Working with a Smaller Bank Question
by Christopher Menkin

"I know I've asked you before, but the investors I worked with ten years ago like the leasing business and asked me if there were any opportunities to make $$$ in leasing today. I told them I'm not smart enough to know the answer, or to really speculate, and that I would ask you. It seems to me, fundamentally, that in addition to sound business practices, it is absolutely imperative to make sure you have take-out sources for fundings that you do. My former CFO thinks there is a real opportunity for originating deals with locals’ customers, and then selling those deals and a relationship intro. to local banks or local bank branches."

"What do you think?"

Readers who have an opinion, please let me know, and if you want "off the record," will make it "name withheld."

I really don't have a good answer to the question above. When I was in business at American Leasing, I had many local and regional recourse and non-recourse lines, as well as a founding member of a bank, which also gave me an introduction to other like banks. Things have changed, and maybe I am out of touch.

I do know there are a lot of investors and leasing companies who have cash and want to buy portfolios. I know many CFO and presidents in Silicon Valley, not just clients, but neighbors and friends, whose companies have a lot of cash, but don't want to spend it "foolishly," they tell me.

Since writing Bank Beat for going on three years, there are many smaller banks reading Leasing News, and the experiences with Allied Health Care Services and Equipment Acquisition Resources put me in touch with many bank presidents, who were caught in the fraud (as well as many large banks and major leasing companies.)

A bank director, he’s father was the chairman, in 2009, called me about a leasing company that they had purchased leases from, and the leasing company was doing the services, but now was not paying. He had 28 leases at $600,000, he said, and they were all in jeopardy and he did not know what to do. I first asked him to visit the company, which he did, and he left more uneasy than he entered as he said he didn't know what was really going on, but didn't look good. He didn't want his bank's problem in the news. I suggested he have a "back office company," as I called it, look at it. One did it as a favor to me, as it was too small for them to consider. He said they had 28 leases at $600,000, 7 were in default--tanning booth, old used truck, and all the collateral type that there would be more expenses.

Worse yet, spread over several states. The bank should have never been doing business with this company.

What I first did was put an alert about the leasing company in Leasing News to warn others. I did not name the bank or its location. The small bank’s problems were finding someone to service the leases, or show the bank what was involved. Rob Yohe helped them, as he has done with other smaller banks. He is not as active as he once was, but he still takes on consulting and portfolio work.

In February of this year, Leasing News posted a Bulletin Board Complaint about Business Leasing Northwest, Seattle, Washington. Today, the leasing companies who had leases not funded or commissioned not paid, have sued and won, they tell me, and the company's founder is now a "broker." The last part is not confirmed, but the point here is a local bank had given them a lease line, worked with other brokers non-recourse, and in year-end 2009 had $273,000 in charge offs, a recovery of $26,000 year-end 2010 and $23,000 in lease receivable charge offs March 11, 2011, recovered some, and year-to-date now is $56,000. To put this into perspective, the bank equity was up from the previous years, profit was up, and Tier 1 risk-based capital ratio was high at 13.38% March 31, 2011, according to FDIC reports. In retrospect to what had happened, the bank was not only handling it well, but continuing to prosper.

The point here is even with a problem account, the leasing division is doing very well, particularly compared to other product loans. To think you are not going to have problem loans or leases, it is going to happen no matter how smart you or what steps you take---but in the end, it is who you are accepting referral business from that really counts.

In the listing of bank failures, in writing about the charge offs of the regional and small banks, only one bank comes to mind with a leasing receivable charge off in the last three year, and it was also small.

Perhaps the experience of credit and operations personnel has brought more experience, or perhaps it is the growth of the "back office companies, such as David Schaefer of Orion First Financial, servicing more banks, or Bank of the West Equipment Finance growing with their experience from other divisions, or Portfolio Financial Servicing Company, the largest and perhaps the most experienced. Then there are a number of smaller companies, who can service the smaller accounts. What follows is the list of those who wanted to be known to Leasing News readers.

As to the original question, I think the leasing product is good, if you know what you are doing. But you can say that about almost any business. I think most of the amateur brokers are now out of business, and yes, there a lease gypsies. But as long as I can remember, there are always this type that exist in all businesses.

However, in reaching this conclusion, leasing can be dangerous to the inexperienced, as it is more than just a loan, especially since it has many requirements for service, accounting, vendor and equipment liabilities, as well as legal ramifications as a lessor as it is not only the operation side, but to me, who refers the business that is the most difficult to judge. I think many small banks are still afraid of "lease financing."

