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Sales

Privately-held lessor/broker in business since 2004 is looking to expand its Orange County and San Diego origination teams with experienced reps ready for a change. We offer clients a variety of traditional banking products including our 0% APR credit card. Our marketing efforts enhance both end user and vendor sales strategies, including proprietary technology, direct mail, and trade show support. Make the move today -
click this link
for more details.

www.cflbc.com
Commercial Finance & Leasing Bank of Cardiff, Inc, a
finance lender licensed pursuant to the California Finance
Lenders Law, license #603G469


Monday, June 25, 2012



Today's Equipment Leasing Headlines

Alexa Ratings
  ---with Summer Special
   Classified Ads---Legal
 Funders Looking for New Broker Business—Updated
  by Christopher Menkin
   Watch Out for Small Capital Leases
    -Especially Without a License
     by Tom McCurnin, Esq.
  Career Crossroad—“Should I leave my current employer?”
    Classified Ads---Help Wanted
Leasing 102 by Mr. Terry Winders, CLP
  Bank Leasing Companies
    Top Stories June 8---June 12
Bank Beat--Failed Bank Bidding Details
  2012 Bank Mergers Up 9%
    $14 Million Tax Loss
      Miniature Pinscher Mix
      Santa Clara, California Adopt-a-Dog
       Classified ads—Software
         Leasing Software Companies
News Briefs---
Asian Stocks, Euro Decline Before Italy, Spain’s Debt Auction
    Vicious wildfires spread to Colo. tourist centers
Tropical Storm Debby spawns fatal tornado in Florida, drenches coast
     Single-family housing starts rise in May, permits jump
Hedgie sues poker pro ex-wife 1,200-pair designer shoe collection
    Hailstorm that pounded Dallas area still taking its toll
'Jeopardy!' host Alex Trebek suffers mild heart attack

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months

   You May Have Missed
     SparkPeople--Live Healthier and Longer
      Sports Briefs---
       Baseball Poem
        California Nuts Briefs
         "Gimme that Wine"     
          This Day in American History
         SuDoku
           Daily Puzzle
             GasBuddy
               Weather, USA or specific area
                 Traffic Live----

######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.



Please send Leasing News to a colleague and ask them to subscribe.
We are Free!!! and no registration, just email address.


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Alexa Ratings


(The lower the number, the more readers, as the list
is based on how many visit the site with number one being Google.)

 
U.S.
Global
Leasing News
30,284
180,846
Lessors
46,453
271,273
Monitordaily
126,735
665,810
Equipmentfa.com
281,735
1,312,659
World LN
460,561
1,509,092

Note:
Leasing News does not utilize Google Analytics or their services, and publishes normally Monday, Wednesday, Friday.


Leasing News Help Wanted Ad Pricing

25% Off regular rate below plus 30 day run

Help Wanted Web Ad New Programs

Classified Ad Section 

21 days in a row:
$595 four lines (a space is a line) 
($40 each additional line or space)

All you need do is send us the copy or the position description you want to fulfill and we do the rest. We will design the ad with the idea to fit you budget best, as well as recommend a “click to a web page” or seprate full page job description. Lines and spaces determine the price of the “help wanted ad” as the Logo is free as well as company description at the bottom of the ad (not to exceed the number of lines of the ad.) Also freeclick to a click to a web site or a full description of the position.

Ads are placed in the "Help Wanted' section by category, alphabetical, with the ad with the most lines first in the group. They appear on the web site and in each news edition at the top, not in flash, but in separate news editions. (The “help wanted” top ad are changed in each news edition in sequence with other “help wanted” ads, mostly in a chronological basis.) The ad always appears in the classified help wanted section in each news edition, plus remains on the web site, even when it appears at the top of the headlines.

Most readers scroll the newsletter, or those directly interested in classified, will click on the headline and go direct to the news edition classified help wanted section, or click on the web site, and go to it at this site.

