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Headlines---
Alert--Synergy Systems in Tarzana, CA.
Classified ads--Outsourcing/Back Office
Broker and Vendor Collude--Scamaroonie
Collections---Purchase of Bad Debts
Credit-Card Sector Poised for Growth
ELA Responds to Treasury Testimony
Business Leasing News---Great Explanation: Tax Exempt Entities
Export Leasing for Smaller-Ticket Leases
"equipment rental and leasing decreased 27 percent to $6 billion."
Hansabank Group Results, 2003-Leasing Europe/Russia
Streamlined Sales Tax Report Meeting/Dennis Brown/ELA
######## surrounding the article denotes it is a “press release”
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Alert--Synergy Systems in Tarzana, CA.
" Please stay from this vendor. They are providing inflated equipment costs. All three deals have been inflated, and xxxx has discovered that the customers are asking them: 'Synergy and the broker promised me cash back. Where's my money?' "
This was sent by a reliable source, but not confirmed or denied, and sent
as an “alert” for others. Leasing News does not make any representations without
confirmation or denial and prints it only because it has come from a reliable source.
Classified ads--Outsourcing/Back Office
Backoffice: All Locations
Are you a broker or a rep for a major lessor? Want to just market and leave the backroom an packaging functions to us? Call us.
E-mail:nationalbusinesscredit@yahoo.com
Backoffice: Atlanta , GA. GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 E-mail:azeppenfeld@globaltechfinancial.com
Back Office: Atlanta, GA. Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in US E- mail:sales@taxpartners.com
Bookkeeper: Birmingham, AL. 5+ year experience in Architectural Firm in Accounting. Provided the following services: Accounts Payable; Receivables; Payroll; Invoicing and Collections. Strong Computer and Verbal Skills. E-mail:j_pails@bellsouth.net
Backoffice: Dallas, TX.
Property Tax and sales and use tad administration services performance is guaranteed and we will save you time and money or our service is free.
E-mail: info@osgsolutions.com
Backoffice: Indianapolis, IN
JDR Solutions, LLC specializes in delivering customized back-office lease portfolio admin./ ASP services for lessors, banks, manufacturer captives: other financial institutions.
E-mail: paul.henkel@jdrsol.com
Backoffice: Jacksonville, FL.
CIT's Portfolio Service Group: providing cost- effective lease/portfolio services: Accounting, Tax Reporting, Collection svc, End of Lease Solutions, Front End Documentation, Invoicing, and on-line reportingE-mail: vincente.dingianni@cit.com
Back Office: Laughlin, NV. 20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved. E-mail:batarista@laughlin.net
Backoffice:New Rochelle, NY
Proactive management/administration of commercial/consumer
vehicle lease/finance portfolios covering insurance, titles,
registrations, sales/property taxes, tickets, collections, accounting,
vehicle disposition. Since 1975 E-mail: Barrett@BarrettCapital.com
Back Office: Northbrook, IL
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/ income tax, accounting, etc. E- mail:ngeary@edwinsigel.com
Back Office: San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management.
E-mail:gmartinez@phxa.com
full listing of all “outsourcing:”
http://64.125.68.90/LeasingNews/JobPostingsOutsourcing.htm
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Broker and Vendor Collude--Scamaroonie
SCAM#1
“Many leasing companies have found a way into HP and GE Capital ( TOSHIBA) vendor finance programs. They either partner up with a computer reseller and they submit deals under the premise that the reseller is truly selling the equipment. Often times all the reseller does is re-invoice the deal. They will either mark up the invoice or simply add points to the lease payment.
“Leasing companies have even gone so far as to create computer resellers whose sole purpose was to RE-INVOICE deals often times changing furniture, machinery, backhoes, etc., into Laptops/Servers and the like...NO SITE VISITS on VENDOR BUSINESS!!!
Pathetic isn't it!!!
”SCAM#2
“D&B Manipulation! As you know many lenders base approvals on D&B scoring...so if a guarantor has poor personal credit and has time in business of 2+ years or even better 5+years, a simple call to D&B can cure all his problems. It is done this way:
“The leasing company will log into D&B on the presidents behalf (i.e. IMPERSONATE THE PRESIDENT). They will then proceed to “update” the D&B records. This will consist of bumping the number of employees and annual sales reported etc...They can also manipulate the PAYDEX by reporting trades to D&B...I have seen a paydex move from the LOW 30's to 70 within 3-4 weeks...after the D&B is updated the company will simple SLIDE through GE CAPITAL credit window for CORP ONLY business....
