Thursday, December 8, 2011
Words with Friends
######## 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.
Caulfield Challenges Readers--Will match Donations
John Caulfield, President, Forum Financial Services throws down this challenge:
"From now until next Thursday, December 15th, Forum Financial will match the first $50 given by every new reader/donor, up to another $1,000. If twenty (20) people/companies would give at least $50, we will match the first $50 from each of them, resulting in $2,000+. for Kit's Kettle."
"Unfortunately, I was just on your kettle page (hit the link to it from your site), and saw that only four people have participated so far. First, those four people are my heroes (Bruce, F.Jared, Gerry, Gary, Susan, and Allan). You have hundreds of readers, and hopefully can do better.
"I know I have told this you this before, but we first started contributing to the Salvation Army here in Dallas as a result of your efforts a few years ago (with the Kettle on your site). We give $1,000 to the Dallas Chapter of the Salvation Army every year around this time. This year we also gave $1,000 each to the North Texas Food Bank and the local Meals on Wheels. We find all three very worthwhile charities."
"Thanks again for all your efforts. It will mean a lot to those in need.
"Tim O’Connor, our staff, and I all wish you and your family a safe and joyous holiday season."
(These ads are “free” to those seeking employment
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Schwartz Now at Metropolitan Detention Center in Brooklyn
Charles K. Schwartz, 58, Allied Health Care Service Founder and President Charles K. Schwartz sentenced 16 years and three months in prison, plus three years of supervised release, and ordered Schwartz to pay $80 million in restitution for fraud, as wells to forfeit $75 million ( he filed bankruptcy before pleading guilty). According to U.S. Attorney records, he had executed over $135 million phony leases that caused losses of more than $80 million, not counting court and collection costs by more than 50 financial institutions that he was found guilty of stealing by using phony invoices for equipment that do not exist to lessees that did not exist. Leasing News issued its first alert regarding Allied Health Care Services on February 19, 2010 and told by the many lessors and brokers he was an "excellent account."
Schwartz admitted that in advance of expected inspections by financial institutions, he directed others to alter serial numbers or create fraudulent serial numbers on existing ventilators (actually no longer manufacture red) that he used over and over again to match fraudulent invoices he had supplied to the various financial institutions. At times, when financial institutions sought to review documentation regarding Allied’s leasing of the ventilators to its customers, Schwartz falsely told the financial institutions that the information was protected by Health Insurance Portability and Accountability Act regulations. At one point during an August 2010 conversation between Schwartz and the “supplier,” Schwartz commented that the financial institutions had fallen “hook, line and sinker” for the false explanation given to bank examiners who asked why the purported supplier used his home address on certain invoices. No one ever investigated the collateral being "out of date" and no longer being manufactured, worth very little in the used equipment marketplace, which was Leasing News first alert to the situation.
Arrested September 2, 2010 by the FBI, after much exposure in Leasing News, as well as the many court cases eventually filed against Schwartz, the vendor Bruce Donner (awaiting sentencing after pleading guilty), Schwartz was sent to Essex County Correction, New Jersey, where bail was set at $2 million (cash), pleaded guilty on April 13, 2011, then sentenced on November 22, 2011, and now moved to The Metropolitan Detention Center in Brooklyn, New York, which is an administrative facility that house male and female inmates. For those familiar with the area, MDC Brooklyn is located near the Gowanus Bay, between 2nd and 3rd Avenue on 29th Street. A handbook describes for pre-trial and holdover inmates (1), commissary charges (2), a more detailed visitor rules and regulation (3).
Schwartz is under Medium Security:
He could be out in seven years with good behavior, and there are other inducements that could shave it down to five to six years (these numbers include his time in Essex).
The issue of the false IRS deductions take for equipment that did not exist has not been addressed.
((Please Click on Bulletin Board to learn more information))
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Leasing Industry Help Wanted
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Please see our Job Wanted section for possible new employees.
Tom Coffey was named Vice-President Sales and Marketing at Merchants Leasing, Hooksett, New Hampshire. He will be working out of Chicago, Illinois. Previously he was senior vice-president of sales, Donlen Corporation(September, 2002-October, 2011), Various sales management positions for GE Commercial Finance ( 1990-2002), Vice-president, GE Capital (1990-2002), Kalamazoo College, BA (1980 – 1984). Additional training in Six Sigma Quality and Credit.
