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Tuesday, July 20,2004



    Correction:  ASA  “Asset Control”

        Classified Ads---Sr. Credit officer/ Sr. Management

            Economic Events This Week

    NorVergence “Application Only” Quagmire

        Telecom End-User Newsletter

    NorVergence Leasing Portfolio: “Other things to go wrong.”

        Norvergence Customer Legal Co-op Announcement

    Alexa Ranks Leasing Association Web Sites

        Classified Ads---Help Wanted

Fitch Affirms Toronto-Dominion Outlook to Stable From Negative

    News Briefs----

        Sports Briefs---

            California Nuts Brief---

                "Gimme that Wine"

                    This Day in American History

    Baseball Poem

        Another Poem by Marinne Moore




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



Correction:  ASA  “Asset Control”


“Several days ago you put out a news release stating Asset Control was no longer performing services for companies other than Textron and you cited a reliable source.


This is incorrect, the fact is, AC is still performing appraisals and inspections for other parties, the only services discontinued, to other parties, were the recovery and remarketing of assets. In the future, a call to the subject you are reporting on may serve you better and enhance the credibility of your news releases. Please correct your past news release.”

Robert C. DiBerardino
ASA, Vice President
904-886-7941 Fax: 904-886-7959
Cell: 904-254-0772


Leasing News did attempt to reach ASA as we received this

from a reliable source:


“AssetControl is laying off at least half the staff today (July 1).    They are not going to process any more third party business, only Textron.  I hear that Textron is getting back into the leasing business.”



Mr. DiBerardino explained “Process,” however, we requested clarification on the reduction in staff and change:


“Did you cut your staff by half?  Did you cut your staff at all?

Mr. DiBerardino only wanted the above statement printed:

“The statement is what I just gave you. You need to correct your previous release. Your well known source obviously did not know what has taken place.”



Classified Ads---


Senior Credit Officer/Senior Management


Senior Credit Officer: experienced in middle-market leasing; structured, vendor and 3rd party to the fortune 1000. Proactive team builder, originations capable with strong work ethic.



Senior Management: Baltimore, MD

25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred) 



Senior Management: Denver, CO. Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/Southwest and Ca markets.



Senior management: Hope, NJ.

25 years in optimizing call center operations, collections, billing, and back end revenue generation. Experienced in $7 + billion dollar portfolios. Verifiable achievements.



Senior Management: Irvine, CA.

Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager.



Senior Management: Long Island, NY

Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future.



Senior Management: New York, NY, NJ, Ct Tri-State

Top Exec. middle and big ticket, top skills treasury, funding, ops,transaction detail, syndication, ready to max profit, help build quality operation. right now!



Senior Management: Portfolio Management Consultant; 25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise.



Senior Management: San Francisco, CA., 25 years experience w/global leasing company, sales,marketing,business dev., P&L responsibility, asset mgmt, brokering and re-marketing. Interested in joining an est. firm with a future.



           full listing of all classified “job wanted” ads:




Economic Events This Week



July 20

Housing Construction: June



July 22

Leading Indicators: June

Weekly Jobless Claims



Your One stop solution for training and reference material for the Leasing Professional



NorVergence “Application Only” Quagmire


   by Christopher Menkin


It should have been no surprise when Qwest postponed their

turn-off for NorVergence users. No firm date has not been made,

although many believe it will be in two weeks.


While this may be considered benevolent in postponing cutting off

current NorVergence users, the move may be viewed as

lacking the technical ability of actually “turning off”  7,000

accounts, plus covering all legal bases, and business wise: the opportunity to obtain “new” customers.


What will happen to the alleged 7,000 NorVergence Qwest customers

or the reported other 3,000 to 4,000 users serviced by other “telephone” companies is yet to be seen.  Remember, users mean “companies,” not individuals.


Telecom Agent Associations states there  are “11,000 Norvergence customers.... who need new long distance, T-1s, 800 numbers and cell phones.”


The Chapter 7 first creditor’s committee meeting will be held on August 27,2004.   The form for creditors to fill out may not be

complete, meaning all the claims and creditors may not be able

to report actual facts for the first meeting.



Third party contract holders may take up to sixty days to realize

they are involved in a “credit dispute” that may or may not involve

NorVergence (depends on which side you are on---lessor, lessee, creditor, employee, insurance, government(s), and this more than

likely will be much larger than recent bankruptcies such as Commercial Money Center, or alleged fraud, such as RW Professional Leasing.

It appears that these dollar amounts are small in comparison to

Enron, Worldcom, and others, to the media, but perhaps when

this gets to the $100 million mark it will be more than a local

New York-New Jersey television news story.


