April 30, 2003
This Border ##### Denotes Press Release (Not Written By Leasing News)
This edition is also available in an “up-grade” format, html, where you may
click on the headlines to go to the story, plus is also in this “new” format
posted daily on our website--- http://www.leasingnews.org/contact_us_news.htm
Jeff Taylor's Day Two: "Stayin' Alive Through '05!" Day Two Report
To the comments of Jim Meighen, PNC Leasing, they should have read:
1. The economy will recover (- no one knows when!!! editor)
2. Technology has improved our ability to keep our costs under control
( -or at least know more quickly how things are getting out of hand. editor)
3. Even with a tightening regulatory environment, we will adapt and flourish
( -oh, boy!!! editor)
4. Long-term prospects look good--
(meaning there must! be light at the end of the tunnel. editor)
5. The U.S. has the strongest and most viable economy in the world
( but it could be better. editor)
Geoff Colvin, Editor & Columnist, Fortune Magazine and Co-host of Wall
Street Week with Fortune, said that there are two super powerful
imperatives colliding with each other:
(1) driving to a higher level of ethics while
(2) increasing shareholder value.
(Other oxymoron's include:
Airline food. editor )
The parentheses' comments were written by Kit Menkin, and not Jeff Taylor.
“Editor” should have followed all the comments made by the editor.
We apologize for any confusion as they were added for the
Pictures from the Past---2002---- $5,000 + Awards
“The Equipment Leasing and Finance Foundation presented recognition awards for corporation contributions of $5,000 +_. Corporate Sustainers receiving recognition include: (l to r), Jim Renner, Wells Fargo Equipment Finance: Bill Zadrozny, Siemens Financial Services, Inc.; Barry Dubin, Cooper, White & Cooper, LLP; Bill Verhelle, First American Equipment Finance; Jay Holmes, ORIX Financial services, Inc.; Paul Larkins, Key Equipment Finance, Jim Beard, Caterpillar Financial Services Corporations presented by Tom Wajnert, Fairview Advisors (outgoing chairman )”
December, 2002, ELT –The Magazine of Equipment Leasing & Finance
Classified Ads Help Wanted
Senior Sales Representatives- Nationwide. AEF has aggressive pricing, products and programs to serve your Lessee and Vendor requirements. Work from your home while our Citrix server keeps you connected 24/7. Generous compensation and bonus for exceptional results. To become a representative please e-mail your credentials to: firstname.lastname@example.org.
Credit: Campbell, CA. 3+ yrs exp in finance, bank or venture market. Portfolio management, credit assessment, underwriting and collections. Degree with concentration in Finance preferred.
Day Three: "Stayin' Alive Through '05!"
"The airline industry is going to go from bad to worse."
by Jeffrey Taylor, CPA, CLP
Equipment Leasing Association Large Ticket Conference
April 27-29, 2003
Las Colinas Four Seasons Resort & Club
Irving (Dallas), Texas
"Lessors who provide financing to large, capital-intensive users of
equipment; debt and equity sources; advisors; project finance specialists; attorneys and accountants specializing in large ticket transactions."
Day Three (final day of the conference)
Good morning, everyone. It is Tuesday in Dallas and the weather is beautiful. The Four Seasons ballroom is packed with 300 lessors anxiously
awaiting the arrival of Bob Crandall, former CEO & Chairman of American Airlines.
Bob opens with a quote by Will Rogers. "Never predict anything", he says in his strong Southern accent, "especially about the future". The
audience laughs hysterically. Within seconds he says, "the airline industry is going to go from bad to worse". Everyone is silent. For the next 60
minutes we sit on egg shells.
He estimates that the airline industry generates $800 billion in revenue or 8% of the U.S. GDP. He acknowledges that there is too much capacity
and that low cost carriers such as Southwest, Jet Blue and ATA will eventually control the skies. He refers to United, Delta and American as
"legacy" airlines and that they cannot possibly compete in this economy with their high labor costs.
He says that no lender wants to shut down UAL because no one wants to take back the airplanes. He visualizes a world in which electronic
commerce, teleconferencing and video will mitigate the need to travel. As far as what "legacy" airlines can do, he says "The airlines are firmly in
the grip of their dumbest competitors".
