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Headlines---
Correction---Merrilees
Twice & Interview with the "Tequila Duffer"
Pictures
from the Past--1992--Menzel and Merrilees
Classified
Ads---Outsourcing---Odds & Ends
MAEL
Golf Tournament July 28th
Peek
to Go to CIT?/ Succeed the "Haiku Poet"
Remiker
Names John Settano Dir. of Merrill Syndication
Merrill
Lynch Profits Increase 61%
Matsco---Greater
Bay Bank to Make Announcement July 23
by
Christopher Menkin
BofA
Claims Record Earnings in Second Quarter: $2.7 Billion
Wells
Fargo comes in a penny shy of expectations
How
American Express Biz Finance Was Had! -Part II
Streamlined Sales Tax Update-Digital
Equivalent of TPP
Classified
Ads---Leasing Industry Help Wanted
The
Lessors Network Annual Conference August
25-26
American
Honda Leasing Op. in Connecticut/Rhode Island
This Border ##### Denotes Press Release (Not Written By Leasing
News)
----------------------------------------------------------------------------------------------
Correction---Merrilees Twice and an Interview with the “Tequila
Duffer”
In the story about “Paul Menzel looks to Double Biz by End
of Year ---,”
http://www.leasingnews.org/#paul
subtitled “as Jim Merrilees Joins Santa Barbara Bank &
Trust-Vinsonhaler promoted to VP/Project Manager/Laura Poore joins in
marketing,” the text
version had two pictures of Mr. Merrilees taken in 1993 (wearing
an 1950
Indianapolis Indians baseball replica jacket) when he was
president of Colonel Pacific Leasing, Tualatin, Oregon.
http://two.leasingnews.org/imanges_uael_wael/merrilees.jpg
Maria had caught
the error of the double picture for the “up-grade” version and the web
site version that she sends and posts daily on line.
For the “text” readers particularly, here is the picture
that should have run
in your edition:
 |
|
Fall, 2000 Santa Barbara Bank & Trust. |
http://www.leasingnews.org/pictures_past/past_8-26-02.htm
By the way, this was the first of the series “Pictures from
the Past, ” August 26,2002.
Most of them come from the magazine collection, although
some readers have sent in photographs by mail or the world wide web. We also post these pictures on line at:
http://www.leasingnews.org/pictures_past/past_INDEX.htm
Now if Merrilees can only figure a way to play at the MAEL
Golf tournament,
He could start promoting business for Santa Barbara Bank
and Trust Leasing.
Most likely he will be playing at the United Association
of Equipment
Leasing tournament to be held in Portland, Oregon on October 9,2003.
. http://www.uael.org/events/fall2003/thufri_sched.htm
Merrilees said in an in interview his one criteria was to
stay in Oregon, as he has been living
here since 1987.
“We just opened this office. Laurie has been with me since
1995, and with
four kids, she also wanted to stay in Oregon, so to continue
to work with
her, and here especially, is very good news.”
The telephones are working at the new office (888) 684-0506.
He stated Republic Leasing of South Carolina was a “short
stop on
The road” and had no other comment to make.
“I have known Paul (Menzel) and his company for a while,
“ he continued.” We can help with vendors and brokers, and with the
new processing procedures,
this is the right time to get started.”
When Jim Merrilees was with Colonial Pacific Leasing he brought
on the
“Bliss System,” an automated broker program, then credit
scoring in 1987
with fair-Isaacs, and when president, was the first to go
on line in 1989
with a processing system.
---------------------------------------------------------------------------------------------------
Pictures from the Past----1992---Menzel and Merrilees
http://two.leasingnews.org/imanges_uael_wael/Menzel-Merrilees.jpg
“Spring Conference ’92 Chairperson Paul Menzel, CLP, vice
president/general manager, California Thrift * Loan, Leasing Division,
Santa Barbara, California (l)
and Annual Conference * Exposition ’92 Chairperson Jim Merrilees,
president, Colonial Pacific Leasing Corporation, Tualatin, Oregon ®
accept commemorative plaques for service to the Association.
October, 1992 edition, Western Association of Equipment Leasing
Newsline.
---------------------------------------------------------------------------------------------------
Classified Ads---Outsourcing---Odds & Ends
Appraisals: Boston, MA
12 years equipment management experience covering all types
of assets. National wide service of appraisals, inspections, remarketing,
due diligence and new employee training. Chris Condon 508-785-1277 Email:chris@dovermanagementgroup.com
Collections and Asset Management: Great References.
Ability to liquidate entire portfolio with excellent results. email:
hardesty@alltel.net
Consultant: Sausalito, CA
Lease trainer and consultant. 38 years in equipment leasing.
Expert in transaction analysis, financial statement analysis, credit,
packaging, structuring. Presents highly popular classes and workshops.
Email:BoTei@aol.com
Legal: http://www.leaselawyer.com/
"I enjoy brainstorming about all aspects of leasing.
I'll be back to you within 24 hours of your call or e-mail!" Barry
S. Marks, Esq. Email:bsm@blik.com
Vendor Sales Training:
Atlanta, GA. 6yrs exp.in training Resellers, Dealers & Vendors on
how to "Sell Leasing". Will train your dealers on your specific
program or generic "Leasing 101". email:mreedy@softtechleasing.com
42 Outsourcing Ads---"Free"
Limit is only 25 words maximum
hhttp://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm
Would like to re-organize
this page, and looking for suggestions.
Contact: kitmenkin@leasingnews.org
****announcement*********************************************
MAEL Golf Tournament July 28th
(Maybe Merrilees
will be there this year!!!)