Jesse V. Crews has been named chief investment officer for Trinity Industries Leasing Company. Previously he was Chief Operating Officer, Willis Lease Finance Corporation (July, 2009-July, 2011), CEO, GATX Capital (1997-2002), Managing Director, GATX Capital (1977-2002).
John Dondey has joined CIT Vendor Finance Group as national account manager, specializing in the legal technology vertical market. He will be based out of Miami, Fort Lauderdale, Florida. Previously he was National Sales Director, Baytree Leasing (1996-2011), sales manager, Transleasing International (1988-1996).
Allison Fissel was named Inside Sales Representative at CoActiv Capital Partners. Previously she was sales support/marketing-Administrative Assistant II, Susquehanna Commercial Finance (May, 2008-December, 2011), Memory Support Aide, Quarryville Presbyterian Retirement Community (July, 2005-May, 2008), Specialty Feed Sales Representative, Rhorer & Sons (May, 2005-May, 2008), Assistant Manager, Healthy Step Fitness Studio(May, 2004-May, 2005), Marketing Intern, Intervet, Inc. (may, 2004-August, 2004), Laboratory Technician/Inter, Playtex Products (July, 2003-August, 2003), Sales Representative, Assistant Manager/Branch Candidate, Vector, Inc. (December, 2000-January, 2002). Delaware Valley College B.S, Animal Science / Marketing (2000 – 2004) Completed over 1,000 hours of work study in field related and laboratory positions.
Dean Morrison has joined the CIT Vendor Finance Group as national account manager specializing in the legal technology vertical market, working out of the Miami, Fort Lauderdale, Florida market. Previously he was with Baytree National Bank & Trust, where he created and managing the legal technology financing division. New York Institute of Technology-Old Westbury MBA, Sales Management (1990 – 1992). Lynn University Campus, Boca Raton, Florida.
Rick Rogers was appointed director of sales for the Great Lakes Territory for AmeriQuest Transportation Services. He "...a lifelong transportation sales professional, comes to AmeriQuest from All American Specialty Vehicles, manufacturer of ADA-accessible buses. He also worked for many years in the boating industry with Eldean Shipyard and Yacht Sales, representing the industry’s leading brands. Roger’s territory includes Michigan, Ohio, Indiana and Kentucky."
Rich Silva appointed director of sales for the Northeast regional of the U.S. for AmeriQuest Transportation Services. "Previously he served for 20 years at Ryder Transportation Services, most recently as field inventory planning manager for the East Coast and Canada. Silva’s territory covers 14 states: Virginia; West Virginia; Maryland; Delaware; Washington, DC; Pennsylvania; New Jersey; New York; Connecticut; Massachusetts; Rhode Island; Vermont; New Hampshire and Maine.
Ray Sullivan has joined EverBank Commercial Finance Industrial Group as national sales manager. Previously he was at "...TCF Equipment Finance, where he was vice president and national vendor accounts manager....Prior to his tenure with TCF, he was with ORIX Financial Services, as a senior vice president for the company’s vendor division, and Wells Fargo Equipment Finance Group, where he was vice president in the vendor group. "
John Wales was named president of Spotlight Financial, a sole subsidiary of "the Spotlight Group." Previously he was vice-president of Crossroad Equipment Lease and Finance (April, 2006-November, 2011). Director of Los Angeles Transpiration Club (1999-December, 2010, President (January, 2011-Present). Owner, Spotlight Music (March, 1996-July, 2011)
Diane Helyne Zyats was named Director of Media Relations, The American Institute of Certificate Public Accountants, Washington, DC. Previously she was with DHZ Strategic Communications, Vice-President, Communications and Marketing, Homeownership dog and Communications/Branding, Equipment Leasing and Finance Association (January, 2007-November, 2009),Director of Communications and Marketing, Pillsbury Winthrop Shaw Pittman (July, 2033-January, 2007), Director Industry and External Relations (January, 2011-July, 2002), Vice President Public Affairs, Newmeyer/Columbus Public Affairs (July, 1996-January, 2001), Public Affairs Manager, Resolution Trust Corporation,/FDIC (July, 1992-July, 1996). The Johns Hopkins University Master of Arts, American Government / Public Policy (1993 – 1996), University of Scranton BA, American Government / History (1982 – 1986), Activities and Societies: Honors: Dean's List 1983, 1984, Phi Alpha Theta (International History), Pi Gamma Mu (National Social Sciences) Alpha Epsilon Alpha (Communications)
Story Credit Lessors---Up-Date
These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also have programs for “A” and “B” rated companies, but their specialty is not being a “cookie cutter” and often require full financial statements and tax returns as well as a “story about the company, its history, goals, circumstances” to fully understand the full financial picture.