He boldly states that he does not see the airlines being re-regulated. "You can count on any regulation to do it wrong."
After his speech he took lots of questions from the audience as he left the stage and worked the room like a senator looking for votes. "Let me tell
you a story on how airlines do not get along with each other. Years ago, Playboy did a nude layout on flight attendants. When asked for a quote
by Playboy, Frank Borman of Eastern Airlines said that he was going to fire them. When he was asked, he said, I will advertise the flights that
they are on."
The remainder of the morning included speeches on used aircraft by Boeing Commercial Aircraft (Ingrid Sarapuu and Randy Tinseth) and current
tax developments by Michael Robinson of Winston & Strawn, Phil Spector of King & Spalding, Carey Tolley of Hunton & Williams and David
Abbott of Mayer, Brown, Rowe and Mawe.
Boeing estimates that there are 2000 planes mothballed in the desert which represents 12% of the U.S. fleet. They indicated that residuals on 727s
and 737s will fall since they are not fuel efficient. Due to the unprecedented times of uncertainty, it is difficult to see when business travel will return to normal. For the future, Boeing is betting on the new 7E7 which combines the largeness of the 767/777 with the speed of a Mach
As far as tax developments are concerned, everyone is looking to Like Kind Exchanges to minimize tax burdens and to finalization of Treasury
rules regarding the registration of tax shelters. Since penalties can run as high as $200,000 per failure, leasing companies were warned to follow
progress on S. 476 and H.R. 1661.
Final Comments by Jeffrey Taylor :
As much as I liked this conference, I came away feeling a little bit depressed. It was only 10 years ago that I thought of the Large Ticket Market as a glamour industry. Many of us loved the intellectual stimulation of structuring deals and finding fresh and innovative ways to develop new clients all over the world. There wasn't an air or rail deal done that did not move our industry to a higher level of sophistication in finance.
As I left the room to write this article, I felt that I had lost a good friend; one that had given me pleasure and excitement over the years.
Although I know that things will never be the same, it is hard for me to accept. I've always believed in up and down cycles. This time, I am not so sure.
Reporting from Irving, Texas. I'm Jeffrey Taylor.
ExecutiveCaliber - Global Lease Training
2144 South 1150 East
Bountiful, UT 84010 USA
(801) 299-9932 (fax)
Jeffrey Taylor is the best selling author of "Leasing in a Tough Economy"
and well-known lease accountant, educator, "trainer" and writer.
McQuitty to the Rescue
Mark McQuitty of Preferred Leasing/Capital Werks, will be
covering the United Association of Equipment Leasing (UAEL) Spring Education Conference at Rancho Mirage, California May 1-4.
Mr. McQuitty wrote a three-piece article on “Whatever Happened to Republic
Leasing of Anaheim”
Here is his biography when he served as Top Gun Sales Manager
at the UAEL San Diego Conference.
### Press Release #########################################
CIT Announces Quarterly Dividend For First Quarter 2003
LIVINGSTON, N.J., -- CIT Group Inc.
(NYSE: CIT) today announced that its Board of Directors has declared a regular
quarterly cash dividend of $.12 per share, payable on May 30, 2003, to
shareholders of record on May 15, 2003.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance
company, provides clients with financing and leasing products and advisory
services. Founded in 1908, CIT has nearly $50 billion in assets under
management and possesses the financial resources, industry expertise and
product knowledge to serve the needs of clients across approximately
30 industries. CIT, a Fortune 500 company, holds leading positions in vendor
financing, U.S. factoring, equipment and transportation financing, Small
Business Administration loans, and asset-based and credit-secured lending.
CIT, with its principal offices in New York City and Livingston, New Jersey
has approximately 6,000 employees in locations throughout North America,
Europe, Latin and South America, and the Pacific Rim. For more information,
#### Press Release ############################################
CIT Posts Somber Report on Earnings
By Matthew Goldstein
Senior Writer The Street.com
(Leasing News printed the full CIT press release, which was “more positive”
than this report: http://www.leasingnews.org/archives/April%202003/4_28_03.htm#cit2 )
The New Jersey-based financial services reported net income of $127 million, or 60 cents a share, which fell 3 cents short of the Thomson First Call consensus estimate.
