Leasing 102
by Mr. Terry Winders, CLP

Income and Tax Consequences for New Leasing Companies

Many lessors who develop a steady flow of business decide to retain some and start their own portfolio. This is a wonderful idea and can usually be supported by a local bank. However having your own business requires a back office with lease accounting capabilities with invoicing and collection requirements. The back office can be farmed out to companies such as ECS in Chicago for invoicing but collection remains an in-house requirement.

There are a number of Back Office companies, but many of them require a minimum and a new operation will not qualify. Leasing News has two groups, with a URL to those available located at the end of this article.

Capital Leases

In carrying your own portfolio, income will be different on retained deals because now you are subject to lease accounting. When you sell off a transaction, your income is up front. On transactions that you retain with bargain options the lease income will be under the interest method and spread out over the term. You will also need to establish a lease loss reserve that will be subtracted from your income up front. This lease loss reserve is a function of the quality and size of your leases. It will range from 2% of equipment cost to 6% or higher. It can be deducted from your tax income reporting.

Small transactions require a higher lease loss reserve because of the high cost of collection and legal costs. This is why some banks make their leasing operations part of the bank, instead of establishing a separate company, to tie into the banks loss reserve.

The loss reserve becomes less of a problem as leases pay off and no loss occurs. That reduces the need to add to the loss reserve unless it is used to offset an actual loss. That is why some new leasing companies try to have short term leases in the beginning, so the fast payoffs lowers loss potential and helps the loss reserve. However longer term leases have more income, so it is a hard decision to make.

You will also need to establish an “initial direct cost” account where commissions, credit investigation costs and other costs directly attributed to obtaining the transactions must be amortized over the term of the lease. Therefore a lot of cash that is spent up front will be expensed over the term of the lease even though you have spent it now. Spreading the income over the term of the lease will require a large portfolio before the monthly income is high enough to sustain an internal operation.

It is generally recommended that if you have an existing leasing business that sells or assigns its lease business that entrance into your own portfolio should be slow and easy while retaining most of your current way of funding. I have mentioned many times that it takes up to 34-36 months to create a profit. That’s a long time to live with monthly negative income not to mention the drain on cash flow.

To start a new venture in leasing you need to look at the type of leases you plan to fund and then create a budget showing accounting income and tax return effects. I recommend that after you determine the proposed volume … cut it in half and run the numbers again and plan for twice as much cash as you think you will need. That’s thirty five years of experience talking.

True Leases

If you retain true leases then you have a tax form of income that requires a separate income analyses. All payments received from the lessee at the end of the year are listed as taxable income. The IRS depreciation tables allow for a percentage of the original cost to be depreciation and deducted from the payment income to determine actual taxable income. Because the depreciation is a set number and the lease payment stream could be variable each lease requires a review of the tax consequences to determine the lease payment. This requires a computer based pricing program to determine the correct payment.

In addition, the undepreciated tax balance must be computed because; if there is an early termination the amount of money required to take care of the accounting balance may create taxable income. Depreciation is accelerated and therefore most probably less than the accounting balance thereby creating taxable income. This additional tax must be added on to the balance thus raising the payoff and thus raising the tax and this goes on for a while. This early termination value or a loss report from the computer based pricing program is called a “stipulated loss value”

One of the reasons true leases carry a “non-cancelable” clause is to avoid the tax problems of early termination. The loss report also covers equipment that is destroyed during the term. It should carry a statement that the loss of the equipment requires, as a loss value. The equipments then true fair market value or the stipulated value whichever is greater.

True leases also must meet many requirements and I recommend consulting with a CPA with leasing experience or an attorney whose staff can advise you on “operating leases.”

Back Office Companies
http://www.leasingnews.org/Ag_leasing/backoffice.htm

Classified Ads--Back Office Companies
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm#sec3

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at leaseconsulting@msn.com or 502-649-0448

He invites your questions and queries.

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

Mr. Terry Winders, CLP Anaheim, California April 5 & 6 Two Day Seminar sponsored by Equipment Leasing Department 4040 MacArthur blvd, Suite 100 Newport Beach, CA 92660 The seminar will contain information on how to approach leasing in 2012 with the following subjects: New lease language Proposed new accounting rules for lessee's Structuring and pricing for competition Income tax rules, Article 2A vs. Article 9 New reasons to lease Questions to ask lessee Vendor needs Credit enhancements Documentation issues and a take home assignment to see how to propose a lease. Cost $450 per person Registration and Outline of Course: PDF For questions, please contact Mr. Terry Winders, CLP, at leaseconsulting@msn.com or call 502-649-0448.

 

Top Stories February 6--February 10

Here are the top ten sorties opened by readers:

(1) Mass Fax Class Action Case against Balboa Capital
http://leasingnews.org/archives/Feb2012/2_08.htm#fax

(2) Leasing News Exclusive!
http://leasingnews.org/archives/Feb2012/2_10.htm#exclusive

(3) Inside LEAF and the Evergreen Clause by Christopher Menkin
http://leasingnews.org/archives/Feb2012/2_06.htm#leaf

(4) Correction--Mary Armstrong, 2012 CLP Director
http://leasingnews.org/archives/Feb2012/2_06.htm#correction

(5) American Express/Macquarie Leasing Launch a Global First
http://www.wallstreet-online.de/nachricht/4540201-american-express-and-macquarie-leasing-launch-a-global-first

(6) Harley to offer leasing program
http://www.news-press.com/article/20120205/COLUMNISTS14/302050005/Small-business-notes-Harley-offer-leasing-program?odyssey=mod%7Cnewswell%7Ctext%7CHome%7Cs

(7) 1,210 World Billionaires—Only One Lessor
http://leasingnews.org/archives/Feb2012/2_08.htm#forbes

(8) New Hires---Promotions
http://leasingnews.org/archives/Feb2012/2_10.htm#hires

(9) Citizens misled by hydrofracking leases
http://www.syracuse.com/news/index.ssf/2012/02/opinion_today_citizens_misled.html

(10) 60 Months plus $286,442 for evading $150,000 in taxes
http://leasingnews.org/archives/Feb2012/2_08.htm#sentence

 

Comprehensive personal property tax outsourcing services We accept file exports and integrate personal property tax information with all lease management or accounting software. No other firm offers the combination of individual attention, software capabilities expertise, "full disclosure" and web port accessibility to information more than we do.  Click here to learn what our clients say about our service Gary DiLillo, President 440.871.0555 or gary@avptc.com

Bank Beat---Illinois and Indiana Bank Fail/Why?
by Christopher Menkin

What we are now seeing are first and second mortgage real estate failures. Out of the 707 banks in trouble who received TARP (Troubled Asset Relief Program), 390 institutions are still in the program, including 370 banks. While the FDIC says there will be less banks closed this year than last when the count was 92, many of these 370 banks have been unable to repay their TARP loans.