Please let me know your opinion.

kitmenkin@leasingnews.org

Back Office Companies

These are companies who service leases and loans that have requested to be listed. The information is from them. The listing is free.

You may also go direct to the list:
http://www.leasingnews.org/Ag_leasing/backoffice.htm

Classified Ads: Back Office Free Listing

[headlines]
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Classified Ads---Credit/Legal

(These ads are “free” to those seeking employment
or looking to improve their position)

Dallas/Ft. Worth, Texas Proven results Credit Manager-Strong vendor/broker/funding Learned from BEST - Schiell & Galtelli, Centerpoint, Affiliated, Heritage Pacific. ulrich_elizabeth@yahoo.com http://www.linkedin.com/pub/elizabeth-ulrich/8/a26/240

Credit and Collections Manager Seasoned Ops, Broker Development, Credit, Legal, Strategy, P & L Management detail oriented team player seeks position with Small ticket direct lender. Wgriffith61@yahoo.com | Resume

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

Gary DiLillo, President 216-658-5618 or gary@avptc.com Comprehensive personal property tax outsourcing services. Click here to see what our clients say about us.

*****Announcement*********************************

"Profitable Bank Relationships Are Still Possible"
Today 10:00 AM CA Time, 1:00 PM NY Time Free Webair

Gerry Egan

The Institute for Leasing Professionals offers it’s third free webair with Gerry Egan, President of the National Equipment Finance Association, who will "explore a unique relationship which will make you important to the bank today and position you as a partner with them for years to come.

Free, but you first need to register, by going here:
https://m360.nefassociation.org/ViewForm.aspx?id=24001

*****Announcement************************************

Leasing Stocks Up with Heavy Volume, Too!
by Kit Menkin

While the leasing companies on the stock exchange somewhat recovered, which is good news, note they are all not close to their 52 week high range. GE Group is a very large international company, but also have a finance arm for their own equipment, for retail establishments, as well as third party vendors, so they are included.

Chesswood Group Limited is included because of Pawnee Leasing, primarily. They have had a very stable stock, until the effect of the world market fear, although Pawnee Leasing is reportedly doing very well, despite the declining confidence of small business, as evidenced by the last three National Association of Credit Manager reports. The Equipment Leasing and Finance Association statistics don’t match the rest, including the 20,000 credit manager’s report or what readers are telling me, but may be from very large leasing companies and captive lessors such as ADP.

The LEAF companies still appear to be the better part of Resource America, Inc., who is tied in primarily with real estate management and real estate properties.

Overall, the US financial arena, including banking, is in relatively good shape, if you don’t read the printed newspapers that are also reproduced on the internet.

One of the main problems was perhaps summed up best by Alan Greenspan, famed economist, and former chairman of the federal reserve, said on last Sunday’s "Meet the Press":

"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default"

"What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche."

Not quoted was his observation that US corporations had a lot of cash here and overseas, and until they have the confidence to spend it, he doesn't see much improvement. He observed it may be being saved for increased taxes or unforeseen events, and warned that history has shown that raising taxes on corporations and trade does little to improve the economy, in fact, the incentives and lessening regulators has historically shown that business will get more active in the marketplace, hiring more people, who then spend more, and consumer confidence also returns.

CIT GROUP, INC (NYSE: CIT)
Last Trade: 34.97
Change: 3.75 (12.01%)
Prev Close: 31.22
Day's Range: 31.69 - 35.05
52wk Range: 31.22 - 49.57
Volume: 5,518,080
Avg Vol (3m): 1,684,070

G A T X CP (NYSE: GMT)
Last Trade: 33.04
Change: 2.47 (8.08%)
Prev Close: 30.57
Open: 31.38
Day's Range: 30.32 - 33.06
52wk Range: 25.40 - 42.84
Volume: 542,590
Avg Vol (3m): 393,312

GEN ELECTRIC CO (NYSE: GE)
Last Trade: 15.96
Change: 0.53 (3.43%)
Prev Close: 15.43
Open: 15.59
Day's Range: 14.82 - 15.96
52wk Range: 14.25 - 21.65
Volume: 179,396,748
Avg Vol (3m): 55,662,200

MicroFinancial Incorporated (NasdaqGM: MFI)
Last Trade: 5.60
Change: 0.10 (1.82%)
Prev Close: 5.50
Open: 5.52
Day's Range: 5.3960 - 5.8880
52wk Range: 3.53 - 6.42
Volume: 8,331
Avg Vol (3m): 14,417