Mid-American Association of Equipment Lessors Invitational
and Team-Challenge Weekend July 28th
19th Annual Golf Invitational
&
Team-Challenge Weekend
July 26th play White Eagle Golf Club, a private, 27 hole
Arnold Palmer course §
July 27th play Bolingbrook Golf Club, voted by Golf Magazine
"Top Ten you Can Play" in 2002
The MidAmerican Association of Equipment Lessors (MAEL),
ELA's largest regional affiliate, will be hosting its 19th Annual Golf
Invitational on July 28, 2003 at Indian Lakes Golf Club & Resort,
www.indianlakesresort.com <http://www.indianlakesresort.com>
located in Bloomingdale, Illinois.
We have relocated from Harborside International to Indian
Lakes Resort to offer our regular attendees a change of scenery and
to provide everyone (including companions) with some further amenities.
While in the area, be sure to take this opportunity to schedule additional
business activities and appointments!
Indian Lakes Resort has just been renovated in its entirety
and offers two state of the art 18-hole championship golf courses, a
4,000 sq. ft. full-service spa featuring Vichy shower, massage, skin
& body treatments, indoor/outdoor pools and much more. Bring the
entire family and enjoy a fun filled weekend while networking with industry
leaders!
The staff at Indian Lakes is committed to providing us with
a spectacular event! Banquet facilities can accommodate over 500 people
for the reception and dinner, and we expect participation this year
to be at capacity (up from last year's 280 golfers-310 dinner/reception
attendees). The after dinner speaker is always an event highlight and
will be announced in the near future.
For the exceptionally competitive golfer and businessman,
the MAEL Invitational will be preceded by the Team-Challenge Weekend.
Register online @ www.mael.org
<http://www.mael.org> or email events@mael.org
<mailto:events@mael.org> for further information.
**** Announcement ************************************************
---------------------------------------------------------------------------------------------------
Credit Suisse Peek to Go to CIT/ Succeed the Haiku Poet
?
“Another
Moon to rise
Signal
my day is over
Goodbye the Poet”
By Erica Copulsky, New York Post
Jeffrey Peek, a top executive at Credit Suisse First Boston
and onetime leading candidate for the presidential post at Merrill Lynch,
is in serious talks to leave the executive suite after 18 months at
the firm.
Peek, vice chairman of CSFB and head of the financial services
division, is in negotiations to join CIT Group to run the specialty
finance company's day-to-day operations, and to soon succeed Chairman
and CEO Albert Gamper, sources familiar with the matter said.
http://www.nypost.com/photos/web07150330a.jpg
It is unclear exactly what Peek's immediate title at CIT
would be. However, sources said that Peek, 56, would be joining the
Livingston, N.J.-based company with a guarantee of becoming the chief
executive officer after a specified period of time.
At the moment, a deal is not inked, and talks may still fall
through. But if talks proceed on track, an announcement could be made
in the next few weeks.
Peek, through a CSFB spokeswoman, declined comment. A CIT
spokesperson couldn't be reached.
The move, if it happens, would be yet another blow to CSFB
Chief Executive John Mack, who has been trying to reinvigorate the troubled
firm ever since he took the reins two year ago.
Mack hired Peek with much fanfare in early 2002 to turn around
CSFB's flailing asset-management business, as well as run its high-net-worth
brokerage and the Pershing securities-clearing operations. Peek, an
18-year veteran of Merrill Lynch, was widely viewed as one of the firm's
most skilled and well-liked managers.
But CSFB's decision earlier this year to sell Pershing -
a big piece of the division Peek runs - dramatically reduced his operating
responsibilities.
Ever since the Pershing sale, Wall Street insiders have been
speculating that Peek would head for the exits. One of the reasons why
Peek took the CSFB job was that it offered the opportunity for him to
assume broad managerial responsibilities and play a larger role within
the organization down the road.
Today, those opportunities don't seem nearly as attainable.
In joining CIT, Peek would finally secure the long-coveted
CEO role that appears to have eluded him twice before, sources said.
When Peek joined CSFB, he was assured he would be considered a possible
successor to Mack. Since then, though, the elevation of two other top
executives - Brady Dougan and Brian Finn - to co-presidents of institutional
securities make Peek a less obvious choice as Mack's successor.
Peek, who at various times at Merrill ran research, investment
banking and asset management, joined CSFB after being passed over for
the top slot at Merrill. He left the nation's biggest brokerage firm
in September 2001 after being bested by E. Stanley O'Neal in the race
for the president's post.
Founded in 1980, CIT, a top commercial and consumer finance
lender, is in the process of making a clean break from its brief history
as a unit of scandal-scarred Tyco International.
The company was bought by Tyco for $9.5 billion in 2001,
but was forced into a spin-off barely a year later amid problems at
its new corporate parent - including questionable accounting and the
controversy associated with former CEO Dennis Kozlowski, who was indicted
on charges of tax evasion.
### Press Release ###################################################
Remiker Names John Settano Dir. of Syndication
A message from Rick Remiker, Managing Director, Group Head,
Merrill Lynch Capital Equipment Finance
Dear Colleagues:
As we seek to continue to grow our presence within the middle-market
on a national level and enhance our service to our existing customers,
I am pleased to announce the addition of John Settano as Director of
Syndications, to Merrill Lynch Capital Equipment Finance.
John is a 28-year equipment leasing veteran, having spent
the bulk of his career in a multitude of leadership roles with U.S.
Leasing. John has extensive transaction
structuring, pricing,
documentation, tax-leasing, credit underwriting, and product
distribution experience. John
will be providing national coverage for Equipment Finance's Syndication
efforts while based in San Francisco, and will also office out of Merrill
Lynch Capital's Chicago location.
Please join me in welcoming John and in wishing him success.
