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Leasing Brokers: When May You Collect a Commission?
Update by Tom McCurnin
Leasing News Legal Editor

It’s time to update readers about collecting a commission in California when a non-operating lease or loan does not go through. The code section has changed. By the way, other states have adopted similar legislation, often regarding an "advance fee."

What happens is the broker signs up a potential lessee, collects a deposit, and then fails to deliver financing on a timely basis. In the typical example, the broker spins the wheels, perhaps as long as several months, asking for new documents, new explanations, and ultimately fails to provide the agreed upon financing. The broker then attempts to retain the deposit.

So the question arises, if there is not an agreement to be paid for time spent or costs incurred, what opportunity is available for a leasing consultant to retain the deposit on a deal which was never funded?

Under California law, a licensed financial lender (broker) may not charge for brokerage services unless that service is actually rendered.

(California Financial Code Section 22200)

“No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature unless a loan is made.”

California Financial Code Section 22300

“(a) No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature with respect to a loan of five thousand dollars ($5,000) or more unless the loan is made.

(b) Notwithstanding subdivision (a), whenever a loan of five thousand dollars ($5,000) or more is not consummated because of the borrower’s failure to disclose outstanding liens or other information essential to making the loan or solely because of the borrower’s failure to complete the loan in accordance with the loan application, a licensee may charge, contract for, and receive an amount equal to the actual expenses incurred by the licensee in connection with the preparation for the loan.”

California Financial Code 22301

What that means to me is that the funding has to be provided and agreed to before a lease broker may collect that fee, and retain the deposit.

Many brokers have complicated contracts which may be interpreted as allowing the broker to retain the deposit for any reason. Some of the flimsy provisions I’ve seen include “material adverse change” in the lessee’s financial condition, or the failure to provide a requested document within 10 days.

None of these contractual provisions are enforceable, at least in California, unless and until a funding actually occurs, e.g., a brokerage service is actually rendered. Brokerage contracts should be reviewed by brokers to eliminate these loopholes, at least in California. And hire an attorney who has experience in leasing and finance. Just because the person has passed the bar, doesn't mean he knows the industry. You don't go to an orthodontist to get a root canal--- you go to an endodontist. Just because they are both dentists, doesn't mean they specialize in what you are seeking.

There are association commitment letters, and I have seen some in
Leasing News, too, but don't be left high and dry because you couldn't
put a deal together. Obviously, if the contract so provides, hard costs for underwriting could may be recovered. This might include a UCC Search, credit pulls from the three major credit reporting services, costs for mail or Federal Express, or equipment inspections.

But the fact remains that brokers get paid for brokering a lease, shouldn't they get paid when they can't perform? I'm not talking about those who know they can't put the deal together, but know they can keep the deposit, especially when the lessee is out of state and would have to come to their state to try and collect (especially if it is under $5,000 or even $10,000).

My opinion on brokers keeping deposits is quite simple.First, whatever the broker intends to keep needs to be spelled out in the contract and the reasons for keeping it. First, it should be a reasonable amount, not the entire advance deposit. Second, if the broker can establish that he or she actually did work on the matter, the contractual amount can be retained. Absent some proof of those facts, it would seem to me that the broker should return all the deposit

A typical broker contract should have the following terms in it in a clear and concise manner:

• Who are the parties? Exact corporate names of the broker and the proposed lessee should be identified.

• Lease Terms. If the deposit is based on possible equipment funding, and tied to a proposed lease, then the equipment and lease terms should be specified, so the broker and the lessee know exactly what the broker is going to achieve.

• How much is the deposit and what is the exact breakdown? What I usually see is the deposit comprising the first and last lease payment based on the proposed equipment cost and lease terms. Other charges for nonsense like “securitization fees” or “administrative fees” which cannot be understood, should not be part of the deposit agreement.

• Time Frame for Brokerage Contract. I would think that once the equipment is identified (which should occur prior to the brokerage contract being executed), the only underwriting issue is pulling the lessee’s credit and shopping the deal. 90 days plus or minus a month is probably enough time. The contract should expire in 90 days if there is no funding.