Chesswood Group Limited (Pawnee Corp.) (CHW.UN)
(Canadian monetary, www.tmx.com)
Last Trade: 6.74
Change: 0.490 (7.84%)
Open: 6.28
Prev. close: 6.25
Days Range: 6.25-6.74
52 week range: 3.925--8.21
Volume: 6,580

Resource America, Inc.(NasdaqGS:Rexi)
(LEAF Financial; LEAF Business Credit,
LEAF Dealer Solutions)
Last Trade: 5.29
Change: 0.52 (10.90%)
Prev Close: 4.77
Open: 5.13
Day's Range: 4.67 - 5.43
52wk Range: 4.03 - 7.47
Volume: 22,752
Avg Vol (3m): 24,872

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

[headlines]
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Benchmark Financial Group Up-Date

This is an up-date to the stories regarding the many complaints about Benchmark Financial Group, Aliso Viejo, California. A salesperson at the company two "factious" name filings, involving MD Capital Partners, with the principal Marcus Davin, reports that Benchmark Financial Group is no longer and that Cobalt funding Group is their “vendor division” and that Partners Capital is their “end user” division.

Whether they are doing business with Financial Pacific, Federal Way, California, is not known, as Fin Pac has reportedly announced that it is discontinuing sending brokers monthly reports of who are their top leasing brokers for the month.

Financial Pacific is Licensed, Benchmark is Not!
http://leasingnews.org/archives/Aug2011/8_01.htm#icensed

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

[headlines]
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Apple Capital Group joins “Broker/Lessor” List

A - City Business License | B- State License | C - Certified Leasing Professional | D - State(s) sales/use tax license | E - Named as "lessor" on 50% or more of lease contract signed. |

Broker-Lessor List “A”
http://www.leasingnews.org/Brokers/broker_Lessor.htm

[headlines]
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*****Announcement************************************

“A Series of Fleet Management Educational Webinars”

MY Webinars (www.mywebinarsonline.org) has collaborated with field experts to present a series of fleet management webinars designed to advance knowledge, expertise, and business practices. Visit our website to learn more.

Upcoming topics include:

• Vehicle Telematics 101: How the Right Solution Can Impact Your Bottom Line
August 24, 2011 ~ 3:00 – 4:30 PM (EST)

• How to Conduct a Fleet Excellence Review
August 25, 2011 ~ 3:00 – 4:30 PM (EST)

• Managing Your Technology Investment While Achieving Productivity and Long Term Growth - Engineering Superior Performance
August 30, 2011 ~ 3:00 - 4:30 PM (EST)

• Strategies for Managing a Safer, More Efficient Fleet
September 14, 2011 ~ 3:00 – 4:30 PM (EST)

Fleet Management professionals are invited to view complete listing at www.mywebinarsonline.org. An archived version of the webinar presentation will be available 2-5 business days after each webinar session.

$35 Registration Fee
http://www.mywebinarsonline.org/Sessions.html

*****Announcement**************************************

Overland Park, Kansas-- Adopt-a-Dog

Cole
Labrador Retriever
Male
Nine Months Old

Love Labs? Then Cole is the boy for you! He's only 9 months old and full of puppy energy. Cole loves going for rides to the dog park and meeting other dogs and people plus he plays well with all ages and sizes (of dogs and people!). He's a friendly, good-natured and all-around goofball who is still growing into those long Lab legs. If you have a kiddie pool, Cole will jump right in and splash around. There isn't anything this boy doesn't enjoy doing - running, playing fetch with a tennis ball, or just getting hugs and rubbed on - Cole welcomes it all! In his foster home. He is working hard on his house training and learning his manners, such as sit.

Cole is a sweet, happy-go-lucky boy looking for his forever home. Is it yours? If so, contact his foster Mark at mbopp7@gmail.com or 973-303-2946 to meet him today. Or stop by the PetSmart at Ward Parkway Shopping Center on Saturdays from noon to 3:00 pm. Cole will be there ready to share all the love you can handle!

The Heart of America Humane Society has adoptions each Saturday at the Petsmart at 115th and Metcalf in Overland Park, the Petco at 135th and Blackbob in Olathe and the Petsmart in the Ward Parkway Shopping Center. Please contact the foster parent DIRECTLY to ask questions about this foster, to obtain additional information about this foster or to confirm this foster's attendance at one of our adoptions.