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



 

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Classified Ads---Legal


(These ads are “free” to those seeking employment or looking
to improve their position)



Orange County, CA
20+ years with record of success. Hands on manager that can show how its done to get great results in Legal/Collections. michaellosey@gmail.comhttp://www.linkedin.com/pub/michael-losey/12/229/824

San Diego , CA 
Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Cell Phone: 760-533-4058;
Email:marshallrosenberg@gmail.com | Resume


Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

ELLEN MICHELE STERN, ATTORNEY
Southern California

Free initial consultation
Nationwide network of providers and client base.
Twenty-six years of leasing expertise, ranging from front-end transactional through collections, equipment & judgment recovery.
Results-oriented

Phone: 951.443.4000 or email:leaselaw@msn.com
California Finance Lenders’ License specialist


 

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Funders Looking for New Broker Business
by Christopher Menkin


It should be noted there are a number of funders, who are working with brokers, who would like to work with more brokers, but do not want to be on this list. There are also others who have asked to be removed from the list because they received too many calls from those new in the business or ones they did not want to consider or just “too many telephone calls.”

The credit unions mention in previous stories who do leasing, and/or accept broker business, have also asked not to be on this list.

There are also funders who don’t want to be on the “Funders A” list as they also get “too many calls” from those with leasing transactions.

My advice to those who find this disturbing, join www.naelb.org and not only learn the business, but network, and also learn funders that will consider their transactions. (For more information about NAELB membership, please contact: rosanne@1stindependentleasing.com.)

To be chosen for this list, the company must qualify as a "funder" and be on the "Funder A" list, including no listing on the "Complaint Bulletin Board" as well as always notify the lessee prior to termination if their lease contract or the discounting document used has an Evergreen clause.

There is no advertising fee or charge for a listing. They are “free.” Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list.

Leasing News reserves the right to not list a company who does not meet these qualifications.

We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers are very much encouraged.

Alphabetical list - click on company name to view more details

1st Enterprise Bank Leasing
Advantage Funding
Agility Solutions
Allegiant Partners Incorporated
Allegheny Valley Bank Leasing
American Leasefund, Inc.
Bank of the West
Bankers Capital
Barrett Capital Corporation
Black Rock Capital
Blackstone Capital Partners, L.P.
Blue Bridge Financial, LLC
Boston Financial & Equity Corp.

BSB Leasing, Inc.
Calfund, LLC
Chesapeake Industrial Leasing Co., Inc.
Cobra Capital LLC
Commerce National Bank Leasing
Dakota Financial
Data Sales Co., Inc.
Exchange Bank Leasing (formerly Dumac Leasing)
FirstLease, Inc.
First Federal Leasing
Financial Pacific Leasing
Forum Financial Services, Inc.
Gonor Funding
Lease Corporation of America
Manufacturer's Lease Plans, Inc

Mar Vista Financial
Maxim Commercial Credit, LLC
National Equipment Finance
National Machine Tool Financial Corporation
Navitas Lease Corp
NFS Leasing, Inc
Northwest Leasing Company, Inc
P&L Capital Corporation
Pacific Western Equipment Finance
Pawnee Leasing Corporation
Standard Professional Services, LLC
Summit Leasing, Inc.
TEAM Funding Solutions
Vision Financial Group, Inc.


Full List:
http://www.leasingnews.org/Funders_Only/New_Broker.htm



 

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Watch Out for Small Capital Leases
-Especially Without a License
by Tom McCurnin, Esq.
Barton, Klugman & Oetting
Los Angeles, California


When is a commercial loan not a commercial loan or a Capital Lease? Well, when the lender makes a loan subject to Financial Code § 22204. That Code section can take an otherwise admitted commercial loan and turn it into a consumer loan, making the lender subject to rate and fee limitations and the dreaded Regulation Z disclosure requirement. This would be a disaster of course, and that is exactly what happened to one lender.

The case is Wertheim, LLC v. Currency Corporation, 2012 WL 1854944 (Cal. App. 2nd Dist. 2012). There, the lender, Currency Corporation, loaned monies to the son of a well known songwriter based on a royalty stream. Many of the loans were less than $5,000 and all were for rates which exceeded 50%.