• Provisions For Return of Deposit. The brokerage contract should spell out what the lessee has to do to obtain a return of its deposit. Ideally, after expiration of the term of the agreement (about 90 days), the broker has not obtained the financing listed in the terms of the proposed financing, then the deposit should be automatically returned, less minor underwriting costs such as credit pulls.

The bottom line is that brokers make their fees when a deal goes through, not when they take the deposit. If the broker structures the brokerage contract so the lessee takes all the risk if the funding is not approved, that simply isn’t fair, and at least in California, it is not legal.

Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

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New Hires---Promotions in the Leasing Industry

Joe Casey, CAE, Executive Director. Joe Casey, CAE, Executive Director, Fernley & Fernley, Inc., is now Executive Director for the National Association of Equipment Leasing Brokers. He has been with Fernely & Fernley since September, 2010. Previously, he was Executive Director, ISA - Industrial Supply Association (September, 2010 – January, 2015); V.P. of Business Development & Outreach, CCMC. Association Headquarters, Inc. (2009 – 2010); Senior Account Manager, Talley Management Group (December, 2006 – July, 2009); Director of Membership, Components & Communication, National Association of Pediatric Nurse Practitioners (July, 1996 – October, 2006). Certifications: Certified Association Executive, CAE Certification Commission (January, 2009 – Present). Organizations: Professional Societies: American Society of Association Executives, Mid-Atlantic Society of Association Executives, Public Relations Society of America (January, 1987 – January, 2007). Volunteer Positions: Mantua Little League Board of Directors, (2007-2011); Church of the Incarnation, Parish Council (October, 2006 – March, 2009); Atlantic Riding Center for the Handicapped Board of Directors (September, 1995 – January, 2006). Education: Glassboro State College, BA, Communications (1982 – 1986). Activities and Societies: PRSSA. Sterling High School
www.linkedin.com/in/joecaseycae

Robert Holloway was hired as Sales Manager, Equipment Finance Solutions, USA and Canada, Great American Insurance, Cincinnati, Ohio. Previously, he was Vice President, PNC Equipment Finance (October, 1999 – September, 2009); VP, Sales, Lease Industry Finance, National City Commercial Capital (1999 – 2009). Volunteer: Junior Achievement of OKI Partners (July, 2013). Volunteer: Junior Achievement of OKI, Partners (July, 2013). Education: Xavier University, Master of Business Administration (MBA), Business/Commerce, General (2000 – 2003). University of Cincinnati College of Business, BBA, Finance and Real Estate (1988 – 1993).
www.linkedin.com/pub/robert-holloway/26/b14/283

Fred Marchini has joined Fairfield Capital Group, LLC, Naples, Florida as Managing Director; based in their New York office. "He has over 30 years’ experience in the equipment finance and leasing industry—both with the industrial and captive finance companies BarclaysAmerican, and Pitney Bowes Credit Corp., as well as the equipment finance groups of a number of large, international banks including Bank of Scotland, Barclays Bank and Sumitomo Mitsui Banking Corporation. He was Syndicator Pitney Bowes Credit Corp. (1994 – 1996); Vice President, Barclays Bank (1979 – 1993). Education: Pennsylvania State University
www.linkedin.com/pub/fred-marchini/13/aa/46

Jeremy Pritchard was hired as Sales Director at Glenmore Capital Limited, Loose, Kent, United Kingdom. Previously, he was Designated Member, Zercin LLP (September, 2010 – Present); Sole Proprietor, MeyJer Solutions (August, 2007 – Present); Regional Defaults Manager, Close Brothers Asset Finance Limited (March, 2009 – August, 2010); Regional Broker Manager, South, Bibby Asset Finance Limited (February, 2006 – August, 2007); Associate Director (both companies), Glenmore Leasing Limited & Viceroy Capital PLC
(April, 2003 – February, 2006) Education: Ratton County Secondary
(1960 – 1965). Left school at 15, self-educated since.

