Paar) It lasted only a few weeks.
http://www.classicthemes.com/50sTVThemes/themePages/tonight_Jazzbo.html
http://www.museum.tv/archives/etv/T/htmlT/tonightshow/tonightshow.htm
    1957 - The Brooklyn Dodgers announced they had hired circus clown Emmett Kelly to entertain fans at baseball games. The next year, the Dodgers moved to Chavez Ravine in Los Angeles, California
    1958- One of my boyhood idols Roy Campanella of the Los Angeles Dodgers, formerly the Brooklyn Dodgers, was severely injured in a car crash on an icy road in the early morning hours. Campanella was paralyzed from the waist down and spent the rest of his life in a wheelchair. His cheery disposition served as an inspiration.’1969, a major oil spill with disastrous consequences occurred when Offshore Well A-21, owned by the Union Oil Company, burst and began leaking crude oil along a 200-mile stretch of coast centered on Santa Barbara, CA. The lease, which took 11 days to plug, fouled beaches and caused widespread loss of animal life.
    1959-Vince Lombardi was named head coach of the Green Bay Packers.
    1963 - Black student Harvey Gantt entered Clemson College in South Carolina, the last state to hold out against integration. He later become the first African-American to be elected mayor of Charlotte, NC. He later ran unsuccessfully against acknowledged racist Jesse Helms for the US Senate. Gantt remains politically active as a member of the North Carolina Democratic State Executive Council and the Democratic National Committee. He frequently lectures at colleges and universities and also takes a leadership role in numerous civic organizations.
http://www.ksg.harvard.edu/case/caseweb/catalog/abstracts/JesseHelmsv.Har.html
    1963 -34ºF (-37ºC), Cynthiana KY (state record)
    1964---Top Hits
There! I’ve Said It Again - Bobby Vinton
I Want to Hold Your Hand - The Beatles
Surfin’ Bird - The Trashmen
Love’s Gonna Live Here - Buck Owens
    1965 - General Motors reported the biggest profit in the history of any United States company. In 1964, earnings for the #1 of the Big Three automakers totaled $1.735 billion.
    1966 - Film actress Hedy Lamarr was arrested for shoplifting in a May Company store. She was later found not guilty. The beautiful Lamarr was popular in movies during the '30s and '40s, appearing in Boom Town, White Cargo, and Samson and Delilah.
    1969-The first oil spill with disastrous consequences occurred when Offshore Well A-21, owned by the Union Oil Company, burst and began leaking crude oil along a 200-mile stretch of coast centered on Santa Barbara, CA. The leak, which took 11 days to plug, fouled beaches and caused widespread loss of animal life.
    1970-Arthur Ashe, first Black male to win Wimbledon, is denied entry to compete on the US Team for the South African Open tennis championships due to Ashe's sentiments on South Africa's racial policies.
http://sportsillustrated.cnn.com/tennis/features/1997/arthurashe/
    1972---Top Hits
American Pie - Don McLean
Let’s Stay Together - Al Green
Day After Day - Badfinger
Carolyn - Merle Haggard
    1973-Viet Nam War cease-fire went into effect at 8 a.m., Saigon time (midnight on January 27, Greenwich Mean Time). When the cease-fire went into effect, Saigon controlled about 75 percent of South Vietnam's territory and 85 percent of the population. The South Vietnamese Army was well equipped via last-minute deliveries of U.S. weapons and continued to receive U.S. aid after the cease-fire. The CIA estimated North Vietnamese presence in the South at 145,000 men, about the same as the previous year. The cease-fire began on time, but both sides violated it. South Vietnamese forces continued to take back villages occupied by communists in the two days before the cease-fire deadline and the communists tried to capture additional territory. Each side held that military operations were justified by the other side's violations of the cease-fire. What resulted was an almost endless chain of retaliations. During the period between the initiation of the cease-fire and the end of 1973, there were an average of 2,980 combat incidents per month in South Vietnam. Most of these were low-intensity harassing attacks designed to wear down the South Vietnamese forces, but the North Vietnamese intensified their efforts in the Central Highlands in September when they attacked government positions with tanks west of Pleiku. As a result of these post-cease-fire actions, about 25,000 South Vietnamese were killed in battle in 1973, while communist losses in South Vietnam were estimated at 45,000.
    1973- “Barnaby Jones” premiered on TV. CBS drama about a mild-mannered, milk-drinking (but don't say milquetoast) private eye who comes out of retirement following his son's murder. Cast included Buddy Ebsen as Barnaby Jones; Lee Meriwether as Barnaby's widowed daughter-in-law, Betty Jones; John Carter as Lieutenant Biddle and Mark Shera as Jedediah Jones. Buddy Ebsen, playing the detective, started in movies back in the 1920s, and was chosen to play a part in "The Wizard of Oz", but bowed out. He also shot the first film used in Walt Disney's the animation tests for a character named Mortimer Mouse, who would be known as Mickey Mouse. He is best known for portraying Jed Clampett the CBS-TV series, "The Beverly Hillbillies".
http://timstvshowcase.com/barnaby.html
    1975- President Gerald Ford asks Congress for an additional $522 million in military aid for South Vietnam and Cambodia. He revealed that North Vietnam now had 289,000 troops in South Vietnam, and tanks, heavy artillery, and antiaircraft weapons "by the hundreds." Ford succeeded Richard Nixon when he resigned the presidency in August 1974. Despite his wishes to honor Nixon's promise to come to the aid of South Vietnam, he was faced with a hostile Congress who refused to appropriate military aid for South Vietnam and Cambodia; both countries fell to the communists later in the year.