[Merrill Lynch Capital (MLC) is a leading commercial finance
business providing a broad range of structured financing solutions to
middle-market companies. Based
in Chicago and with regional offices nationwide, MLC is focused on four
major market segments - corporate finance, equipment finance, healthcare
finance, and real estate finance - offering asset- and cash-flow-based
revolving and term
loans, equipment leases and loans, and interim financing
for income producing properties. We
provide commercial financing solutions tailored to the unique needs
of the middle market.
The Equipment Finance Group is a value-added equipment leasing
organization that provides structured financing solutions to public
and private corporations within the middle market.
The group are generally
between $10 million and $75 million with larger transactions accommodated
through
syndication..
(hope to get telephone numbers for readers interested, and
do conduct an
interview with John Settano. editor)
### Press Release
########################################################
Merrill Lynch Profits Increase 61%
Matsco---Greater Bay Bank to Make Announcement July 23
by Christopher Menkin
In early May, 2003, Matt Shieman, President told Leasing
News he would make
a statement regarding the apparent cut back of programs,
particularly closing
the broker division and letting credit people go. Supposedly he would send
word on May 12th,
but then changed his mind. He
asked us to wait
thirty days.
http://www.leasingnews.org/pictures_past/past_05-16-03.htm
There were rumors about the loss of $8 million in an ATM
portfolio
and financial questions in the broker division. A key employee
in the dental division, Hy Bren, retired. Other changes were
being
made.
One of the questions concerned the “good will” portion and
perhaps
the ramification of the “cure agreement”, which Greater Bay
Bank had entered
into with the Federal Reserve Board.
Leasing News tried to reach Mr. Shieman for a comment today,
but the telephone
call was not returned.
The point being perhaps from Paul Menzel in stating his relationship
with Santa Barbara Bank & Trust, where he said,” The
key is your source of funds; that you are hooked up to the right horse.
Management of the bank has sensible expectations. It has been the expectations
and demands of other leasing management that has led to may leasing
company’s demise. We have the right horse here.”
The comments may be appropriate to Matt Shieman at Greater
Bay Bank, and perhaps also to Dwight Galloway at Republic Leasing of
South Carolina. Here
are two well regarded leaders in the industry and they can
“ride.” But----
From the bank’s year-end financial statement footnotes:
“ On November 30,2000, we completed the acquisition of The
Matsco Companies, Inc. for a purchase price of $6.5 million in cash. We may also be required to pay future contingent
cash payment of up to $6.0million based on the performance of Matsco
subsequent to the acquisition. The
acquisition was accounted for using the purchase method of accounting
and, accordingly The Matsco Companies, Inc.’s results of operations
have been included the consolidated financials statement since the date
of acquisition. The source of funds for the acquisition was our available
cash.
“ We have allocated the purchase price for the Matsco Companies,
Inc. to the assets acquired and liabilities assumed based on the on
the estimated fair values at the date of acquisition.
( Here is a major
point. editor)
“The excess of purchase price over the estimated fair values
of the net assets acquired, totaling $15.9 million, was record as goodwill,
and through December 31,2001 amortized on the straight-line method over
20 years. Goodwill is evaluated
annually for possible impairment under the provision of SFAS No. 142.
( the statement continues:
“ Based upon our evaluation, as of December 31,2002, no impairment
exists.”
“Pro forma financial information for the CAPCO and Matsco
acquisitions have not been provided, as these are not deemed to be significant
subsidiaries as defined by the Securities and Exchange Commission.”
It was this financial statement that an “impairment” was
declared, primarily it seems on real estate, mortgage, and other evaluations,
especially on the San Francisco Peninsula, the heart of Silicon Valley,
where the commercial real estate market is “depressed” and unemployment
in Santa Clara County itself is an official
8.5%.
In addition to the notice
dated that Greater Bay Bank had completed “the terms and conditions
of the cure agreement” a week in advance,
another note was filed on July 14th and posted yesterday regarding the consent to statements relating to the consolidated
financial statements by PricewaterhouseCoopers, LLP.
The actual press release:
#### Press release #########################################
A press release outlining the second quarter financial
results will be distributed at 3:30 a.m. PDT on July 23, 2003. The conference
call will begin at 8:00 a.m. PDT on July 23, 2003, and will last for
approximately one hour.
Investors have the opportunity to listen to the conference
call live over the Internet at <http://www.companyboardroom.com>.
Investors should go to the Company Boardroom web site 15 minutes prior
to the start of the call, as it may be necessary to download audio software
to hear the conference call. To do so, investors should click on the
Windows Media Player icon at the bottom of the page and follow directions
from there.
A replay of the conference call will be available on the
Company Boardroom web site. A telephone replay will also be available
beginning at 11 a.m. PDT on July 23 through midnight on July 30, 2003,
by dialing 800-642-1687 or 706-645-9291 and providing Conference ID
1572019.
Greater Bay Bancorp, through its eleven subsidiary banks,
Bank of Petaluma, Bank of Santa Clara, Bay Area Bank, Bay Bank of Commerce,
Coast Commercial Bank, Cupertino National Bank, Golden Gate Bank, Mid-Peninsula
Bank, Mt. Diablo National Bank, Peninsula Bank of Commerce and San Jose
National Bank, along with its operating divisions, serves clients throughout
Silicon Valley, San Francisco, the San Francisco Peninsula, the East
Bay Region, the North Bay Region and the Central Coastal Region. ABD
Insurance and Financial Services, a wholly owned subsidiary of Greater
Bay Bancorp, provides commercial insurance brokerage, employee benefits
consulting and risk management solutions to business clients throughout
the United States.
.
For additional information and press releases about Greater
Bay Bancorp, visit the Company's web site at <http://www.gbbk.com>.