While it may appear I am criticizing the TARP program, I am not. Signed into law by U.S. President George W. Bush on October 3, 2008, it was a component of the government's measures to address the subprime mortgage crisis. While many banks found it showing a weakness, it had a purpose and President Bush should be commended for his administration implementing the program.

TARP was a tremendous help. I also think the FDIC is doing an excellent job. When they started they asked those retired to come back, tried to find other employees, and did an outstanding job as the taking over of a bank is a major task requiring many people. It is not only the discovery and decision making, but finding a successor, the bidding process, the negotiations, but the actual work.

Those with opposing views should visit their web site fdic.gov to learn more about their role and their accomplishments.

Yes, there are less banks on the "trouble bank" list for sure, but we are not out of the woods yet as evidenced by these two banks failures.

The three offices of Charter National Bank and Trust, Hoffman Estates, Illinois were closed with Barrington Bank & Trust Company, National Association, Barrington, Illinois, to assume all of the deposits.

Founded July 31, 1980 there were 31 full time employees at their two offices in Hoffman Estates and lone in Hanover Park. The bank had merged with First National Bank of Hoffman Estates on September 7, 1993. The end of 2006 they had 50 full time employees.

2011 year-end Tier 1 risk-based capital .01260% (not a typo. editor)

Barrington Bank & Trust is one of Wintrust 15 wholly owned community banks. Wintrust has purchased several banks in default and now has over 100 branch locations. They also have over $16 billion in assets. They have done very well in the last few years being well capitalized. Picking up failed banks gives them new branches, clean, as well as deposits, adding to their overall abilities.

The FDIC didn't do too badly on this sale either, as it is estimated the cost to the Deposit Insurance Fund (DIF) will be $17.4 million

It is obvious the problems with Charter National Bank were poor 1st and 2nd mortgage loans with many defaults and housing projects also not going ahead that caught up with them in 2009.

Charge Offs

2006 $52,000 ($33,000 loans to individuals, $20,000 commercial/industrial, -$1,000 1-4 family)
2007 $692,000 ($687,000 multifamily residential, $4,000 commercial/industrial, $1,000 indiv.)
2008 $257,000 ($137,000 construction/land, commercial/ind. $91,000 $29,000 individuals)
2009 $1.2 ($652,000 construction/land, $419,000 commercial/ind. $84,000 nonfarm, $30,000 1-4 fam.)
2010 $3.4 ($1.8 construction/land.,$1.4 nonfarm nonres., $156,000 1-4 family, $119,000 individuals)
2011 $1.9 ($1.4 1-4 family residential, $410,000 nonfarm, $15,000 commercial/ind., $11,000 indiv.)

--FDIC Records—

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

(in millions, unless otherwise)

Net Equity
2006 $11.6
2007 $10.7
2008 $10.2
2009 $8.8
2010 $4.5
2011 $313,000

Profit
2006  $1.6
2007  $584,000
2008 -$173,000
2009 -$1.7
2010 -$4.1
2011 -$4.5

Non-Current Loans
2006 $258,000
2007 $3
2008 $2.95
2009 $7.1
2010 $7.0
9/30 $9.3

--FDIC records-

As of December 31, 2011, Charter National Bank and Trust had approximately $93.9 million in total assets and $89.5 million in total deposits. In addition to assuming all of the deposits of the failed bank.

The FDIC and Barrington Bank & Trust Company, National Association entered into a loss-share transaction on $72.1 million of Charter National Bank and Trust's assets.

http://www.fdic.gov/news/news/press/2012/pr12017.html

The four branches of SCB Bank, Shelbyville, Indiana were closed with First Merchants Bank, National Association, Muncie, Indiana, to assume all of the deposits. Formed January 1, 1891 the bank made it through the Great Depression, joined FDIC January 25, 1937 and 57 full time employees at their two offices in Shelbyville, one in Morristown, and one in Saint Paul. They had 62 full time employees year-end 2007. Originally known as Shelby County Bank, they changed the name in July, 2007.

Tie 1 risk-based capital ratio $4.14% September 30, 2011.

First Merchants in the arrangement purchased $117 million in SCB loans and assumed $136 million of its deposits. The purchase did not include all development loans, all land lands and all non-performing loans, including non-accrual, restructured and 90 days past due credits and all OREO balances. In addition, they are purchasing SCB's main office building for $1.4 million. The remaining assets were purchased for a $29 million discount and the deposits were assumed at no premium.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million.

SCB is the third bank to fail in Indiana since the banking crisis developed three years ago, following Columbus-based Irwin Union and Evansville-based Integra, the Indianapolis Business Journal reports.

The problem here is quite obvious as SCB Bank had a very high loss rate with real estate loans mixed with commercial and industrial loans. As with the bank that failed in Illinois, the problems with real estate began in 2009:

Charge Offs

2006 $122,000 (1-4 family $163,000, -$40,000 nonfarm nonres., $5,000 loans to individuals)
2007 $498,000 ($273,000 1-4 family, $157,000 commercial/industrial, $76,000 nonfarm)
2008 $170,000 ($233,000 1-4 family, -$37,000 loans to indiv., -$28,000 commercial/ind.
2009 $2.9 ($1 1-4 family, $1 commercial/industrial, $811,000 nonfarm nonres., $84,000 multifamily)
2010 $10.4 ($4.9 1-4 family, $3.0 commercial/ind., $1.0 nonfarm nonres., $331,000 individual
2011 $2.4 ( $988,000 1-4 family, $799,000 commercial/ind., $119,00 other consumer loans, $126,000 construction/land development,$114,000 nonfarm nonres.,Indiv. $97,000. )
---FDIC records--

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

(in millions, unless otherwise)

Net Equity
2006 $12.2
2007 $22.4
2008 $14.9
2009 $20.4
2010 $9.5
9/30 $5.5

Profit
2006 $1.4
2007 $717,000
2008 $1.2
2009 - $1.7
2010 -$12.1
9/30 -$3.7

Non-Current Loans
2006 $2.6
2007 $7.4
2008 $3.8
2009 $7.7
2010 $13.5
9/30 $15.8

--FDIC records--

As of December 31, 2011, SCB Bank had approximately $182.6 million in total assets and $171.6 million in total deposits.

http://www.fdic.gov/news/news/press/2012/pr12018.html

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

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

 

Leasing Books 


Books on Equipment Leasing by Source:
 
Master Index

             
              Books 
              Direct Purchase
              Certified Leasing Professional (CLP) Foundation 
              Fiction

 

Washington, D.C.-- Adopt-a-Dog

Damietta (name given by shelter)

Animal ID : 15168788
Breed: Retriever, Labrador/Mix
Age: 1 year
Sex: Female
Size: Medium
Color: Black/Brown
Declawed: No
Housetrained: Unknown
Site: Washington Animal Rescue League
Location: Main Dog Room
Intake Date: 2/3/2012