Heart of America Humane Society, Overland Park, KS
•800.384.3143
•Email Heart of America Humane Society
questions@heartofamericahs.org
http://www.petfinder.com/shelters/KS14.html

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/

News Briefs----

Jeffrey Maricle, Global Fuding back in the news, to lose house
http://www2.tbo.com/news/news/2011/aug/09/man-accused-of-equipment-leasing-scheme-could-lose-ar-249477/

$114 Million in Verdicts Against HL Leasing, Inc
http://www.cpmlegal.com/newsitem.php?n=HL_leasing

SeaCube Container Leasing Ltd. Reports $10.4 MM Net Income
http://eon.businesswire.com/news/eon/20110809007136/en/SEACUBE-EARNINGS

HF Financial Corp. Earns $679,000 in Fiscal 2011
http://finance.yahoo.com/news/HF-Financial-Corp-Earns-prnews-3823509919.html?x=0&.v=1

Seattle's HomeStreet Bank parent postpones $180M IPO
http://seattletimes.nwsource.com/html/businesstechnology/2015859958_homestreet10.html

Its Forecast Dim, Fed Vows to Keep Rates Near Zero
http://www.nytimes.com/2011/08/10/business/economy/fed-to-hold-rates-exceptionally-low-through-mid-2013.html?_r=1&hp  

You May Have Missed---

Boeing shows off inside of first 787 Dreamliner to go into service
http://seattletimes.nwsource.com/html/boeingaerospace/2015852861_boeing09.html

Sports Briefs----

The Huddle
http://content.usatoday.com/communities/thehuddle/index

California Nuts Briefs---

California revenues miss mark by 10 percent in July
http://blogs.sacbee.com/capitolalertlatest/2011/08/california-revenues-miss-mark-10-percent-july-2011.html

Neighbors agree to let River Rock build new road to casino
http://www.pressdemocrat.com/article/20110809/BUSINESS/110809464/1036?Title=Neighbors-agree-to-let-River-Rock-build-new-road-to-casino

California leads nation in farmers markets
http://californiawatch.org/dailyreport/california-leads-nation-farmers-markets-11965

“Gimme that Wine”

New Rules for Oregon Wineries
http://www.winespectator.com/webfeature/show/id/45516

Who founded Landmark Vineyards?
http://www.pressdemocrat.com/article/20110808/BUSINESS/110809500

Growers across France revise 'earliest ever' harvest dates
http://www.decanter.com/news/wine-news/529138/growers-across-france-revise-earliest-everharvest-dates

Prosser Winery Goes Green with Reusable Bottles
http://www.keprtv.com/news/local/127128658.html

