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Commercial Sales Associate

Looking for Sales Associate with a following.  Your area of expertise should be with any titled rolling stock;  New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses,  any commercial vehicle.  National Scope.  Hi Commission with benefits. 

Curt Webster, CVLE  516 922-7447

We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States.

carleaseusa.com

Monday, February 23, 2009


Photo of Peter Fonda as Wyatt, riding a “chopper,” Dennis Hopper as Billy from Easy Rider,
slightly modified “chopper.”

Actor Peter Henry Fonda born February 23, 1939 New York City, New York. Perhaps best known for "Easy Rider" and "Ulee's Gold."
http://www.nndb.com/people/538/000023469/
http://www.starpulse.com/Actors/Fonda,_Peter/Biography/

Headlines---

Classified Ads--- Asset Management
    It’s Official. Popular Leasing sold to TCF
        Employment Shift to "Brokers" & "Independents”
Credit Union Enter Leasing Equipment Fray
    Bank Beat by Christopher Menkin
        St. Laurent at MSI-Consulting
Classified ads---Help Wanted
    New Hires---Promotions
        Leasing News Top Stories---February 16-20
    Placard--Don't Give Up!!!
Leasing 102 by Mr. Terry Winders, CLP
Selling Transactions in Today’s Marketplace
    The root of this mess: falling house prices
U.S. Bancorp CEO Davis rips TARP
    Bennett Leasing Prosecutor Heads SEC Enforcement
    Airbus exec: Plane maker wants more government aid
    Texas Town Holds Roots of Stanford Empire
    SEC missed numerous red flags surrounding Stanford
    Antigua’s Leader Vows Cooperation with U.S.
    Nigerian accused in $27 million swindle
    Philly newspaper owner files for Chapter 11
    Complete list of winners at the 81st annual Oscars
    Notable Quotes from the 81st Annual Academy Awards
News Briefs---
    You May have Missed---
        California Nuts Brief---
    Sports Briefs---
"Gimme that Wine"
    Today's Top Event in History
        This Day in American History
    SuDoku
Daily Puzzle
    GasBuddy
        Weather, USA or specific area
Traffic Live----

######## surrounding the article denotes it is a “press release”

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Classified Ads--- Asset Management

Massachusetts, MA
Started in credit and collections 30 years ago with a private agency. My skills are negotiating with Attorney's, Insurance Companies & Large & small companies.
cityofpa@earthlink.net | Resume

Minneapolis, MN
16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest.
golfadm@yahoo.com

United States
Multi- talented individual looking to relocate back to mainland. Over 20 years of experience in Asset Management, Venture Leasing, Operations and Senior Management Positions.
RESUME | Email: dan@ggpglobal.com

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm

[headlines]

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It’s Official. Popular Leasing sold to TCF

Friday, February 20, 2009, Fred Van Etten, president of Popular Equipment Finance, Baldwin, Missouri announced in a letter to all employees the selling of the Popular Equipment Finance portfolio, a division of Banco Popular, Puerto Rico (BPOPN) to TCF Financial, Wayzata, MN (TCB) “…and today is the culmination of the decision we made in October… (we) worked tirelessly for the last 4 months to bring together this sale which no one in our industry would have believed possible in light of the current financial landscape.”


“Freddy” Van Etten in happier days

“I am pleased that we have come to a successful conclusion on the portfolio sale, however I am saddened that not everyone will continue with TCF. I am confident however that each and every one of you will find future success and that your time here at PEF was educational and I very much appreciate your efforts and your teamwork.”

Thursday those on the Leasing News mailing list received a semi-official “extra” that the web sites of Popular opened to TCF, as well as the TCF leasing numbers from their financial statement.

August 6, 2006 Frederick Van Etten was named the new President of Popular Leasing, U.S.A. He started McDonnell Douglas Finance Corp, Long Beach, California in 1978, then was transferred to Houston, 1981, finding top positions at Redstone Bank (Northwest Bank),First Sierra, Sterling Bank, MarCap, and finally at Popular Equipment Finance.

According to a recent press release, "Popular Leasing USA, Inc., is the equipment leasing subsidiary of Banco Popular North America. Established in 1996, Popular Leasing is the 38th largest bank-owned leasing company in the U.S. and is recognized by the St. Louis RCGA as a “Top 50 Business”. The company offers small- to large-ticket equipment leasing services to medical and commercial markets throughout the U.S., Canada, Puerto Rico and the U.S.V.I. Headquartered in Ballwin, Missouri, Popular Leasing has a network of twelve sales offices in ten states."

TFC received $361 million in the TARP program, plus also provided for the U.S. Treasury to receive a warrant for the right to purchase approximately 3.2 million shares of common stock of TCF. The number of shares related to the warrant can be reduced based on future issuance of certain Tier 1 capital by TCF.

TCF Financial Corporation reported in their 10K filed February 16, 2009:

"Leasing and equipment finance reported net income of $30.3 million for 2008, down 12.4% from $34.6 million in 2007... Leasing and equipment finance non-interest income totaled $55.5 million in 2008, down $3.6 million from $59.2 million in 2007. The decrease in leasing and equipment finance revenues for 2008, compared with 2007, was primarily due to a decrease in sales-type lease and operating lease revenues."

Copy of Van Etten February 20, 2009 letter:
http://leasingnews.org/PDF/PEF_letter2.pdf

February 19, 2009 -- Leasing News Extra
Semi-Official: Popular Equipment Financial sold to TCF Financial
http://www.leasingnews.org/archives/February%202009/02-19-09a.htm

Previous stories on Fred Van Etten
http://www.leasingnews.org/Conscious-Top%20Stories/whateverFred.htm
http://www.leasingnews.org/Conscious-Top%20Stories/Fred_Van_etten.htm
http://www.leasingnews.org/archives/August%202006/08-02-06_Flash.htm

[headlines]

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Employment Shift to "Brokers" & "Independents”

As the ZRG Partners index shows: Opportunities for new jobs in the leasing and finance industry in America is at an all time low.

"The blend of organizations seeking talent has shifted to ‘Brokers’ and ‘Independents’ who are trying to take advantage of the disruption with the larger companies and add talent, “ ZRG Partners conclude. “While the shift in organization type is clear, the index also shows more sales opportunities being advertised as a percent of the total than past indexes.

"Unemployment nationwide is at historic highs and the leasing industry has had it fair share of major reductions in workforce. Major market exits by firms such as GE and RBS has created large numbers of talented professionals now seeking employment. The problem is a simple supply and demand"

“The Unique market events of November and December certainly stalled plans for 2009 hiring. In speaking with clients in the market, 75% or more have plans to be flat or grow at less than 5% in 2009 with a strong focus on profitability and portfolio performance.”

The ZRG Partners report sees hiring in these fields:

“Credit and Risk: Firms, given the bank compliance and regulatory issues, are beefing up their risk management areas to comply with increase reporting and analytics. Talent is still in short supply for top credit and risk positions.

“Collection/Workout and Recovery: Firms are increasing overall spending in this area focusing on better hiring, training, and upgrading of talent. this goes from the “team leader” roles to VP of Collections and Portfolio Management. Finding great talent willing to relocate and change jobs is becoming difficult due to talent shortages.

“Sales and Origination Teams: Selectively, clients are putting out “buy” order for select types of originators that fit a highly specific match to a growth need. Healthcare remains hot conversely low yielding niches are not hot. We have seen 2-3 sales teams move to new companies in Q1 21009 already shifting substantial volume.”