Deborah Monosson, president of Boston Financial & Equity sent an e-mail that we will include in our next group, but her first comments on NorVergence were” Collateral. Collateral. Collateral.”  Her company has a long term history of “high risk” transactions.  Not that they are an equipment “hock shop,” but simply Boston Financial understands

the full spectrum of the transaction. 


“Collateral, collateral, collateral, “she said. “ If leasing companies had actually looked at the collateral perhaps this would not have gone as far as it did.”

The facts are readers have been informing Leasing News for almost two years about the value and the structure of what NorVergence was doing.  Leasing News printed this, but third party lessors paid no heed as they felt they are not involved in the choice of equipment or any

representations, as per their contract.


I personally received many calls from bankers, some in charge

of large banks, but mostly, smaller community banks across

the country, who thought these leases were “good credit”

situations to purchase.  They did not understand the situation.


The  trend has been toward “scoring” and “application only.”

It has been said by many leasing companies, “ If the credit is

very good, we will lease them ice.”  Allowing high “soft costs” has

become common, following the trend of the value of what

is being leasing in the technology field.  The question regarding

these transactions were rarely personal or business credit.


Several of the banks who were mentioned in NorVergence

press releases, as lenders, and as customers, were contacted,

including those who gave endorsements in advertisements,

such as on ELT News for the Equipment Leasing Association.

None wanted to talk about their lending, or even if they

were using the telecommunication equipment.


There certainly will be major repercussions in the financial

community when the reality of NorVergence hits the desk

of many banking and financial institution president’s desks.

The zeal for new business may be more costly than originally

assumed. The actual bankruptcy filings will list the claims.

The full repercussions may not be available until the first

of the year.



One thing can be learned now, which is commonly practiced in

by Municipal credit desks: the value and use of the equipment

by the lessee.  In their decisions, the annual cancellation of

the contract exists.  Will the debtor need the equipment

to keep for the three years of the contract, or five years?

Will the equipment become so obsolescent it is cheaper

and easier to cancel the contract?


Instead of giving a text book on municipal loan decisions, as most credit officers know, the decision really is in asset control or loan

quality, not the credit department.  The decision of accepting

equipment, seller, manufacturer,  should not be made with the view of putting more business on the books to meet or exceed quota’s,

but what will come back to bite us before the end of the



Leasing companies have a long history of booking

business because it came from a so-called “trusted source”

or one-dimensional credit decision.  In my thirty-three years

in the leasing business, my major problems came from

vendors I had known for years, trusted sources who had

changed direction, taken on a new partner, gone in a

new direction, or just became “desperate.”


Any of the experienced loan or credit officers realized the

problems of the NorVergence leases, but their guidelines

were both this company and situation were acceptable

as long as the credit was good.  Those with experience

with information technology, or items such as ATM machines,

vending machines, and types of equipment heavily dependent

on maintenance or service to function.


“Application Only” has not been good for the equipment leasing industry as it has grown from the original concept of making a “good consumer credit decision” to a business decision.  It has made the industry lazy, soft, and an easy target for sellers of equipment and salesmen after their commission.








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    Telecom End-User Newsletter  

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Special Edition: July 16, 2004


·         NorVergence Customers Get Two Week Reprieve From Qwest & Cell Providers

Click here for details if you have a free TAA userID & Password

Click here if you need to still get your free TAA userID & Password

The following TAA members are providing express conversion services to Norvergence customers:


877-261-3615 KeaneTel

888-893-8755 TBI

800-233-8258 x116 CMS

888-723-0411 Zirvo

800-225-5862 TMC

888-396-7182 Bandwave

800-747-1702 Reynwood

201-833-4091 TelcoMaven





What To Do If You Need To Switch Phone Vendors Fast

  • Recent stories in the news have caused many TAA end-user members to ask TAA what they need to do to change phone vendors fast if their primary telecom provider goes down.

    TAA does not endorse or even encourage end-users to haphazardly switch service providers but TAA does strongly suggest that all end-users have a good back up plan so if their services goes down they can switch fast if necessary.
  • Click here to read pretty much everything there is to know about putting together a good back up plan BEFORE your provider goes down and emergency procedures to enact AFTER your provider goes down.


Why Small Business Owners Buy Telecom Services Through Agents

  • When small business owners buy telecom services directly from a provider they're forced to make a decision based on their own limited experience.
  • Click here to see why many small business owners are making better telecom buying decisions by buying telecom through a professional telecom agent.


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Save Up To 50% On All Your 411 Calls - Works From Cell Phone or Landline

  • Business owners are saving up to 50% on their 411 calls made from their cell phones and their landlines by signing up with this new directory assistance "411" provider.
  • Click here to see how much money you can save on your cell phone & landline 411 bill and to start a free trial of the service.