Free Mobile Wine Program

http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

  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

    1588 – This event is mentioned as history may have been quite different for the founding of the United States. The Spanish Armada, a fleet of 130 huge ships, met defeat at the hands of English sailors and their smaller, more maneuverable vessels. Then a series of wicked Atlantic storms off the coast of Southern England took their toll. Only half of the 130 Spanish ships managed to limp ... at best ... home. The 60 or so English ships, plus the weather, saved England from the Spanish invaders.
    1814-Esther Hobart McQuigg Morris was born at Tioga County, NY, but eventually moved to Wyoming Territory, where she worked in the women’s rights movement and had a key role in getting a women’s suffrage bill passed. Morris became justice of the peace of South Pass City, WY, in 1870, one of the first times a woman held public office in the US. She represented Wyoming at the national suffrage convention in 18795. She died April 2, 1902, at Cheyenne, WY.
    1821 - Missouri enters the Union as the 24th state--and the first located entirely west of the Mississippi River. Named for one of the Native American groups that once lived in the territory, Missouri became a U.S. possession as part of the Louisiana Purchase of 1803. In 1817, Missouri Territory applied for statehood, but the question of whether it would be slave or free delayed approval by Congress. In 1820, the Missouri Compromise was reached, admitting Missouri as a slave state but excluding slavery from the other Louisiana Purchase lands north of Missouri's southern border. Missouri's August 1821 entrance into the Union as a slave state was met with disapproval by many of its citizens. In 1861, when other slave states succeeded from the Union, Missouri chose to remain; although a provincial government was established in the next year by Confederate sympathizers.
    1844- Brigham Young chosen Mormon Church head following Joseph Smith death.
    1864 - Confederate Commander John Bell Hood sent his cavalry north of Atlanta to cut off Union General William Sherman's supply lines.
    1864 - Rear Admiral Farragut continued steady day and night bombardment, battering down the walls of Fort Morgan resolutely defended by his former shipmate, General Page.
    1866-Birthday of Mathew Henson, famous African-American explorer, born at Charles County, MD. He met Robert E. Peary while working in a Washington, DC, store in 1888 and was hired to be Peary’s valet. He accompanied Peary on his seven subsequent Arctic expeditions. During the successful 1908—09 expedition to the North Pole, Henson and two of the four Eskimo guides reached their destination Apr 6, 1909. Peary arrived minutes later and verified the location. Henson’s account of the expedition. A Negro Explorer at the North Pole, was published in 1912. In addition to the Congressional medal awarded all members of the North Pole expedition, Henson received the Gold Medal of the Geographical Society of Chicago and, at 81, was made an honorary member of the Explorers Club at New York, NY. Died Mar 9,1955, at New York, NY.
http://www.matthewhenson.com/
http://www.arcticice.org/henson.htm
    1866-The first queen to visit the United Sates was Queen Emma, widow of King Kamehameha IV of the Sandwich Islands ( later to be re-named Hawaii), who arrived in New York City from England on the Cuuard liner Java. She was received on August 14,1866 by President Andrew Johnson and introduced to his family. American business had already started to invest in the island, bringing coffee, potatoes, hybrid sugarcane, horses and cattle.
    1874 - Herbert Clark Hoover (d.1964), the 31st president of the United States (1929-1933), was born in West Branch, Iowa.
    1878 - The temperature at Denver, CO, soars to an all-time record high of 105 degrees.
    1899-Birthday Of Russell Markert, American choreographer Russell Markert, born at Jersey City, NJ. He founded and directed the Radio City Music Hall Rocketts from 1932 to 1971. He died December 1, 1990, at Waterbury, CT.     1899 - A.T. Marshall of Brockton, MA patented the refrigerator. It was not practical in cost for many households and “ice” refrigerators were common until perhaps World War II.
    1876-Thomas Alva Edison of Menlo Park, NJ, obtained a patent for a “method of preparing autographic stencils for printing”. He went on to improve the “mimeograph,” who until the advent of the photocopier, was the most widespread method of paper communication and duplication.
    1893-- Chinese are deported from San Francisco under the Exclusion Act. (passed May 6, 1882, to exclude Chinese workers from the US).
"The land of fabulous wealth, revenue & mountains of gold, & San Francisco with its wonderful wages will be exploited before the ignorant coolies until they will come in ship loads like an endless swarm of rats...
As long as California is white man’s country, it will remain one of the grandest & best states in the union, but the moment the Golden State is subjected to an unlimited Asiatic coolie invasion there will be no more California."