The lenders law has a curious, and much maligned, definition of a consumer loan which includes loans which are for commercial purposes. One of the provisions of the definition defines a “consumer loan” as any loan where the “principal amount is less than five thousand dollars where the proceeds are intended by the borrower for use primarily for other than personal, family , or household purposes.” California Financial Code § 22204(a). In other words, any commercial loan which is less than $5,000 is really a consumer loan.

Further aggravating the situation are the provisions of Financial Code §§ 22303, 22304, which place rate and fee caps for consumer loans on a sliding scale. These are applicable to commercial loans under $5,000. Once the gates of the consumer loan provisions are open, the lender is required to comply with Regulation Z disclosures and other onerous provisions.

However, there is an exemption, which would deem small commercial loans to retain their commercial status in Financial Code § 22551. Called the “open-ended credit agreement” exemption, this statute allows lender to make small $5,000 or less loans to a borrower and still maintain the commercial quality if the loans are made pursuant to a credit line. Financial Code.

In Wertheim, the lender made a series of high interest, one-off, standalone loans under $5,000 which on their face would appear to fall within the trap of Financial Code § 22204(a) and would turn the commercial loans into consumer loans. Once deemed consumer loans, those loans would arguably be illegal due to rate and fee caps.

While the lender in Wertheim tried to argue that the loans were commercial. However, it was clear that the loans were not advances under an open-ended credit agreement, and were intended, drafted, and funded as one-off, standalone promissory notes. Consequently, the borrower could dispute the loans, recover illegal interest, and obtain a judgment against the lender. While the lender had other loans which were in excess of the $5,000 floor, the borrower ultimately had a larger net recovery. The borrower was awarded its attorney fees.

As is the case with most cases involving the Financial Lender’s Law, there are many lessons for the equipment lessor here.

First, Bad Facts Make Bad Law. Here the lender had effective interest rates in excess of 50% and also compounded interest. While it is difficult to determine if the trial court may have held this against the lender, the lender with that kind of effective interest rate, coupled with non-compliance with applicable laws, will not be looked on favorably. If a lender’s business model involves super high interest rates, then it ought to review the Financial Code and strictly comply. It will not get many breaks.

Second, the Financial Lenders Law Treats Some Commercial Loans as Consumer Loans—Be Aware of Those Definitions. As stated, Financial Code § 22204 defines certain commercial loans as consumer loans. It is difficult to explain to clients that a commercial loan is really a consumer loan in certain circumstances, and I often get curious looks when I explain this. Many counsel try to argue that the definitions should be read in context with reality, but one expert interviewed the Department of Corporations and the DOC opined that the definitions of a consumer loan in Financial Code § 22204 were independent standalone definitions. See generally, Law Journal News Equipment Leasing, July 2002, Michael A Karpen, “How Lenders Can Protect Themselves Against California Finance Lenders Law” page 1 (July 2002). All I can say is read the definition, and try not to do the things in the definition which might trip up the lender, such as taking accounts for collateral or making a series of low dollar loans, as was the case here.

Third, For Those Lessors Which Still Use Master Leases and Schedules, Review the Exemption and Determine If the Schedule is An Open-Ended Credit, or a Standalone Obligation. The lessor schedule may be for equipment with a value of less than $5,000 and if a standalone schedule, and not part of a credit line take down, might be considered consumer loan. The lessor should review its lease documents in light of the Wertheim decision.

The bottom line for the equipment lessor is that its business model should be thoroughly vetted by competent lender’s counsel or someone with a familiarity of the Financial Lenders Law, otherwise your commercial loans may be deemed consumer loans.

Tom McCurnin
Barton, Klugman & Oetting
Los Angeles, California
email: tmccurnin@bkolaw.com
Voice: (213) 621-4000
Fax (213) 625-1832

Visit our Web Site at www.bkolaw.com

WERTHEIM Decision PDF:
http://leasingnews.org/PDF/WertheimDecision.pdf


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Career Crossroad—“Should I leave my current employer?”