“I have even seen presidents being replaced on D&B's as they will move a guy with good credit in and one with poor credit out...
“On smaller deals, most department of corporations can be accessed by the internet, where you simply change who is the president.”
(name with held )
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“Regarding the Broker to Vendor Funding Source—Three Separate Incidents #2 story in your 2/12 edition, I work with a vendor that reported to me a month or so back, that another leasing company was in the process of funding one of their transactions and asked the vendor to include their fee in the invoice to the funding source.
The vendor has not complied and as yet, the deal has not funded. The leasing company (broker) is located in Southern California. There was no "splitting" mentioned so maybe this is unrelated. My vendor wants no part in anything unethical. I am anxious to hear more details as your story develops.”
(name with held )
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Cartoon---We Never Say “No”
http://two.leasingnews.org/cartoons/HP-Financial_Services.jpg
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Collections---Purchase of Bad Debts
“I am a long time reader first time responder to your great
newsletter. My company Commercial Collection Consultants provide services
to asset based lenders , leasing companies, Commercial Banks and lenders ,
including collections,AR2, receivable consulting, training etc. We have 5
offices coast to coast staffed by credit and collection veterans.
“We are actively seeking the purchase of bad debt portfolios ranging from
$4,000,000.00 to $40,000,000.00. I was wondering how we could go about
getting that information to other subscribers of your newsletter.
“Do you have a website where we could post a notice or do you have a protocol for
these type of "B2B" connections. I have a couple of ideas I would like to
discuss with you and appreciate any thoughts , feedback you might have..
Thanks”
Phil_Carnes/Dallas/CCC.CCC@ccc-worldwide.com
(Thank you for your compliment. We are also always looking for stories for our readers. We like “human interest,” about people, their work, their background, or something that would be educational, where readers might learn something. If it is outright “advertising,” you'll have to then pay for it with a banner ad or advertising ad.
( Try our classified ads, outsourcing---it is Free:
http://64.125.68.90/LeasingNews/PostingFormOutsourcing.asp
editor
|
We are actively seeking experienced Account Executives as part of a significant growth initiative for 2004. Candidates must be self-motivated, hard working, and enjoy making some of the highest commission splits in the industry. About the Company: Genesis Commercial Capital, LLC; 17910 Skypark Circle, Suite 105; Irvine, CA. 92614 www.gen-cap.com |
Credit-Card Sector Poised for Growth
ABS Net
The volume of new credit-card securitizations is expected to rise to about $76 billion this year, the majority of which will refinance maturing issues.
Moody's is forecasting that $45 billion of outstanding credit-card bonds will come due this year - and the issuers will need to sell new asset-backed securities to pay off the remaining balances and keep the underlying receivables off their books. The resulting transactions should help the card sector emerge from a two-year issuance slump.
Credit-card lenders completed $67.4 billion of securitizations in 2003, down $5.6 billion from a year earlier, according to Asset-Backed Alert's ABS database. The projected 2004 volume, which is based on Moody's expectation that the market for new card paper will expand by 13%, would be slightly less than the 2002 issuance total.
Apart from refinancings, the improving economy and falling unemployment rate should encourage consumer spending, and in turn boost the potential for credit-card securitizations. "The degree of [issuance growth] will likely follow the strength of the current economic recovery," agency analysts wrote in a January report.
A few major players' securitization programs will exert a major influence on issuance volume. GE Capital, which is about to start securitizing its private-label credit-card accounts, could contribute as much as $5 billion of deals this year. Citibank could also cause overall volume to rise if it decides to sell bonds backed by accounts that it bought from Sears last year. Market players are similarly eager to see whether Bank of America, which hasn't completed a credit-card deal since 2001, will securitize accounts that it will acquire as part of its pending takeover of FleetBoston Financial.