Other Headlines

  • MCI Lays Off 2,000 More - Long-Distance Firm Cuts Sales Positions MCI Inc. said yesterday that it is eliminating 2,000 U.S. sales jobs as part of a cost-cutting effort in the face of increasing competition, declining revenue and greater reliance by consumers on e-mail. Washington Post
  • Phone Customers in 14 States Lose Choice & Savings after Bush Administration Fails to Protect Phone Competition Today, two national telephone carriers, AT&T and Z-Tel Communications, announced they will stop competing in states where wholesale rates for phone lines have eliminated their ability to compete with the Baby Bell companies. Californians for Telecommunications Choice
  • Bells Paid Two-Thirds of FCC Fines and Settlements Since Jan. 2000 - NOS Comes in at #8 The four regional Bell operating companies remaining from the break-up of AT&T accounted for roughly two-thirds of all Federal Communications Commission fines and settlements paid since January 2000, according to a Center for Public Integrity investigation.
  • Qwest Communications Launches Industry-Leading Voice Over IP Service for Business Customers Qwest today advanced its leadership in delivering voice over Internet protocol (VoIP) solutions by launching a national VoIP solution that gives business customers valuable, flexible features to improve their communications while simplifying their telecom environment. Qwest
  • Standard & Poor's says may cut AT&T to junk Standard & Poor's on Thursday said it may cut AT&T Corp.'s long-term debt ratings to junk, citing the company's weakening revenues as competition from local phone companies and alternative long-distance phone technologies ratchets higher. Reuters 
  • 'Business is Beautiful' for Sprint Combining an upbeat, positive theme with unlikely and memorable images, Sprint has introduced a unique new television and print advertising campaign with the theme "Business is Beautiful." PR Newswire
  • Net Phone Threat May Ring Hollow for Bells Thanks to this year's most talked-about new technology, the cable man will be ringing doorbells to pitch a new offering: telephone service. But getting a foot in the door may prove trickier than investors expect. The phenomenon that threatens to crash the gates of telephone companies is known as voice over Internet protocol, or VoIP.
  • Nextel to Expand Walkie-Talkie Service - Nextel, NII Holdings to Expand Their Walkie-Talkie Service to Mexico Mobile communications providers Nextel Communications Inc. and NII Holdings Inc. on Wednesday said the companies will expand their walkie-talkie service to Mexico. AP
  • AT&T Introduces Unlimited Calling Plan to Six Mexican Cities Continuing its innovative support to the Latino community of international callers, AT&T today announced the latest addition to its growing portfolio of unlimited calling plans, the AT&T Unlimited® Mexican Cities Plan. This industry- leading plan provides consumers with unlimited direct-dialed calling from their homes to six popular cities in Mexico: Guadalajara, Leon, Mexico City, Monterrey, Puebla and Toluca -- 24 hours a day, seven days a week. AT&T
  • Telecoms warm to Internet calls, but hype high If there's one technology that's likely to dominate the hype at the telecommunications industry's SuperComm conference next week, Internet phone service is it. And for all those rushing into it, that could mean trouble. Reuters
  • UPS cuts the cord Delivery giant UPS is making a $200 million global investment in Bluetooth, Wi-Fi and cellular technology--a move that should put an end to delays caused by snapped connector cables linking workers' equipment. CNET
  • Customers clamor for Net telephony extras Makers of Net phone equipment that cater to businesses face an important challenge: creating new things for the phones to do, say executives gathered here for the Supercomm 2004 conference. CNET
  • Internet speed record broken The world record for the transfer of data across the Internet has been claimed by telecommunications company Sprint and the Swedish National Research and Education Network. CNET


Subscribe to TAA's Week In Review Newsletter

    TAA's Telecom End-User Newsletter is published every Thursday and distributed via email to all TAA members who identify themselves as end-users.  Click here to edit or cancel your existing TAA membership subscription. Click here to start a new TAA membership subscription.  

     To learn more about TAA please visit or call Dan Baldwin, TAA Editor-at-Large at 206-203-6115 x2.



ID & Passwords

Many of the links in this newsletter require a TAA userID & password.
To get one instantly, click here.


Service Provider Reviews

Submit a review of service providers you have experienced first hand for the benefit of other small business owners. Print the review on your letterhead and fax it to TAA at 909-797-4257.

TAA will publish the reviews here. Questions? Call TAA's Dan Baldwin at 206-203-6115 x2.

About TAA's "Telecom End-User Newsletter" 

This telecom end-user newsletter is written by a small business owner for other small business owners.

My name is Dan Baldwin. Like many of you, I spend about $1,000 per month on the telecom services necessary to operate my business. Over the past ten years I've signed up for just about every type of telecom service a small business owner could think they need.

In addition to being a telecom end-user myself though, as the owner of TAA, I'm also a telecom industry insider who has sold telecom services to other small business. I know what's worth buying, what's worth trying and what to avoid.