Full Report here:
http://leasingnews.org/PDF/ZRG_February_2009.pdf

[headlines]

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Credit Union Enter Leasing Equipment Fray

(Bruce Chafin: Senior Vice President
BChafin@myMAX.com
Mailing Address:
P.O. Box 244040, Montgomery, AL 36124-4040
Office Address:
400 Eastdale Circle, Montgomery, AL 36117 MAP
MAX LeasingUSA: 334-215-4970
Toll Free: 866-313-4278
Fax: 334-273-2981
http://www.maxleasingusa.com/index.php

(It appears Mr. Chafin experience has been with TCP Leasing, where he was “vice president and national sales manager at TCP Leasing of Raleigh, which provides equipment leasing to community banks.” He previously worked at De Lage Landen and GE Capital. Editor)
http://www.tcpleasing.com/about.html

[headlines]

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MAX Credit Union adds leasing division

By Cosby Woodruff
http://www.montgomeryadvertiser.com

MAX Credit Union said it has opened a leasing division because so many companies are having cash flow concerns. The credit union has launched MAX Leasing USA, a commercial leasing division that helps small companies acquire equipment through leasing rather than out­right purchase.

Mark Ziegler heads the credit union's business services of­fice, and Bruce Chafin heads the leasing department within that office. Both men said that leas­ing makes sense for small business when money is tight.

In a typical leasing arrangement, a business identifies a piece of equipment it needs -- anything from chairs to forklifts -- and approaches a leasing company. That company purchases the equipment and gives it to the company to use in ex­change for periodic lease payments.

The trick to making it work is for the lender to accurately guess what the equipment will be worth at the end of the lease. The lender takes the difference, adds interest and fees, and divides it by the number of payments due.

When the lease is up, the equipment either goes back to the lender or the company purchases it outright.

Accounting and tax rules have long made leasing an attractive offer, and Chafin said recent tough times among some businesses make lease pay­ments much more attractive than purchasing for some companies.

Ziegler said MAX thinks its leasing arm will be successful because of the way it is organized. The credit union hired Chafin and an administrative worker, but it will outsource many of the basic duties such as accounting and evaluating equipment.

Chafin, who has worked in leasing for other organizations, said establishing an accurate residual determines whether a lease is profitable.

"We intend to be very conservative in residual valuations," Chafin said, explaining that the company would lean toward lower valuations.

If the lending company estimates the residual value too highly, the lease payments won't be sufficient to cover the cost. If the estimate is too low, the lease payments will be too high to be attractive.

The lease company also must make sure the equipment will last at least as long as the lease.

"Each type of equipment has its own useful life," he said. "We have to find life after the lease."

For most pieces of equipment, he estimated up to 75 per­cent, which means a sale to the company that has been leasing it. For other things, it can mean a selling the used equipment through a third party.

Leasing of commercial equipment traditionally has been handled by what are known as captive finance arms -- or branches of the companies selling the equipment -- or financial giants such as GE Capital, Chafin said.

MAX wanted to change that.

"There is a lot of benefit in doing business with somebody locally," Chafin said.

MAX's leasing program isn't for everyone. Business have to have at least a two-year record and good credit. Lease deals will range from $5,000 to $1 million with most around $50,000, Ziegler said.

The leasing program also is technically a separate company, wholly owned by the credit union, and that gives it a little more flexibility, they said. Lease customers do not have to be members of the credit union.

Credit Union Philosophy:
http://www.creditunion.coop/history/cu_philosophy.html

Find one of 3,579 Credit Union Locations near you
http://www.creditunion.net/

Find a credit union by choice:
http://www.findacreditunion.com/search.cfm

[headlines]

--------------------------------------------------------------

Bank Beat by Christopher Menkin

Where is Dale Carnegie when we need him? There is so much negative thinking and "doom-gloom" that it is not only taking the stock market down, but the rest of the country. Yes, more banks fail, but the FDIC has added staff, started gearing up a year ago, and while potshots may be taken at the boss, compliments should go to the men and women in the field.

Also the regulators should get a pat on the back for the swift action, even though the investigation was not complete, in closing down Stanford International. Readers should view the NY Times story where these facts were revealed: "Oliver Goswick — a small-time car dealer with a high school education — oversees investments for the board of Stanford International Bank, according to the company’s most recent annual report. But, Mr. Goswick’s son says, his father is not in a position to provide much oversight. “My father had a stroke in 2000 and has been unable to talk or communicate much for a multiple of years,” said Dick Goswick...

First Bank of Beverly Hills, California, was order by both the California Department of Institutions and FDIC to raise sufficient capital or find a buyer. Under the order, the bank has 60 days to increase its regulatory capital by $70 million or more and raise its Tier 1 capital to at least 8%. Its other option is to find a buyer acceptable to the regulators within 30 days of the issuance of the order. "The additional loan loss allowance ($37.8 million) primarily resulted from a reduction in valuations on the residential construction and land portfolios, and a weakening economy and real estate market. After the loan loss provision of $37.8 million for the fourth quarter of 2008, the Company’s allowance for loan losses at December 31, 2008 was approximately $31.1 million, or 3.7% of total loans.
http://ofchq.snl.com/Cache/c7377728.htm

Silver Falls Bank, Silverton, Oregon, is the 14th bank to fail this year (25 banks in 2008.) The FDIC entered into a purchase and assumption agreement with Citizens Bank, Corvallis, Oregon, to assume all of the deposits of Silver Falls Bank. The three branches of Silver Falls Bank will reopen Monday as branches of Citizens Bank.

As of February 9, 2009, Silver Falls Bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank. The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million. Silver Falls raised $525,000 from a stock sale last month, the Oregon regulator said, but it was evidently not
enough. Funds were held in an escrow account and are being returned to the investors, they reported.
http://www.fdic.gov/news/news/press/2009/pr09024.html

The FDIC doubled premiums it charges banks to replenish its reserves last December, which had $34.6 billion as of the third quarter. They predict Bank failures through 2013 may cost the funds more than the $40 billion. The FDIC oversees 8,384 institutions with $13.6 trillion in assets.

The FDIC is selling loans held by failed banks at a discount to entice buyers standing on the sidelines due to fears of increased losses as the recession worsens. Through Feb. 13, the assets of four community banks have been sold to healthier rivals at a combined discount of $107 million, the FDIC said, compared with only one such deal last year.

Current List of Failed Banks:
http://www.fdic.gov/bank/individual/failed/banklist.html

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)

[headlines]

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St. Laurent at MSI-Consulting

Fred St. Laurent, long time finance/leasing recruiter has rejoined MSI International, Atlanta, Georgia.

"MSI International is a leading global recruiting firm that has been supporting the growth and success of companies and enhancing the careers of professionals since 1968. The Atlanta-based company provides direct-hire and contract professionals in these industries: Accounting, Banking, Biomedical, Construction, Distribution, Engineering, Financial Services, Food Technology, Healthcare, Information Technology, Legal, Manufacturing and Telecommunications."
http://www.msi-intl.com

Fred will be senior account executive at the Healthcare desk with the goal of opening up a finance/leasing desk in the near future. He is a past member of the Leasing News Advisory Board, active in several leasing associations
at one time.

Fred St Laurent
Senior Account Manager
MSI-Consulting MSC Division
6151 Powers Ferry Road
Suite 540
Atlanta, GA 30339
800.804.6741 ext. 3283
(678) 608-3283 Direct
(678) 809-0933 Fax
Fred.St.Laurent@msi-intl.com

[headlines]

--------------------------------------------------------------

Leasing Industry Help Wanted


Commercial Sales Associate

Looking for Sales Associate with a following.  Your area of expertise should be with any titled rolling stock;  New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses,  any commercial vehicle.  National Scope.  Hi Commission with benefits. 