Question: I have been actively interviewing and was just made an offer, but I am now not sure I am ready to leave my current employer; however, I may be interested in the future. How do you suggest I handle this situation?

Answer: I have written about this before, but not as direct as this situation. You really should have evaluated your situation before EVER embarking on a job search.

It is imperative for you, to make sure you do not begin ANY search unless you are sincerely ready to make a move. The consequences of changing your mind can affect many – most importantly YOU.

It is one of the first questions I ask, are you really sure you want to leave your present employer? And why?

If you ask this question, you are not ready to move on!

Stop the process right away – they may have another candidate that is ready to accept today. Approach the company and let them know you appreciate their efforts and interest in you. Explain that at this time it just does not make sense (e.g. maybe you would lose a bonus that you worked hard for or were given a new assignment). Express your positive impression of the company / its culture / potential managers, etc… and that you would like to leave the door open for future conversations.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
emily@riirecruit.com
Twitter: @RIIInfo
Invite me to Connect on LinkedIn & Follow RII on LinkedIn

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

 


 

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Sales

Privately-held lessor/broker in business since 2004 is looking to expand its Orange County and San Diego origination teams with experienced reps ready for a change. We offer clients a variety of traditional banking products including our 0% APR credit card. Our marketing efforts enhance both end user and vendor sales strategies, including proprietary technology, direct mail, and trade show support. Make the move today -
click this link
for more details.

www.cflbc.com
Commercial Finance & Leasing Bank of Cardiff, Inc, a
finance lender licensed pursuant to the California Finance
Lenders Law, license #603G469


Dallas-Fort Worth
Seasoned Leasing professional, experienced in 3rd party generated business. Must be highly ethical, self starter with a good understanding of financials and able to produce immediately and consistently. Generous commissions paid and benefits after initial trial period.

Please submit resume to ron.mitchell@bancleaseacceptance.com
Contact: Ron Mitchell 214-615-0667 direct

 

Exp. only, 1 Southeast, 1 West Coast
Looking to Expand Your Career
Base Salary & Commission
resumes to : dmitchem@ifsc.com

www.ifsc.com
Stable, profitable independent lessor, 30 years in business,
Chicago suburbs

 

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm

Please see our Job Wanted section for possible new employees.

 

 

  

Send Leasing News to a Colleague. We are free!!!

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Leasing 102
by Mr. Terry Winders, CLP


Bank Leasing Companies

Legal authority to lease for non-regulated Lessor’s is a “non issue,” however for Banks they are generally authorized by the corporate law of their incorporating jurisdiction to lease personal and real property. Bank leasing is divided into three categories; National banks, leasing operations owned directly by the Bank holding Company and State chartered banks. Also any foreign banks engaged in leasing also fall under the same rules as the bank holding companies. The three distinctions are necessary because of the bank regulations that govern each type of bank.

National Banks are federally chartered and are regulated by the office of the Comptroller of the Currency (OCC) under the National Bank Act. Their regulations are covered in two parts based on the size of the lease portfolio. The first comes from 12 U.S.C. #24 (seventh), and leases done under such authority are termed section 24 Leases. The second comes from 12 U.S.C. #24 (tenth), enacted as part of the Competitive Equality Banking Act of 1987 (CEBA) and these leases are called CEBA Leases. Both of these leases have the following restrictions:

Net Lease: The Bank may not, directly, or indirectly, provide for or be obligated to provide for:

  1. The servicing, repair or maintenance of the leased property

  2. Parts or accessories for such property

  3. The loan of replacement or substitute property while the leased property is being serviced.

  4. The payment of insurance for the Lessee (except where the Lessee has failed in its contractual obligation to purchase or maintain required insurance) or

  5. The renewal of any license or registration for the leased property, unless such renewal is necessary to protect its interest as owner or financier of such property,

Full Payout Requirement: The bank must reasonably expect to receive its investment back from the rents, tax advantages (depreciation), and residuals.