Steven Spivey promoted to Equipment Finance Group Head of Capital Markets for SunTrust Equipment Finance & Leasing Corp. He joined the company March, 2014 as Managing Director, Sales at SunTrust Robinson Humphrey, out of greater Atlanta, Ga. area. His LinkedIn summary states: “Highly accomplished executive with experience in equipment leasing syndication and origination, risk and operations, underwriting, loan and lease documentation, capital markets, treasury and alternative funding mechanisms, and acquisitions in both start-up and growth organizations.” In February, 2013, he joined ATEL Leasing in San Francisco, as senior vice president, Capital Markets, based out of Maryland. Previously he was a principal with SMS Consulting (May, 2012-Feburary, 2013), director-alternative investments & treasury, GE Capital (April, 2009-2012). He joined GE Capital in 1993, rose to senior credit analyst, 1995, manager, international credit & operations Asia, 1998, manager, quality leader Six Sigma, May, 200, global risk and operation manager, May, 2002, managing director, GE Healthcare Finance, June, 2005, SVP Capital Markets Group, director, alternative investments & Treasury (April, 2009-@012). Prior he was assistant vice president, credit (MNC Financial (1986-1992).University of Baltimore, MBA, Finance (1984–1986), Towson University, BS, Accounting & Finance (1980–1984).
www.linkedin.com/pub/steven-spivey/1/9a1/a21

Kevin Trabaris, Esq. has joined the firm of Latimer, LeVay, Fyock, LLC., Chicago, Illinois. He previously was in private practice (2001-2015). Prior, he was Corporate Counsel, Allstate Insurance (2000 – 2011); Operations Counsel, GE Capital (1998 – 2000); Attorney Northern Trust (1988 – 1998). Organizations: American Bar Association; American College of Investment Counsel; Association of Corporate Counsel; Chicago Bar Association; Commercial Finance Association; The Risk Management Association. Education Duke University School of Law, J.D., Law (1985 – 1988).
University of Illinois at Urbana-Champaign, BA, History (1981–1985)
www.linkedin.com/pub/kevin-trabaris/8/454/b7

Pam Waldron was hired as Inside Sales Account Manager, CIT, Jacksonville, Florida. Previously, she was Senior Account Executive, Navitas Lease Corp. (October, 2008-January, 2015); Program Manager Microsoft Relationship, CIT (October, 2007 – October, 2008); Sales Executive, CIT (April 2005–October 2007).
http://www.linkedin.com/pub/pam-waldron/18/425/1b1

Lawrence Watts was promoted to Head of Originations for the Equipment Finance Group of Capital Markets for SunTrust Equipment Finance & Leasing (STEFL); based in Charlotte, NC. He was hired December, 2013 as Head of Capital Markets for the company. "He previously served as managing director of Well Fargo Securities’ Commercial Asset Leasing & Finance — Equipment Finance Group. Prior to that, he was in leadership positions with Wachovia Securities, Bank of America’s leasing and securities units and Fleet Global Lease Finance. Watts is based in Charlotte, NC."
www.linkedin.com/pub/lawrence-watts/10/612/a0a

Paul Witte was promoted to Senior Vice President, Commercial Loan and Leasing Manager, First Bank Richmond NA, Richmond, Indiana; continuing to be active as CEO of First Federal Leasing, a Division of First Bank Richmond (100% broker driven: http://firstfederalleasing.com/ffl-distinction/).
He joined the bank November, 1966. Prior he was Assistant Branch Manager, First of America Bank (1995-1996).Education: Ball State University - College of Business (1991 – 1995). Financial Managers School

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Leasing Industry Help Wanted

Help Wanted Classified Ads

Cost
$595 four HTML lines
(note, a space is counted as a line)
$40 for each additional line or space

Logo or Graphic is free.

Website address, brief description underneath
is free.

The classified ad will appear for 21 days.