Curt Webster, CVLE  516 922-7447

We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States.

carleaseusa.com

sales


Sales

Position available for experienced salesperson to solicit direct business for equipment & vehicle leasing company located in Maryland. Madison Capital provides lease financing nationwide, in Canada and Puerto Rico

Call either Nancy Pistorio (800.733.5529 ext 7325) or Allan Levine (800.733.5529 ext 7337)

About the Company: We are a direct funding source for most types of equipment and all makes of vehicles. We have brokerage capability and experience for equipment transactions up to $10,000,000.



Looking to Hire the Best!

If you are located in the Mid-Atlantic region with a book of customers and limited funding, we should talk. Email resume to: resume@libertyfg.com
Call Tom at 800-422-1844

About the Company: Liberty is a regional self-funded finance company specializing in hard assets at good rates. 



Sales
San Clemente, California

The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions .  We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223
email: tclark@ifinancialgroup.com

Ten years providing financing nationwide



VENDOR SALES SPECIALISTS
LEASING SALES PROFESSIONALS

Like selling vendor programs and large transactions?
Enjoy international financing programs?
Prefer the advantages of a commission only environment with the security of health and welfare benefits?

CLICK HERE to find out how to have fun again.

Please see our Job Wanted section for possible new employees.

[headlines]

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New Hires---Promotions

Tony Huang was hired by Velocity Financial Group, Inc., Boston, Ma. as vice president, opening an office in Santa Clara, California. Prior to joining Velocity, Huang was vice president of the Technology Banking Group at United Commercial Bank, focused on asset-based lending to expansion and later stage technology companies. Huang was previously with Silicon Valley Bank, serving in various capacities involving credit underwriting and portfolio management, corporate development, and international strategic alliances during a ten year period. As director of the International Venture Capital Group, Huang maintained SVB’s network of international venture capital relationships and reviewed strategic investments in technology companies and venture funds.

David Ten Kroode was promoted to vice president, energy vendor solutions, Key Equipment Finance, Boulder, CO. He joined Key Equipment Finance as an account executive serving clients in its European central region in 2004. January, 2007, he relocated from the Netherlands to the Chicago area. Prior to joining Key, he was a financial advisor for IBM Global Financing and sales manager for New Amsterdam IT Group. He also worked at Nortel Network. David Ten Kroode 1000 S McCaslin Blvd. Superior, CO 80027United States of America Toll-free: 888-301-6238 Phone: 630-874-5908 Fax: 720-304-1250 David.Ten.Kroode@Key.com

Edward J. Maron was named director, major markets at Key Equipment Finance, covering major market originations in the eastern United Sates. He previously was executive director in the municipal securities group of UBS and from 2004-2006 at BTMU Capital Corp He was a vice president at Fleet Capital Leasing from 1997-2000, and director at the technology vendor leasing company Leasing Solutions Inc. from 1992-1997.

Peter Myhre was appointed senior vice president of Wells Fargo Equipment Finance newly formed healthcare division. He is the previous CEO and president of Marcap, purchased by Tygris, and VP of DVI (BK),a healthcare financing company. During his eight years at the company, Myhre was also chief operating officer for the Strategic Partner Group, the small- to middle-ticket equipment finance arm of DVI, and vice president of the group that managed vendor relationships. Myhre has also worked for Summit Credit Corporation, Prime Capital Corporation and as a CPA for Peat Marwick, Mitchell & Co. Myhre has a master’s degree in management from the J.L. Kellogg School of Management at Northwestern University and a Bachelor of Arts degree from University of St. Thomas in St. Paul, Minnesota.

Ron Queen was promoted to Vice President of Credit, Marlin Business Services, Mount Laurel, NJ. He will continue to oversee the OEG credit group and will take over the management of Credit for Marlin's national retail channel. Mr. Queen's promotion to Vice President includes oversight and management of credit operations for Marlin's national retail channel group. Ron Queen joined Marlin in June 1998 after graduating from Hampton University in Virginia with a degree in Economics. Ron has been with the organization for 10 years, starting as an analyst and assuming roles of increasing responsibility. Most recently, Ron has served as the Director of Credit for OEG where he has been instrumental in making this group successful.

Ray Shilling was promoted to Vice President of Sales, Marlin Business Services, Mount Laurel, NJ. Mr. Shilling will continue to oversee the sales staff within the Office Equipment Group ("OEG") and recently assumed responsibility for Marlin's Asset Management Operations. Mr. Shilling joined Marlin in November of 2007 after spending sixteen years in the financial services industry including seven years at Advanta. He sits on the Equipment Leasing and Finance Association's small ticket council and is a graduate of Delaware Valley College where he earned a B.S., Business Administration degree.

[headlines]

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Leasing News Top Stories---February 16-20

Here are the top ten stories opened by readers:

(1) Alert: Sterling Financial, Prairie Village, Kansas
Removed from Leasing News Story Credit List

(2) Tygris/USXL Vendor Finance exits another division
http://www.leasingnews.org/archives/February%202009/02-17-09.htm#tygris

(3)Stimulus Plan for Finance/Leasing
by Christopher Menkin
http://www.leasingnews.org/archives/February%202009/02-19-09.htm#stim

(4) SunBridge Capital, Mission, Kansas-up-date
http://www.leasingnews.org/archives/February%202009/02-17-09.htm#sun

(5) Stimulus Bill extends 50% Bonus Depreciation
http://www.leasingnews.org/archives/February%202009/02-17-09.htm#bill

(6) Ex-Leaf Employees Still Available
http://www.leasingnews.org/archives/February%202009/02-17-09.htm#leaf

(7) GE’s Immelt Waived Bonus Pay After 2008 Profit Drop
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSAtrN029FQY

(8) Weiss on the large ticket leasing economy
http://www.leasingnews.org/archives/February%202009/02-19-09.htm#ticket

(9) Billionaire's bank customers denied their deposits
http://www.ajc.com/business/content/shared-gen/ap/Finance_General/
CB_Antigua_Stanford.html

(10) Want to Hire Great Sales Reps?
Start by Avoiding the "Sales Personality" Myth
Sales makes it Happen—by Steve Chriest
http://www.leasingnews.org/archives/February%202009/02-19-09.htm#sales

Extra: Note counted for technical reasons:
February 19, 2009 -- Leasing News Extra
Semi-Official: Popular Equipment Financial sold to TCF Financial
http://www.leasingnews.org/archives/February%202009/02-19-09a.htm

[headlines]

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[headlines]

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Leasing 102

by Mr. Terry Winders, CLP

Selling Transactions in Today’s Marketplace

Current funding sources are hard to find and when you present a package for consideration it is important to be complete and creditworthy. Do your homework and check out the deal before submitting it for consideration. I can remember the days when vendor and brokers alike submitted inadequate information and expected the funding source to do all the work. Those days are gone and you will have to ask a lot more questions of the customer than you have ever had to do and if they refuse to answer them move on to the next deal.

Today fear and poor financial results are commonplace. A funder is looking to reduce risk by “completely” understanding the financial condition of the lessee. That means you must have “current” financial information. Right up to the minute results with projections and business plans to project how they are going to weather the economic storm. The days of limited financials and making decisions on past credit performance will not suffice any longer. Good credit last year does not mean spit today. You will have to prove that they have enough liquidly to last a few years in the future and they are in a market where demand has not been completely compromised. It would be a good addition to your package to insert anything you can find on the industry served by your lessee or the reasons their product or service is still necessary.

In the past credit people always looked for the safety valve in the lessee’s financials that gave them liquidly and staying power when times got bad. Unfortunately many firms that started in the last twenty years have not ever suffered a recession or a depression and with the introduction of cash management many companies looked to lines of credit and other short term assets to fill that need. Now that banks have tightened their lending many lines of credit have been reduced or outright closed. Those safety valves have been reduced so the focus is going to be on current staying power.