To qualify for this list, the company must be a funder (as qualified by Leasing News and on the “Funder List” and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News, as well as notifying lessees in advance when the lease will end and what the residual will be, specifically not automating extra lease payments. We reserve the right to not list a company who does not meet these qualifications.
Full Story Credit List:
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FDIC Board Approves 2012 Operating Budget
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved a $3.28 billion Corporate Operating Budget for 2012, 15.4 percent lower than the 2011 budget.
"It appears that the peak of the recent banking failures may have passed and the FDIC is now positioned to begin reducing budget and staffing levels while continuing to fulfill our mission and maintain readiness to handle remaining bank failure and supervisory challenges," said FDIC Acting Chairman Martin Gruenberg.
"While this budget reflects our priority to reduce costs where prudent, it also allocates the resources needed to implement new authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act, primarily the FDIC's ability to facilitate the orderly resolution of a large, complex financial institution."
In conjunction with its approval of the 2012 operating budget, the Board also approved an authorized 2012 staffing level of 8,704 employees, down from 9,269 currently authorized, a net reduction of 565 positions, with further reductions projected in 2013 and future years.
Over one-third of the FDIC's total staffing authorized for 2012 will be temporary hires to assist with bank closings; perform follow-on work related to the management and sale of failed bank assets; and support supervision of a continued high number of problem banks.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,437 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC Proposed 2012 Budget:
##### Press Release ############################
##### Press Release ############################
HOPE NOW Reports 885K Loan Mods for the Year
(WASHINGTON, DC) – HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its October 2011 data showing that permanent loan modifications totaled almost 80,000 for the month, bringing the total for the year to approximately 885,000.
Included in this month’s data is the continuing trend that the majorities of proprietary loan modifications have lower monthly principal and interest payments and fixed interest rates of more than five years. Additionally, the monthly data showed declines in 60-plus days delinquent loans and foreclosure sales.
Faith Schwartz, Executive Director, stated, “Last month, the industry hit a significant milestone with five million completed loan modifications since 2007. With almost a million loan mods completed this year, it is clear that the industry and its partners continue to invest a tremendous amount of resources into assisting homeowners across the country.
Mortgage servicers, non-profit housing counselors and the government continue to incorporate innovative ways to reach families struggling with their mortgages and each month we see the results of these collaborative efforts.
The work is not done. HOPE NOW recently wrapped up its 2011 homeowner outreach schedule – including 15 separate events with close to 12,000 attendees. Events are being planned for the first quarter of 2012 in Charlotte, Miami and Tampa, plus several cities to be determined.
Additionally, mortgage servicers continue to improve the customer experience, educate homeowners on their options and streamline processes to offer faster solutions.”
Total Loan Modifications Since 2007 at 5.05 Million
Since HOPE NOW began reporting data in 2007, the mortgage industry has completed 5.05 million loan modifications for homeowners. This includes approximately 4.17 million proprietary modifications and 883,076 completed under the Home Affordable Modification Program (HAMP). For the month of October, more than 53,000 loan modifications were proprietary and 26,102 were HAMP modifications.
60+ Days Delinquencies Decreased Six Percent
According to the survey data, the inventory of 60 day plus delinquencies is 2.65 million for October 2011, down from the 2.81 million reported in September.
Foreclosure Sales Decreased Five Percent
Completed foreclosure sales for October 2011 decreased from the previous month - 64,000 compared to 68,000. Foreclosure starts increased by 7% for the month - 209,000 compared to 196,000.
Key data points for October 2011:
Total permanent loan modifications for homeowners in 2011 are approximately 885,000:
Completed foreclosure sales were approximately 64,000, down from 68,000 – a decrease of 5% from September.
Foreclosure starts were 209,000, up from 196,000 – an increase of 7% from September.
60+ days delinquencies were 2.65 million, down 6% from 2.81 million in September.