The primary purpose of this newsletter is to share objective information with other telecom end-user business owners about "how to manage" their current telecom services and "how to choose" telecom services if they need something they haven't got. 

The newsletter will introduce end-user business owners to new types of telecom services and suggest ways they can incorporate the new services into their business to increase their bottom line. 

Finally, if a business owner does need a new telecom provider, this newsletter will introduce readers to screened TAA vendor members that the end-user business owner can confidently place their business with.

The bottom line? TAA is a membership organization of over 3,800 users, distributors and providers of business telecom services that have chosen to do business with one another as opposed to doing business with strangers. 

The strength of TAA comes from the fact that all TAA members agree to share information with one another so that all TAA members can make informed choices about the telecom services they use, distribute or produce. We're real people who eat, sleep and do our best to take care of their families and help our business associates. 

Please feel free to call me any time at 206-203-6115 x2 about any issue large or small. TAA's value is in its membership. Because you have chosen to join TAA as an end-user member I will do all I can to provide you the objective information you seek about telecom services so you can make informed choices and get back to running your business.


Dan Baldwin
TAA Editor-at-Large

206-203-6115 x2


Last updated: 7/16/04

Telecom Association, Inc. © 1995 - 2004
Contact Information
  Privacy & CAN-SPAM Statements





NorVergence Leasing Portfolio: “Other things to go wrong.”


  by Christopher Menkin


Skip Bayless, sports columnist for the San Jose Mercury News, stated

players can’t hide their activities as they have done in the past as

“the internet has a thousand eyes.”  This is also true to the leasing

industry, where NorVergence users have formed “listserve” groups,

communicating via Yahoo, among others, and openly are telling

others to stop making the lease payments and join them in a class

action suit.


Here is one:


One of the most popular, and easy to use is:


Here is a typical question:


Does anyone in this group have CIT as their leasing company?  I would like to hear from other Norvergence clients that have a lease with CIT. We can share strategies, and maybe bring action to invalidate these leases together.


“Also, Has anyone discussed the leases with their attorney? 

Does anyone have any good legal theories to get out of these leases?”




“I am in the same boat like everyone hoping to join someone who will

be ready to take action against these scumbags. I have to still pay

$20,400 out of $ 23,400.


“We were told by Norvergence people, that the Matrix Box will do all

this magic, but now everything is nothing but tragic.


“I do not know where to go?


“I have the lease company 'LakeLand Bank'.


“Please let me know if anyone can help.”


Some claim they have $100,000 left on their leasing contract.


Others send out advice to join together to  make it akin to Leasecomm, such as:




Others are watching the victory that Dale Washington is having

with “hell and high water” contacts:



More importantly, the internet has become an inexpensive, immediate

means for users to gain information seemingly to their financial

advantage against major banks and other funders of NorVergence


This Yahoo site has 500 messages along:

In addition, the Telcom Agent is actively organizing, creating a “legal co-op”



If you cannot read this message, please click:



Weir & Partners LLC
Attorneys for Business & Finance 

Norvergence Customer Legal Co-op

Aggressively Fighting For Justice


If you are a Norvergence customer who believes you were mislead regarding the 60-month Norvergence rental agreements and you want to explore every legal option available to get justice, join with other Norvergence customers in the Norvergence Customer Legal Co-operative.

About Norvergence Customer Legal Co-op

Telecom Agent Association (TAA), a membership organization of 6,200 small business telecom users, distributors and providers has retained the law firm Weir & Partners and is consulting with many other law firms on behalf of TAA's end-user members who requested assistance to determine the enforceability of Norvergence's rental agreements.

To be eligible to join the co-op you must first be a member of TAA. Any small business owner can join TAA in minutes for free by registering for a TAA userID and password by clicking here.


Fight For Justice, Join The Co-op Today!

To join the Norvergence Customer Legal Co-op once you are a registered TAA member, please click here to access the Legal Coop invoice. Once you complete the invoice, fax it to 909-494-4257. 

Within 24-hours of receiving your Legal Co-op invoice you will be personally contacted by TAA's Dan Baldwin so he can review your situation with you and share with you what the co-op attorneys are doing on behalf of the co-op members. All your individual questions will be presented to the co-op attorneys so you can get fast information.

If you have questions that need to be answered before you join the co-op please email them to TAA Administrator Kathleen Brown at  As the questions come in we will answer them below. 


Frequently Asked Questions

Q1. What exactly does the co-op do for me?

A1. The co-op's job is to make sure all your questions get answered as quickly and as completely as possible. If your question is of a legal nature it will be presented to the co-op attorneys. If you question is non-legal, TAA will research and provide the answers.

Q2. Shouldn't I get my own attorney involved?

A2. Absolutely. The legal co-op doesn't replace your attorney. The legal co-op does all the preliminary legwork and provides you with the benefit of the answers generated already for all the other co-op members.