The idea is to attract an applicant to learn more, either to click to a full description on your web site or to a full job description attachment (free, no charge).

All "Help Wanted" ads go into the "Help Wanted" classified ad section, which appears in each news edition, and is well read. The ad will also appear on the web site for those who go directly to the web site section.

A "Help Wanted" ad appears at the top of the headlines in each edition in a chronological basis with other help wanted ads. The position cannot be purchased. The ad also continues to appear in the classified ad section in the news edition as well as the web site in addition to appearing above the headlines. If there is only one help wanted ad, a display ad may be utilized in the rotation basis as this position, meaning the one help wanted ad is not going to be on top in every edition.

Contact kitmenkin@leasingnews.org for more
information or to help word a classified ad.

Leasing News reserves the right to refuse advertising, particularly to a company that has appeared in the complaint bulletin board

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Leasing News Advisor
Allan Levine

Mr. Levine joined the advisory board June 6, 2007.

Allan Levine, President
MADI$ON CAPITAL
9D Gwynns Mill Court
Owings Mills, MD 21117
alevine@madisoncapital.com
Direct Line: 443.796.7337
Office: 443.796.7333
fax: 443.796.7200
Equipment and Vehicle Leasing Solutions
www.madisoncapital.com

Allan Levine is President and Chief Operating Officer of Madison Capital, LLC, and has been in the vehicle and equipment leasing business since 1971. In 1971, he began working with a firm focused on vehicle and small-ticket equipment leasing. In 1974, Allan started Fox Auto & Truck Discount Leasing Company, which evolved, in the early 1980’s, into Fox Discount Leasing, Inc. In 1987, the name changed to form Fox Valley Leasing, which merged with Harbor Leasing to become Madison Capital in August of 1997.

Mr. Levine served on the board and was editor of the Eastern Association of Equipment Leasing's quarterly publication. The association merged with the United Association of Equipment Leasing, formerly the Western Association of Equipment Leasing, now under the new name: National Equipment Finance Association.

After college, Mr. Levine did marketing work for Polaroid (“If anyone remembers them. They thought digital photography would not make it,” Levin told Leasing News.) He learned much of his sales and marketing skills at Polaroid. He is known as a very good writer and humorist. When he semi-retires, he friends have told him he should make time to become a columnist.

He has served on many boards and committees throughout the leasing industry, and has been active in community organizations. His involvement has included the local chapter of the NVLA (National Vehicle Leasing Association). He also has served on The Equipment Leasing and Finance Association’s Committee for Independent Leasing Companies (ILC) and its Future Council group. He was Vice President of The Jewish Community Center and on its board of directors for years, and is past Chair of The Gordon Center (a 550-seat boutique venue for the performing arts). He has also served as a big brother in that local organization.

Mr. Levine was recently appointed to the advisory board of Maryland Financial Bank. He is also on the board and finance committee of Woodholme Country club (his local golf stop). He is a past Chairman of the Board of The Chimes, an international not-for-profit serving over 20000 individuals with development disabilities and employs more than 2300 employees. He has also served, at the board and committee levels of additional local philanthropic and community organizations. He is a past trustee of The Maryland Zoo. It is the fourth largest Zoo in the US.

Mr. Levine is a graduate of the University of Maryland where he played lacrosse. He is married and has 7 grandchildren. He told Leasing News he plays golf and works out regularly in order to keep the energy level needed to support the rigors of the lease and financing industry.

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Leasing Conference 2015 Update--More Information
Funding Conference, AGLFA, NEFA, NVLA, NAELB Dates

Leasing Conferences 2015
Save the Date

2015 Equipment Management Conference
2/22/2015 - 2/24/2015
Trump National Doral Miami
Miami, FL

Attendance should exceed 300. Scheduled Feb. 22-24 at the Trump National Doral in Miami, this conference is the single most important event for equipment management professionals. Here's why: Great sessions that bring you up-to-date on a variety of asset classes; live inspections of equipment guided by professionals; off-site tours of equipment in actual work environments; a first-class exhibition of equipment appraisers, remarketers and others; and unmatched networking opportunities with your peers in the industry. Register and view the attendee list.