I do not think you can afford not to look at each deal that comes your way but many will seek out lessors because they have been turned down by their normal lenders. You will have to build a case for each opportunity so do not waste your time on marginal transactions that have little hope to be funded. I know it is hard to say no when a vendor that have you been trying to establish a relationship with, gives you a chance but a bad deal in today’s market will just waste your time. Always ask for current financials and check their trades before wasting a funding sources time.

A current list of requirements for a package over $50,000 is three years of year end financials with current quarterly results even if it is internally unaudited results, plus next year’s projections. Include a “complete” equipment description and add brochures with a presentation on the impact of the equipment to the firm. Is it a replacement or a new addition, will it improve efficiency, does it lower or increase costs, how fast does it depreciate, what will the value be at termination. How large is the aftermarket and how easily can it be disposed of in today’s market? These questions ease the collateral concerns of credit people so they can examine the true risk. Also be prepared for requests for security deposits, to reduce the risk, because additional collateral is not allowed in leasing.

You may be requested to check for tax liens and go to the Secretary of State in your state to confirm company name and that they are in good standing. With fraud so prevalent today always confirm the signer and witness the signature, because you are usually on recourse for fraud. In addition those short form leases you have been using need to be replaced with longer stronger lease agreements. The short form leases are OK in good times but they represent to many risks in today’s market.

Finally always check that the signer has authority by obtaining a board resolution or the equitant. The more complete your package the faster you will get an answer. An incomplete package will be rejected today regardless of how strong the lessee appears. When credit is tight you must do your homework and prepare your package like is being funded with your mother’s money.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.

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

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

[headlines]

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The root of this mess: falling house prices

Al Schuler
USDA Forest Service


Percentage of Subprime Mortgages

Total starts are down 16.8% from December while single family is down 12.2%. Permits were off a bit less - total permits fell to 521,000 (SAAR) while single family fell to 335,000, off another 8% from December. OK - those are the numbers, so let’s discuss the future. The good news is that the new administration is finally addressing the real problem - the problem that caused the financial crisis and the problem that must be fixed before our financial systems start to act reasonably normal again, that is, they start lending again. The problem is, of course, foreclosures.


Housing Defaults

Finally, we are seeing some indication that housing needs to be fixed of the economy will continue to get worse.

The “root cause” of the mess is falling house prices, leading to foreclosures – leads to bank problems – leads to credit restrictions – leads to lower consumption ( 70% of the economy) – less investment ( impacts productivity and competitiveness) – prices fall – 1st, we have disinflation ( what we have today) – and finally, deflation.
The “ship is taking on water” and we’re running out of time to plug the holes. The current “bilge pumps” – TARP, etc. are not enough. Once the ship starts to tilt (deflation), the remedy/solution/recovery is much more difficult.

So, what am I saying? Maybe we have to “bite the bullet” and do whatever it takes to “save the ship/ the economy”. This could very well include a continuation/expansion of the quasi nationalism efforts to date. As long as these efforts are not “permanent”, and assets are quickly returned to the private sector, maybe this is what we have to do at this time? I don’t know.

Mortgage defaults put the bank’s capital ratios under pressure - Here is a non bankers’ explanation of the process:

Banks Get into Trouble as “capital ratios*” weaken.
FDIC guidelines are:
(1) must be greater than 10% for commercial banks
( Bank America, Citi bank)
(2) must be greater than 3% for investment banks – (Lehman Bros, Merrill Lynch) - they are now gone as they converted to commercial bank status, bankruptcy, or merged with commercial bank)
\

As capital ratios approach FDIC thresholds, banks cut back on lending – the “credit crunch”

*Capital ratio is the ratio of liquid assets (cash and other capital)
to outstanding loans. As loans ”sour” or become “non performing”, cash or capital is used to “cover” the bad loans. This has multiplier effect both in lending and cutting back on lending. E.g., by adding $1million new capital, they can loan out $10 million to new borrowers. However, if the bank loses $1million (e.g., mortgage default), then, they must either replace the capital (find new investors), or reduce lending until the capital ratios is OK. E.g., if the bank loses $1 million from bad loans, and they can’t find new investors, then, they need to reduce lending by $10 million. They often reduce lending “across the board” – auto loans, credit cards, residential and commercial mortgages.

Foreclosure Sales keep pressure on the bank’s capital ratios

More underwater homeowners go into foreclosure. And this adds to problems with bank’s capital ratios.

Key points of the White House plan:
1. Provide low cost refinancing for responsible homeowners suffering from falling house prices
2. $75 billion homeowner stability initiative to prevent foreclosures and help responsible families stay in their homes

My Analysis: Here is a clue - the description of “qualifying homeowners” for Plan #1 is two paragraphs and the description of “qualifying homeowners” for Plan #2 is seven pages. Plan #1 refers only to people with “conforming loans” – i.e., ones written or insured by Fannie or Freddie. Plan #2 refers to everybody else – subprime, ALT A, Options adjustable, jumbo loans. These are the more serious problem loans, and therefore will require more “options”. One of those options is “allowing judicial modification of home mortgages during bankruptcy”. This opens a whole new “can of worms” – see the Mortgage Bankers Association website for some insight on this issue. (http://www.mbaa.org/default.htm).

Bottom line: A good start, particularly Plan #1 and I believe it has a good chance for measurable success in reducing foreclosures involving conforming loans. Plan # 2 will take enormous amounts of time to make measurable progress in my estimation.

Our economy is in a major mess.

Solutions to date include various forms of “socialism/quasi nationalism” – the TARP – bailing out the financial industry; bailouts of AIG and the domestic auto industry; and now a bailout of the U.S. homeowner. The bailouts will eventually cost all of us - in the form of higher taxes, fewer services, inflation, and higher interest rates. The bailouts are not fair to the majority of Americans (homeowners, lenders/financial community and others) who “played by the rules”, were responsible; were not greedy; and so on. We will end up paying for the minority that acted irresponsibly.

However, who said “life is fair”?

The country is skidding deeper into recession and the unemployment rate could reach double digits by 2010. This will only exacerbate our problems with foreclosures and the financial crisis.

And, it means that, maybe, we just need to “move on” – accept that some “undeserving deadbeats” will be spared financial ruin, but maybe that is what we ( the country) have to do to insure that the entire ship/economy does not fall in to the abyss?

Anyway – just some random thoughts. I’m certainly not in favor of nationalization it kills innovation, incentives, productivity – leading to a lower standard of living). I firmly believe the American system of capitalism is a good system, and is still relatively sound, although a bit tattered.

But, we need to “move on” – we have the capability – the skills – the innovation – the resources – we just need the “will” and confidence in ourselves to do so. I’m not a Democrat or Republican ( a fiscally conservative Independent – how’s that for a mouthful), but I believe the new administration is trying to do just this – provide a framework, laws, policies, and leadership that will encourage us to band together and turn this mess around.

Here is a website with details on the White House's recently released "Homeowner Affordability and Stability Plan".
(http://www.treas.gov/press/releases/tg33.htm).