A3.  Read the answer within hours at




Barry Dubin, a very well-known attorney with Cooper-White-Cooper made an observation over twenty years ago that has been included in many of our placards:  “When something goes wrong at the beginning, other things will go wrong until the end.”






Alexa Ranks Leasing Association Web Sites

96,839 American Bankers Association
118,569  Kit Menkin's Leasing News
144,833 Equipment Leasing Association
224,133 The Electronic Payments Association
220,945 Monitor Daily
315,101 Leasing Press
503,080 Ind Community Bankers of America
578,419  Commercial Finance Association
500,865  United Association of Equipment Leasing
592,514  National Assoc. of Equip Leasing Brokers
1,293,598  Institute of International Container Lessors
809,419  U.S.Banker
710,473 National Vehicle Leasing Association
1,022,962  Exec Caliber-Jeffrey Taylor
703,599 Equip. Leasing & Fin Fndn
1,142,410 Lease Assistant
2,446,035 Eastern Association of Equipment Leasing
1,282,752  eLessors Networking Association
4,914,446 The National Funding Assoc
3,114,349  Assoc of Government Leasing  Financing
3,598,580 Equipment Financial Journal
3,730,853   CLP Foundation
5,411,405 Mid-America Association of  Equip Lessors
No Data
No Data Lean -Lease Enforcement Att Net

Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law.  The rating is not valid as it includes all those who visit and communicate with the law firm.  When Business Leasing News has its own individual web site, it will be included in the Alexa survey.

It should also be noted that several of the web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself.  Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year.

The Alexa tool bar works on most browsers.
They are partnered with Google.

You may download their free tool bar A graph and analysis of the last three months are available.

( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. )



Classified Ads---Help Wanted


Account Executive:
Leasing professional in the small to middle market with at least 3 years business development and direct sales experience. Dallas, Denver or Chicago location. Strong commission plan plus benefits. E-Mail

About the Company: Bank of Blue Valley is a locally owned community bank with $600 million in assets. We are one of the leaders in the Kansas City financial community. Our bank offers true community banking with services,
products and convenience for businesses, families and individuals seeking a complete banking relationship. Check out our website @


Small ticket leasing account reps., nationwide. Seeking self starters with proven ability to work individually. Our technology gives you the flexibility to work from any location.  Aggressive compensation structure, travel exp.,health insurance, matching 401.
Grow with us.
Send resume:  
In addition to our our internal lines,partnered with 20 premier funding sources.



Business Development Officer,leasing exp.,min 3 yrs business & direct sales exp. Banking procedure knowledge helpful. Gilroy, CA location, serving four surrounding counties. E-mail or see Career Opportunities

About the Company: Pacific Capital Bancorp is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness and personalized attention of a local community bank.





New York. One of the largest ind. equip.lessors needs  motivated, self-starter to purchase single investor leases from institutional investors; min.transaction  $1 million; portfolio of primarily investment grade lessees/good "story credits". 
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing.



Port Leasing Sales Officer - Port of Long Beach: conducts/oversees negotiations for leases, permits, property acquisition; prepares lease proposals; negotiates prop. acquisition; neg. lease agreements with new/existing tenants; develops financial info. to analyze lease proposals.  College degree expected. Contact: Stuart Satow, CPS Executive Search 916-263-1401, Recruitment brochure




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



Fitch Affirms Toronto-Dominion Bank, Revises Outlook to Stable From Negative


Fitch Ratings-Chicago- Fitch Ratings has revised the Rating Outlook on Toronto-Dominion Bank's (TD) 'AA-/F1+' ratings to Stable from Negative. Fitch has also affirmed all of TD's other ratings. The Rating Outlook applies to TD's long-term ratings. A complete list of ratings follows at the end of this release.


The ratings affirmation and Outlook revision to Stable reflects TD's meaningful progress in reducing its credit risk profile and bolstering capital. Management has worked through the non-core lending portfolio at TD Securities faster than Fitch had anticipated, and actual loss experience appears to be well within management's original expectations. At April 30, 2004, this portfolio has been reduced to just $2.6 billion ($5 billion total commitments). Gross Impaired Loans (GILs) have declined from 2% of loans at fiscal year-end 2002 to a very manageable 0.75%. Loan loss reserves cover GILs 1.6 times. TD has strengthened its capital position by reducing risk-weighted assets in a targeted manner and through earnings retention. Overall, TD has delivered consistent earnings performance since reporting sizeable goodwill writedowns and restructuring charges in the second quarter of 2003. Over the last year, TD's tier 1 capital ratio has improved from 8.8% to 11.90%, now highest of the six largest Canadian banks. Tangible common equity to risk-weighted assets has increased from 5.7% to 8%, while tangible common equity (common equity less total intangibles, gross of future tax liability) to tangible assets remains comparatively low at 2.42%.