Schedule
https://www.elfaonline.org/cvweb_elfa/cgi-bin/eventsdll.dll/EventInfo?sessionaltcd=EMC15

Speakers
https://www.elfaonline.org/cvweb_elfa/cgi-bin/eventsdll.dll/EventInfo?sessionaltcd=EMC15

Pricing
https://www.elfaonline.org/cvweb_elfa/cgi-bin/eventsdll.dll/EventInfo?sessionaltcd=EMC15

Agenda
http://www.imn.org/structured-finance/conference/Investors-Conference-on-Equipment-Finance/Agenda.html

Sponsors & Exhibitors
http://www.imn.org/structured-finance/conference/Investors-Conference-on-Equipment-Finance/Sponsors.html

2015 National Equipment Finance Assoc. Summit
3/18/2015 to 3/20/2015

Wednesday through Friday

Renaissance Long Beach Hotel
111 East Ocean Boulevard
Long Beach, California 90802
United States

Contact:
Kim King
KKing@NEFAssociation.org
Phone: 847-380-5053

Event Schedule:
http://www.nefassociation.org/events/Sessions.aspx?id=480181

Exhibitors to Date:
https://nefassociation.site-ym.com/?2015SummitExhibitors

Registration:
https://nefassociation.site-ym.com/?2015SummitPricing

The Women in Leasing LinkedIn Group would like to cordially invite you to our March luncheon at Parker’s Lighthouse in Long Beach, California, on Wednesday March 18th from 1:00pm – 3:00pm. The lunch is being co-sponsored by ECS Financial Services and Financial Pacific Leasing.

If you would like to attend please RSVP by March 9th to Shari Lipski at 847.897.1711 or via emailSLipski@ECSFinancial.com.

Program:
http://www.nvla.org/events/2015-annual-conference/program.aspx

Confirmed Speakers/Registration
https://nvla.wildapricot.org/event-1784380

27th Annual National Funding Conference
4/21/2015 - 4/23/2015
Fairmont Hotel Chicago
Chicago, IL

Brochure:
http://www.elfaonline.org/cvweb_elfa/cgi-bin/documentdll.dll
/view?DOCUMENTNUM=1024

Registration Form:
http://www.elfaonline.org/cvweb_elfa/templates/eventsdll
/regforms/FUND2015_RegForm.pdf

Funding Source Exhibitors as of February 6, 2015:
Ascentium Capital LLC
ATEL Capital Corp
Banc of California
Bank of the West
Baytree Financial Group
BMO Harris Equipment Finance Company
Boston Financial & Equity Corporation
Chase Equipment Finance
EverBank Commercial Finance
Financial Pacific Leasing, Inc., an Umpqua Bank Company
First American Equipment Finance, a City National Bank Company
First Bank of Highland Park
Fuyo General Lease (USA) Inc.
Huntington Equipment Finance
Key Equipment Finance
Nations Equipment Finance LLC
NXT Capital
People's Capital and Leasing Corp
Quick Bridge Funding
SCG Capital Corporation
Securcor Financial Group
Signature Financial
Sterling National Bank Equipment Finance
TCF Equipment Finance

For more information about this event, you may contact Lesley Sterling at (202)238-3435
or lsterling@elfaonline.org

Brochure
http://www.naelb.org/NAELB_Docs/2015%20Annual%20Conference/
NAELB%20Registration%20Brochure%201.9.15.pdf

Registration
http://www.naelb.org/NAELB/Events/2015_Annual_Conference.aspx

The Public Sector Finance Forum is a joint venture of the Association for Governmental Leasing and Financing and the Equipment Leasing Finance Association. The 2015 Forum will be held at the Sheraton Denver Downtown Hotel in Denver, CO on May 6 through May 8, 2015.