Contact:
Greater Bay Bancorp
David L. Kalkbrenner, 650/614-5767
Steven C. Smith, 650/813-8222
or
Silverman Heller Associates
Philip Bourdillon / Eugene Heller, 310/208-2550
#### Press Release ############
Other information can be found here:
http://biz.yahoo.com/djus/030630/0830000533_2.html
http://finance.yahoo.com/q?s=GBBK&d=t
http://table.finance.yahoo.com/k?s=gbbk&g=d
http://www.gbbk.com/banks/banks.html
Please send to a colleague as we are trying to build our
readership.
----------------------------------------------------------------------------------------
BofA Claims Record Earnings in Second Quarter: $2.7 Billion
America's largest commercial bank, Bank of America, reported
record earnings in the second quarter: $2.7 billion, as earnings per
share rose 29 percent. The bank reported that revenue rose 12 percent;
mortgage banking income quadrupled to $559 million; core deposits grew
9 percent; equities, mortgage-backed securities achieved significant
market share gains; and that large corporate charge-offs hit a three-year
low. Bank officials also claimed broad-based gains across most product
lines, including mortgages, debit and credit cards, deposits and loans.
The company also had its best quarter ever in investment
banking and continued to make significant progress building its asset
management business. In addition, loan charge-offs declined 13 percent
from a year earlier.
Wells Fargo comes in a penny shy of expectations
http://www.ajc.com/business/content/business/0703/15wellsearn.html
-----------------------------------------------------------------------------------------
How American Express Biz Finance Was Had—Part II
http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun2.htm
(For readers who
missed the series last week, here is part II )
-----------------------------------------------------------------------------------------------------------
Streamlined Sales Tax Update-Digital Equivalent of TPP
From: Dennis Brown
<DBROWN@ELAMAIL.COM>
A draft of the issue
paper outlining the proposed definition of
"digital equivalent
of tangible personal property" is attached. This paper will
be discussed at the
Streamlined Sales Tax Project in Savannah. Any
questions can be
directed to Christina Fletcher at cfletcher@rev.state.la.us
Dennis Brown, Equipment Leasing Association
Information here:
---------------------------------------------------------------------------------------------------
Classified Ads---Leasing Industry Help Wanted
|
Nationwide Funding is committed to customer service, innovation and leadership. We are a leading provider of equipment financing solutions for businesses nationwide, and the vendors who serve them. |
|
About the Company: Meridian provides innovative credit and financial services that enable U.S. exporters to offer competitive terms to their customers in other countries. Website: www.meridianfinance.com |
#### Press Release ################################################
The Lessors Network Annual Conference
August 25-26
A sophisticated and
professionally intimate networking event
for overachievers
active in the equipment leasing markets
ATLANTA, GA | AUGUST
25-26 | THE RITZ-CARLTON, BUCKHEAD HOTEL
Attendee Registration
- Login to - http://www.lessors.com
_____________
FEATURED SPEAKERS...
* Tom Wajnert - Principal
- Fairview Advisors LLC
* Steve Sherman -
Principal - Fairview Advisors LLC
* Beth Stern Fleming
- Partner - Stevens & Lee, P.C.
* Robert C. Neptune
- President - ORIX Public Finance LLC
* Jim Musselwhite
- Marketing/Alliance Manager - Tax
Partners LLC
* Steve Dinkelaker
- President - American Lease Insurance
(ALI)
* John Beville -
Senior Vice President - Suntrust Leasing
Corporation
* Alan Zeppenfeld
- VP - Business Development - GlobalTech
Portfolio Services
* Michael Hark -
President - HTLF Capital Corp.
* Cathy Anderson-Giles
- President & CEO - Equity
Technologies Corp.
* Mike Garretson
- GM & SVP - MicroBilt Corporation
GENERAL SESSION PRESENTATIONS...
* General Session
| Outsourcing Roundtable
* General Session
| Technology Roundtable
* General Session
| Public Finance (Municipal Leasing)
Roundtable
SPECIAL PRESENTATIONS...
* "The Female
Executive"
* "Mergers,
Acquisitions & Private Equity Capital"
FUNDING SOURCE SHOWCASE
PRESENTATIONS...
* GATX Technology
Services Corp. - Buyer
* Kislak National
Bank - Buyer
* Commonwealth Capital
Corp. - Buyer
* GMAC Comm Finance
LLC - Buy & Sell
* ORIX Public Finance
LLC - Buy & Sell
* HTLF Capital Corp.
- Buy & Sell
* SunTrust Leasing Corp. - Buy & Sell
* CIT Technology
Finance - Buyer
* Equilease Financial
Services Inc. - Buy & Sell
* Banc of America
Leasing & Capital - Buy & Sell
* ePlus Group, Inc.
- Buy & Sell
* Advantage Equipment
Leasing LLC - Seller
SERVICE PROVIDERS
SHOWCASE PRESENTATIONS...
* American Lease
Insurance
* GlobalTech Portfolio
Services
* Tax Partners LLC
* Stevens & Lee
P.C.
* David Lakes And
Associates
* MicroBilt Corporation
* FairView Advisors
LLC
* Collateral Specialists
Inc.
* Phoenix American
Financial Ser...
* Energy & Resource
Consulting...
NETWORKING GOLF
* The Heritage Golf
Club
Heritage is designed
around a 20 acre lake and water is
very much in play
on several holes. >From the gold tees,
the course plays
over 6900 yards. Heritage has elevated,
tiered greens on
each hole, ninety six sand bunkers and
tree-lined fairways with generous landing areas.