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#### Press Release #################################
Equipment Leasing Association Responds to Treasury Department Testimony
Association Disputes $750 Billion Number for “SILO” transactions
Arlington, VA—February 12, 2004—The Equipment Leasing Association (ELA), a non-profit association representing the $218 billion equipment leasing and finance industry, today responded to new assertions by the Treasury Department regarding the scope of “SILO” transactions. In seeking to defend the Treasury's leasing tax-increase proposals, Treasury Assistant Secretary Pam Olson testified yesterday before the House Ways and Means Committee that as much as $750 billion of “SILO” transactions have been done in the past four years.
Aggregate leasing industry data clearly indicates that the value of assets involved in the types of transactions described by the Treasury Department is estimated to be $60-80 billion over a four year period. The Equipment Leasing and Finance Foundation's 2003 State of the Industry Report estimates the size of the entire leasing industry to be $218 billion in 2004.
“Treasury is clearly overstating the size of these types of transactions, which account for only about 10% of all leasing transactions. We question how Treasury came up with their number, which more closely represents the size of our entire industry,” ELA President Michael Fleming. The association also expressed its willingness to work with Congress as it considers legislation in the tax-exempt leasing area.
Editor's note: Please visit ELA's Leasing4USA site (www.ELAOnline.com/Leasing4USA) to learn more about the equipment leasing industry. Additionally, visit http://www.elaonline.com/GovtRelations/Federal/TreasuryBudget.cfm to access related ELA Reports.
About The Equipment Leasing Association
Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, ELA promotes the estimated $208 billion industry as a major source of funds for capital investment in the United States and abroad.
ELA provides its members with comprehensive services, assists in the resolution of industry issues, educates financial decision-makers on the benefits of leasing and promotes high standards of business practices within the industry. ELA maintains an informational portal for financial decision-makers to learn more about leasing and find a leasing company at http://www.LeaseAssistant.org. Headquartered in Arlington, Va., ELA has more than 800 member companies and a staff of 25 professionals. For more information on ELA, please visit ELA Online at http://www.ELAOnline.com.
CONTACT:
Amy Holmes, CAE
Equipment Leasing Association
Phone Number: (703) 516-8367
E-mail: aholmes@elamail.com
### Press Release ##############################
Business Leasing News---Great Explanation on Tax Exempt Entities
The current February edition of Business Leasing News by David G. Mayer, Esq.,
of “Leasing for Dummies” fame, is here:
http://two.leasingnews.org/loose_files/email.htm
Perhaps the best article to date on “Tax-Exempt Entities” is in this edition,
acknowledged as written with the help of George Schutzer, Patton-Boggs partner who specializes in tax matters,:
1. New Treasury Proposal Would Crush Leasing to Tax-Exempt Entities
In its continuing efforts to shut down what it considers to be abusive tax shelters and put the brakes on the ballooning budget deficit, the Treasury Department has included proposals in the administration's fiscal year 2005 budget that could crush certain types of long-accepted leasing to tax-exempt entities. See Treasury's proposal at page 124.
Tax-Indifferent Parties Affected
The proposal would apply new rules to leases with "tax-indifferent parties." Tax-indifferent parties would include federal, state, local and foreign governmental units, charities and foreign entities or persons. The proposal does not specifically reference tax-exempt nonprofit organizations other than charities, but it is likely that Treasury intends to include virtually all tax-exempt entities. As a result, trade associations and other large organizations like NRA, AARP and labor unions would likely be adversely affected by the proposal.
Current Depreciation Under Attack
Under present law, the recovery period for property leased to a tax-indifferent party is the longer of the property's assigned class life under the Internal Revenue Code or 125% of the lease term. Although computer software and qualified technological equipment (QTE) have long been exempted from this slower depreciation scheme, the Treasury proposal would eliminate the exemption from this rule. The proposal would also require that service contracts and other similar arrangements occurring after the end of a lease of property to a tax-indifferent party be taken into account in determining the lease term. See: Cost Recovery Deductions for Tax-Exempt Use Property: The Historical Context by the ELA.
In a much more dramatic change, the Treasury proposal would limit a taxpayer's deductions or losses related to certain types of leases to tax-indifferent parties to the taxpayer's income from the lease (income limit). In effect, the passive loss rules would be applied on a lease-by-lease basis to all kinds of lessors.