In addition, TD's retail market shares have generally stabilized. The considerable strength provided to TD by its retail franchise underlines the importance of this factor. TD captures about 22.5% of personal core deposits. In terms of overall risk profile, TD is approaching its desired business mix of 80% retail, 20% wholesale. While this significantly reduces the firm's exposure to the perceived higher risk corporate sector, it also reduces its revenue and business diversification.


Contact: Doris Hoffmann +1-312-368-2057, Chicago or Sharon Haas +1-212-908-0362, New York.


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



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This Day in American History


    1591- Anne Marbury was baptized in Alford, England. America's first female religious leader, Anne Marbury Hutchinson was the daughter of an outspoken clergyman silenced for criticizing the Church of England. Better educated than most men of the day, she spent her youth immersed in her father's library.

At twenty-one, Anne Marbury married Will Hutchinson and began bearing the first of their fifteen children. She became an adherent of the preaching and teachings of John Cotton, a Puritan minister who left England for America.

    1848- the Seneca Falls Convention convened for a second day. On the previous day, convention organizer Elizabeth Cady Stanton had read the "Declaration of Sentiments and Grievances." In the process of reviewing a list of attached resolutions, a group united across the boundaries of gender and race to demand women's right to vote in the United States.

(second part of: )

    1858- Approximately 1,500 baseball fans were charged 50 cents each to watch a baseball game between the New York All-Stars and a Brooklyn team at Fashion Race Course on Long Island.  This is the first record “commercial” game of baseball. In a preclude to the next century, New York beat Brooklyn 22-18.

    1874 --  General  George Custer and first official exploring expedition enters Black Hills with 110 wagons and 1,000 men, in direct violation of treaty of 1868 that barred whites from sacred hills.  He was out to make a name for himself

in history.

    1885-Birthday of Theda Bara, early Hollywood star whose blatant sexuality (for the time) as a "vamp" (a woman who uses men and throws them away instead of being used and thrown away) was the subject of many a Sunday church sermon. She made more than 40 silent films.

    1922---Alto/tenor sax player/arranger Ernie Wilkins born St. Louis, Mo., perhaps best

known for his Count Basie arrangements Died June 5, 1999

    1930 - The temperature at Washington D.C. soared to an all-time record of 106 degrees. The next day Millsboro reached 110 degrees to set a record for the state of Delaware. July 1930 was one of the hottest and driest summers in the U.S., particularly in the Missouri Valley where severe drought conditions developed. Toward the end of the month state records were set for Kentucky with 114 degrees, and Mississippi with 115 degrees.

    1934--- 118ø F (48ø C), Keokuk, Iowa (state record)

    1939-Birthday of  Judy Chicago, artist who encourages women to do what she did, assimilate female imagery into their art work. She established educational programs for women, was one of the founders of the Los Angeles Feminist Studio Workshop which, among other things, opened the Woman's Building, and creator of a number of exciting woman-related images and sculptures.

    1940-The first pop music record charts for single songs were published by the music grade newspaper “Billboard.”  The first Number on was Tommy Dorsey’s “ I’ll Never Smile Again,” sung by Frank Sinatra.

    1944 President Franklin D. Roosevelt nominated for an unprecedented 4th term at the Democratic convention. Harry S. Truman of Missouri was nominated for

vice-president. In June the allied landed in Normandy and the Russian front was

in full battle, but in mid-June the Germans introduced a new weapon, the V-1 pilot less bombs;  they launched it against London and other British cities.  In September they followed it with the V-2, a supersonic rocket causing great destruction.  The end of June the Republican National Convention nominated

Thomas E. Dewey, governor of New York for the presidency, and Gov. John W. Bricker of Ohio for the vice-presidency.

    1945---Top Hits

Dream - The Pied Pipers

The More I See You - Dick Haymes

Sentimental Journey - The Les Brown Orchestra (vocal: Doris Day)

Stars and Stripes on Iwo Jima - Bob Wills

    1947 Carlos Santana  born Autlan, Mexico

    1950- the “Arthur Murray Party” premiered on television. This ballroom dancing show appeared on all four networks (ABC, Dumont, CBS and NBC) and was hosted by Kathryn Murray, wife of famed dance school founder Arthur Murray. “Arthur Murray taught me to dance in a hurry. “ He is the uncle of

our good friend Bob Teichman  (Murray dropped his middle name for

as Teichman did not rhyme with very many things.)

    1953---Top Hits

Song from Moulin Rouge - The Percy Faith Orchestra

April in Portugal - The Les Baxter Orchestra

I’m Walking Behind You - Eddie Fisher

It’s Been So Long - Webb Pierce

    1958- During the first game of a doubleheader Tiger Jim Bunning no-hits the Red Sox, 3-0. The future Hall of Famer will become the first modern pitcher to toss a no-hitter in both leagues when throws a perfect against the Mets in 1964.