The Japanese & Korean Exclusion League was a San Francisco organization comprised of powerful labor leaders, including Patrick H. McCarthy, general president of the Building Trades Council of San Francisco – as well as future mayor, & Andrew Furuseth, legendary waterfront labor leader. The league was organized in mid-1905, & headed from its inception by Olaf A. Tveitmoe, general secretary of the Building Trades Council, who also served as editor of “Organized Labor.” One goal of the organization was to extend the Chinese Exclusion Act to Japanese & Korean immigrants.
    1896-Birthday of Marjorie Kinnan Rawlings, American short story writer and novelist ( The Yearling), born at Washington, DC. Rawlings died at St. Augustine, FL, December 14, 1953.
http://memory.loc.gov/ammem/today/aug08.html.
    1900-Birthday of bandleader Lucky Millinder, Anniston, AL.
    1911 - Membership in the U.S. House of Representatives was established at 435. Every 211,877 residents of the U.S. were represented by one member of Congress.
1918 –Birthday alto Sax player Benny Carter Birthday (Died July 12,2003)
http://www.bennycarter.com/
http://newarkwww.rutgers.edu/ijs/bc/
http://www.jazzradio.org/benny.htm
http://www.riverwalk.org/profiles/carter.htm
    1918-Two days after the Battle of Marne ended, the British Fourth Army mounted an offensive at Amiens with the objective of freeing the Amliens-Paris railways from bombardment by the German Second and Eighteenth Armies. More than 16,000 German prisoners were taken in two hours of fighting the first day. The German forces were forced back to the Hindenburg’s line by September 3. This battle is considered a turning point by many historians because of its impact on the psyche o f Germany. August 8 was described by General Erich Ludendorff as a “Black Day” for Germany.
    1918-MESTROVITCH, JAMES 1. Medal of Honor Rank and organization: Sergeant, U.S. Army, Company C, 111th Infantry, 28th Division. Place and date: At Fismette, France, 10 August 1918. Entered service at: Pittsburgh, Pa. Birth: Montenegro. G.O. No.: 20, W.D., 1919. Citation: Seeing his company commander Iying wounded 30 yards in front of the line after his company had withdrawn to a sheltered position behind a stone wall, Sgt. Mestrovitch voluntarily left cover and crawled through heavy machinegun and shell fire to where the officer lay. He took the officer upon his back and crawled to a place of safety, where he administered first-aid treatment, his exceptional heroism saving the officer's life.
    1923-Birthday of singer Jimmy Witherspoon, Gurdon,AR.
    1926-Birthday of trombonist Urbie Green, Mobile, AL.
    1922-Louis Armstrong, 22 years old, leaves for the Windy City. His autobiography is fascinating to read about his version of the beginnings of jazz. He perhaps is not only the best known jazz musicians, but considered even today to have been quite ahead of his time. On old records, it is easy to pick him out playing the trumpet. He had tone, melody and rhythm that still wants you to sing, dance, or tap your foot.
    1923 - Benny Goodman was 14 years old as he began his professional career as a clarinet player. He took a job in a band on a Chicago-based excursion boat on Lake Michigan.
    1932-Birthday of singer/songwriter Mel Tillis, Pahokee,FL. Tillis was the Country Music Association Entertainer of the Year . Equally talented as a singer and as a songwriter, Tillis began his hit-making career in 1958 with "The Violet and the Rose." His top-ten singles have included "Who's Julie," "The Arms of a Fool" and "Memory Maker." Tillis has a speech impediment, but has made his stuttering a part of his act.
    1933-Louisiana Governor O.K.Allen pardon’s Huddie William Ledbetter, better known as the folksinger “Leadbelly.,” He got the name while in prison in Texas for being very strong. He was a very big man with an explosive temper, and was in for murder. He was pardoned by Texas Governor Pat Neff from a thirty year sentence, something that was unheard of in Texas and from the very conservative Neff, but it is said, he sang a song of why he should be released that so affect the warden, and then Neff, that they released him. Leadbelly was one of my father’s favorite folksingers, that he played all the time, and my first memories of my father are listening to this music in the forties. I remember sitting on his knee, perhaps the earliest recollection of my father, who I miss more and more as each year goes by.
http://www.nashvillesongwritersfoundation.com/fame/ledbet.html
http://www.blueflamecafe.com/index.html
http://members.fortunecity.com/kgerald/personel/LedbetterHuddie.htm
http://www.cycad.com/cgi-bin/Leadbelly/biog.html
http://www.mala.bc.ca/~mcneil/cit/citlcleadbelly.htm
    1933-The first savings and loan association established by the federal government was the first Federal Savings and Loan Association of Miami, Florida. The creation of savings and loan institutions had been authorized by the Home Owners Loan Act of June 13, 1933, to provide a convenient place for the investment of small and large sums and to lend money to local applicants for first mortgages.
    1941 - Les Brown and His Band of Renown paid tribute to baseball’s ‘Yankee Clipper’, Joe DiMaggio of the New York Yankees, with the recording of "Joltin’ Joe DiMaggio" on Okeh Records. From that time on, DiMaggio adopted the nickname, Joltin’ Joe.