It's difficult to compare CIT's bottom-line performance to a year ago because the company was still part of Tyco (TYC:NYSE - news - commentary - research - analysis) at the time, and its income statement included a $4.5 billion write down in goodwill and other onetime charges.
But compared with the final quarter of 2002, CIT saw a significant slump in revenue, as its financing operations were squeezed by a combination of low interest rates and lackluster demand from businesses for new loans.
The firm's operating margin -- all revenue less interest costs and depreciation expenses -- came in at $446 million, a decline of 6.6% from the fourth quarter of last year.
And don't look for any quick improvement. In a conference call with analysts, Albert Gamper, CIT's president and chairman, said, "the economy still looks soft in our view."
The lone bright spot for CIT is that it managed to reduce operating expenses and the dollar value of the bad loans it charged off in the quarter. The finance firm wrote off $114.3 in bad loans and assets in the quarter, compared with $154.5 million in the fourth quarter.
The problems for CIT, however, are most apparent in it lending and commercial finance divisions. In the first quarter, CIT recorded $592.5 million in net finance income, down 6% from the most recent quarter. A slump in fees generated from commercial finance and structured finance work led to an 8.5% decline in "other revenues," which totaled $235.5 million in the quarter.
A big problem for CIT is that low interest rates are taking a bite out of its financing operation because they are narrowing the difference between the amount of interest CIT takes in from its customers and the firm's own borrowing costs. In the quarter, CIT's net finance margin -- a ratio that measures the interest squeeze -- came in at 3.63%, compared with 4.34% in the prior quarter.
"Leading indicators are improving and charge-offs are down substantially," said Gamper. "Asset growth was respectable for the quarter, however, we continue to experience margin decline, partially the result of our decision to maintain excess liquidity in this environment."
Shares of CIT have struggled since it was spun off by Tyco in an initial public offering last July. The stock continues to trade well below its IPO price of $23.
(Actually the stock is doing fairly well, especially in this economy, at last report:
The above report is quite narrow in its view, in my opinion. We print it
to show all sides. We have always been very positive about CIT.
This is not only a great company to go to work for, but also a very good stock investment. The ratings by analysts are positive. http://biz.yahoo.com/a/r/c/cit.html
Compared to the rest of the financial industry, CIT has been a star!!! Editor)
General Leasing Software---McCue Systems
Leasing News is up-dating this page, with the latest information, such as:
McCue Systems Inc.
111 Anza Blvd - Suite 310
Year Founded 1973
Number of Employees 66
CEO name John McCue
Additional Services Offered: LeasePak Lease/Loan Management System / Lease
enterprise consulting / System implementation, integration, and training /
Yearly Volume: Confidential
Major Clients: KeyBank / Volkswagen Credit / ORIX AUS / BancOne / MC Leasing
/ Bank of Tokyo - Mitsubishi
Streamline Sales Tax Meeting May 2-3
The next meeting of the National Conference of State Legislatures (NCSL)
Executive Committee Task Force on State and Local Taxation of
Telecommunications and Electronic Commerce will be held May 2-3, in
conjunction with NCSL's Executive Committee Meeting. The Task Force
will meet on Friday, May 2nd from 12:15 PM to 5:00 PM, and on Saturday,
May 3rd, from 8:00 AM to 11:00 AM. The NCSL Executive Committee
convenes Saturday afternoon. Following is the agenda provided for the
NCSL Task Force deliberations.
Several more states introduced legislation this week to conform state
law to the Streamlined Sales and Use Tax Interstate Agreement. To track
states adopting the Agreement visit
Equipment Leasing Association
Welcome to Spam Week
By Roy Mark Internetnews.com
With the Federal Trade Commission (FTC) hosting a three-day "Spam Forum" beginning today, lawmakers are using the spam spotlight to grab their own political publicity. While the FTC plans to listen, the politicians are jockeying into position to tell Americans they, too, are upset by spam.
Unlike the FTC, the lawmakers want action now. Congress has had a number of opportunities but has never having passed an anti-spam bill. Now lawmakers are talking tough -- again.