Adoption Procedure:
http://warl.org/about-us/programs/adoption/

Adoption Hours
Monday: Closed
Tuesday–Saturday: 12 – 7pm
Sunday: 12 – 5pm

Phone: (202)726-2556
Email: adopt@warl.org
The Washington Animal Rescue
71 Oglethorpe Street, NW
Washington, DC 20011

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/

 

John Kenny Receivables Management www.jrkrmdirect.com • End of Lease Negotiations & Enforcement • Fraud Investigation • Credit Investigations • Asset Searches • Skip-tracing • Third-party Commercial Collections The Solution to Your Credit & Accounts Receivable Needs John Kenny 315-866-1167 |  John@jkrmdirect.com

 

News Briefs----

Solar firms that lease panels see business grow
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/02/10/BUI31N5FIA.DTL

AVIC Leasing and Bombardier Sign Memorandum for Aircraft Financing
http://finance.yahoo.com/news/avic-leasing-bombardier-sign-memorandum-104300526.html

Fitch Affirms 5 & Revises Outlook GreatAmerica Leasing Receivables
http://finance.yahoo.com/news/fitch-affirms-5-revises-outlook-213000905.html

Stanford doctored bank’s annual report – Houston court hears
http://www.stabroeknews.com/2012/news/stories/02/11/stanford-doctored-bank%E2%80%99s-annual-report-%E2%80%93-houston-court-hears/

Factbox: List of Key Grammy Award Winners
http://www.nytimes.com/reuters/2012/02/12/arts/12reuters-grammys-winners.html?_r=1&hp

Petaluma songwriter remembers Whitney Houston
http://petaluma360.com/article/20120212/COMMUNITY/120219872/1362/community?Title=Petaluma-songwriter-remembers-Whitney-Houston

More Watch TV longer than before (It's Movies)
http://www.stabroeknews.com/2012/news/stories/02/11/stanford-doctored-bank%E2%80%99s-annual-report-%E2%80%93-houston-court-hears/

Arnold Schwarzenegger/Sylvester Stallone same hospital room
http://omg.yahoo.com/photos/top-shots-of-the-week-02-10-1328832076-slideshow/

[headlines]
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You May Have Missed---

Poop Trucks of Dubai (You have to see it to believe it)
(Note: Strong Language as home made)
http://www.boreme.com/posting.php?id=31361

 

 

[headlines]
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Sports Briefs----

Phil Mickelson outplays Tiger Woods, wins Pebble Beach National Pro-Am
http://www.washingtonpost.com/sports/phil-mickelson-outplays-tiger-woods-wins-pebble-beach-national-pro-am/2012/02/12/gIQAc2wT9Q_story.html

Bond between Jim Harbaugh & Alex Smith at Pebble Beach
http://www.contracostatimes.com/tim-kawakami/ci_19931338

Saints have tough decisions
http://aol.sportingnews.com/nfl/story/2012-02-07/saints-have-tough-decisions-with-brees-nicks-and-colston

Ranking the new NFL head coaches: Fisher is unquestionably No. 1, but No. 2 will surprise you
http://aol.sportingnews.com/nfl/story/2012-02-10/ranking-the-new-nfl-head-coaches-fisher-is-unquestionably-no-1-but-no-2-will-sur

Santa Clara sets 49ers stadium to open year earlier: 2014
http://www.mercurynews.com/news/ci_19944306

 

 

[headlines]
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Winter Poem

Winter
by Walter de la Mare

Clouded with snow
The cold winds blow,
And shrill on leafless bough
The robin with its burning breast
Alone sings now.

The rayless sun,
Day's journey done,
Sheds its last ebbing light
On fields in leagues of beauty spread
Unearthly white.

Thick draws the dark,
And spark by spark,
The frost-fires kindle, and soon
Over that sea of frozen foam
Floats the white moon.

[headlines]
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California Nuts Briefs---

Former Los Gatos Lawyer Sentenced to Seven Years for $1.1M Investment Fraud
http://losgatos.patch.com/articles/former-los-gatos-lawyer-sentenced-to-seven-years-for-1-1m-investment-fraud

[headlines]
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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8 

California North Coast grape crop shrinks again
http://www.pressdemocrat.com/article/20120210/BUSINESS/120219959/1350?Title=Sonoma-County-grape-crop-down-17-in-2011

California's WineGrape Crush Down 7 Percent, But Prices Set Record High
http://www.winebusiness.com/news/?go=getArticle&dataid=97317

The estate-bottled wine anomaly
http://www.thedrinksbusiness.com/2012/02/the-estate-bottled-wine-anomaly/

New York Giants Party with Giant Bottle, Giant Celebs
http://www.winespectator.com/webfeature/show/id/46386