The major difference between Section 24 (seventh) Leases and CEBA Leases is the reliance on residuals to meet the full payout requirement. The Section 24 leases only allow for a 25% maximum un-guaranteed residual risk and a maximum residual up to 50% with the second, or top half, of the residual guaranteed by a credit worthy insurer or vendor. The Competitive Equality Bank Act requirements allow for unrestricted residuals except the lease portfolio with residuals in excess of 25%, unguaranteed, may not exceed 10% of the banks consolidated assets.

One additional provision usually found in the leasing policy of most banks is the restriction of supporting the Lessee’s selection of the leased asset. If the suggestion of the bank were used to decide on the equipment, or the vendor, then the net lease provisions established to protect the rent stream from interruption could be in danger from poor equipment performance. A National bank needs to be a third party to the lease and not be responsible for equipment performance in anyway. This also prevents the bank from including any form of maintenance in the lease arrangement. Any service contract, or maintenance agreement, must be separate and not the responsibility of the bank. No prepayment for supplies, or inventory paid to the vendor for future delivery is allowed either.

Separate records for each type of lease (Section 24 or CEBA) must be kept to distinguish such leases from each other. This requirement is designed to permit the OCC to more easily monitor the separate requirements for the two types of leases.

Leasing under a Bank Holding Company

In 1956 congress enacted The Bank Holding Company Act (BHC). Then in 1970 they gave permission to bank holding companies to engage in activities which they determined to be closely related to banking and amended BLC regulations under “Regulation Y“ to provide authority for bank holding companies to engage in personal property equipment leasing. The rules required in 1974 that the maximum unguaranteed residual was 20% or up to 60%, if the excess was guaranteed, and the lease had to be a net lease and a full payout, much like required by the OCC.

In 1987, following the enactment of CEBA for National Banks, several bank holding companies requested and obtained permission to do leasing, subject to limitations similar to those imposed by CEBA. In 1992 Regulation Y was further amended to include higher residuals except it contained a limitation for aggregate book assets of all tangible personal property, subject to residuals over 25%, was limited to 10% of the bank holding company’s consolidated domestic and foreign assets.

State Banks

State banks are usually governed by their State department of Banking and while some of them have adopted similar regulations to the OCC in Some States they are less restrictive. However, many State banks are members of the Federal Reserve System and are regulated at the Federal Level by the Board. The Board permits the same activities as permitted in the BHC. Also those State Banks which are insured by the Bank Insurance Fund, administered by the Federal Deposit Insurance Corporation (FDIC), are further limited to similar requirements for National Banks under the OCC

An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. Though such banks offer FDIC-insured deposits and are subject to FDIC and state regulator oversight, a debate exists to allow parent companies such as Wal-Mart to remain unregulated by the financial regulators. "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the parent company." (FDIC.gov) The ILC is permitted to have branches in multiple states (which is permitted by many states on a reciprocal basis). They are state-chartered, and insured by the Federal Deposit Insurance Corporation. They are currently chartered by seven states, with most chartered by Utah. Other states permitting them include California, Colorado, Minnesota, Indiana, Hawaii, and Nevada.

Companies that have set up industrial banks include UBS, General Electric Co., General Motors, Merrill Lynch & Co. Inc., Morgan Stanley, American Express Co. Target Corp, Nordstrom, Harley-Davidson, First Data, UnitedHealth Group, BMW, Marlin, CIT, Fry’s Electronics, and Sallie Mae.

In a recent article in Leasing News about the top fifty performing Credit Unions, it was noted several are now offering leasing, including a few accepting local broker referrals. Credit Unions are non-profit, membership owned, and do fall under the banking laws.

The Federal Deposit Insurance Corp. only insures deposits in banks and savings and loan associations. Federal credit unions have their own insurance fund, which is run by the National Credit Union Administration,

Best Performing Credit Unions
http://leasingnews.org/archives/Jun2012/6_22.htm#best

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

He invites your questions and queries.

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

Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale.

Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame.

502.649.0488/Leaseconsulting@msn.com

 

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

 

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Top Stories June 8---June 12


Here are the top ten sorties opened by readers

(1) Dan McKew to head up Capital One Commercial Lending
http://leasingnews.org/archives/Jun2012/6_18.htm#mckew

(2) Ladco Leasing/Elavon Fined $418,601
http://leasingnews.org/archives/Jun2012/6_20.htm#ladco

(3) New Hires---Promotions
http://leasingnews.org/archives/Jun2012/6_22.htm#hires

(4) Leasing 102 by Mr. Terry Winders, CLP
"Be Careful with Title Transfer to Lessee"
http://leasingnews.org/archives/Jun2012/6_18.htm#transfer

(5) Companies Who Do Not Notify Lessee regarding termination nor
have such a standard for their discounters
http://leasingnews.org/archives/Jun2012/6_18.htm#notify

(6) GreatAmerica Leasing by Tony Golobic
The Secret of Our Success
http://leasingnews.org/archives/Jun2012/6_22.htm#secret

(7) Archives June 20, 2000
Swander Speaks
http://leasingnews.org/archives/Jun2012/6_20.htm#archives

(8) Late Fees
by Tom McCurnin, Esq.
http://leasingnews.org/archives/Jun2012/6_22.htm#fees

(9) Sales Make it Happen
"Choices" by Bob Teichman, CLP
http://leasingnews.org/archives/Jun2012/6_20.htm#choices

(10) Despite What You Read Elsewhere,
---Not Much Happening IASB and FASB
by Christopher Menkin




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Bank Beat--Failed Bank Bidding Details


No bank failures reported this week, but here are the non-winning bid information for 404 of the 420 bank failures that occured between January 1, 2009 and June 18, 2012, as prepared by SNL Financial.

This Year's Non-Winning Bids


* Sylacauga, Ala.-based Alabama Trust Bank NA, which failed May 18, received two bids.

* North Lauderdale, Fla.-based Security Bank NA, which failed May 4, received three bids.

* Palm Desert, Calif.-based Palm Desert National Bank, which failed April 27, received three bids.

* Pawleys Island, S.C.-based Plantation Federal Bank, which failed April 27, received 12 bids.

* Maple Grove, Minn.-based Inter Savings Bank FSB, which failed April 27, received three bids.

* Gaithersburg, Md.-based HarVest Bank of Maryland, which failed April 27, received five bids.

* Fort Lee, N.J.-based Fort Lee Federal Savings Bank FSB, which failed April 20, received two bids.

* Dearborn, Mich.-based Fidelity Bank, which failed March 30, received nine bids.

* Wilmette, Ill.-based Premier Bank, which failed March 23, received nine bids.

* Rock Spring, Ga.-based Covenant Bank & Trust, which failed March 23, received five

* Prescott, Ariz.-based Summit Bank, which failed July 15, received two bids.

* Chicago-based First Chicago Bank & Trust, which failed July 8, received two bids.

* Charleston, S.C.-based Atlantic Bank & Trust, which failed June 3, received eight bids.

* Burlington, Wash.-based, Summit Bank which failed May 20 received three bids.

* Macon, Ga.-based Atlantic Southern Bank, which failed May 20, received three bids.

* Dallas, Ga.-based First Choice Community Bank, which failed April 29, received six bids.

* Carthage, Miss.-based Heritage Banking Group, which failed April 15, received two bids.

* Birmingham, Ala.-based Superior Bank, which failed April 15, received 10 bids.

* East Ellijay, Ga.-based New Horizons Bank, which failed April 15, received two bids.

* Las Vegas-based Nevada Commerce Bank, which failed April 8, received two bids.

Failures from 2010 with recently released bid details

  • Arkansas City, Kan.-based Home National Bank, which failed July 9, received nine bids.

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm





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2012 Bank Mergers Up 9%

The pace of bank mergers has picked up the first six months on this year compared to 2011. There have been 99 bank and thrift mergers year-to-date, totaling an aggregate deal value of $$4.50 billion, according to SNL Financial.