8th China Leasing Summit 2015
June 10-12, 2015
Crowne Plaza Beijing Chaoyang U-Town.

The event is strongly supported by leading companies
and international leasing association.

The China Leasing Summit is based on over 10 years’ of research into the Chinese leasing industry and will provide an effective platform on which attendees can familiarize themselves with the current status of the market and the latest policies and regulations in order to gain a better understanding of China’s leasing market, thereby optimizing their development strategies. Furthermore, speakers from the government, as well as from the leading leasing companies, will share their invaluable experiences and opinions on the state of China’s leasing industry.

For more information, please go here:
http://www.duxes-events.com/lease15/index.html

2015 Eastern Regional Meeting
September 11-12, 2015
Atlanta Marriott Marquis
Atlanta, GA

2015 Western Regional Meeting
November 13-14, 2015
Doubletree by Hilton Anaheim - Orange County
Anaheim, CA

2015 54th Annual Convention
10/25/2015 - 10/27/2015
JW Marriott Hill Country
San Antonio, TX

CFA
71st Annual Convention
November 11 - 13, 2015
JW Marriott Austin
Austin, TX

Net Interest Margin Squeezes Bank Profits in 2014

SNL Financial Special Report
By Maria Tor and Salman Aleem Khan

Bank profits did not grow in 2014, as increasing noninterest expenses cut into income and net interest margins contracted, making it difficult to beat the record-high net income earned by banks in 2013.

Following peak periods of net income in the second quarter of 2014 and the first quarter of 2013, the U.S. banking industry's quarterly aggregate net income declined to $36.96 billion in the fourth quarter of 2014 from $38.45 billion earned in the third quarter and $39.88 billion earned in the fourth quarter of 2013. On an annual basis, banks earned $152.63 billion in 2014, down from $154.34 billion in 2013, according to data filed in call reports compiled by SNL Financial.

Banks continued to grow bigger than ever, with total loans and leases reaching another record high of $8.309 trillion at Dec. 31, 2014. Loans and leases totaled $8.159 trillion at Sept. 30, 2014, and $7.892 trillion as of Dec. 31, 2013. Total loans and leases at the end of 2014 were the highest since SNL began tracking the data in 1991.

The growth in loans corresponded with a growth in the loan-loss provision, which totaled $8.22 billion in the fourth quarter, up from $7.20 billion in the third quarter and $7.34 billion in the fourth quarter of 2013. Still, the overall provision for loan losses in full year 2014 was the lowest since full year 2006. Banks set aside $29.74 billion in 2014 for loan losses, down from $32.44 billion in 2013. In 2006, as the real estate loan bubble was just beginning to crack, banks set aside just $29.69 billion for loan losses.

2014 profits were squeezed by an increase in noninterest expense, as well as the continued contraction in the net interest margin. The fourth-quarter net interest margin for the industry sank to an annualized 3.07% from 3.10% in the prior period and 3.21% in the year-ago period. On a yearly basis, the aggregate net interest margin of 3.123% is the second-lowest yearly ratio since SNL began tracking it in 1991. Only the net interest margin of 3.120% in 2008, when the banking industry lost $5.06 billion, is lower.

Noninterest expense was higher as well, growing to $421.64 billion in 2014 from $416.61 billion in 2013. Expenses improved on a quarter-over-quarter basis, dropping to $107.67 billion in the fourth quarter from $108.71 billion in the third quarter. Fourth-quarter expenses increased compared to the year-ago quarter's aggregate of $102.87 billion.

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The Alta Group Introduces Fast-Track
Business Strategy Planning Program

RENO, NEV, – The Alta Group today officially launched its new Business Strategy Planning Program that enables companies involved in equipment financing to create a three-to-five-year strategic business plan within 30 days. CEO John C. Deane announced that four Alta clients have already completed the program, which includes a one-day workshop customized for each business and a follow-up report that provides each company with a road map for executing its plan.