[headlines]

#### Press Release ##############################
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News Briefs----

U.S. Bancorp CEO Davis rips TARP
http://www.twincities.com/ci_11722986?IADID=Search-www.twincities.com
-www.twincities.com

$1 billion Bennett Leasing Prosecutor Heads SEC Enforcement
http://www.sec.gov/news/press/2009/2009-31.htm

Airbus exec: Plane maker wants more government aid
http://www.businessweek.com/ap/financialnews/D96GKBFG0.htm

Texas Town Holds Roots of Stanford Empire
http://www.nytimes.com/2009/02/20/business/20texas.html?scp=5&sq=stanford&st=cse

SEC missed numerous red flags surrounding Stanford
http://www.google.com/hostednews/ap/article/ALeqM5iVIypiR-RFg4T8HkjeNGQq
PD1IiwD96GST501

Antigua’s Leader Vows Cooperation with U.S. in Investigation of Its Banks
http://www.nytimes.com/2009/02/23/business/23stanford.html?ref=business

Nigerian accused in $27 million swindle
http://www.upi.com/Business_News/2009/02/21/Nigerian_accused_in_27_million_swindle/
UPI-92701235231882/

Philly newspaper owner files for Chapter 11
http://www3.signonsandiego.com/stories/2009/feb/22/philadelphia-newspapers-bank
ruptcy-022209/?zIndex=56961

Complete list of winners at the 81st annual Oscars
http://hosted.ap.org/dynamic/stories/O/OSCARS_LIST?SITE=MOSTP&SECTION=
HOME&TEMPLATE=DEFAULT

Notable Quotes from the 81st Annual Academy Awards
http://www.nytimes.com/aponline/2009/02/23/arts/AP-Oscars-Quotes.html

[headlines]

---------------------------------------------------------------

You May have Missed---

Slam Dunk Champ on David Letterman
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Video-Nate-Robinson-s-appeara
nce-on-Letterman?urn=nba,142873

[headlines]

---------------------------------------------------------------

Sports Briefs----

Leipheimer wins third straight Tour of California
http://www.sacbee.com/topstories/story/1644582.html

[headlines]

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California Nuts Briefs---

Governor Schwarzenegger rift with GOP grows wider
http://www.latimes.com/news/local/la-me-arnold-taxes21-2009feb21,0,3998908.story

Drought Adds to Hardships in California
http://www.nytimes.com/2009/02/22/us/22mendota.html?_r=1&hp

Few in SF Bay Area qualify in housing rescue plan
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/22/MN4R1621N4.DTL
&type=business&tsp=1

[headlines]

----------------------------------------------------------------

“Gimme that Wine”

J. Lohr Vineyards & Wines unveils its new solar project
http://www.pasoroblespress.com/V2_news_articles.php?heading=0&page=72&story_id=3130

Sonoma Grape prices up, but tonnage down
http://www.sonomanews.com/articles/2009/02/19/news/doc499e06e718d02145670702.txt

Conference Highlights Establishing Wineries in Michigan
http://www.drinksmediawire.com/afficher_cdp.asp?id=4398&lng=2

Cache of 1,500 wines to be sold by British auction house in March
http://www.msnbc.msn.com/id/29235948/

French wine exports drop in 2008 amid crisis
http://www.forbes.com/feeds/ap/2009/02/18/ap6065301.html

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

[headlines]

----------------------------------------------------------------

Today's Top Event in History

1942- About 9pm, PST, while President Franklin Delano Roosevelt was delivery his weekly “fireside chat” by radio to the American public, the Japanese submarine I-17, under command of Captain Kozo Nishino fired 12 to 15 shots during the space of 20 minutes at the Barnsdall Oil Refinery in Ellwood, CA, about 12 miles west of Santa Barbara. The submarine was about half a mile offshore. One shell made a direct hit on the rigging and pumping equipment on an oil well, causing damage of about $500. Other shells made crater holes, one of which was about five feet deep. No one was injured. John Belushi was in a movie about the incident, but at the time, it caused great hysteria in California where Pearl Harbor was devastated and people on the West Coast thought it could happen here. The railroad going from San Jose to Santa Cruz had its tracks torn up and tunnels dynamited as it was feared the Japanese could attack the city by using the train for transportation. The fear against the Japanese invasion of Pearl Harbor over ruled all logic of the day. There was no television let alone internet and all news was censored as to what was happening and people feared the worst that could happen to them, another Pearl Harbor in San Francisco or Los Angeles.