If you don't have your ticket yet, don't bother: the bandwagon is full, the soapboxes are crowded and the rhetoric is red hot.
One lawmaker is threatening to throw spammers in jail, another wants to hang bounties on their heads and one of the nation's leading Internet law professors says he'll resign his job if his ideas don't work.
All the hoopla is designed to draw attention to what Americans already know: mailboxes are clogged with unprecedented amounts of spam, almost all of which is perfectly legal. The consumer clamor against e-mail clutter is reaching a decibel level that even Congress can hear.
Sen. Charles Schumer (D.-N.Y.) got the political publicity jump on his colleagues over the weekend, leaking he will be introducing legislation that will authorize the FTC to create "no spam" registries similar to the FTC's "no call" list for telemarketers. Mass e-mailers who ignore the list will be subject to fines and, possibly, jail sentences.
Silicon Valley Rep. Zoe Lofgren (D.-San Jose, Calif.) followed on Monday with a bill that would establish a bounty for the first person to track down a spammer who violates proposed labeling or opt-out requirements. Lofgren said she based her bounty bill on an idea by Stanford law professor Larry Lessig, who said he'll quit his job if the idea doesn't work.
"This is the smallest step the government could take to eliminate a problem that is strangling e- mail on the Internet. This mix of public and private action to make it possible for people to choose whether to receive spam or not will, in my view, work," Lessig said. "And if offering to resign the best job in the world at the greatest law school in the nation helps build the alliance necessary to get it passed, then I am happy to make that offer."
Both bills require mandatory subject line labeling for commercial bulk mailers, mandate valid return e-mail addresses where a consumer can opt-out of receiving further e-mails, and prohibit spam with false or misleading routing information.
Lofgren would fund her bounties by authorizing the FTC to collect civil fines against marketers who violate the requirements of her bill. She and Lessig suggest a bounty of 20 percent of the civil fine levied by the FTC to be paid for information that leads to the successful collection of civil fines.
"To give you an idea of the magnitude of the problem we face, AOL alone blocks 1 billion messages a day. This number will only grow. According to some industry experts, by the end of this year, fully half of all e-mail sent in the United States will be unsolicited," said Lofgren. "The problem is not just the volume of spam, it's tracking down the bad actors. Often, spammers use multiple e-mail addresses or disguise the routing information so that they can't be identified."
With no federal laws that specifically ban spam, the FTC spam summit is being held to address the proliferation of UCE and to explore the technical, legal, and financial issues associated with it. Panels include a broad spectrum of topics, including the economics of spam, blacklists, wireless spam, federal and state legislation, litigation challenges, and possible technological solutions to spam or structural changes in the e-mail system itself.
The forum will be held at the FTC and is open to the public. Pre-registration is not required by seating is limited.
Treasury: Unless Congress raises debt cap, U.S. might default
Soaring rents squeezing Hub families
White House Offers Amtrak Plan
Highlight Day in American History
1778- a blockage of enemy ships was completed, stretching from West Point, NY, to Constitution Island, NY. A huge chain was forged at the Sterling Iron Works in Orange County, NY, from ore mined in the same county and was carried in sections to West Point, where it was joined and stretched across the Hudson River to prevent British ships from passing. The chain weighed 180 tons and was 1,700 feet loan: each link was 2.5 inches wide and 30 inches long. It was placed in position on April 16 and on April 30, secured at both ends. Earlier in the war, in the summer of 1776, a chain of chevaux-de-frise and sunken ships had been extended between Fort Washington, NY, and Fort Lee, NY, to serve as a blockage, but the British passed on October 9, 1776, without fire a gun. The chain reportedly stopped the ships, and made they easy target from the ground.
1789- George Washington was inaugurated as the first president of the US under the new Constitution at New York, NY. Robert R. Livingston administered the oath of office to Washington on the balcony of Federal Hall, at the corner of Wall and Broad streets. http://memory.loc.gov/ammem/today/apr30.html
1798- the US Navy was established. In June 12, the department purchased the Portsmouth Navy Yard, Portsmouth, NH, from William Dennet and his wife for $5,500. It embraced 58.18 acres and had previously been used for building man-of-war ships.