*Technical Point: A lessor's disallowed deductions would be carried forward and treated as deductions in the next year subject to the same limitations. Like the passive loss rules, the proposed rules would allow a lessor to claim any unused deductions when it disposes of the leased property.
Affected Lease Transactions
The income limit would apply to a lease to a tax-indifferent party if it has any of the following characteristics:
- The leased property is financed with tax-exempt bonds.
*Example: A university may finance student housing with tax-exempt bonds. Several years later, it could sell and lease back the property. In most cases, if the lessee used tax-exempt debt to acquire the property and then sold it, the debt would cease to be tax-exempt, but that is not always the case. The provision also would apply if a lessor financed a facility with tax-exempt debt and then leased it to a tax-exempt entity.
- The tax-indifferent party enters into an agreement to "monetize" its lease obligations, including any purchase option, in an amount exceeding 20% of the lessor's cost of the leased property. Arrangements to monetize these obligations include defeasance arrangements, loan by the tax-indifferent party or an affiliate, a deposit agreement, a letter of credit collateralized by cash or cash equivalents, a payment undertaking agreement, a lease prepayment, a sinking fund arrangement or other similar arrangement.
*Technical Point: Treasury would be permitted to issue regulations to allow monetizing up to 50% if the credit worthiness of the lessee would not otherwise satisfy the lessor's customary underwriting standards.
- The lessor fails to make an unconditional 20% equity investment in the property or fails to maintain a 20% investment throughout or at the end of the lease term.
- The tax-indifferent party assumes and retains more than a minimal risk of loss. Treasury views put options, residual guarantees, residual value insurance and other similar agreement as mitigating the risk of loss.
- Any other lease described by Treasury in regulations.
According to the budget proposal and earlier Treasury press releases ("Treasury Announces New Budget Proposals" "New Proposals Close Loopholes, Stop Abusive Tax Avoidance"), the proposal was intended to put a stop to so-called sale-in, lease-out or SILO leases with tax-indifferent entities. The typical SILO is described as a transaction in which: (1) no interruption or change in control occurs, (2) the lessee has an option to "repurchase" the property, and (3) a substantial portion of the lessee's rental obligations are defeased. (That is, the parties create a fund from proceeds of a sale of leased property to assure payments to the lessor).
As written, the income-limit proposal goes well beyond capturing SILO transactions of the type described by Treasury. In fact, the income-limit proposal could apply to certain lease transactions that meet guideline criteria as true leases. See: Leasing 101: What are the "Tax Guidelines" and "Revenue Procedure 2001-28" Business Leasing News (June 2003).
*Warning: The proposal is not limited to sale-leaseback or lease-leasebacks or to transactions in which there is a purchase option. The administration proposes a retroactive effective date to January 1, 2004. Lessors and lessees would therefore become subject to the proposals for leases entered into after December 31, 2003. However, the Treasury Department has indicated that it is willing to work with tax writers to address the retroactive effective date that would limit SILOs. House Ways and Means Committee Chairman William Thomas (R-CA) and Representative Jim McCrery (R-LA) have expressed concerns that the retroactive effective date of the SILO proposal could thwart legitimate leasing transactions.
Proposal Hurts Lessees and Lessors
In one of several statements issued by the Equipment Leasing Association (ELA), the ELA states that the proposal would potentially deprive tax-indifferent parties of the financial benefits of tax leasing, including obtaining needed cash through certain common sale-leaseback arrangements. See: Leasing Provides an Important Source of Financing for Cities.
The administration's proposal to limit tax deductions from property used by tax-exempt entities is not new. Section 476 of the proposed JOBS bill (S.B. 1637) (the Jumpstart Our Business Strength Act) as reported in the Senate last year also includes provisions that would limit deductions from such property to the amount of income generated from such property. Further, Section 472 of the JOBS bill would treat service contracts as leases for purposes of similarly limiting depreciation benefits. See: Tax-Exempt Entity Leasing Takes a Sudden Hit from Tax Shelter Legislation Business Leasing News (December 2003).