[headlines]
----------------------------------------------------------------

This Day in American History

    1540 - Spanish explorer Francisco Vasquez de Coronado began his unsuccessful search for the fabled Seven Cities of Gold in the American Southwest. Antonio de Mendoza, Viceroy of Mexico, sent Francisco Coronado overland to search for the fabled Seven Cities of Cibola in present day New Mexico.
    1665 - While the Second Anglo-Dutch War rages in Europe, the deputy of the Duke of York, Richard Nicolls, orders the annexation of all property belonging to the Dutch West India Company in what was formerly New Netherland.
http://en.wikipedia.org/wiki/New_Amsterdam
    1778 - Baron von Steuben joins the Continental Army at Valley Forge. Steuben did not speak English, but his French was such that he could communicate with some of the officers. Washington's aide-de-camp, Alexander Hamilton as well as Nathanael Greene were a great help in this area. The two men assisted Steuben in drafting a training program for the soldiers which found approval with the Commander-in-Chief in March. Steuben began with a "model company," a group of 100 chosen men and trained them...they in turn successively worked outward into each brigade. Steuben's eclectic personality greatly enhanced his mystique. He trained the soldiers, who at this point were greatly lacking in proper clothing themselves, in full military dress uniform, swearing and yelling at them up and down in German and French. When that was no longer successful, he recruited Captain Benjamin Walker, his French speaking aid to curse at them FOR HIM in English. His instructions and methods have a familiar ring, nor is this strange when we consider that much of what is done today stems from his teachings. To correct the existing policy of placing recruits in a unit before they had received training, Von Steuben introduced a system of progressive training, beginning with the school of the soldier, with and without arms, and going through the school of the regiment. Each company commander was made responsible for the training of new men, but actually instruction was done by selected sergeants, the best obtainable.
    1784-Sarah Thompson, became the first American to become a countess when her father Benjamin Thompson, an American physicist born in North Woburn, Ma, was knighted as Count Rumford by King George III of England . He was a Royalist during the revolutionary war, and had command of the Queen's Horse Dragoons against the colonists. He was also created a count of the Holy Roman Empire in 1791 by Charles Philip Frederick Duke of Bavaria . The Countess of Rumford had the privilege of residing in any country she chose and receiving half of her father's pension of 2,000 florins. American History shows him as a much despised man due to his politics and allegedly abandoned his wife and family when he fled to England . He discovered the use of heat and friction. He made numerous practical innovations, including central heating, the smokeless chimney, the kitchen oven, thermal underwear, the pressure cooker, and numerous others. In later life, he married (and then became estranged from) Lavoisier's widow Marie-Anne. Rumford was overbearingly arrogant and had no friends, as well as having a life filled with repeated cycles of rapid rises to prominence followed by equally rapid falls to penury. His abrasive personality and style are perhaps why his many innovations were not widely chronicled by historians.
http://www.yeoldewoburn.com/rumford2.JPG
http://www.yeoldewoburn.com/rumford1.JPG
http://scienceworld.wolfram.com/biography/Rumford.html
http://www.rumford.com/Rumford2.html
    1802 - A great snowstorm raged along the New England coast producing 48 inches of snow north of Boston. Three large ships from Salem were wrecked along Cape Cod.
    1836 - Gen. Antonio Lopez de Santa Anna, leading several thousand Mexican troops, began besieging the Alamo mission settlement held by a force of 145 Texans led by Colonel Travis, Jim Bowie and Davy Crockett. The siege ended on March 6 with all the Texans killed.
    1847-United States General Zachary Taylor was victorious over Mexican General Antonio Lopez de Santa Anna in the Battle of Buena Vista. The victory would catapult him to become president of the United States in 1848. Scott too went on to run for president but was defeated in 1852 by another veteran of the Mexican American War,
Franklin Pierce .
http://memory.loc.gov/ammem/today/feb23.html
    1868- William Edward Burghardt Dubois birthday, American educator and leader of the movement for black equality. Born at Great Barrington, MA, he died at Accra , Ghana , Aug 27,1963. “The cost of liberty,' he wrote in 1909, “is less than the price of repression.”
http://www.duboislc.org/html/DuBoisBio.html
http://www.galegroup.com/free_resources/bhm/bio/dubois_w.htm
http://www.millikin.edu/aci/crow/chronology/duboisbio.html
    1887-An act to grant certain Seal Rocks to the city and county of San Francisco, State
of California, in trust for the people of the United States.
    1893 - Rudolf Diesel received a German patent for the diesel engine on this day. The diesel engine burns fuel oil rather than gasoline and differs from the gasoline engine in that it uses compressed air in the cylinder rather than a spark to ignite the fuel. Diesel engines were used widely in Europe for their efficiency and power, and are still used today in most heavy industrial machinery. In 1977, General Motors (GM) became the first American car company to introduce diesel-powered automobiles.
    1896- Tootsie Roll introduced by Leo Hirshfield, named after his five year old daughter.
http://www.tootsie.com/history.html
http://www.cmi.k12.il.us/Urbana/yr/tootsie.html
    1901--Birthday of Ruth Roland Nichols, aviator, held more than 35 "firsts" for women in the early days of aviation, including being the first woman to receive an international hydroplanes license. In 1917 was one of the first two women to receive a transport license from the Department of Commerce. Co- founded the Ninety-Nines, a networking organization for early women pilots, During WWII she formed Relief Wings, a civilian airplane ambulance service. She made a world tour on behalf of UNICEF (1948).
    1903- Feb 23, US signs agreement acquiring a naval station at Guantanamo Bay Cuba
http://www.historyofcuba.com/cuba.htm
http://www.nsgtmo.navy.mil/gazette/History_98-64/hischp3.htm
    1904 -- William Randolph Hearst's San Francisco Examiner begins publishing articles on the menace of Japanese laborers, leading to a resolution of the California Legislature that action be taken against their immigration.
    1905-- The San Francisco Chronicle front page headline reads: "The Japanese Invasion: The Problem of the Hour." This launches an unrelenting string of editorials against the Japanese which serve to kick the anti-Japanese movement into high gear.
    1905-The first Rotary Club meeting took place in Chicago , IL . the group's founder was a lawyer, Paul Percy Harris, who invited three friends, a coal dealer, a tailor, and a mining engineer. Meetings were held in each member's place of business in rotation, so that they each could obtain some knowledge of the others' businesses. A convention of 16 Rotary clubs met in Chicago in August 1910 to form a national association. An international association was formed in August, 1912, in Duluth , MN , to provide charters to Winnipeg , Canada and London , England . The constitution was revised in June 1922, when Rotary International was adopted as the group's new name.
    1907- A legislative delegation from Sacramento arrives in Berkeley to consider the proposal to move the California state capital there. About 70 state senators and assemblymen travel by special trein and attend a banquet.
    1917-Birthday of composer-pianist John Benson Brooks, born Houton , Me.
http://ubl.artistdirect.com/music/artist/bio/0,,408452,00.html?ar
tist=John+Benson+Brooks
http://wwwp.musicmatch.com/artist/artist.cgi?ARTISTID=867568
    1922-Birthday of composer-trumpeter Johnny Carisi born Hasbrouck Heights , NJ . Died October 3, 1992.
http://store.artistdirect.com/music/artist/bio/0,,411975,00.
html?artist=Johnny+Carisi
http://www.centrohd.com/biogra/c3/johnny_carisi_b.html
http://trumpetjazz.netfirms.com/Artists/Johnny_Carisi.html
    1927 - U.S. President Calvin Coolidge signed a bill into law that created the Federal Radio Commission, “to bring order out of this terrible chaos.” The president was speaking, of course, of the nation's then unregulated radio stations. The commission assigned frequencies, hours of operation and power allocations for radio broadcasters across the U.S. The name was changed to the Federal Communications Commission (FCC) on July 1, 1934.
    1928-Birthday of Canadian singer and actress Monique Leyrac, born in Montreal . She won two prizes at the 1965 International Song Festival in Poland , and the Grand Prix at another festival in Belgium . Leyrac toured the Soviet Union in 1966 and the following year performed at Expo 67 and before Princess Margaret in London . She has been proclaimed best singer twice and woman of the year twice in annual polls conducted by the Canadian Press. Monique Leyrac was named an Officer of the Order of Canada in 1968.
    1930-Birthday of sax player Pete DeLuke, Schenectady , NY .
    1936 - a severe blizzard in the Sierra Nevada mountains closed Donner Pass, stranding 750 motorists and claiming 7 lives.