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

     Breakfast was the main meal of the day in Colonial America. At the turn of the 19th century, most Americans had plenty to eat, but few enjoyed a balanced diet. Farmers grew their own food and shot wild game. In the cities that lack of refrigeration and even of canning until about 1820 meant that much sale pork and other preserved items were staples. Fresh fruits and vegetables were not available for much of the year. Foreign visitors were impressed by the amount of greasy food consumed by Americans and the speed at which it was eaten. A visiting French count reported that he was nearly made ill by breakfast that included fist, steak, ham, sausage, salt beef and hot breads. " The whole day passes in heaping indigestion on one another."The English had a similar view, " They eat with the greatest possible rapidity and in total silence...(breakfast consisted of ) cornbread, buns, buckwheat cakes, broiled chickens, bacon, steak, rich hominy, fish, fresh and pickled, and beef-steak." Charles Dickens was repelled by those dyspeptic ladies and gentlemen who eat unheard-of quantities of hot corn bread..."
    1635 - The oldest public school in the United States, the Boston Public Latin School, was founded.
    1741-Andrew Bradford published “The American Magazine, “ just three days ahead of Benjamin Franklin's “General Magazine.”He had been in Franklin's employ long enough to learn the trade and beat his old boss to the street with his publication.
    1784 -Ice flows blocked the Mississippi River at New Orleans, then passed into the Gulf of Mexico.
    1819 - In Congress, the Missouri Bill is introduced. It would allow the Missouri Territory to draft a constitution and prepare for statehood. James Tallmadge of New York proposes two anti-slavery amendments. One would ban the further introduction of slavery. The other would emancipate the children of slaves in Missouri, born after the admission of the territory as a state, at the age of 25. The amendments pass the House on 17 February, but fails in the Senate on 27 February.
    1826 -The American Temperance Society (later renamed the American Temperance Union) was organized in Boston. It quickly grew into a national crusade, and within a decade over 8,000 similar groups had been formed, boasting a total of 1.5 million members.
    1831-Birthday of Union General John Rawlins, born in Galena, Illinois. Rawlins was a close personal aide to General Ulysses S. Grant and was reported to have kept Grant from drinking heavily during the war. Rawlins' family was originally from Virginia but had settled in Illinois shortly before Rawlins' birth. When Rawlins was a teenager, his father abandoned the family and headed for the gold fields of California. The younger Rawlins received little formal education, but he studied law and was admitted to the Illinois bar in 1854. He became the city attorney in 1857 and became involved in state politics. He was an avid supporter of Senator Stephen Douglas and served as an elector for Douglas in 1860. When the war began, Rawlins became the aide de camp to Grant. He was Grant's principle staff officer throughout the war, and Grant said that Rawlins was nearly indispensable. Grant was known to be a heavy drinker when he served on the frontier in the 1850s, and there were rumors that he continued to drink during the early stages of the war. Rawlins appears to have been instrumental in keeping Grant “ in line.” Many reports of Grant's drinking were over-exaggerated, it is said. After the war, Rawlins served in the west. He helped General Greenville Dodge survey the route for the Union Pacific Railroad, which later became part of the first transcontinental line. For his efforts, the town of Rawlins, Wyoming, was named after him. When Grant became president in 1869, Rawlins became secretary of war. His health declined after taking office, and he died just six months later. Rawlins is buried in Arlington Cemetery.
http://www.army.mil/cmh-pg/books/sw-sa/Rawlins.htm
http://www.arlingtoncemetery.com/jrawlins.htm
http://www.mscomm.com/~ulysses/page47.html
    1847 - General Kearney acts on orders to establish a new government in Monterey while Freemont still acts a governor in Los Angeles.
    1854 - Admiral Perry anchors off Yokosuka, Japan to receive Emperor's reply to treaty proposal. This agreement, forced on the Tokugawa shogunate by Commodore Perry's menacing "black ships," ended over two centuries of virtual exclusion (the exception being the Dutch) of foreign traders from the coast of Japan. The intrusion of the U.S. in the first place derived from the ill-treatment accorded American whaling crews when shipwrecked off the coast or landing for provisions or repairs. The treaty fully satisfied the U.S. government's concerns in this regard but left to the future the equally important matter of opening the country to foreign trade; concluded in 1858 with the signing of the Harris treaty. Perry's great achievement was widely recognized at the time.
    1861- Colonel Bernard Irwin distinguished himself while leading troops in a battle with Chiricahua Apache Indians at Apache Pass, AZ (at the time part of the territory of New Mexico).  For two days, this army assistant surgeon “ voluntarily took command of troops and attacked and defeated the hostile Indians he met on the way.” For those actions, Irwin later became the first person awarded the new US Medal of Honor, although he didn't actually received it until three years later(January 24, 1864).
    1862 - The four day Battle of Fort Donelson, Tennessee, begins. After capturing Fort Henry on February 6, 1862, Grant advanced cross-country to invest Fort Donelson. The original garrison of the two forts was about 2,500 men, and Albert Johnston had dispatched about 12,000 reinforcements from Bowling Green, KY, under John Floyd to bolster the defense. A few men also arrived from Columbus, the western end of the Confederate defensive line. Grant had wanted to move fast, to prevent reinforcements arriving at all, but wretched weather (rain before and during his operations ruined the roads) delayed him and the Confederate troops arrived safely. Fort Donelson was a much stronger work than Fort Henry, larger, with a stronger garrison, about 100 feet above the river (so it had plunging fire on ships), and on a ridge which narrowed routes for infantry attack. The Confederates had a strong line on the next ridge outwards from the fort, with each of the Generals commanding a sector while Floyd (the senior) also had overall command. Grant deployed two divisions in line, with a third arriving. On the 12th, despite orders not to, McClernand had one of his brigades probe the Confederate defenses. They charged two or three times and found the defenses strong and well manned: Union losses were heavy. Grant had intended simply to surround the fort and have the Navy batter it into submission.
    1865 - The Confederacy approved the recruitment of slaves as soldiers, as long as the approval of their owners was gained.
    1866- the famous James Gang, which operated in Missouri after the Civil War, which included the James brothers, Frank and Jesse, and the Younger brothers, Cole, James and Robert, held up their first bank at the Clay County Savings and Loan Association in Liberty, MO.  The cashiers, brothers Greenup and William Bird, were locked in the bank's vault, while the robbers joked that “all birds should be cared.” The made off with $60,000 in currency and securities. It was the first of more than 26 raids by the James Gang that yield more than $500,000 in loot.
    1885--Birthday of Elizabeth "Bess" Wallace Truman, First Lady to President Harry Truman, known as "the Boss", assisted the President with many political decisions; served as Truman's secretary when he was a senator from Missouri.