ELA Takes Action
Describing the "extremism" of a "poorly-thought-out provision," ELA immediately and vigorously opposed the Treasury proposal and argued that it should be dropped. Lessors have routinely made billions in capital available to tax-exempt entities. States have already been hit hard by the slow economy and face $80 billion of deficits for 2004. See: Stingers: The 2004 State Tax Survey, CFO Magazine online (January 2004). ELA argues that the proposals would limit tax benefits available to their lessors and, in all likelihood, increase pressure on cities and other tax-exempt entities to further reduce the capital and infrastructure spending at a time when they desperately need to start to recover after the economic downturn.
*Comment: Although budget deficits understandably require Treasury's attention, why is it that a tax-paying lessor should not be able to enter into a routine and long-accepted tax lease with a tax-exempt entity? See: Cost Recovery Deductions for Tax-Exempt Use Property: The Historical Context by the ELA. While the lessee may be tax-indifferent, the taxpayer-lessor is not. Lessors take the tax benefits and, based on market forces, share their tax savings with lessees, thus driving down the cost of capital for valuable capital expenditures by the lessees. The analysis is exactly the same for lessors for taxable lessee entities, such as private hospitals. Lessors pay taxes on their taxable income regardless of the lessee's tax bill. Moreover, lessors provide a source of funds to many cash-strapped tax-exempt entities that have few, if any, other source of capital for infrastructure and capital asset programs. If the Department of Treasury is concerned about defeasance structures, it should limit the scope of its income limit proposal to defeasance structures without regard to the status of the lessee. As proposed, the Treasury proposal seems to raises tax revenue on the back of tax-exempt entities rather than target truly abusive aspects, if any, of leasing to tax-indifferent parties.
Some Deals Unaffected
At least one group of lessors in certain tax-exempt leasing transactions seems to be unaffected. According to the Association for Government Leasing & Finance lessors who enter into typical Section 501(c)(3) and municipal lease-purchase transactions do not take the tax benefits and therefore would be unaffected by the Treasury proposal.
Lessors and lessees alike who participate in this market should consider taking immediate action on the JOBS legislation and the Treasury budget proposal if they want to avoid overbroad and transaction-limiting legislation. For more information and to support the ELA's effort to fight the legislation and budget proposal, contact Federal Government Relations at ELA at 703-527-8655. David H. Fenig is the newly appointed Vice President of this part of ELA.
I would like to thank one of my tax partners, George Schutzer, for his extensive assistance in drafting this article. If you would like to consider taking action regarding this proposal, please feel free to call or e-mail me or George to discuss the resources at Patton Boggs LLP available to address your concerns and assist you.
### Press Release ################################
EXPORT FINANCING FOR SMALLER-TICKET EQUIPMENT
In response to growing demand from equipment vendors and leasing brokers, Meridian Finance Group is pleased to introduce a pilot program for financing smaller-ticket equipment exports. When your vendors request financing for their creditworthy customers in Latin America; Pacific Rim, and other emerging foreign markets, now you can team up with Meridian to get more of these deals done.
For exports of equipment manufactured in the USA, Meridian has reduced its minimum deal size from $500,000 to $100,000 for selected transactions. Financing is generally in the form of loans rather than leases. Vendors are paid-without recourse-upon shipment and presentation of export documents, while the foreign buyers get three to five years repayment terms at very competitive interest rates.
LOAN FEES & BROKER COMMISSIONS
Upon accepting Meridian's financing quotation, the foreign buyer pays a commitment fee to cover expenses. The commitment fee is refunded to the foreign buyer if financing is not approved as quoted. An arrangement fee is withheld from the disbursement to the vendor when the transaction is funded (otherwise the foreign buyer would also have to pay this fee in advance). Leasing brokers are generally in the best position to negotiate the amount of the arrangement fee with their vendors. As soon as the deal is funded, one-half of the arrangement fee is paid to the leasing broker as commission.
Whether or not the vendor increases its equipment price to absorb the arrangement fee, Meridian requires a signed disbursement agreement up-front from the vendor. Many vendors don't even disclose arrangement fees to the foreign buyers, who are thrilled to get financing on any invoice amount.
WORKING WITH MERIDIAN FINANCE GROUP
The most effective way to present a deal to Meridian is with a copy of the foreign buyer's financial statements and a summary of the transaction (contract amount, equipment description, vendor information, foreign buyer information, anticipated shipment date). If the deal looks doable, Meridian will respond with a financing quotation and a checklist of any additional information required.