    1976- George Harrison announced that he would participate in a planned Beatles reunion concert. The other three members had already agreed, but nonetheless the concert did not materialize. 1977- The Sacred Congregation for the Doctrine of Faith published an 18-page document ruling out the admission of women to the Roman Catholic priesthood because women lacked a "natural resemblance which must exist between Christ and his ministers."
    1978-”Fantasy Island” premiered on TV. You knew you were a bona fide "star" in the '70s when you received a casting call from "Fantasy Island." Young and old stayed home on Saturday night to watch Mr. Roarke introduce guest stars anxious to live out their fantasies in camp splendor. Ricardo Montalban starred as our prescient guide, Mr. Roarke; with Hervé Villechaize as Tattoo; Wendy Schaal as Mr Roarke's goddaughter, Julie; and Christopher Hewett as Mr. Roarke's assistant, Lawrence. The show's run of 130 episodes, ending on Aug 18, 1984, was produced by Aaron Spelling and Leonard Goldberg. Who can forget Tattoo's opening lines each week, "De plane, de plane!"
http://timstvshowcase.com/fantisle.html
    1980---Top Hits
Rock with You - Michael Jackson
Do that to Me One More Time - The Captain & Tennille
Coward of the County - Kenny Rogers
I’ll Be Coming Back for More - T.G. Sheppard
    1983 - The surreal Videodrome, starring James Woods and Debbie Harry of Blondie fame, opened in United States theaters. 1984- Mr. Glynn Wolfe marries for non-bigamous record 26th time, Las Vegas NV. He died in 1997 after being married 29 times.
http://www.anastasiabaptist.org/sermon_feb_09_2002.html
    1984 -Record 295,000 dominoes toppled, Fuerth, West Germany. This started a craze . The latest record occurred on December 31, 2000 in an event held jointly by Japan's Tokyo Broadcasting System and China's Beijing Television, 3,407,535 dominoes were toppled in 31 min 2 sec at the Gymnasium of Yi Fang Yuan, Beijing, China.
http://www.tradgames.org.uk/games/Dominoes.htm
    1985 - 45 of the top recording artists in the world were invited to an all-night recording session at Los Angeles, California's A&M studios. As each artist entered the studio door, they saw a hand-lettered sign, by Lionel Richie, saying, "Check your ego at the door." The session, conducted by producer Quincy Jones, started at 10 p.m., and by 8 a.m. the following morning, "USA for Africa", spearheaded by promoter Ken Kragen, was recorded and mixed. The resulting song, "We Are the World", featured Michael Jackson, Cyndi Lauper, Kenny Rogers, Dolly Parton, Sting, Harry Belafonte, Diana Ross, Paul Simon and others. It became the top song in the United States. A year later, the song won Grammy Awards for song, record and video of the year. Produced by Quincy Jones, "We Are the World" also included contributions from Bruce Springsteen, Stevie Wonder, Bob Dylan and Cyndi Lauper.   USA For Africa, the organization responsible for administering the money raised from sales of the single, album, video and other merchandise, said $61.8-million was eventually raised. About 7.2 million singles and albums were sold.
    1986- At 11:39 AM, EST, the Space Shuttle Challenger STS-51L exploded, 74 seconds into its flight and about 10 miles above the earth. Hundreds of millions around the world watched television replays of the horrifying event that killed seven people, destroyed the billion-dollar craft, suspended all shuttle flights and halted, at least temporarily, much of the US manned space flight program. Killed were teacher Christa McAuliffe (who was to have been the first ordinary citizen in space) and six crew members: Francis R. Scobee, Michael J. Smith, Judith A. Resnik, Ellison S. Onizuka, Ronald E. McNair and Gregory B. Jarvis.
    1987 - ABC-TV relocated reporter, Charles Gibson, to the co-anchor chair next to Joan Lunden for the start of another chapter of "Good Morning America" when host of 11 years, David Hartman.
    1987 - After 7 tempestuous years, Roger Mudd left NBC news. Previously, Mudd an icon at CBS news Mudd felt passed over when it was announced Dan Rather would replace Walter Cronkite as anchor of "The CBS Evening News". He went on to work at PBS, where he contributed to "The MacNeil Lehrer News Hour".
    1989- the Bachman-Turner Overdrive lineup of guitarists Randy Bachman and Blair Thornton, bassist Fred Turner and drummer Robbie Bachman played together for the first time in 11 years at a reunion concert in a Vancouver nightclub. BTO was joined on stage by Paul Dean of Loverboy and Bryan Adams for BTO's 1974 hit "Taking Care of Business" and a rock 'n' roll oldies medley.
    1988---Top Hits
The Way You Make Me Feel - Michael Jackson
Need You Tonight - INXS
Could’ve Been - Tiffany
Where Do the Nights Go - Ronnie Milsap
    1990 -The San Francisco 49ers defeated the Denver Bronco, 55-10, to win Super Bowl XXIV. 49ers quarterback Joe Montana won the Super Bowl. Most valuable Player award for the third time. he completed 22 of 29 passes for 297 yards and five touchdowns, including three to wide receiver Jerry Rice. Tickets: $125.00.

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