     1885 - The "Friday the 13th" avalanche at Alva, UT, killed sixteen persons, and left thirteen others buried for twelve hours before being rescued.
    1892- Grant Wood ,American artist, especially noted for his powerful realism and satirical paintings of the American scene, was born near Anamosa, IA. He was a printer, sculptor, woodworker and high school and college teacher. Among his best-remembered works are American Gothic, Fall Plowing and Stone City. Died at Iowa City, IA, Feb 12, 1942.
http://www.blueroom.com/AMGOTHIC/amgothic.htm
http://xroads.virginia.edu/~MA98/haven/wood/intro.html
http://www.amazon.ca/exec/obidos/ASIN/0811812421/macinsearch08-20/702-4688379-2551201
http://www.byways.org/travel/byway.html?CX_BYWAY=2183
http://www.chroniclebooks.com/Chronicle/servlet/at/go(review,0811812421)
( four down: http://sunsite.auc.dk/cgfa/w/w-4.htm )
    1899 -on the edge of the greatest arctic outbreak of all-time, a vicious blizzard pounded the mid-Atlantic and New England states. 20 inches of snow fell at Washington, DC and 34 inches fell at Cape May, New Jersey. The central pressure of the storm was estimated to be 966 millibars (28.53 inches) just southeast of Nantucket, Massachusetts. It was the coldest morning ever along the Gulf Coast, with temperatures of 6.8 degrees at New Orleans, Louisiana, 7 degrees at Pensacola, Florida and 1 degree below zero at Mobile, Alabama. The record low temperature for the state of Florida was set at Tallahassee when the mercury tumbled to 2 degrees below zero. The record low temperature for the state of Louisiana was set at Minden, when the thermometer fell to 16 degrees below zero. A trace of snow fell at Fort Myers, Florida. This was the farthest south snow has ever been observed in the US until 1977. On the edge of the greatest arctic outbreak of all time, a vicious blizzard pounded the mid-Atlantic and New England states. 20 inches of snow fell at Washington, DC and 34 inches fell at Cape May, New Jersey. The central pressure of the storm was estimated to be 966 millibars (28.53 inches) just southeast of Nantucket, Massachusetts.
    1899 -1ºF (-18ºC) New Orleans LA 
    1899 -2ºF (-19ºC) Tallahassee FL (state record) 
    1899 -16ºF (-27ºC), Minden LA (state record)
    1899-the coldest temperature ever recorded at Dayton, Ohio occurred when it dropped to 28 degrees below zero.
    1904-Birthday of trumpet player Wingy Manone
http://www.redhotjazz.com/wingy.html weekday) 
    1905 -29ºF (-34ºC) Pond AR (state record) 
    1905 -40ºF (-40ºC) Lebanon KS (state record) 
    1905 -40ºF (-40ºC) Warsaw MO (state record)
    1910-Birthday of 1910 William B. Shockley, physicist, co-inventor of the transistor
    1914- the American Society of Composers, Authors and Publishers was formed in New York City.  The object of th4e society was to protect the copyrighter musical compositions of its members against illegal public performance for profit or other forms of infringement, and to collect license fees for authorized performances in public amusement establishments for distribution among its members.  George Maxwell was the first president.  It became affiliated with similar societies functioning in foreign countries.
http://memory.loc.gov/ammem/today/feb13.html
    1918-- Birthday of Patty Berg, who by 20 had won every major amateur golf title in the world. When she turned pro at 22, newspapers commented that she would be making $145 a week and "that's quite a bit of money for a girl 22 years old and taking her first job."
    1919-Birthday of country and religious singer Tennessee Ernie Ford, whose full name was Ernest Jennings Ford,  born in Bristol, Tennessee. He was nicknamed "the Ol' Peapicker," and is best known for his 1955 hit "Sixteen Tons," which sold four-million copies. But Ford had his first hit, "Mule Train," in 1949. The success of "Sixteen Tons" gained Ford an NBC television series, which ran from 1955 to 1961 and was very popular. During his career, Tennessee Ernie Ford has also recorded many religious albums. One of them was awarded a platinum disc in 1963 for one-million copies sold. Ford died in Reston, Virginia on October 17th, 1991. 
    1920-After his plan to bring Negro teams to the Majors was rejected by commissioner Kennesaw Mountain Landis, Chicago Negro baseball tycoon Andrew "Rube" Foster organized the Negro National League. Eight teams joined in its inaugural season: the Chicago American Giants, Chicago Giants, Cuban Stars, Dayton Marcos, Detroit Stars, Indianapolis ABCs, Kansas City Monarchs, and St. Louis Giants.
http://my.execpc.com/~sshivers/foster.html
http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/foster_rube.htm
http://www.nlbpa.com/foster__andrew_-_rube.html
http://www.enel.net/beisbol/player/fostr101.asp
http://www.all-sports-posters.com/negro-baseball-league.html
http://www.hickoksports.com/biograph/fosterrube.shtml
    1920 - The League of Nations recognized the perpetual neutrality of Switzerland.
    1921- tenor sax player Wardell Gray, Oklahoma City, OK
http://www.oklahomajazz.com/w_gray.htm
    1920-After his plan to bring Negro teams to the Majors was rejected by commissioner Kennesaw Mountain Landis, Chicago Negro baseball tycoon Andrew "Rube" Foster organized the Negro National League. Eight teams joined in its inaugural season: the Chicago American Giants, Chicago Giants, Cuban Stars, Dayton Marcos, Detroit Stars, Indianapolis ABCs, Kansas City Monarchs, and St. Louis Giants.
http://my.execpc.com/~sshivers/foster.html
http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/foster_rube.htm
http://www.nlbpa.com/foster__andrew_-_rube.html
http://www.enel.net/beisbol/player/fostr101.asp
http://www.all-sports-posters.com/negro-baseball-league.html
    1927-Birthday of tenor sax player Buck Hill, Washington, DC
    1931--Ted Lewis' version of "Just A Gigolo" is the most popular tune in America. David Lee Roth would score a number 12 hit with the same song in 1985.
    1933--Birthday of Kim Novak
    1935- Bruno Hauptmann found guilty of kidnap & murder of Lindbergh's infant. Some believe it was Lindbergh's sister who suffered from mental illness, and expressed jealousy of the young baby. It is claimed that there never was conducive evidence the crime was committed by Hauptmann.
http://jurist.law.pitt.edu/trials26.htm
    1936 -The Lutheran Army and Navy Commission was organized by the Missouri Synod for the purpose of commissioning chaplains for military service and to minister to Lutheran personnel among the military overseas. In 1947 its name was changed to the Armed Services Commission.
    1938-Birthday of Bunny Sheppard of the Ukranian-Canadian pop music duo Mickey and Bunny, in Rosa, Manitoba. Mickey and Bunny were popular in the 1960's
    1939—In  Martinez, California, Italian-American Mario. Cowell recorded Olmeda's rendition of six Italian folk songs, including "Marinaro (The Sailor)," and "La Capinera(The Blackbird)," a song he had learned, he said, from his father. The musical heritage of numerous ethnic groups representative of the diverse peoples who settled in the San Francisco Bay Area are in California Gold: Folk Music from the Thirties, 1938-1940, including
Armenians,
Basques, and
Croatians.
The collection may also be browsed by Subject,
Performers,
Musical Instruments,
or by individual Audio Titles. A term such as guitar, Portuguese or wedding may also be used to search the collection
( lower half of: http://memory.loc.gov/ammem/today/feb13.html )
    1940- Earl “Fatha” Hines records “Boogie Woogie,” “St. Louis Blues.”
http://www.redhotjazz.com/hines.html
    1941- Woody Herman band records its theme, “ Blue Flame.”