The well
protected greens
are fast. One of the tougher holes is
#5, 253 yard par
3 (from the gold tees), requiring a tee
shot over natural
wetlands and onto a green 100 feet
below. The course
has the highest slope rating in the
state of Georgia
and was nominated as one of the
"Best
New Golf Courses
in America" by Golf Digest in August
1996 . Golfers of
all skill levels should find the
Heritage Club very enjoyable as the course plays
much
shorter from the
front tees. The quality of the course,
and proximity to
Atlanta really sets Heritage Golf Club
apart from any other
daily fee golf course in the area.
OVERVIEW...
No boring PowerPoint
presentations, workshops or
exhibitor booths
here! This event uses an innovative new
(proven) approach
maximizing networking benefits for all
participants. Every
attendee becomes a proactive player,
distributing printed
copies of their corporate profile
(describing their
company, products and services) from
the Networking Suite.
Everyone you meet enhances your
equipment leasing
origination, administrative and
operational networks.
General Session - Funding Source
Showcase & Service
Providers Showcase presentations
provide attendees
Comfortable seating where every five
minutes alternating
speakers deliver brief oral
presentations introducing
their company, products and
services. Q&A
sessions follow each Roundtable and
Showcase presentation.
Now you can easily identify and
evaluate which representative
you need to follow up with
privately in the
Networking Suite. At the End of the day
we unwind with a
Networking Reception where tabletop
exhibits provide
convenient access to company
representatives and
their promotional material. See Why
We Limit Attendance
and you'll understand this couldn't
be easier or more
effective!
Login to – http://www.lessors.com
#### Press Release #######################################################
American Honda Finance Corp. to Continue Leasing Operations
in Connecticut and Rhode Island
States Change Archaic Vicarious Liability Laws
TORRANCE, Calif., / -- American Honda Finance Corporation
(AHFC), a wholly owned subsidiary of American Honda Motor Co., Inc.,
today announced that AHFC and its affiliates will continue to offer
vehicle lease contracts in the states of Connecticut and Rhode Island. This decision follows action by Connecticut
and Rhode Island legislators to amend archaic state laws that hold auto
lessors liable for the actions of lessees and subject to unreasonable
damages in vicarious liability lawsuits.
"We are grateful that Connecticut and Rhode Island legislators
have voted to change their vicarious liability laws, which have created
significant uncertainty for auto leasing companies," said Steve
Smith, senior vice president of American Honda Finance Corp. "Although the Rhode Island action provides
a temporary one-year solution, we are hopeful that a permanent solution
can be agreed to in the next legislative session."
The new provision requires that lessees maintain liability
insurance coverage of at least $100K/300K/50K, which are the current
AHFC requirements.
"The action by legislators will enable Honda to continue
providing this popular product to Connecticut and Rhode Island consumers,"
added Smith. "We hope that
New York will soon follow suit."
AHFC and its affiliates still plan to suspend all vehicle
leasing on July 31st to residents of the state of New York, the only
other state in the country that maintains a vicarious liability statute. Honda and other leasing companies have been
working to abolish archaic vicarious liability laws that allow financial
institutions to be sued in cases against lessees who are found negligent
in an auto accident.
SOURCE American Honda
Motor Co., Inc.
CO: American Honda
Motor Co., Inc.; American Honda Finance Corporation; AHFC
ST: Connecticut, Rhode
Island, California, New York
### Press Release ########################################
__________________________________________________________________
News Briefs---
Fed Chief Gives Bright Outlook; Steady on Rates
http://www.nytimes.com/2003/07/16/business/16FED.html
Consumers pushed June retail sales to biggest increase
in three months
http://www.signonsandiego.com/news/business/20030715-1405-economy.html
Air Force Defends Lease Plan Again
("Not a Dumb Thing to Do.")
http://www.washingtonpost.com/wp-dyn/articles/A56169-2003Jul14.html
Citigroup to Buy Sears Credit Unit for $3 Billion
http://www.washingtonpost.com/wp-dyn/articles/A61740-2003Jul15.html
Intel's Second-Quarter Profits Double
http://www.bayarea.com/mld/mercurynews/business/6309724.htm
Fannie Mae Posts Loss Despite Business Boom
http://www.washingtonpost.com/wp-dyn/articles/A61711-2003Jul15.html
Iraq war has cost Pentagon $48 billion so far
http://www.signonsandiego.com/news/world/iraq/20030715-1402-iraq-warcosts.html
How Will Record Deficits Affect Economy?
http://www.washingtonpost.com/wp-dyn/articles/A62639-2003Jul16.html
Polls: Number who consider economy 'poor' highest in a
decade
http://www.signonsandiego.com/news/business/20030715-1453-economy-polls.html
San Francisco Becomes Fastest-Shrinking U.S. City
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030710/ts_nm/economy_sanfrancisco_dc_1
UAL mechanics switch unions/Vote dumps representative
after 58 years
Springsteen's Homecoming, With 55,000 Guests
http://www.nytimes.com/2003/07/16/arts/16BRUC.html
Scotch Whiskey: A Rugged Drink for a Rugged Land
http://www.nytimes.com/2003/07/16/dining/16SCOT.html
Sports Briefs---
Former Cowboys president, general manager Schramm dies
at 83
http://www.theredzone.org/news/showarticle.asp?ArticleID=163
Jets Sign Veteran DT McGlockton
http://www.newsday.com/sports/football/jets/ny-jetssign0715,0,5291393.story?coll=ny-jets-headlines
A.L. Snatches All-Star Victory, and Home-Field Advantage
http://www.nytimes.com/2003/07/16/sports/baseball/16star.html
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This Day in American History
1769-Mission
San Diego de Alcala was dedicated
and blessed by Father Junipero Serra.
After high mass, the royal standard of Spain was unfurled over
the mission, which was named in honor of San Diego de Alcala.