    1961---Top Hits

Tossin’ and Turnin’ - Bobby Lewis

The Boll Weevil Song - Brook Benton

Yellow Bird - Arthur Lyman Group

Heartbreak U.S.A. - Kitty Wells

    1963-Jan and Dean's "Surf City" tops the singles chart just two weeks after its release.

    1965-Bob Dylan's "Like a Rolling Stone" is released by Columbia records. The disc turns out to be his biggest hit ever climbing to number two on the U.S. pop chart and number four in the U.K.

    1965-Kama Sutra Records releases the Lovin' Spoonful's first record, "Do You Believe in Magic." It will reach #9 on the pop chart.

    1965- Yankee pitcher Mel Stottlemyre hits an inside the park grand slam against the Red Sox en route to a 6-3 victory.

    1968-One thousand mentally retarded athletes competed in the first Special Olympics at Solider Field, Chicago, Il.  Today more than one million athletes from 156 countries compete at the local, national and international level.  
     1973- Kunckleballer Wilbur Wood of the Chicago White Sox pitched both games of a doubleheader against the New York Yankees. No pitcher has done this since, but Wood lost both games.

    1968 - Iron Butterfly's album, In-a-Gadda-da-Vida, debuted on the United States pop charts. It featured its now-famous 17-minute title track, which in turn contained one of the longest drum solos in the history of rock music.    
     1968- Cream's "Wheels Of Fire" LP enters the chart. It hits #1 and features the single "White Room."

    1969---Top Hits

In the Year 2525 - Zager and Evans

Spinning Wheel - Blood, Sweat and Tears

Good Morning Starshine - Oliver

I Love You More Today - Conway Twitty

    1969 - American astronaut Neil Armstrong, nearly 240,000 miles from earth, spoke these words to millions listening at home: "That's one small step for a man, one giant leap for mankind." A moment later, he stepped of the lunar module Eagle, becoming the first human to walk on the surface of the moon. That first step was taken with Armstrong's left foot.    
     1973- White Sox pitcher Wilbur Wood loses both ends of a doubleheader to the Yankees.
     1975-Miami" Steve Van Zandt performs for the first time in concert as a member of Bruce Springsteen's E Street Band in Providence, Rhode Island.

    1977---Top Hits

Da Doo Ron Ron - Shaun Cassidy

Looks like We Made It - Barry Manilow

I Just Want to Be Your Everything - Andy Gibb

It was Almost like a Song - Ronnie Milsap

    1984 - Ty Cobb's record was broken by baseball great Hank Aaron when Aaron appeared in game number 3,034 of his career. At age 40, Aaron, was already playing in his 20th major-league baseball season.   
     1985 - Treasure hunters began removing $400 million in coins and silver ingots from the ocean floor in the biggest underwater treasure hunt in history. The money came from the Spanish galleon, "Nuestra Senora de Atocha," which sunk in 1622, 40 miles off the coast of Key West, Florida.
     1985-Sting's solo debut, "The Dream of the Blue Turtles" enters the album charts. The LP features the hits, "If You Love Somebody Set Them Free" and "Fortress Around Your Heart."

    1985---Top Hits

A View to a Kill - Duran Duran

Raspberry Beret - Prince and The Revolution

Everytime You Go Away - Paul Young

Dixie Road - Lee Greenwood

    1986 - The temperature at Charleston, SC, hit 104 degrees for the second day in a row to tie their all-time record high.

    1987- Yankee first baseman Don Mattingly ties a major league mark as he is credited with 22 putouts in one game matching Hal Chase's feat of 1906.   
    1988—The Democratic National Convention nominated Gov. Michael S. Dukakis of Massachusetts for president and Sen. Lloyd M. Bensten,Jr., of Texas for Vice-President.
1988 - The temperature at Redding, CA, soared to an all-time record high of 118 degrees. Showers and thunderstorms produced much needed rains from New England to southern Texas. Salem, IN, was deluged with 7.2 inches of rain resulting in flash flooding.
    1989 - Showers and thunderstorms in the Middle Atlantic Coast Region soaked Wilmington, DE, with 2.28 inches of rain, pushing their total for the period May through July past the previous record of 22.43 inches. Heavy rain over that three month period virtually wiped out a 16.82 inch deficit which had been building since drought conditions began in 1985. Thunderstorms in central Indiana deluged Lebanon with 6.50 inches of rain in twelve hours, and thunderstorms over Florida produced wind gusts to 84 mph at Flagler Beach.     
    1991-Tom Petty and The Heartbreakers' "Into The Great Wide Open" LP enters the chart.