Once the financing quotation has been accepted by the foreign buyer and the commitment fee is paid, approval may take up to four weeks. Underwriting, documentation, and funding are handled entirely by Meridian. We work directly with the vendor and the foreign buyer, but please be assured of Meridian's commitment to support leasing brokers' vendor relationships.
Keep in mind that Meridian also offers programs for vendors who regularly export IN, any size of equipment, parts, materials, etc., on shorter (30 to 180 days) credit terms.
12304 Santa Monica Boulevard, Suite 214 Los Angeles, California 90025
Tel 310.442.3600 Fax 310.2072810 info@meridianfinance.com vvww.meridianfinance.com
#### Press Release ##############################
"equipment rental and leasing decreased 27 percent to $6 billion."
WASHINGTON,-- Security guards and patrol services provided by employer firms showed a revenue increase of 13 percent to $12 billion in 2002, helping push the service industries under which they fall, investigation and security, up 10 percent to $30 billion. That is $3 billion more than in 2001, the U.S. Census Bureau reported.
The overall administrative and support, and waste management and remediation services (except landscaping) showed an increase in revenues of 3 percent, to $421 billion in 2002 from $410 billion in 2001. The category also includes employment services, collection agencies and hazardous waste treatment.
Other revenue increases in the administrative and support, and waste management and remediation services included hazardous waste treatment and disposal, up 11 percent to $3 billion, and collection agencies, up 9 percent to $8 billion. Revenues for travel agencies decreased 8 percent to $9 billion.
In addition to administrative and support, and waste management and remediation services, the report included revenues for three other major service industries: arts, entertainment and recreation; rental and leasing services; and other services (except public administration).
Revenues of employer and nonemployer firms in the arts, Entertainment and recreation industries increased to $157 billion in 2002, from $147 billion. Rental and leasing revenues reached $106 billion in 2002, an increase of 1 percent from 2001. Other services (except public administration), which range from auto repair and maintenance shops to personal and laundry services, stood at $382 billion, virtually unchanged from the previous year.
Other highlights for employer firms by major industry group:
Arts, Entertainment and Recreation
-- Gambling revenues increased 13 percent in 2002 to $24 billion.
-- Fitness and recreational sports centers recorded an 11 percent increase to $15 billion.
-- Spectator sports revenues were up 10 percent to $20 billion.
-- Museums, historical sites and similar institutions, on the other hand, showed a 5 percent decrease in 2002 revenues to $8 billion.
Rental and Leasing:
-- Home health equipment revenues increased 6 percent to $3 billion.
-- Passenger car leasing revenues increased 5 percent to $4 billion.
-- Office machinery, and equipment rental and leasing decreased 27 percent to $6 billion.
Other Services (except public administration):
-- Revenues for automotive oil change and lubrication shops increased 8 percent to $4 billion.
-- Personal care services increased 7 percent to $19 billion.
-- Religious, grant-making, civic, professional and similar organizations' revenues decreased 3 percent to $121 billion.
Estimates in this report are based on data from the 2002 Service Annual Survey. They contain sampling and nonsampling errors. To keep the Identity of an individual firm confidential, some estimates may be suppressed. Users making their own estimates, based on survey estimates, should cite the U.S. Census Bureau as the source of the original estimates only.
See http://www.census.gov/econ/www/servmenu.html for measures of sampling variability and other survey information.
---
Full report available at: http://www.census.gov/econ/www/servmenu.html.
### Press Release ################################
Hansabank Group Financial Results, 2003-Leasing in Europe/Russia
TALLINN, Estonia, / -- Indrek Neivelt, Chairman of the Board, "2003 was a successful year for Hansabank Group. We reached several important milestones: our Group has two million cards, one million Internet bank customers and half a million pension customers. We managed to improve on last year's results despite a rapid decrease in interest margins. Our pre-tax profit increased by 15% to EUR 147.1 million and our market capitalisation grew by 35% to EUR 1.7 billion. We also took a big step forward in efficiency, reducing our cost to asset ratio from 3.8% to 3.1% over the year."