    1939 - Walt Disney won an Oscar for the film, "Snow White and the Seven Dwarfs" at the Academy Award ceremonies that were held at the Biltmore Hotel in Los Angeles, California. Mr. Disney actually received one Oscar statuette and seven miniature ones for his work “ ... which has charmed millions and pioneered a great new entertainment field,” according to press accounts. The 11th Academy Awards were celebrated at the Biltmore Hotel in Los Angeles Oscars were doled out for "You Can't Take It with You" for Best Picture and Best Director (Frank Capra). Capra, who took home his third Best-Director prize, had won for 1934's "It Happened One Night" and 1936's "Mr. Deeds Goes to Town". The Best Actor award was claimed for the second year in a row ("Captains Courageous") by Spencer Tracy for " Boys Town ". Best Actress and Best Supporting Actress awards were presented to Bette Davis and Fay Bainter, respectively, for their performances in "Jezebel"; while Walter Brennan took home the prized statuette for Best Supporting Actor in " Kentucky ". These were Davis' and Brennan's second Academy Awards; the first for Davis was awarded three years earlier for "Dangerous", and Brennan received his first Oscar two years before for "Come and Get It". Walt Disney won an honorary Oscar for the film, "Snow White and the Seven Dwarfs".
http://www.infoplease.com/ipa/A0148089.html
    1940 - Walt Disney's animated feature Pinocchio, based on the story by Collodi (real name: Carlo Lorenzini), was released to the general public. Using a new multiplane camera, this innovative film was able to capture never-before-seen dimension in an animated movie. Critics were enchanted with Disney's treatment of the story, although the nephew of the fable's author asked the Italian Ministry of Popular Culture to sue Disney for libel in portraying Pinocchio "so he easily could be mistaken for an American," when the puppet was Italian. Nothing came of Paolo Lorensini's objections. The film did well at the box office. Disney had the movie dubbed in seven languages at an additional cost of $65,000. However, when Pinocchio was released, World War II was underway and the European market was inaccessible; as a result, Disney lost a major source of revenue. Jiminy Cricket's song, "When You Wish Upon a Star," later won an Oscar for Best Song.
    1942- About 9pm, PST, while President Franklin Delano Roosevelt was delivery his weekly “fireside chat” by radio to the American public, the Japanese submarine I-17, under command of Captain Kozo Nishino fired 12 to 15 shots during the space of 20 minutes at the Barnsdall Oil Refinery in Ellwood, CA, about 12 miles west of Santa Barbara. The submarine was about half a mile offshore. One shell made a direct hit on the rigging and pumping equipment on an oil well, causing damage of about $500. Other shells made crater holes, one of which was about five feet deep. No one was injured. John Belushi was in a movie about the incident, but at the time, it caused great hysteria in California where Pearl Harbor was devastated and people on the West Coast thought it could happen here. The railroad going from San Jose to Santa Cruz had its tracks torn up and tunnels dynamited as it was feared the Japanese could attack the city by using the train for transportation. The fear against the Japanese invasion of Pearl Harbor over ruled all logic of the day. There was no television let alone internet and all news was censored as to what was happening and people feared the worst that could happen to them, another Pearl Harbor in San Francisco or Los Angeles .
    1943-While the Japanese submarine was making a devastating attack primarily psychological in nature, to get the US afraid to fight, the first naval counterattack by American forces against the Japanese in World War II was taking place in a surface engagement known as the Battle of Balikpapan, or the Battle of the Makassar Straight, which took place from this day through February 25. The U.S. destroyers John D. Ford, Parrott, Pope, and Paul Jones, under the command of Lieutenant Commander Paul H. Talbot, came in at night at high speed and sand a patrol craft and the transports Taksukami Maru (7,084), Tsurga Maru (6,988 tons, Kuretake Maru (5,170 tons) and Somanouri Maru (3,519 tons.)
    On April 18, 16 B-25 airplanes of the 17 th bombardment Group, 8 th Air force, under the command of Colonel James Harold Doolittle, took off from the U.S. Hornet. Traveling low over the water they dropped bombs on the cities of Tokyo , Kobe , and Nagoya , then continued straight on until they ran out of fuel and crash-landed in the Chinese countryside. The raid took the Japanese military establishment by surprise and demonstrated for the first time the vulnerability of the Japanese home islands. In collaboration with the Germans who were after oil in Asia, the axis thought the US was weak, actually calling the country a “paper tiger.”
    1943-Frederick S. “Fred” Biletnikoff, Pro Football Hall of Fame wide receiver for the Oakland Raiders, born Erie , PA.
    1944-White blues guitarist Johnny Winter was born in Leland , Mississippi . A write-up in Rolling Stone magazine brought Winter to the attention of New York club owner Steve Paul, who became his manager. Winter's self-titled debut album on Columbia was an immediate success in 1969. His blues- based hard rock remained popular throughout the 1970's.
http://www.yee.ch/~jwinter/winter_bio.html
http://www.geocities.com/SunsetStrip/Stage/1918/winter.htm
    1945 - The Japanese island of Iwo Jima fell to the Americans after severe fighting and the flag was raised on Mount Suribachi . Four days of bitter battle had taken its toll on the 28th Regiment of the Fifth Division of the U.S. Marines. Although losses were heavy, the Marine platoon succeeded in its mission to neutralize the defenses and scale the heavily fortified Mount Surabachi . The volcanic peak, at the southern tip of the Japanese island of Iwo Jima , was one of the first objectives of the Marines' invasion of this small, strategic island, 750 miles south of Tokyo . Victory was triumphant -- as the famous photograph (by Joe Rosenthal) of these Marines raising the American flag portrayed. Navy Secretary Forrestal was standing on the beachhead below. When he saw Old Glory waving in the breeze, he told Lt. General Holland M. Smith, “The raising of that flag on Surabachi means a Marine Corps for the next 500 years.”
    1945--WILLIAMS, HERSHEL WOODROW Medal of Honor
Rank and organization: Corporal, U.S. Marine Corps Reserve, 21st Marines, 3d Marine Division. Place and date: Iwo Jima, Volcano Islands, 23 February 1945. Entered service at: West Virginia. Born: 2 October 1923, Quiet Dell, W. Va. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as demolition sergeant serving with the 21st Marines, 3d Marine Division, in action against enemy Japanese forces on Iwo Jima, Volcano Islands, 23 February 1945. Quick to volunteer his services when our tanks were maneuvering vainly to open a lane for the infantry through the network of reinforced concrete pillboxes, buried mines, and black volcanic sands, Cpl. Williams daringly went forward alone to attempt the reduction of devastating machinegun fire from the unyielding positions. Covered only by 4 riflemen, he fought desperately for 4 hours under terrific enemy small-arms fire and repeatedly returned to his own lines to prepare demolition charges and obtain serviced flamethrowers, struggling back, frequently to the rear of hostile emplacements, to wipe out 1 position after another. On 1 occasion, he daringly mounted a pillbox to insert the nozzle of his flamethrower through the air vent, killing the occupants and silencing the gun; on another he grimly charged enemy riflemen who attempted to stop him with bayonets and destroyed them with a burst of flame from his weapon. His unyielding determination and extraordinary heroism in the face of ruthless enemy resistance were directly instrumental in neutralizing one of the most fanatically defended Japanese strong points encountered by his regiment and aided vitally in enabling his company to reach its objective. Cpl. Williams' aggressive fighting spirit and valiant devotion to duty throughout this fiercely contested action sustain and enhance the highest traditions of the U.S. Naval Service.
    1950—Top Hits
Dear Hearts and Gentle People - Bing Crosby
There's No Tomorrow - Tony Martin
The Old Master Painter - Snooky Lanson
Chattanooga Shoe Shine Boy - Red Foley
    1954 - The first mass inoculation of children against polio with the Salk vaccine began in Pittsburgh. Jonas Salk created the Salk vaccine against polio. It used a killed virus to induce immunization. Poliomyelitis is a viral attack of the central nervous system and can cause paralysis and death by asphyxiation.
    1958—Top Hits
Don't/I Beg of You - Elvis Presley
Sail Along Silvery Moon/Raunchy - Billy Vaughn
Short Shorts - The Royal Teens
Ballad of a Teenage Queen - Johnny Cash
    1959-Three weeks after their death, Buddy Holly's "It Don't Matter Anymore" enters the Hot 100 at #82 and the Big Bopper's LP "Chantilly Lace" is released on Mercury Records.
    1960 - Wrecking crews began demolishing Ebbets Field in New York City , home of the Brooklyn Dodgers.
    1963 - The Chiffons released "He's So Fine", which on March 30, 1963, hit #1 on the charts for four weeks. Later the song became the center of one of music's most publicized lawsuits, when the estate of songwriter Ronnie Marks won a suit against former Beatle, George Harrison, saying the song, "My Sweet Lord", was a copy of "He's So Fine". The Chiffons also had hits with "One Fine Day", "Sweet Talkin' Guy".
    1964- the Beatles made their third appearance on "The Ed Sullivan Show." Their performance had been pre-recorded the afternoon of February 9th - just hours before the group made their live American TV debut on Sullivan's program.