1803-One of the real-estate deals in history was completed when more than 820,000 square miles of the Louisiana Territory were turned over to the US by France, for $15 million ( four cents an acre.) This almost doubled the size of the US, extending its western border to the Rocky Mountains.
1812-Louisiana became the 18th state. the Pelican State: the state bird is the eastern brown pelican. Named in honor of Louis XIV of France, Louisiana has several other nicknames: Sportsman’s Paradise, Sugar State (that’s beet sugar), and Creole State. The capital of Louisiana is Baton Rouge and the beautiful magnolia is its adopted flower while the state tree is the bald cypress. "You are My Sunshine", Louisiana’s state song. "Give Me Louisiana" is also considered a state song, and the state motto is: Union, justice and confidence.
1820- the first antislavery magazine was the “The Emancipator,” issued monthly from this date to October 31,1820. It was edited and published by Elihu Embree and cost a $1.00 a year. http://uriel.com/history/elihu.htm
1861-Robert Selden Garnett, a graduate of the United States Military Academy at West Point, resigned from the army. aide-de-camp to General Zachary Taylor from 1846 to 1849. He was appointed a brigadier general of the Confederate States on June 6,1861, and history records him as the first Confederate General killed in the civil war. Garnett was appointed adjutant general of the state troops of Virginia, and allotted the task of organizing this heterogeneous force into an army. Early in June he was commissioned brigadier-general and given command of the Confederate troops operating in northwestern Virginia. He died on July 13,1861, at the battle of Carrick’s Ford, VA ( now near Parson, WV). When the Federal attack dislodged the Confederates from Rich Mountain, Garnett was compelled to abandon Laurel Hill. He saved his army, outnumbered more than six to one by McClellan's men, by a most masterly retreat. In the heat of the retreat, Garnett shouted: "They need a little lesson. They may get away if they like". These were to be his last words. On July 13, 1861 General Robert Selden Garnett was killed instantly while directing the conduct of his rear guard after the sharp engagement at Carrick's Ford, on Cheat River. In deference to Garnett's heroism during the Mexican War, a Union honor guard conveyed the body to his family under a truce flag. He was the West Point classmate and cousin of Confederate General Richard B. Garnett who was killed in action at Gettysburg. He was greatly respected by soldiers and officers on both sides of the war. Garnett had the distinction of being the first general officer to be killed in the Civil War. He was a brave and skilful officer, of whom the South expected much, but who did not have opportunity to fulfill the promise of his military training, according to http://freepages.genealogy.rootsweb.com/~mysouthernfamily/
1870- the first medal of honor to a Jewish solider was conferred upon Sergeant Leopold Karpeles of Springfield, MA, who, while serving as flag bearer, rallied the retreating troops at the Battle of the Wilderness, near Fredericksburg, VA.
1879-Massachettes was the first state to pass a factory inspection law. It provided that the governor appoint two or more of the district police to act as inspectors of factories and public buildings.
1877- Writer Alice Toklas birthday; best known as the was the life partner of U.S. author Gertrude Stein. She published Stein's letters and wrote her memoirs.
1899-Birthday of Ellis Wilson, African American artist born at Mayfield, KY, and died at New York, NY, January 1,1977,. Wilson painted realistic portrayals of African Americans at work and at play. In 1944 he was awarded a Guggenheim fellowship. He visited South Carolina, painting city scenes and fishing towns. In the 1950’s, Wilson took a revelatory trip to Haiti which changed the way he painted Unable to not any facial features on the Haitians, he painted from a distance. Wilson began painting flat, stylized silhouettes, Haitian Funeral Procession remains Wilson’s most popular an accessible painting.
1900 - Train engineer Casey Jones was killed when trying to save the "Cannonball Express" as it highballed its way through Vaughn, MS. His real name was John Luther Jones. http://www.taco.com/roots/caseyjones.html http://www.watervalley.net/users/caseyjones/home.htm
1923-Jazz bass player Percy Heath birthday. www.allaboutjazz.com/REVIEWS/R1298_46.HTM
1929-Country singer Johnny Horton was born in Tyler, Texas. His "Battle of New Orleans" sold a million copies in 1959 as did his 1960 recording of "North to Alaska," the title song from a John Wayne movie. Horton was killed in a car crash in Milano, Texas on November 5th, 1960.