Alta’s Tony Mynsted and Chuck Thomas are the senior-level professionals facilitating the program. Mynsted noted that the Business Strategy Planning Program is designed to be both cost effective and fast paced.

Tony Mysted
Director

“Within one month, a business is able to determine its key strategies and initiatives for the next three to five years,” Mynsted explained. “First, Alta guides participants in an analysis of their company’s strengths, weaknesses, opportunities and threats (SWOT) and an evaluation of their customer value proposition. Second, based on the results of this analysis, the company determines the strategies and initiatives needed to attain its goals. Third, Alta creates a three-to-five-year road map for executing the company’s plan. Alta also has the expertise, if needed, to help each business execute its strategies after the plan is created.”

Chuck Thomas
Consultant

“As one client executive said after participating in the program,” Thomas added, “‘I now have a clear view of where we are today, where we want to go, and what we are going to do to get there.’”

Businesses that have completed the Alta program to date include an independent leasing company in the technology sector, a technology distribution channel financing provider, a machine tool financing broker, and a bank entering the equipment financing space.

“We are responding to a need expressed by established equipment financing companies as well as banks, manufacturers and equipment dealers that are considering adding equipment financing to their offerings,” Thomas noted. The program is especially effective for companies that are:

•       aggressively pursuing growth but have limited strategic planning skills
•       considering a new business model or new markets
•       struggling to define a differentiating value proposition in the marketplace, and/or
•       need help turning existing strategy into an executable tactical plan and achieving buy-in from the executive team

For information please visit:
http://thealtagroup.com/content/business-strategy-planning-program

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SBA Launches Online Loan Matching Service

SBA has developed a new online tool called LINC, which stands for Leveraging Information and Networks to access Capital. LINC is an online loan matching service that helps connect potential borrowers with SBA lenders who can provide them with the capital to start and grow their businesses. For years, commercial lending clearinghouses have offered similar services, but unlike those organizations, SBA will be providing this service for free.

The tool is rolling out in waves, first to nonprofit community lenders that specialize in “microlending,” Community Advantage loans, and CDC/504 loans. In the longer term, SBA will look to add more traditional banks that offer a wider array of financial products.

LINC starts with an online form for borrowers, containing the information that matters most for lenders. The form, which contains twenty questions, takes approximately five minutes to fill out. Prospective borrowers may immediately go to https://www.sba.gov/tools/linc to check it out or apply.

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### Press Release ############################

Retail Slow Down
---Bad Weather and/or Just a Slowdown

Consumers slowed down their retail spending in January due to higher level of financial anxiety over the economic slowdown
in the fourth quarter of 2014.

SAN RAFAEL, Calif. -A decline of 0.8 percent in January's retail sales is a reflection of the spike of 1.1 in the Money Anxiety Index in the same month. The Money Anxiety Index spiked 1.1 points to 67.7 in January indicating unease among consumers about the disappointing fourth quarter GDP data showing 2.6 percent annualized growth rate; nearly half the growth pace in third quarter at 5 percent annualized rate.

The volatility in the level of financial anxiety among consumers is a result of the dichotomy in economic data that is confusing. The hardest part for consumers to understand is the contrast between the healthy growth in the job market, which added an average of 336,000 jobs in the last three month, and at the same time, fourth quarter GDP growth rate slowed down to 2.6 percent from the previous quarter in 2014.

The Money Anxiety Index measures consumers' level of financial worry and stress. Historically, the Money Anxiety Index fluctuated from a high of 135.3 during the recession of the early 1980s, to a low of 38.7 in the mid-1960s. The Money Anxiety Index is highly predictive. It signaled the arrival of the Great Recession over a year prior to the official declaration of the recession in December of 2007.

Dr. Dan Geller is a financial behavior scientist exploring the link between the level of financial fear and the savings and spending habits of consumers. In his book, Money Anxiety, Dr. Geller uncovers the mystery of the financial mind, explaining why we hate to lose more than we love to win and why we spend when safe and save when scared.

http://moneyanxiety.com/

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      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".

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