    1966—Top Hits
Lightnin' Strikes - Lou Christie
These Boots are Made for Walkin' - Nancy Sinatra
My World is Empty Without You - The Supremes
Waitin' in Your Welfare Line - Buck Owens
    1967- US troops begin largest offensive of Vietnam War . Over 400,000 US troops were in Southeast Asia . At this point, more than 17,000 Americans had died in Vietnam , 2000 more in the first ten months of 1967 than in the period 1961-1966.
http://members.aol.com/veterans/warlib6v.htm
    1968 -Wilt Chamberlain becomes 1st NBAer to score 25,000 points
    1968--The Association had their final Top 10 hit in the US when "Everything That Touches You" made it to number ten.
    1969--HARTSOCK, ROBERT W. Medal of Honor
Rank and organization: Staff Sergeant, U.S. Army, 44th Infantry Platoon, 3d Brigade, 25th Infantry Division. Place and date: Hau Nghia, Province, Republic of Vietnam, 23 February 1969. Entered service at: Fairmont, W. Va. Born: 24 January 1945, Cumberland, Md. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. S/Sgt. Hartsock, distinguished himself in action while serving as section leader with the 44th Infantry Platoon. When the Dau Tieng Base Camp came under a heavy enemy rocket and mortar attack, S/Sgt. Hartsock and his platoon commander spotted an enemy sapper squad which had infiltrated the camp undetected. Realizing the enemy squad was heading for the brigade tactical operations center and nearby prisoner compound, they concealed themselves and, although heavily outnumbered, awaited the approach of the hostile soldiers. When the enemy was almost upon them, S/Sgt. Hartsock and his platoon commander opened fire on the squad. As a wounded enemy soldier fell, he managed to detonate a satchel charge he was carrying. S/Sgt. Hartsock, with complete disregard for his life, threw himself on the charge and was gravely wounded. In spite of his wounds, S/Sgt. Hartsock crawled about 5 meters to a ditch and provided heavy suppressive fire, completely pinning down the enemy and allowing his commander to seek shelter. S/Sgt. Hartsock continued his deadly stream of fire until he succumbed to his wounds. S/Sgt. Hartsock's extraordinary heroism and profound concern for the lives of his fellow soldiers were in keeping with the highest traditions of the military service and reflect great credit on him, his unit, and the U.S. Army.
    1970-The Doors' album "Morrison Hotel" goes gold becoming the group's fifth gold album in a row.
    1971 - James Franciscus starred in made for television movie, "Longstreet", which became a regular series in the fall of 1971.
    1974 - After already receiving $2 million dollars, the Symbionese Liberation Army demanded $4 million more to release Patty Hearst, daughter of publisher Randolph Hearst, who had been abducted on February 4th. Randolph said he would also consider this request.
    1974—Top Hits
The Way We Were - Barbra Streisand
Seasons in the Sun - Terry Jacks
Until You Come Back to Me (That's What I'm Gonna Do) - Aretha Franklin
Another Lonely Song - Tammy Wynette
    1978-Some of the winners of the 20th annual Grammy awards for 1977 include: the Eagles (who boycotted the ceremony) winning Best Record of the Year for "Hotel California" and Best Arrangement for Voices for "New Kid in Town." Fleetwood Mac win Album of the Year for "Rumors." Song of the Year was tie between "Love Theme from A Star is Born" by Paul Williams and Barbra Streisand and Joe Brooks' "You Light Up My Life.
    1979-The first Marine general who was African-American was Brigadier General Frank E. Petersen, Jr. of Topeka, KS, nominated by President Jimmy Carter. He was the 30 th African-American to achieve the rank of general or admiral.
http://www2.sis.pitt.edu/resources/diversity/naa/military4.html
http://www.sinoam.com/general%20pic/last%20missing%20pic/
Lt.Gen.Frank%20Petersen.jpg
http://www.allstar.fiu.edu/prime-tech/BIA/pic-125.gif
    1980-US speed skater Eric Heiden won the 10,000 meters race to capture his fifth gold medal at the Lake Placid Winter Olympics. Heider also won at 500 meters, 1,000 meters, and 5,000 meters.
    1980 - Queen's Crazy Little Thing Called Love jumped to the Number 1 spot on Billboard's hit record charts, remaining there for 4 weeks.
    1982—Top Hits
Centerfold - The J. Geils Band
Open Arms - Journey
Shake It Up - The Cars
Only One You - T.G. Sheppard
    1983 - At the 25th annual ceremonies held in Los Angeles , California , rock group, Toto, won Grammy Awards for their single, "Rosanna", and their album, "Toto IV". They also received four other awards, tying the 1965 record of six Grammies held by Roger Miller.
    1983- Rudolf Diesel received a patent in Germany for the engine that bears his name. The diesel engine burns fuel oil rather than gasoline and is used in trucks and heavy industrial machinery. Many German automobiles also converted to diesel due to its lower price than gasoline.
    1985-Then Indiana University basketball coach Bobby Knight was ejected from a game against Purdue for throwing a chair onto the court. Knight received his first technical foul for protesting two fouls called by the officials against his team. As Purdue shot the technical, Knight hurled a chair from the bench area onto the court, earning his second technical and automatic ejection. Purdue won, 72-63.
    1985 - Breaking with tradition, television show, "Gimme a Break", was broadcast live before a studio audience, making it the first sitcom seen live since the 1950s.
1987 - surface "bombogensis" took place on the mid-Atlantic coast as a low pressure went from 1004 to 981 millibars in just 12 hours, resulting in a heavy, wet snow blitz. Snowfall rates reached 5 inches per hour. Coatesville , Pennsylvania was buried under 23.5 inches, Clarksville , Maryland recorded 18.2 inches, and Wilmington , Delaware had 14.4 inches. Much tree damage occurred and power outages were widespread the heaviest snowfall in many years commenced in northern and central Arizona as a massive winter storm began to affect the western us. this storm continued until the 26th and when it was all over Flagstaff had 31.2 inches and Williams was buried under 35 inches. At one time, Prescott had 22 inches of snow on the ground.
    1988- Michael Jackson kicked off his first solo US tour in Kansas City , Missouri . He opened with the same song with which he started the 1984 Victory Tour with his brothers - "Wanna Be Starting Something." Kansas City 's Kemper Arena was outfitted with four video screens suspended from the ceiling, 72 speakers and nearly three-thousand lighting and special effects units.
    1989 - Nineteen cities in the central U.S. reported new record low temperatures for the date, including Lincoln NE with a reading of 19 degrees below zero.
    1990 - A fast moving storm produced near blizzard conditions in Michigan. Snowfall totals ranged up to 9.5 inches in Allegan County, wind gusts reached 74 mph at Ann Arbor, and five foot snow drifts were reported around Saginaw. The Michigan AAA records showed more than 5000 traffic accidents reported, a near record for one day. There were several chain reaction collisions. One near Pontiac involved a hundred cars.
    1990—Top Hits
Opposites Attract - Paula Abdul with The Wild Pair
Two to Make It Right - Seduction
Escapade - Janet Jackson On Second Thought - Eddie Rabbitt
    1991-Thet ground war against Iraq began. After an air campaign lasting slightly more than a month, Allied forces launched the ground offensive against Iraqi forces. The relentless air attacks had devastated troops and targets in both Iraq and Kuwait . A world that had watched and anticipated ‘The Mother of All Battles was surprised at the swiftness and ease with which Allied forces were able to subdue Iraqi forces in 100 hours.
    1997-“Schindler's List, Steven Spielberg's 1993 film abut the Holocaust, became the first movie shown on a television network without interruption by commercials. It was broadcast by the NBC Network on Sunday, February 23, 1997. The sponsor Ford Motor Company presented one commercial before the film and one afterward, but none during the telecast. This was also the first broadcast rated TV-M ( for “mature” audiences) under the television ratings system implemented by broadcasters in late 1996.
    1997 - The first cloning of an adult animal, a lamb named Dolly, was announced by researchers in Scotland . Dolly had a genetic makeup identical to that of her mother.
    2000-The Grammy's for 1999 are announced and Santana ties Michael Jackson's record of eight Grammy's in one night including ones for Album of the Year for Supernatural and Record of the Year. The album's single "Smooth" wins Song of the Year giving the album a total of nine awards. Sting wins Best Pop Album for Brand New Day, Phil Collins wins Best Soundtrack for Tarzan and Jimi Hendrix wins his first Grammy for Best Long Form Music Video for "Band of Gypsys - Live at Fillmore East." Elton John is honored with the Living Legend Award.
    2002--The Bee Gees made their final concert appearance when they performed at the Love and Hope Ball in Miami Beach, Florida.
    2003--Paul Simon and Art Garfunkel sang together for the first time in ten years as they receive a Grammy Award for Lifetime Achievement. Ravi Shankar's daughter, Nora Jones was five-for-five at the Grammy Awards, as she took honors for Album of the Year, Record of the Year (for "Don't Know Why"), Best New Artist, Best Pop Vocal Album, and Best Female Pop Vocal Performance (also for "Don't Know Why"). Shankar is the man who taught Beatle George Harrison to play the sitar.

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