1931—birthday of guitarist Jimmy Lee “Lonesome” Robinson, Chicago, IL
1933-Country superstar Willie Nelson was born in Abbott, Texas. He first gained fame as a songwriter. Among his compositions are two that have become standards in country music - "Family Bible" and "Night Life." After recording 18 albums for RCA, he fled Nashville in the early 1970s' for Austin, Texas, where, with Waylon Jennings, he became the leader of the "Outlaw" country movement. Nelson later turned his attention to updating such pop standards as "Stardust" and "Over the Rainbow," which were played heavily on both pop and country radio stations. http://willienelson.com/
1939 - The first railroad car equipped with fluorescent lights was put into service. The train car was known as the "General Pershing Zephyr". http://gowest.coalliance.org/cgi-bin/imager?00073198
1939 - Baseball’s ‘Iron Horse’, Lou Gehrig, played his last game with the New York Yankees .
1940 - Jimmy Dorsey and his band records the song that was
to become their theme. It went on to become one of the most familiar big band themes of the era. It includes his famous alto sax solo and was not his last big hit (“So Rare” in the fifties, one of the first I learned to play solo.) http://www.redhotjazz.com/jimmy.html
1940 - Belle Martell was licensed in California by state boxing officials to be the first American woman prize-fight referee!
1943-Birthday of singer Bobby Vee.
1944 - The New York Giants beat the Brooklyn Dodgers 26-8
very badly. The game set a major-league record for runs driven in by a team in a single game.
1945 - “How would you like to be queen for a day!” That opening line, delivered by host, Jack Bailey, was first heard on Mutual radio on this day. The first "Queen for a Day" was Mrs. Evelyn Lane. Years later Bailey would take the show to TV for a long, popular run.
1945 - Arthur Godfrey began his CBS radio morning show. His theme was "Seems Like Old Times". "Arthur Godfrey Time" ran until this very same day in 1972. Godfrey’s show was different in that he used live talent and not records. His popularity with listeners was the major reason that several sponsors gave Godfrey the freedom to ad-lib their commercials and, from time to time, joke about the products as well. He was the first to broadcast live from Hawaii, where he was given credit by United Airlines for greatly increasing tourism to the area. http://timvp.com/arthurg.html
1947 - Maps had to be changed as Boulder Dam was changed back to its original name, Hoover Dam. Some people, mostly those who live in the community of Boulder, Nevada, still refer to the dam as Boulder Dam. It is a local joke there, where residents were recorded saying on CBS radio, “ It was a dam shame,” which was edited out by many local stations as being “blue material.”
1948-The Organization of American States founded. This regional alliance was founded by 21 nations of the Americas at Bogotá, Columbia. Its purpose is to further economic development and integration among nations of the Western hemisphere, to promote representative democracy and to help overcome poverty. The Pan-American Union, with offices at Washington, DC, serves as the General Secretariat for the OAS.
Wheel of Fortune - Kay Starr
Anytime - Eddie Fisher
Blacksmith Blues - Ella Mae Morse
(When You Feel like You’re in Love) Don’t Just Stand There - Carl Smith
1953 - Frank Sinatra cut his first session with Nelson Riddle at Capitol Records in Hollywood. Sinatra’s new musical style, under Riddle’s direction, brought him back into the limelight, and a chance for Hollywood fame.
1955 - University of Iowa men students conducted panty raids at women’s dorms. Some say the Hawkeyes were still celebrating their February 28th basketball win (72-70) over the Golden Gophers of the University of Minnesota. Others think the men were celebrating the fact that enough snow had melted after the long winter to make it possible to find the women’s dorms again. In any case, panty raids became the in thing to do at colleges everywhere.