    1945- Allied fire bombing caused a firestorm in Dresden, Germany. The air force had discovered fire was more destructive than heavy bombs and began utilizing them in raids over Germany and then in Japan.  This strategy is credited with shortening the war and saving thousands of allied lives. More than 3,400 tons of explosives were dropped on the city by 800 American and British aircraft. The firestorm created by the two days of bombing set the city burning for many more days, littering the streets with charred corpses, including many children. Eight square miles of the city was ruined, and the total body count was between 35,000 and 135,000 (an approximation is all that was possible given that the city was filled with many refugees from farther east). The hospitals that were left standing could not handle the numbers of injured and burned, and mass burials became necessary. Among the American POWs who were in Dresden during the raid was novelist Kurt Vonnegut, who conveyed his experience in his classic antiwar novel Slaughterhouse Five.
http://www.duke.edu/~crh4/vonnegut/index.html
http://www.researchpaper.com/forums/Arts_and_Entertainment/messages/47.html
    1944-Birthday of Peter Tork of the manufactured-for-television group, the Monkees, was born in Washington, DC. The success of the Monkees' TV show beginning in 1966 led to their singles and albums selling in the millions. Their hits included "Last Train to Clarksville," "I'm a Believer" and "Pleasant Valley Sunday." Peter Tork was one of two members of the quartet who actually could play an instrument when he was chosen for the group. Tork was the first to leave the Monkees, in 1968. The other three members went their separate ways a year later. Three of the Monkees reunited in 1986 for a successful tour and a hit album.
    1945-PEREZ, MANUEL, JR. Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company A 511th Parachute Infantry, 11th Airborne Division. Place and date: Fort William McKinley, Luzon, Philippine Islands, 13 February 1945. Entered service at. Chicago, Ill. Born: 3 March 1923 Oklahoma City, Okla. G.O. No.: 124, 27 December 1945. Citation: He was lead scout for Company A, which had destroyed 11 of 12 pillboxes in a strongly fortified sector defending the approach to enemy-held Fort William McKinley on Luzon, Philippine Islands. In the reduction of these pillboxes, he killed 5 Japanese in the open and blasted others in pillboxes with grenades. Realizing the urgent need for taking the last emplacement, which contained 2 twin-mount .50-caliber dual-purpose machineguns, he took a circuitous route to within 20 yards of the position, killing 4 of the enemy in his advance. He threw a grenade into the pillbox, and, as the crew started withdrawing through a tunnel just to the rear of the emplacement, shot and killed 4 before exhausting his clip. He had reloaded and killed 4 more when an escaping Japanese threw his rifle with fixed bayonet at him. In warding off this thrust, his own rifle was knocked to the ground. Seizing the Jap rifle, he continued firing, killing 2 more of the enemy. He rushed the remaining Japanese, killed 3 of them with the butt of the rifle and entered the pillbox, where he bayoneted the 1 surviving hostile soldier. Single-handedly, he killed 18 of the enemy in neutralizing the position that had held up the advance of his entire company. Through his courageous determination and heroic disregard of grave danger, Pfc. Perez made possible the successful advance of his unit toward a valuable objective and provided a lasting inspiration for his comrades.
    1946—African-American Isaac Woodward, Jr., discharged from the Army only a few hours, was on his way home when he had his eyes gouged out in Batesburg, South Carolina, by the town chief of police, Linwood Shull. Woodward was traveling on a bus from Atlanta, Ga. to Winnsboro, S.C. About an hour out of Atlanta, Woodward had an altercation with the bus driver. At Batesburg, S.C., the driver called the police and ordered Woodward out. Chief of police Linwood Shull struck Woodward across the head with a billy, and in jail gouged out his eyes, blinding him for life. On November 5, however, an all-white federal jury acquitted Shull after being out for 15 minutes. Shull's attorney had stated to the jury.
http://www.fortunecity.com/tinpan/parton/2/blind.html
    1948—Top Hits
Ballerina - Vaughn Monroe
I'll Dance at Your Wedding - Buddy Clark with The Ray Noble Orchestra
Now is the Hour - Bing Crosby
I'll Hold You in My Heart (Till I Can Hold You in My Arms) - Eddy Arnold
    1949-Actor-director Jack Webb, creator of the hit radio and TV series Dragnet,gets his start in realistic crime drama with the radio show Pat Novak for Hire, which makes its national network debut this day on ABC. Jack Webb played Novak, whose deadpan, hard-boiled delivery foreshadowed Dragnet's Joe Friday. The show ran for only about four months.  Webb was raised by his mother in Southern California. After high school graduation, he spent four years in the U.S. Army Air Corps during World War II, working a desk job. He started his radio career in San Francisco and soon landed his role in Pat Novak for Hire. In 1949, he was chosen to play the role of Lt. Lee Jones in He Walked by Night, and it was there that he met Marty Wynn, a sergeant for the Los Angeles Police Department who was working as a technical adviser for the program. Webb's conversations with Wynn-and an invitation to review real LAPD case files-spurred Webb to develop Dragnet as a radio show. CBS rejected the show, but NBC agreed to give Webb's program a trial run in 1949, even though his show lacked a sponsor. Eighteen weeks later, cigarette company Chesterfield agreed to sponsor the show, a partnership that lasted for seven years. The television debut of Dragnet, four years after the radio program began, marked the beginning of realistic TV police dramas. Webb starred as Sgt. Joe Friday and narrated the shows in a documentary style, turning "Just the facts, ma'am" into a national catchphrase. Episodes were based on real cases from the Los Angeles Police Department, and each half-hour segment concluded with the capture of the perpetrator, followed by a short synopsis of what happened at the suspect's trial. My late father Lawrence Menkin wrote several of the Dragnet stories from actual cases from a Los Angeles policeman who wanted to become a writer and collaborated with my father ( sorry, don't remember his name or what ever happened to him. ) My father was an old radio writer that got him in with Webb, and that the fact the person co-writing the scripts with him was an actual uniformed LA police officer, sold many of the stories they wrote. Another bit of trivia, one of my best friend in high school's father joined the second series as Sgt. Ben Romero ( Harry Morgan). Dragnet was resurrected in 1967 under the name Dragnet '67 and ran for another two years, focusing this time on helping citizens in distress and community service rather than high-intensity crime. In 1987, Dragnet was revived again, this time as a spoof feature film starring Dan Aykroyd and Tom Hanks. The TV show reappeared two years later as a syndicated series, airing in the 1989-90 season in New York and Los Angeles only, then nationally syndicated the following season. Dragnet currently again in on TV and we shall see where it goes.  Webb, whose other television series included Emergency! and Adam 12, died of a heart attack in 1982 and was buried with full LAPD honors. The LAPD retired the badge he wore onDragnet, sergeant's badge No. 714, and erected a memorial to him on the LAPD Academy grounds.
http://timstvshowcase.com/
    1953 - Senator Edwin Johnson warned major league baseball owners not to televise their games nationwide. The Senator said broadcasting the games to a national audience would threaten the survival of minor league baseball. Major league owners did not share the Senator's opinion, and games, especially those on NBC, had a large following.
    1954- Guitar Slim's "The Things that I Used to Do" hits #1 R&B
    1955-- Elvis Presley performs at the Fair Park Coliseum in Lubbock, TX, billed as "The Be-Bop Western Star of the Louisiana Hayride." It is the first concert booked through Col. Tom Parker. Also on the bill that day: Buddy and Bob, a country duo featuring a eighteen-year-old Buddy Holly. 