    1942-Adding to the fear of the times from both the war in the Pacific and Atlantic, this event is forgotten by many today. Six Germans were electrocuted this day in 1942 in Washington, DC. They were part of a group of eight who were tried by a military commission of seven generals. One saboteur, George John Dasch, was sentenced to 30 years in prison, and another Ernest Peter Bruger, received a life sentence. All eight were found guilty of landing in rubber boats from enemy submarines, carrying explosives, incendiaries, fuses, detonators timing devices, acids, and similar material. Four of them landed on June 13, 1942, at Amagansett, NY, on Long Island, and were discovered by Seamen Second Class John C. Cullen of the Amagansett Coast Guard Station. Four others landed on June 17, 1942, at Poine Vedra Beach near Jacksonville, FL.
    1945 - Just a day after the bombing of Nagasaki, Japan submits its acquiescence to the Potsdam Conference terms of unconditional surrender, as President Harry S. Truman orders a halt to atomic bombing. Emperor Hirohito, having remained aloof from the daily decisions of prosecuting the war, rubber-stamping the decisions of his War Council, including the decision to bomb Pearl Harbor, finally felt compelled to do more. At the behest of two Cabinet members, the emperor summoned and presided over a special meeting of the Council and implored them to consider accepting the terms of the Potsdam Conference, which meant unconditional surrender. "It seems obvious that the nation is no longer able to wage war, and its ability to defend its own shores is doubtful. The message formally accepted the Potsdam Declaration but included the proviso that "said Declaration does not comprise any demand which prejudices the prerogatives of His Majesty as sovereign ruler." When the message reached Washington, President Truman, unwilling to inflict any more suffering on the Japanese people, especially on "all those kids," ordered a halt to atomic bombing, He also wanted to know whether the stipulation regarding "His Majesty" was a deal breaker. Negotiations between Washington and Tokyo ensued. Meanwhile, savage fighting continued between Japan and the Soviet Union in Manchuria.
    1951-Birthday of Randy Shilts, journalist known for his reporting on the AIDS epidemic. One of the first openly homosexual journalists to work for a mainstream newspaper and the author of And the Band Played On: Politics, People and the AIDS Epidemic. Born at Davenport, IA, and died at Guerneville, CA, Feb 17, 1994.
    1951---Top Hits
Too Young - Nat King Cole
Mister and Mississippi - Patti Page
Because of You - Tony Bennett
I Wanna Play House with You - Eddy Arnold
    1955-Two weeks after it cracks the R&B Top Ten, Chuck Berry's "Maybellene" enters the Pop chart at #23.
    1959---Top Hits
Lonely Boy - Paul Anka
A Big Hunk o’ Love - Elvis Presley
My Heart is an Open Book - Carl Dobkins, Jr.
Waterloo - Stonewall Jackson
    1960- British Decca destroyed 25,000 copies of Ray Peterson's death-rock song, "Tell Laura I Love Her." The company refused to release a song which it said was "too tasteless and vulgar for the English sensibility." A rival firm, however, had no such compunction, recording a cover version by a singer named Ricky Valance, which went to number one on the British chart. In the US, Ray Peterson's recording of "Tell Laura I Love Her" reached number seven on the Billboard pop chart.
    1963-Little Stevie Wonder had the number 1 song in America this week with "Fingertips - Pt. 2". Stevie was just 13 years old when the song was recorded.
    1966-Sam the Sham and the Pharaohs at the Fillmore Auditorium.
    1967---Top Hits
Light My Fire - The Doors
All You Need is Love - The Beatles
A Whiter Shade of Pale - Procol Harum
I’ll Never Find Another You - Sonny James
    1968- Race riot in Miami Florida.
    1968-The Bubblegum Music craze was in full gear when a group from Linden, New Jersey, who went by the unusual name of The 1910 Fruitgum Co. cracked the Hot 100 with their second hit, "123 Red Light". The record would climb to number five in the US.
    1969-Photographer Iain Macmillan took six pictures of the Beatles crossing the street outside their Abbey Road studio in London. A police officer held up traffic while the band walked back and forth several times. Paul McCartney chose one of the pictures for the cover of the "Abbey Road" album.
    1970-New York Yankees honor Casey Stengel, retiring his number 37.
    1970-CCR's "Looking Out My Back Door" is released.
    1970- Janis Joplin bought a tombstone for blues singer Bessie Smith's unmarked grave in a Philadelphia cemetery. Less than two months later, Joplin herself was dead of a drug overdose. Smith had died following an auto accident in 1942 at the age of 37.
    1971-- At San Francisco’s Candlestick Park, Juan Marichal records his 50th career shutout as the Giants blank the Expos, 1-0. The Dominican hurler’s ninth inning double helps to build the winning run.
    1973-Vice-President Spiro T Agnew brands them "damned lies" regarding reports he took kickbacks from government contracts in Maryland. He vowed not to resign; that he was innocent.
    1974-President Richard Nixon announced in a televised address that he would resign. Three days earlier he had released tape transcripts revealing he had impeded the Watergate investigation. Nixon told an audience of some 100,000,000, he had made some wrong decisions but that he was resigning because he no longer had enough support in Congress.