Annual highlights:
-- Net profit EUR 130.9 million in 2003, annual growth 9%;
-- Operating profit before provisions EUR 176.2 million, +35% yoy;
-- The main factors influencing the annual results were: decreasing
margins, strong lending growth, increase in foreign funding and
normalisation of provisioning cost (after a very low level in 2002).
-- Revenues +9%;
-- Expenses -8%;
-- EVA result EUR 57.8 million, -4%;
-- Net interest margin 3.65%, -49bp;
-- Return on equity 21.2%, return on assets 2.3%, earnings per share
EUR 1.65;
-- Cost-income ratio 49.3%;
-- Successful launch of the II Pillar pension reform in all three
countries - 0.5 million clients have chosen Hansabank Group as the
manager of their pension savings;
-- Acquisition of the largest life insurance company in Lithuania -
Lietuvos Draudimo Gyvybes Draudimas;
-- Successful start of Hansa Leasing Russia;
-- New management structure.
Despite intensifying competition, the Group managed to fulfill all financial targets and the consolidated net profit increased by 9% during the year to EUR 130.9 million. The development of the Latvian and Lithuanian operations was particularly positive during 2003. The return on equity of our Latvian operations reached the targeted 20% level, while the operating profit of the Lithuanian operations increased by 5.4 times during the year to EUR 17.2 million.
The full release and accompanying tables can be read on Hansabank's home page www.hansagroup.com
Mart Toevere
Head of Corporate Communications and IR
Tel. +372 6131 569
SOURCE Hansabank Group
CO: Hansabank Group
ST: Finland
SU: ERN
Web site: http://www.hansagroup.com
### Press Release ###################################
Streamlined Sales Tax Report Meeting
by Dennis Brown, ELA
The Council On State Taxation (COST) will host a private sector meeting dealing with Streamlined Sales Tax (SST) issues on Monday, March 22 & Tuesday, March 23 at the JW Marriott (formerly Le Meridien Hotel) located at 614 Canal Street in New Orleans. The agenda is focused on reviewing the level of compliance by states. Representatives of state government are encouraged to attend, especially the 20 states that have enacted the Agreement. This will provide an opportunity for private sector volunteers to meet as a group and to review the compliance checklists with the government representatives who did the initial preparation. The Streamlined Sales Tax Project (SSTP) will be on hiatus until the next meeting likely to occur in May.
This update provides:
- Conference & Hotel Registration
- General Summary
- Monday Schedule
- Tuesday Schedule
- Draft Agenda
Conference & Hotel Registration
Registration will be handled by your prompt RSVP to Steve Kranz of COST at skranz@statetax.org Include your name, job title, company/trade association/state Department of revenue, street address, telephone and fax numbers and email address for each person that will be registering. A registration fee of $100 per person will be invoiced to you for payment by credit card or check. Call the JW Marriott directly at (504) 525-6500 to make reservations at a group rate of $165 - $185 depending on the room configuration. The room block is listed under the ABA/IPT conference (which is taking place at the same hotel March 23rd to 26th).
General Summary
Although the agenda is not final, the meeting will start Monday morning at 9:00 a.m. and conclude by Tuesday afternoon at 4:00 p.m. Registrants are encouraged to send suggested agenda topics to Steve Kranz at skranz@statetax.org
The overall goal is to determine for each of the twenty states that have passed conforming legislation whether that state is in compliance with the Agreement. Discussions are meant to enable states to correct the problems before the Governing Board is convened. If feasible, the state DOR representative and the private sector volunteer may be asked to sign a statement that the checklist is correct to the best of their knowledge and that it identifies all known compliance deficiencies. This would be part of the effort to make certain, to the extent possible, that there are no surprises regarding compliance with the Agreement.
Monday Schedule
The draft agenda below is subject to change but at present calls for a business-only session Monday morning, March 22 from 9:00 a.m. – 12:00 noon to discuss the big-picture compliance problems and how industry as a whole should approach the compliance certification of individual states. This will include the checklist process, bundling rule, federal legislation, and any other topics suggested by the private sector. This discussion among representatives of business is not part of an official Streamlined Sales Tax Project agenda or a public meeting and is restricted to COST members and/or invited private sector attendees. Non-COST members from the business community have grown accustomed to attending the business only sessions, which demonstrate the significance of COST as the private sector voice in Streamlined Sales Tax.