Stuck on You - Elvis Presley
Sink the Bismarck - Johnny Horton
Sixteen Reasons - Connie Stevens
He’ll Have to Go - Jim Reeves
1961-Willie Mays of the San Francisco Giants became the eight player in major league history to hit four home runs in a single game. Mays performed the feat at Milwaukee County Stadium as the Giants beat the Braves, 14-4. http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/mays_willie.htm http://sportsillustrated.cnn.com/baseball/mlb/all_time_stats/players/m/42662/index.html
1964 - TV sets would be drastically different after a ruling by the FCC stating that all TV receivers should be equipped to receive both VHF (channels 2-13) and the new UHF (channels 14-83). As a result, TV dealers scrambled to unload their VHF-only models as fast as possible. Antenna manufacturers were kept busy, as the new UHF receivers required new antennas too. A new set of channels were available, primarily for local community broadcasting, as the Federal Communication Commission foresaw local television broadcasting and perhaps news, food reviews, and special interest viewing. It was not until Cable broadcasting made the costs of transmission so low that the channels became popular and today competes with the “four” major networks.
1967-Muhammand Ali was stripped of his world heavyweight boxing championship when he refused to be inducted into military service. Said Ali,” I have searched my conscience, and I find I cannot be true to my believe in my religion by accepting such a call.’ He had claimed exemption as a minister of the Black Muslim religion. He was convicted of violating the Selective Service act but the Supreme Court reversed this decision in 1971,.
Honey - Bobby Goldsboro
Cry like a Baby - The Box Tops
Young Girl - The Union Gap
The Legend of Bonnie and Clyde - Merle Haggard
1970-President Nixon announced the US was sending troops into Cambodia in an attempt to destroy the "sanctuaries" from which men and materiel were infiltrated into South Vietnam. This sparked widespread protests on the home front, including a march on Washington and the closure of many American colleges and universities. Protests immediately began across the United States Five days later National Guards shoot at students, killing four of them at Kent State, Ohio Allison Krause,19; Sandra Lee Scheur, 20; Jeffrey Glenn Miller,20, and William K. Schroeder, 19).
1973-In a televised address on Watergate, President Richard Nixon announced he had accepted the resignations of his chief of staff H.R. Haldeman, domestic policy assistant John Ehrlichman, counsel John Dean, and Attorney General Richard G. Kleindienst. He denied any involvement in the Watergate break-in or any subsequent cover-up.
1975- Communist troops moved into Saigon and 1,000 Americans in the city were hastily evacuated. Thousands of South Vietnamese also tried to flee. The surrender announcement came 21 years after the1954 Geneva agreements divided Vietnam into North and South. The last American troops had left South Vietnam in March, 1973. Today it is a “National Holiday” commemorating the fall of Saigon to the Communists in 1975, ending the Vietnam War.
Disco Lady - Johnnie Taylor
Let Your Love Flow - Bellamy Brothers
Right Back Where We Started From - Maxine Nightingale
Together Again - Emmylou Harris
Against All Odds (Take a Look at Me Now) - Phil Collins
Hello - Lionel Richie
Hold Me Now - The Thompson Twins
Right or Wrong - George Strait
1985 - The National Basketball Association set an all-time season attendance record as 19,506,355 fans attended games in arenas around the league. Seven NBA cities -- Boston, Chicago, Houston, Dallas, Detroit, Los Angeles and Philadelphia -- drew over a million fans each in the 1984-85 basketball season.
1987 - Three more compact discs of music by The Beatles went on sale for the first time. The discs were "Help!", "Rubber Soul" and "Revolver". Again, the Beatles made the top ten.
1988-During a game between the Cincinnati Reds and the Yew York Mets, Reds manager Pete Rose, objecting to a delayed call by umpire Dave Pallone, shoved Pallone twice after the ump accidentally poked Rose in the cheek. Rose was fined $10,000 and suspended for 30 days.
Wishing Well- Terence Trent D Arby
Anything For You- Gloria Estefan
Where Do Broken Hearts Go- Whitney Houston
Pink Cadillac- Natalie Cole
1997- Ellen DeGeneres, on her several season show “Ellen,” declared on television she was a lesbian. The first regularly appearing homosexual character in a television situation comedy was Jodie Dallas, played by comedian Billy Crystal beginning in 1977 on the series “Soap.”
NBA Finals Champions This Date
1971 Milwaukee Bucks