The mission, located in what is now San Diego, California, was
the first of 21 California missions to the Indians
http://www.missionsandiego.com/
http://www.californiamissions.com/cahistory/sandiego.html
http://sandiegohistory.org/journal/97summer/missionrevolt.htm
. http://www.chiptaylor.com/ttlmnp0216-.html
1779-the
first Revolutionary War Bayonet charge was led by General Anthony Wayne,
known as “Mad Anthony,” who charged the British garrison at Stony Point,
NY, with 1,200 men and forced it to surrender.
He was slightly wounded. The British loss was 63 killed and 553
wounded; the Americans loss, 15 killed and 83 wounded. http://www.ushistory.org/valleyforge/served/wayne.html
http://tristate.pgh.net/~bsilver/GALLERY.htmn
http://www.waynetownship.com/history3.htm
1790-
George Washington signed legislation that selected the District of Columbia
as the permanent capital of the US. Boundaries of the district were
established in 1792-Plans called for the government to remain housed
at Philadelphia, PA, until 1800, when the new national capital would
be ready for occupancy.
( lower half of:
http://memory.loc.gov/ammem/today/jul16.html )
1821-birthday
of Mary Baker Eddy, Founder of Christian Science, born near Concord,
NH. She died at Chestnut Hill, MA, Dec. 3, 1910. She is one of the very
few, if not the only woman to found a major religion.
In 1874 she founded the Christian Science movement after recovering
from illnesses with the use of spiritual healing. She studied the process
and developed her own system that preached that the mind is the only
reality and that illnesses and infirmities of the body are merely illusions
and can be cured by mental effort, chiefly the reading of Jesus's words
in the New Testament.
1849-
Clara Shortridge Foltz ,born Lafayette, Indiana- U.S. reformer, attorney,
editor, and publisher who changed California's sexist laws. She had
read law and then found out California did not allow non-male attorneys. Together with Laura D. Gorden, they got that law changed. When she
was denied admission to a San Francisco law school, she brought suit
and along with Ms Gorden argued it to victory to the California Supreme
Court.
http://www.oystermoonbay.com/prose/clarasfoltz.htm
http://www.stanford.edu/group/WLHP/clara/clara.shtml
http://www.firstladylawyer.com/
http://www.firstladylawyer.com/about_clara.asp
http://www.elmhurst.edu:8413/articles/11/11-00962.html
1862-
African American journalist and anti-lynching crusader Ida B. Wells
was born the daughter of slaves at Holly Springs, Mississippi and grew
up as Jim Crow and lynching were becoming prevalent.
Wells argued that lynchings occurred not to defend white women
because of whites’ fear of economic competition from blacks. She traveled
extensively, founding anti-lynching societies and black women’s clubs. Wells’ “Red Record”( 1895) was one of the first accounts of lynchings
in the South.
http://www.library.csi.cuny.edu/dept/history/lavender/wells.html
http://www.lkwdpl.org/wihohio/barn-ida.htm
http://www.lib.uchicago.edu/e/spcl/ibw.html http://lcweb2.loc.gov/ammem/aap/idawells.html
1863-
New York City. Nearly 1000 the
end of three days of ant draft riots in persons were killed or wounded
before federal troops restored order.
http://www.civilwarhome.com/draftriots.htm
http://www.civilwarhome.com/fryor.htm
http://www.suite101.com/article.cfm/381/23843
http://www.oup-usa.org/docs/0195071301.html
http://nths.newtrier.k12.il.us/academics/social/ais/N-HIdentityCrisis/NYCDraftRiots.htm
http://www.nyhistory.org/draftriots.html
http://www.nyhistory.org/education/teachers/draftriots.html
1867-
Averill Paint Company of New York City produced the first paint ready-mixed.
The company went out of business in the early 1900’s, not being able
to maintain a consistent standard of color.
The first manufacturer to do so was Henry Alden Sherwin, founder
of Sherwin-Williams, Cleveland,OH, which began producing paint in 1890.
1877-President
Rutherford Richard Hayes called out Federal troops to suppress
the strike by railroad employees. This was in response for aid from eh governors
of West Virginia, Maryland, Pennsylvania, and other states.
1880-Writer
Kathleen Norris born Washington, DC - highly popular U.S. author. KN
wrote 81 novels and many short stories that made her one of the most
popular writers in the U.S.
http://www.barclayagency.com/norris.html
http://www.lion-publishing.co.uk/authors/meet_kathleen_norris.htm
http://www.amazon.com/exec/obidos/tg/browse/-/173129/103-5362656-4423850
1882-birthday
of V.A. Johnson, the first Black female to argue before the US
Supreme Court.
1889-birthday
of Joseph Jefferson (Shoeless Joe) Jackson, baseball player, born at
Brandon Mills, SC. Jackson’s
legendary excellence as one of the game’s finest right-hand hitters
is besmirched by his alleged involvement in the Black Sox Scandal of
1919. Jackson stood accused of participating in the conspiracy to throw
the World Series, and he, along with seven teammates, was banned for
life. Died at Greenville, SC, December 5, 1951.
http://www.historicbaseball.com/shoeless.html
http://www.baseball-almanac.com/players/player.php?p=jacksjo01
http://www.charm.net/~marc/chronicle/bookrev3_may02.shtml
1907-Actress
Barbara Stanwyck was born Ruby Stevens at the Flatbush section of Brooklyn,
NY. At the age of 18 she won a leading role in the Broadway melodrama
Noose, appearing for the first time as Barbara Stanwyck. She appeared
in 82 films including Stella Dallas, Double Indemnity, Sorry, Wrong
Number, The Lady Eve and the television series “The Big Valley.” In
1944, the government listed her as the nation’s highest paid woman,
earning $400,000 per year. My late father Lawrence Menkin worked on
two of her films as a writer in the late 1940’s, but did not like “life”
in Hollywood. He returned in 1954, and did stories for her television
show. Stanwyck died at Santa Monica, CA, Jan 21,1990.
http://lynnpdesign.com/classicmovies/stanwyck/bio.html
http://www.moviesunlimited.com/stanwyck.htm
1920-In
his first season with the New York Yankees, Babe Ruth hit his 30th
home run to break his own record set in 1919 as a member of the Boston
Red Sox. Ruth finished the year with 54 home runs.