    1956—Top Hits
Rock and Roll Waltz - Kay Starr
No, Not Much! - The Four Lads
Teenage Prayer - Gale Storm
Why Baby Why - Red Sovine & Webb Pierce
    1959- Barbie doll goes on sale. (Yesterday they announced Ken and Barbie were divorced!!!!)
http://www.marlbe.com/view.cfm?edit_id=26
http://collectdolls.about.com/library/blbarbiefacts.htm
http://www.barbie.com/activities/calendar/downloads/
http://www.barbiecollectibles.com/index-home.asp
    1961- Frank Sinatra unveiled his own record label, Reprise (www.repriserec.com). Sinatra had a low opinion of rock music but nonetheless the label would release recordings by the Beach Boys, Jimi Hendrix and the Kinks.
    1961- Lawrence Welk's "Calcutta" hits #1 
    1964—Top Hits
I Want to Hold Your Hand - The Beatles
You Don't Own Me - Leslie Gore
Um, Um, Um, Um, Um, Um - Major Lance
Begging to You - Marty Robbins
    1965- President Lyndon B. Johnson decides to undertake the sustained bombing of North Vietnam that he and his advisers have been contemplating for a year. He thought he could run the war better than his generals.  It is said he did not want “the enemy” to think that he was “soft.” Earlier in the month, the president had ordered Operation Flaming Dart in response to communist attacks on U.S. installations in South Vietnam. These retaliatory raids did not have the desired effect of causing the North Vietnamese to cease support of Viet Cong forces in South Vietnam, and out of frustration, Johnson turned to a more extensive use of airpower. Called Operation Rolling Thunder, the bombing campaign was designed to interdict North Vietnamese transportation routes in the southern part of North Vietnam and slow infiltration of personnel and supplies into South Vietnam. The first Rolling Thunder mission took place on March 2, 1965, when 100 U.S. Air Force and Republic of Vietnam Air Force (VNAF  planes struck the Xom Bang ammunition dump 100 miles southeast of Hanoi. In July 1966, Rolling Thunder was expanded to include North Vietnamese ammunition dumps and oil storage facilities, and in the spring of 1967, it was further expanded to include power plants, factories, and airfields in the Hanoi-Haiphong area. Operation Rolling Thunder was closely controlled by the White House and at times targets were personally selected by President Johnson. From 1965 to 1968, about 643,000 tons of bombs were dropped on North Vietnam. A total of nearly 900 U.S. aircraft were lost during Operation Rolling Thunder. The operation continued, with occasional suspensions, until President Johnson, under increasing domestic political pressure, halted it on October 31, 1968.
    1965 - Sixteen-year-old Peggy Fleming won the ladies senior figure skating title at Lake Placid, NY. Fleming would go on to win Olympic gold, and as a professional skater, signed a long-term, $500,000 contract for several commercial endorsements that lasted for years. She appeared in TV specials and performed with the "Ice Follies" and "Holiday on Ice" and was elected to the International Women's Sports Hall of Fame and the Olympic Hall of Fame.
    1965-Motown group Jr. Walker & the All Stars enter both the pop and R&B charts for the first time with "Shotgun," which establishes the group's trademark hard-driving "roadhouse" R&B sound. The song makes it to Number One on the R&B charts and #4 on the pop chart.
    1965-- Gary Lewis and the Playboys record "Count Me In" 
    1966- the Rolling Stones made their first appearance on American television, on "The Ed Sullivan Show" from New York.  It was tape recorded the day before.
    1967- The Beatles, "Strawberry Fields Forever" b/w "Penny Lane" 
    1969- The Doors' "Touch Me" is certified gold
    1969- Sly and the Family Stone's "Everyday People" is certified gold 
    1969- the New York Stock Exchange board of governors approved the admission of the first African-American, Joseph Louis Stearles III, a partner in the brokerage firm of Newburger, Loeb and Company.
    1969-The Doors' single "Touch Me" and Sly and the Family Stone's single "Everyday People" win gold records.
    1969-CREEK, THOMAS E. Medal of Honor
Rank and organization: Lance Corporal, U.S. Marine Corps, Company I, 3d Battalion, 9th Marines, 3d Marine Division (Rein), FMF. Place and date: Near Cam Lo, Republic of Vietnam, 13 February. 1969. Entered service at: Amarillo, Texas. Born 7 April 1950, Joplin, Mo. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a rifleman with Company 1 in action against enemy forces. L/Cpl. Creek's squad was providing security for a convoy moving to resupply the Vandegrift Command Base when an enemy command detonated mine destroyed 1 of the vehicles and halted the convoy near the Cam Lo Resettlement Village. Almost immediately, the marines came under a heavy volume of hostile mortar fire followed by intense small-arms fire from a well-concealed enemy force. As his squad deployed to engage the enemy, L/Cpl. Creek quickly moved to a fighting position and aggressively engaged in the fire fight. Observing a position from which he could more effectively deliver fire against the hostile forces. he completely disregarded his own safety as he fearlessly dashed across the fire-swept terrain and was seriously wounded by enemy fire. At the same time, an enemy grenade was thrown into the gully where he had fallen, landing between him and several companions. Fully realizing the inevitable results of his action, L/Cpl. Creek rolled on the grenade and absorbed the full force of the explosion with his body, thereby saving the lives of 5 of his fellow marines. As a result of his heroic action, his men were inspired to such aggressive action that the enemy was defeated and the convoy was able to continue its vital mission. L/Cpl. Creek's indomitable courage inspired the Marine Corps and the U.S. Naval Service. He gallantly gave his life for his country.
    1970 - General Motors is reportedly redesigning automobiles to run on unleaded fuel.
    1970-The Jaggerz, a six piece group from Pittsburgh, Pennsylvania, entered the Billboard chart with a song called "The Rapper". Although the tune would rise to #2 during an eleven week run, it would be the band's only chart appearance. 
    1971 - The Osmonds, a family singing group from Ogden, Utah, started a five-week stay at the top of the pop music charts with "One Bad Apple". The song, featuring little Donny Osmond, also showcased the talent of older brothers Alan, Wayne, Merrill and Jay Osmond. They were regulars on Andy Williams' television show from 1962-1967. The group got their start in 1959 as a religious and barbershop quartet. Together, the Osmonds had 10 singles in four years, and four of the songs were top ten hits.
http://www.researchpaper.com/forums/Arts_and_Entertainment/messages/47.html
    1972—Top Hits
Let's Stay Together - Al Green
Without You - Nilsson
Precious and Few - Climax
One's on the Way - Loretta Lynn
    1972 - "1776" closed at 46th St Theater NYC after 1,217 performances.
    1974-Daryl Dragon and Toni Tennille, better known as The Captain & Tennille, were married in Virginia City, Nevada. 
    1974- the heavily-publicized Bob Dylan and the Band tour ended at the Forum in Los Angeles. Many of the tracks on Dylan's  "Before the Flood" album were recorded at this concert.
    1977-Birthday of football player Randy Moss, Rand, WV. 
    1980—Top Hits
Rock with You - Michael Jackson
Do that to Me One More Time - The Captain & Tennille
Coward of the County - Kenny Rogers
Leaving Louisiana in the Broad Daylight - The Oak Ridge Boys
    1981-On this day, Pink Floyd's "The Dark Side of Moon" becomes the longest-running rock LP on the Billboard chart, finishing up its 402nd week. The two LPs that have charted longer are Johnny Mathis' "Greatest Hits" (490 weeks) and the "My Fair Lady Original Cast Recording" (480 weeks).