Baseball Poem


Baseball and Writing
Marianne Moore


(Suggested by post-game broadcasts)

Fanaticism?  No.  Writing is exciting
and baseball is like writing.
   You can never tell with either
      how it will go
      or what you will do;
   generating excitement--
   a fever in the victim--
   pitcher, catcher, fielder, batter.
          Victim in what category?
Owlman watching from the press box?
          To whom does it apply?
          Who is excited?  Might it be I?
It's a pitcher's battle all the way--a duel--
a catcher's, as, with cruel
   puma paw, Elston Howard lumbers lightly
      back to plate.  (His spring 
      de-winged a bat swing.)
   They have that killer instinct;
   yet Elston--whose catching
   arm has hurt them all with the bat--
          when questioned, says, unenviously,
   "I'm very satisfied.  We won."
          Shorn of the batting crown, says, "We";
          robbed by a technicality.
When three players on a side play three positions
and modify conditions,
   the massive run need not be everything.
      "Going, going . . . "  Is
      it?  Roger Maris
   has it, running fast.  You will
   never see a finer catch.  Well . . .
   "Mickey, leaping like the devil"--why
          gild it, although deer sounds better--
snares what was speeding towards its treetop nest,
          one-handing the souvenir-to-be
          meant to be caught by you or me.
Assign Yogi Berra to Cape Canaveral;
he could handle any missile.
   He is no feather.  "Strike! . . . Strike two!"
      Fouled back.  A blur.
      It's gone.  You would infer
   that the bat had eyes.
   He put the wood to that one.
Praised, Skowron says, "Thanks, Mel.
   I think I helped a little bit."
          All business, each, and modesty.
        Blanchard, Richardson, Kubek, Boyer.
          In that galaxy of nine, say which
          won the pennant?  Each.  It was he.
Those two magnificent saves from the knee-throws
by Boyer, finesses in twos--
   like Whitey's three kinds of pitch and pre-
      with pick-off psychosis.
   Pitching is a large subject.
   Your arm, too true at first, can learn to
   catch your corners--even trouble
          Mickey Mantle.  ("Grazed a Yankee!
My baby pitcher, Montejo!"
          With some pedagogy,
          you'll be tough, premature prodigy.)
They crowd him and curve him and aim for the knees.  Trying
indeed!  The secret implying:
   "I can stand here, bat held steady."
      One may suit him;
       none has hit him.
   Imponderables smite him.
   Muscle kinks, infections, spike wounds
   require food, rest, respite from ruffians.  (Drat it!
          Celebrity costs privacy!)
Cow's milk, "tiger's milk," soy milk, carrot juice,
          brewer's yeast (high-potency--
          concentrates presage victory
sped by Luis Arroyo, Hector Lopez--
deadly in a pinch.  And "Yes,
   it's work; I want you to bear down,
      but enjoy it
      while you're doing it."
   Mr. Houk and Mr. Sain,
   if you have a rummage sale,
   don't sell Roland Sheldon or Tom Tresh.
          Studded with stars in belt and crown,
the Stadium is an adastrium.
          O flashing Orion,
          your stars are muscled like the lion. 


From The Complete Poems of Marianne Moore. Copyright © 1961 Marianne Moore, © renewed 1989 by Lawrence E. Brinn and Louise Crane, executors of the Estate of Marianne Moore.




Another Poem by Marinne Moore


Marianne Moore


I, too, dislike it: there are things that are important beyond
      all this fiddle.
   Reading it, however, with a perfect contempt for it, one
      discovers in
   it after all, a place for the genuine.
      Hands that can grasp, eyes
      that can dilate, hair that can rise
         if it must, these things are important not because a
high-sounding interpretation can be put upon them but because
      they are
   useful. When they become so derivative as to become
   the same thing may be said for all of us, that we
      do not admire what
      we cannot understand: the bat
         holding on upside down or in quest of something to 
eat, elephants pushing, a wild horse taking a roll, a tireless
      wolf under
   a tree, the immovable critic twitching his skin like a horse
      that feels a flea, the base-
   ball fan, the statistician--
      nor is it valid
         to discriminate against "business documents and
school-books"; all these phenomena are important. One must make
      a distinction
   however: when dragged into prominence by half poets, the
      result is not poetry,
   nor till the poets among us can be
     "literalists of
      the imagination"--above
         insolence and triviality and can present
for inspection, "imaginary gardens with real toads in them,"
      shall we have
   it. In the meantime, if you demand on the one hand,
   the raw material of poetry in
      all its rawness and
      that which is on the other hand
         genuine, you are interested in poetry.


From The Complete Poems of Marianne Moore. Copyright © 1961 Marianne Moore, © renewed 1989 by Lawrence E. Brinn and Louise Crane, executors of the Estate of Marianne Moore.







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