He hit 59 in 1921 and 60 in 1922.
1925-birthday
of vibe player Cal Tjader, St. Louis, MO
Died May 5, 1982.
http://www.spaceagepop.com/tjader.htm
http://www.caltjader.com/forum/index.php
1925-Pianist
Nat Pierce Birthday http://www.hepjazz.com/natbiog.htm
http://www.jazzprofessional.com/interviews/Nat%20Pierce%20Story.htm
http://shopping.yahoo.com/shop?d=product&id=1927006233
1928—birthday
of guitarist Bola Sete, Rio de Janeiro, Brazil
http://www.allaboutjazz.com/REVIEWS/r0600_124.HTM
http://www.who2.com/bolasete.html
1928-Cow
Cow Davenport records “Cow Cow Blues” (Vo 1198).
http://www.alamhof.org/davenport.htm
http://www.worldofgramophones.com/charlesdavenport.html
1935-
Oklahoma City, OK, installed the first automatic parking http://www.alamhof.org/davenport.htm
meter. Twenty-foot spaces were
painted on the pavement and a parking meter that accepted nickel
was installed at the
head of each space by the Dual Parking Meter Co. of Oklahoma City.
1936-photographer
Walker Evans starts his assignment of sharecroppers in
Hale County, Alabama http://memory.loc.gov/ammem/today/jul16.html
1938-Larry Clinton, with Bea Wain, records, “ My Reverie.”
1940-Inkspots
record “ We Three, “ “ “Java Jive” Decca.
1941- Birthday of singer
Desmond Dekker, one of the pioneers of reggae music,
born in Kingston, Jamaica. He was named the island's top singer
five times between 1963 and 1969. Dekker's recording of "The Israelites"
sold a million copies worldwide in 1969, hitting number one in Britain
and making the top ten in North America as well.
http://www.findthefun.com/events/e0009055.htm
http://www.geocities.com/SunsetStrip/Palladium/9229/itmek.htm
1945-
In the New Mexican desert at Alamogordo Air Base, 125 miles southeast
of Albuquerque, the experimental atomic bomb was set off at 5:30 AM.
Dubbed “Fat Boy” by its creator, the plutonium bomb vaporized the steel
scaffolding holding it as the immense fireball rose 8,000 ft in a fraction
of a second—ultimately creating a mushroom cloud to a height of 41,000
ft. At ground zero the bomb emitted heat three times the temperature
of the interior of the sun. All plant and animal life for a mile around
ceased to exist. When informed by President Truman at Potsdam of the
successful experiment, Winston Churchill responded, “It’s the Second
Coming in wrath!”
1948-After
8 ½ seasons as manager of the Brooklyn Dodges, Leo Dourcher resigned
abruptly to accept the manager’s job with the New York Giants. With
Dourcher at the helm, the Giants won two pennants.
In 1951 by defeating the Dodgers in a playoff and in 1954 when
they swept the Cleveland Indians in the world Series.
1949---Top
Hits
Some Enchanted Evening - Perry Como
Bali Ha’i - Perry Como
Again - Gordon Jenkins
One Kiss Too Many - Eddy Arnold
1957---Top
Hits
Teddy Bear - Elvis Presley
Searchin’/Young Blood - The Coasters
Valley of Tears/It’s You I Love - Fats Domino
Bye Bye Love - The Everly Brothers
1959-Adios
Butler, driven by Clint Hodgins, won the Cane Pace, the first jewel
in pacing’s triple crown, at Younkers Raceway.
Adios Oregon finished second. Adios Butler went on to win the
Messenger Stakes and the Little Brown Jug to become the first triple
crown winner in pacing history.
1961- Ralph Boston
sets then long jump record at 27' 2"
1965---Top
Hits
(I Can’t Get No) Satisfaction - The Rolling Stones
Wonderful World - Herman’s Hermits
Yes, I’m Ready - Barbara Mason
Before You Go - Buck Owens
1966-
guitarist Eric Clapton, formerly of John Mayall's Bluesbreakers and
the Yardbirds, joined two ex-members of the Graham Bond Organization,
bass guitarist Jack Bruce and drummer Ginger Baker, to form Cream. The
influential blues-rock trio sold more than 15 million albums in their
three years together.
1969-The
launch of Apollo II, the first US man sent to the moon. This launch
resulted in man’s first moon landing, the first landing on any extraterrestrial
body.
(July 20th ).
1970-
President John F. Kennedy appointed the first Air Force General who
was a woman, Brigadier General Jeanne Marjorie Holm of Portland, OR.
1970
- The Pittsburgh Pirates played their first game at Three Rivers Stadium.
The Bucs had spent 61 baseball seasons at Forbes Field. Cincinnati’s
Reds spoiled the housewarming for the Pirates with a 3-2 win. The game
also marked the first time the Pirates wore new double-knit uniforms
which became commonplace throughout both the American and National Leagues
1972-
Smokey Robinson performed for the last time with the Miracles at a concert
in Washington, DC. They had been together since 1959. Robinson would
have a successful solo career, as well as continuing with his songwriting
and serving as a vice-president of Motown Records.