    1983- Marvin Gaye puts a sensual (some say too sensual) spin on the National Anthem at the NBA All-Star Game in Los Angeles.
    1985---Ready to release tomorrow on Valentine's Day, Whitney Houston's self titled debut album by Arista Records. The LP will produce four giant Billboard hits, "You Give Good Love" (#3), "Saving All My Love for You" (#1), "How Will I Know" (#1), and "Greatest Love of All" (#1).
    1987 - A storm in the western U.S. produced heavy rain over central California. Chews Ridge reported nearly eleven inches of rain in 24 hours, and extensive flooding occurred in San Benito County. The Mount Rose ski resort in Nevada experienced a "white-out" with 60 mph winds and 36 inches of snow.
    1988 - Strong winds in the wake of a storm in the northeastern U.S., gusting to 60 mph at Oswego NY, produced six foot snow drifts in northeastern Ohio. High winds in the mountains of Utah, gusting to 106 mph at the Snowbird ski resort, contributed to a forty car pile-up on Interstate 15, near the town of Bluffdale.
    1988-Now a party classic, Buster Poindexter's (a.k.a. David Johansen) "Hot Hot Hot" peaks at #45 on the chart.
    1988-Michael Jackson buys a ranch in Santa Ynez, California that he dubs "Neverland".
    1988—Top Hits
Could've Been - Tiffany
Seasons Change - Expose
I Want to Be Your Man - Roger
Wheels - Restless Heart
    1989- Cliff Richard received a special lifetime achievement award at the British Phonographic Industry BRITS awards show in London. He was cited as being the most enduring pop star Britain has produced.
    1989 - Showers and thunderstorms produced locally heavy rain and flash flooding from central Texas to western Pennsylvania. Up to ten inches of rain deluged western Kentucky in two days, with five day totals ranging up to 13.16 inches at Gilbertsville Dam KY. Flooding caused tens of millions of dollars damage, including 18 million dollars damage at Frankfort KY.
    1990--- Working Woman magazine announced a base rate of 1,000,000, the first business magazine to reach that exalted distribution rate - larger than Fortune, Forbes or Business Week.
    1990 - A slow moving cold front brought heavy snow to Utah, Colorado and Wyoming. Big Horn WY reported 15 inches of snow, and up to 22 inches was reported in Utah. In Colorado, 8 to 12 inches of snow fell over the northwest suburbs of Denver, while 16 to 22 inches was reported in the high mountain elevations west of Fort Collins. Strong winds accompanied the heavy snow, and bitter cold weather followed in its wake.
    1990- Bryan Trottier  of the New York Islanders scored the 500th goal of his career in a 4-2 loss to the Calgary Flames. Trottier finished his career with 524 goals and was inducted into the Hockey Hall of Fame in 1997.
    1990- Drexel Files for Bankruptcy
After spending a good part of the 1980s wheeling and dealing its way to the top of the financial world, the Drexel Burnham Lambert Group saw its empire crumble by the dawn of the 1990s. For a good spell, Drexel Burnham was barely a blip on Wall Street's radar. However, Drexel's head of bond trading, Michael Milken, helped change the firm's fortunes by focusing his efforts on the junk bond market. A long ignored sector of the investment industry, junk bonds focused on the buying and selling of high-risk, high-yield bonds issued by fledgling companies, as well as concerns with poor credit ratings. By the 1980s, junk bonds were booming, thanks in large part to the troubled savings and loan industry, which turned to the bonds in hopes of boosting their sagging fortunes. Drexel, which, thanks to Milken, dominated this market, fast became a Wall Street heavyweight. But, the firm's woes began in 1988 as the economy, which had boomed its way through the middle of the decade, turned sour. Prices of junk bonds plunged, which not only created a nasty financial mess, but also focused a spotlight on Milken and Drexel's less than savory practices. The government initiated a probe into the firm and its star trader: the investigation found Milken guilty of various securities infractions, including skimming generous amounts from depositors' funds; it also revealed a rat's nest of corruption and shady deals at Drexel Burnham. A trial ensued and the government slapped the firm with $650 million in fines. Coupled with the Drexel Burnham's sizable, and expensive, backstock of junk bonds, the fines placed a considerable burden on the firm's finances. By early 1990 Drexel had run out of funds and, on this day in 1990, filed for bankruptcy.
    1992 - Oakland Athletics star José Canseco rammed his Porsche intentionally into his estranged wife Esther's BMW after a dispute. Local new reports also said he spat on her windshield. Esther Canseco, age 25 and a former Miss Miami beauty queen, did not want to press charges. However, in a criminal assault case, the state had the option of pressing ahead without her cooperation or consent.
    1992-Wayne's World, the motion picture starring Mike Myers and Dana Carvey, opens in movie theaters across the US. The soundtrack includes cuts from Queen, Eric Clapton and Jimi Hendrix. 
    1996-Pointcast, an obscure company in Cupertino, California, announced a beta version of a free service that grabbed Web pages and information from the Internet and then displayed the data on the user's screen. By 1995, Netscape dominated the browser war, but Pointcast was their first challenge. The service became the year's most popular product, creating a near hysteria in the industry over Pointcast's so-called "push" technology. Media pundits predicted the end was near for the Web browser. By the following year, however, the limitations of push technologies became clear, and the hype died down. It seemed the death of the browser had been much exaggerated.  Microsoft was to adopt the technology, and began bundling their program in their operating software, actually preventing Netscape from operating, making it the exclusive browser.
http://www.hmetzger.de/netscape/Netscape_History.html
    1997 - The Dow-Jones Index of 30 major industrial stocks topped the 7,000 mark for the first time.
    1997- Michael Jackson became a father when his wife, Deborah Rowe Jackson, gave birth to a son at a Los Angeles hospital. Jackson had announced in November that Rowe, a nurse who worked with the singer's dermatologist, was six months pregnant with his child. They married later that month in Sydney, Australia, where Jackson was on tour.
    1997- the Dow Jones this day, an index of 30 major industrial stocks, topped the 7,000 mark for the first time.
    1999 - Monica's "Angel of Mine" was the #1 top-40 hit in the U.S.: “I look at you, lookin' at me; Now I know why they say the best things are free; I'm gonna love you boy you are so fine; Angel of Mine.”
    2005-At the 47th Grammy awards, Ray Charles's duets album "Genius Loves Company" won eight trophies, including Album of the Year and Record of the Year. Former Beach Boy's leader Brian Wilson won his first ever Grammy for Best Rock Instrumental for "Mrs. O'Leary's Cow" from his CD "Smile", the album he was forced to delay for nearly 40 years because of emotional problems. Led Zeppelin received a Lifetime Achievement Award. Guitarist Jimmy Page was on hand along with bassist John Paul Jones and the children of late drummer John Bonham. Other classic rockers who took home statues were Rod Stewart - Best Traditional Pop Vocal Album for "Stardust...The Great American Songbook Volume III" and Bruce Springsteen - Best Solo Rock Vocal Performance for "Code of Silence" from his album "The Essential Bruce Springsteen".
    2011-With appearances by Mick Jagger, Barbra Streisand, Justin Bieber and Katy Perry, the CBS broadcast of The Grammy Awards played to their largest audience in 10 years. 26.55 million Viewers tuned in to see Country trio Lady Antebellum win Song of the Year and Record of the Year with "Need You Now".