Data on proprietary loan modification characteristics (October 2011):
### Press Release ############################
Fort Lauderdale, Florida-- Adopt-a-Dog
JACKIE - ID#A437577
“I am an unaltered female, brown Labrador Retriever mix.
For more information about this animal, call:
2070 Griffin Road
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
More Oscar hopefuls debut in theaters (“Tinker, Tailor, Soldier, Spy” and “My Week with Marilyn”), while a trio of summer sleepers (“The Debt,” “Fright Night” and “The Future”) make their way to DVD shelves.
Tinker, Tailor, Soldier, Spy (Focus Pictures): The Cold War is a hot topic once again in this finely-wrought tale of espionage, adapted from a vintage book by suspense specialist John Le Carre. Set in 1973, the picture traces the complex web of deception woven among several members of Britain's Secret Intelligence System, a top-secret league of agents that's struggling to keep up with other world powers in the volatile new decade. When national secrets seem to be at risk and with an enemy agent allegedly infiltrating the group's inner circle, it's up to seasoned agent George Smiley (Gary Oldman) to put his years of experience to use. It's a story filled with hair-trigger turns and double-crosses, and director Tomas Alfredson ("Let the Right One In") keeps things sharp and taut. John Hurt, Ciaran Hinds and Oscar winner Colin Firth round out the top-rate cast.
My Week with Marilyn (The Weinstein Company): To step into shoes of a legend is a risky gambit, but to Michelle Williams it may be one that may be rewarded as her performance as Marilyn Monroe is remembered come Oscar time. Taking place in England over the summer of 1953, the film is a warm and affecting account of blossoming love and movie-star adoration told from the wide-eyed vantage point of Colin (Eddie Redmayne), a young man who gets a job working in a movie starring none other the blonde bombshell from the States. In between professional spats with her director and co-star Laurence Olivier (Kenneth Branagh) and struggle with oversensitivity and insecurity, Marilyn gets to form a surprising bond with Colin. Julia Ormond, Judi Dench and "Harry Potter's" Emma Watson also star in this light charmer, directed by Simon Curtis.
The Debit (Universal): The past catches up hauntingly with the present in this dark drama, which combines the emotional heft of a historical tract with the twisty tension of a spy thriller. The story centers on Rachel Singer (Helen Mirren), a retired Mossad agent made famous by her tracking down of an old Nazi criminal 30 years ago. However, it seems that her mission is not over yet as mysterious events get Rachel reacquainted with fellow agents Stephan (Tom Wilkinson) and David (Ciaran Hinds) and, possibly, even the notorious war criminal who first brought them together. Alternating between present and their assignment decades earlier (with Jessica Chastain, Marton Csokas and Sam Worthington playing the younger characters), director John Madden (“Shakespeare in Love”) weaves a story that’s both thoughtful and satisfyingly edge-of-your-seat.
Fright Night (Walt Disney): For horror afficionados who wouldn't dream of going to the "Twilight" movies, this darkly humored, entertaining vampire chiller will surely come as a breath of fresh air. Unfolding in a quiet suburban area near Las Vegas, it kicks off as teenager Charley (Anton Yelchin) becomes suspicious of his new neighbor Jerry (Colin Farrell), a handsome bachelor who charms his mother (Toni Collette) and girlfriend (Imogen Poots). As Charley learns more about him, however, Jerry comes to reveal a dangerous, literally bloodthirsty side that puts everyone in danger. Can the youngster turn himself into a modern-day vampire hunter? Directed with 3-D panache by Craig Gillespie and played with a nifty sense of mischief, this remake of the 1985 horror favorite displays a gruesome charm of its own.
The Future (Lions Gate): A singular artistic voice, writer-director-actress Miranda July follows up on her 2005 independent hit "Me and You and Everyone We Know" with this equally unique meditation on identity, loneliness, and love. July stars as Sophie, a young dance teacher living together in Los Angeles with Jason (Hamish Linklater). Sensing that their lives are going nowhere, they decide to change things radically by adapting an ailing cat named Paw-Paw. Growing anxious while waiting for the adoption to start, however, the two set out to achieve dream projects, which naturally go awry. Can their bond survive such sudden changes in their emotional routine? Combining deadpan comedy, philosophical fantasies and performance art, July's movie offers a sometimes sweet, sometimes dark, always original vision about finding one's place in the universe.
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1776- George Washington's retreating army in the American Revolution crossed the Delaware River from New Jersey to Pennsylvania.
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