1973---Top
Hits
Will It Go Round in Circles - Billy Preston
Kodachrome - Paul Simon
Bad, Bad Leroy Brown - Jim Croce
Love is the Foundation - Loretta Lynn
1973-The
existence of what were to be called the “Watergate tapes,” recordings
of White House conversations, was revealed by former White House aid
Alexander P. Butterfield. Only
July 23 special prosecutor Archibald Cox and the Senate committee subpoenaed
the tapes. On July 26, President Nixon refused to release
them, appealing the case through the courts until October 19, when he
offered a summary of requested tapes in return for no further requests
for tapes or papers. This was rejected by Cox.
John Elrlichman and G. Gordon Liddy were soon to be indicted
along with two White House officials, and in October Vice President
Agnew resigned and pleaded nolo contendree ( not contest) to one charge
of income tax evasion in return for the dropping of other charges. Agnew was fined and given three years’ probation.
Representative Gerald R. Ford, Republican of Michigan, was nominated
by President Nixon for the vice-presidency, who soon was to become the
first president not elected to the office directly or through the vice-presidency.
1981---Top
Hits
Bette Davis Eyes - Kim Carnes
All Those Years Ago - George Harrison
The One that You Love - Air Supply
Fire & Smoke - Earl Thomas Conley
1988- Jackie Joyner-Kersee sets women's hepathlete record
of 7,215 pts http://www.donegal.k12.pa.us/dms/Kif/77/summaryb.html
1989---Top
Hits
Satisfied - Richard Marx
Buffalo Stance - Neneh Cherry
Baby Don’t Forget My Number - Milli Vanilli
I Don’t Want to Spoil the Party - Roseanne Cash
1994- Luciano Pavarotti, Placido
Domingo and Jose Carreras performed together before 56,000 people at
Dodger Stadium in Los Angeles on the eve of the World Cup soccer final.
It was a reprise of their performance before the World Cup final in
Rome four years earlier. The recording of the first concert sold more
than 10 million copies, making it the best-selling classical album of
all time. The album made at the Los Angeles concert was also a best-seller.
1993- Lotus began shipping a new version of its popular 1-2-3 spreadsheet
for Microsoft Windows. Lotus 1-2-3 quickly took over the spreadsheet
market when it was first introduced in 1983. The product almost instantly
wiped out the leading spreadsheet program, VisiCalc, which had also
been the first spreadsheet. Lotus bought Software Arts, the company
that invented VisiCalc, in 1985.
1994-Bruce
Springsteen showed up unannounced at the 20th anniversary celebration
at the Stone Pony bar in Asbury Park, New Jersey. Springsteen and his
wife, Patty Scialfa, Jon Bon Jovi and former E Street Band drummer Max
Weinberg performed several songs with Southside Johnny and the Asbury
Jukes. In 1974, the Jukes had been the house band and Springsteen a
regular performer at the Stone Pony. http://asburypark.net/springsteen/
1995-
Retired journalist Marj Carpenter, 68, was elected moderator of the
Presbyterian Church (U.S.A.), the church's highest elected position.
http://www.pres-outlook.com/marjaward.html
http://www.layman.org/layman/news/2003%20general%20assembly/dark-times.htm
1966-The
Supreme Court hands down its decision in Miranda v. Arizona, establishing
the principle that all criminal suspects must be advised of their rights
before interrogation. Now considered standard police procedure, "You
have the right to remain silent. Anything you say can, and will, be
used against you in a court of law. You have the right to an attorney.
If you cannot afford one, one will be appointed to you," has been
heard so many times in television and film dramas that it has become
almost cliché.The roots of the Miranda decision go back to March 2,
1963, when an 18-year-old Phoenix woman told police that she had been
abducted, driven to the desert, and raped. Detectives investigating
her story gave her a polygraph test, but the results were inconclusive.
However, tracking the license plate number of a car that resembled that
of her attacker's brought police to Ernesto Miranda, who had a prior
record as a Peeping Tom. Although the victim did not identify Miranda
in a line-up, he was brought into police custody and interrogated. What
happened next is disputed, but officers left the interrogation with
a confession that Miranda later recanted, unaware that he didn't have
to say anything at all. The confession was extremely brief and differed
in certain respects from the victim's account of the crime. However,
Miranda's appointed defense attorney (who was paid a grand total of
$100) didn't call any witnesses, and Miranda was convicted after a short
trial. While Miranda was in an Arizona state prison, the American Civil
Liberties Union took up his appeal, claiming that the confession was
false and coerced. The Supreme Court overturned his conviction, but
ironically Miranda was retried
and convicted in October 1966. As a result of the case against Miranda,
each and every person must be informed of his or her rights upon arrest.
In 1999, the Supreme Court agreed to re-examine the Miranda requirements
in the face of persistent complaints that confessions should not be
barred from evidence simply because a police officer failed to read
the suspect his or her rights.
1997-The
Dow-Jones Index of 30 major industrial stocks topped the 8,000 mark
for the first time.
1999
- John F. Kennedy Jr.’s plane crashed into the Atlantic Ocean off the
coast of Martha’s Vineyard (Massachusetts), killing him, his wife and
his sister-in- law. The three had been en route to a Kennedy family
wedding. The National Transportation Safety Board concluded that Kennedy
suffered from spatial disorientation, brought on by a loss of balance
in the inner ear. Kennedy’s problems were exacerbated by the hazy night
sky and his inability to see the horizon, plus his lack of experience
as a pilot. The NTSB also said investigators did not find any mechanical
problems with Kennedy’s plane, a single-engine Piper Saratoga II. The
conclusion it was pilot error.
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