Registrants are on their own for lunch on Monday followed by afternoon sessions open to all registrants. After lunch COST will convene a joint business/government session from 1:30 p.m. – 5:00 p.m. to go through the compliance checklist process, discuss specific issues and findings, and hopefully develop a firm understanding of the status of state compliance with the Agreement. Business representatives will have an opportunity to discuss the appropriate approach to these and other questions with the state Department of Revenue (DOR) representatives that have been working on the compliance checklists.
The goal of joint afternoon discussions is to reach agreement with the state DOR representatives on the issues raised earlier in the business-only session and to go state-by-state through each checklist to determine whether the state is in compliance based on the criteria agreed to and the information captured (in the checklist) by the state and private sector participants. Those business and state government representatives with checklist assignments need to complete these tasks prior to the meeting. Please send a copy of the final product in advance to skranz@statetax.org
Tuesday Schedule
The Streamlined Sales Tax meeting will convene at 10:30 a.m. on Tuesday, March 23 to allow some registrants to speak at the ABA/IPT morning session. The 10:30 a.m. to noon discussions are open to all registrants, as businesses and trade associations will again be meeting with government representatives to go over any remaining compliance issues. From 12 noon until 1:30 PM everyone will be free to enjoy lunch at the abundant locations available in New Orleans.
There will be a wrap-up business only session from 1:30 p.m. until 4:00 p.m. on Tuesday. As is the case on Monday morning, this discussion among representatives of business is not part of an official SSTP agenda or a public meeting and is restricted to COST members and/or invited private sector attendees
Draft Agenda
Monday, March 22
9:00 a.m. – 12:00 noon
Private sector only discussion of compliance checklist and other issues
12:00 noon – 1:30 p.m.
Break for lunch (on your own)
1:30 p.m. – 5:00 p.m.
Joint meeting of private sector and government representatives to discuss compliance checklist issues
Tuesday, March 23
10:30 a.m. – 12:00 noon
Continuation of joint meeting
12:00 noon – 1:30 p.m.
Break for lunch (on your own)
1:30 p.m. – 4:00 p.m.
Business only session recap
** Please send your suggested agenda topics to Steve Kranz at skranz@statetax.org
Dennis Brown
Equipment Leasing Association
http://www.elaonline.com/GovtRelations/State/Streamometer/
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“Gimme that Wine”
Trinity: New Northern California Appellation Proposed
http://www.winespectator.com/Wine/Daily/News/0,1145,2339,00.html
Red Wine May Help Reduce Damage from Smoking, Study Finds
http://www.winespectator.com/Wine/Daily/News/0,1145,2341,00.html
The US has eclipsed Italy as the UK off-trade's third-biggest wine supplier
http://www.harpers-wine.com/newsitem.cfm?NewsID=1370
An Affair to Remember and Pink Champagne
http://wine.about.com/library/weekly/aa061202.htm
Malolactic mouthful/ Tongue-twisting technique alters Chardonnay's taste
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/02/12/WIGIA4TKBJ1.DTL
Vintners pour on generosity for charity http://www.usatoday.com/life/lifestyle/2004-02-12-wine-generosity_x.htm
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This Day in American History
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..."
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.
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
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).
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.
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)
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
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.hickoksports.com/biograph/fosterrube.shtml
1921- tenor sax player Wardell Gray, Oklahoma City, OK
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
1927-Birthday of tenor sax player Buck Hill, Washington, DC
http://www.asetbooks.com/Us/BuckHill.html
http://vervemusicgroup.com/verve/product.asp?pid=9846
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.
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 on Dragnet, sergeant's badge No. 714, and erected a memorial to him on the LAPD Academy grounds.
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.
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.
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.
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.
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.
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.
1972—Top Hits
Let's Stay Together - Al Green
Without You - Nilsson
Precious and Few - Climax
One's on the Way - Loretta Lynn
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.
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).
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.
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.
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.
1977-Birthday of football player Randy Moss, Rand, WV.
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.”
Happy Valentine's Day and enjoy the long three day weekend.
Kit Menkin, editor
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