    1974-Eric Clapton receives a gold record for "461 Ocean Boulevard." It's his comeback album and contains his Number One version of "I Shot the Sheriff." The album reaches the top of the charts.
    1974 - Roberta Flack received a gold record for the single, "Feel Like Makin’ Love". Flack, born in Asheville, NC and raised in Arlington, VA, was awarded a music scholarship to Howard University in Washington, DC -- at the age of 15. One of her classmates became a singing partner on several hit songs. Donny Hathaway joined Flack on "You’ve Got a Friend", "Where is the Love" and "The Closer I Get to You". She had 10 hits on the pop charts in the 1970s and 1980s.
    1974-Roberta Flack scored her third US number one hit with "Feel Like Makin' Love". It was a song that she was forced to mix herself after her producer quit in the middle of her fifth album. In a vague reference to her first effort, she took producer's credit on the LP as Rubina Flake.
    1974--- John Denver's Back Home Again LP hits #1
    1975---Top Hits
One of These Nights - Eagles
Jive Talkin’ - Bee Gees
Please Mr. Please - Olivia Newton-John
Just Get Up and Close the Door - Johnny Rodriguez
    1975- country singer Hank Williams Junior suffered severe head injuries when he fell 150 metres while mountain climbing in Montana. When he returned to performing months later, he had switched to a country-rock sound from the pure country style made famous by his father.
    1976-The Chicago White Sox made baseball sartorial history by donning shorts for a game against the Kansas City Royals. The Sox won, 5-2, but the shorts, a novelty thought up by owner Bill Veeck, lasted only a while.
    1981-Shiaway St. Pat, driven by Ray Remmen, won the Hambletonia, the most important race for three-year-old trotters, contested for the first time at the Meadowlands in New Jersey.
    1983---Top Hits
Every Breath You Take - The Police
Sweet Dreams (Are Made of This) - Eurythmics
She Works Hard for the Money - Donna Summer
Your Love’s on the Line - Earl Thomas Conley
    1984 - Carl Lewis won his third gold medal at the Los Angeles Olympics. He won the 200-meter sprint. At the same time, Greg Louganis received his first gold medal in diving in the springboard competition.
    1986- singer David Crosby, sentenced to a five-year term for drug and weapons charges, was paroled from a prison in Huntsville, Texas after serving only five months. The convictions were overturned by a Texas appeals court in November 1987- Crosby said when he was released that he had kicked a ten-year drug habit and wanted to resume his musical career. He gained fame with the Byrds in the late 1960's, then teamed with Stephen Stills, Graham Nash, and Neil Young.
    1987 - Less than three months after they go to No. 1 on Billboard's Hot 100 for the first time with "With or Without You," U2 return to the top of the chart with "I Still Haven't Found what I'm Looking For," the second single from "The Joshua Tree."( A birthday present for the Edge.)
    1987--- A Chorus Line, the Broadway smash that had become the longest-running show on Broadway four years earlier, celebrates a historic 5,000th performance.
    1988-The first night game of Chicago’s Wrigley Field was postponed by rain with the Cubs leading the Philadelphia Phillies 3-1, in the bottom of the fourth inning. The Phillies’ Phil Bradley let off the game with a home run, but in a postponed game, all statistics are washed out.
    1990- Iraq annexes Kuwait. The US has been sending troops to Saudi Arabia and moving the US Navy into the Mediterranean seas.
    1991---Top Hits
(Everything I Do) I Do It for You - Bryan Adams
P.A.S.S.I.O.N. - Rythm Syndicate
Summertime - D.J. Jazzy Jeff & The Fresh Prince
She’s in Love with the Boy - Trisha Yearwood
    1993-The Dream Team, a specially-assembled team of NBA all-stars, defeated Crotia, 117-85, to win the gold medal at the 1992 Summer Olympics in Barcelona. The Dream Team, coached by Chuck Daly, including Charles Barkley, Larry Bird, Clyde Drexler, Patrick Ewing, Magic Johnson, Michael Jordan, Christian Laettner, Karl Malone, Chris Mullin, Scottie Pippen, David Robinson and John Stockton.
    1994- Janet Jackson tied Aretha Franklin for the most gold singles by a female artist - 14 - when "Any Time, Any Place" was certified as having sold more than 500,000 copies.
    1995- the Canadian stage production of Disney's "Beauty and the Beast" opened at the Princess of Wales Theatre in Toronto. At $17 million, it was the most expensive stage production in Canadian history.
    1995- Ruth Bader Ginsburg is sworn in as the second woman to sit on the U.S. Supreme Court in U.S. history. Seldom has an appointee had greater credentials. RBG was a member of the bar for 30 years and she was one of the first women in the nation to teach law. But most important, she successfully argued more than 20 precedent-setting cases regarding gender bias before the high court she now sits on.
    1998 -- Joining Jimmie Foxx, Lou Gehrig and Babe Ruth, Albert Belle becomes only the fourth player to drive in 100 runs and hit 30 homers for seven consecutive seasons. The White Sox left fielder, who played in all 163 games for the White Sox this season, will continue the streak next year with the Orioles.
    1998-The largest free jazz festival in the world, San Jose, California, draws 200,000 to hear Sandoval, Broadbent, Schuur, among many others .