The median price to tangible book value of the transactions announced in the first quarter of 2012 was 116%, compared to 93% in the fourth quarter of 2011 and 114% in the first quarter of 2011.

In 2011, there were 176 transactions announced with a total deal value of $17.02 billion, compared to 215 in 2010 valued at $12.32 billion. Pricing declined in 2011. The median price to tangible book value was 106.42% in 2011 for 99 deals with disclosed terms, compared to 115.98% in 2010 for 119 deals with terms disclosed.

The most expensive bank deal since Jan. 1, 2010, was announced March 5, when Houston-based Cadence Bancorp LLC said it would acquire Houston-based Encore Bancshares Inc. for $251.3 million. The deal was valued at 171.1% of book and 240.1% of tangible book.

Following Cadence on the list was another Houston deal: Dallas-based Comerica Inc.'s agreement to acquire Houston-based Sterling Bancshares Inc. for about $1.03 billion.

The largest bank deal since Jan. 1, 2010, was McLean, Va.-based Capital One Financial Corp.'s June 16, 2011, agreement to buy Wilmington, Del.-based ING Bank FSB for $9.00 billion, representing 102.21% of the target's tangible book. This also marks the largest bank deal since 2008, when Wells Fargo & Co. acquired Wachovia Corp. for $15.1 billion.



Gary DiLillo, President 440.871.0555 or gary@avptc.com

To learn more about the benefits of
outsourcing personal property tax, please click here.


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

$14 Million Tax Loss
Defendant Promoted “Absurd” Scheme in U.S. and Canada


A California man who submitted false tax forms and promoted a tax fraud scheme in the U.S. and Canada was sentenced today in U.S. District Court in Seattle to 12 years in prison, three years of supervised release and $6,206,998 in restitution for conspiracy and wire fraud. RONALD L. BREKKE, 55, of Orange County, California was convicted following a two-day jury trial in March 2012. BREKKE promoted a tax fraud scheme known as “1099 OID” fraud. Promoters of this scheme claim that the U.S. Treasury will pay out tax refunds equal to the value of a person’s personal debt. BREKKE helped nearly 1,000 people in three countries claim over $763 million in fraudulent tax refunds. At sentencing, U.S. District Judge John C. Coughenour said BREKKE “fundamentally failed to grasp our laws.” The Judge told BREKKE, he could spend the rest of his life “tilting at windmills,” and “squander his remaining time on earth,” or instead come to accept that our laws are “rules that citizens of this country have made.”

“The defendant used his knowledge to exploit vulnerabilities in the tax system, to loot tax dollars,” said U.S. Attorney Jenny A. Durkan. “He used citizens of the U.S. and Canada to hide his dirty work, and now will pay with a lengthy prison term.”

BREKKE was indicted and arrested in late 2010, after two of his Canadian co-conspirators were arrested in Bellingham after trying to cash two refund checks exceeding $350,000 each. The two Canadians, Donald Mason and John Chung, were convicted in U.S. District Court in Seattle, and the investigation revealed that BREKKE had been promoting the tax fraud scheme. The IRS flagged the vast majority of the 1099 OID filings as frivolous, but refund claims totaling approximately $14 million were paid before the IRS detected the fraudulent nature of the returns. About two-thirds of BREKKE’s customers were Canadians who had never paid a dime in income tax and were not owed any money by the U.S. Treasury. Those submitting the phony claims were told to quickly move the money to Canada where it would be more difficult for the IRS to recover the money. BREKKE took in about $400,000 in fees over less than a two year period from the people he aided in the fraud.

BREKKE had been repeatedly warned and fined by the IRS for similar frivolous filings that he had submitted on his own behalf. He also had received a public notice from the FBI warning him that the scheme was illegal. In a recording played for the jury at his trial, BREKKE is heard telling people at a seminar that some of the filings would slip through resulting in a big payout for some of the filers. The IRS has been able to get just over half the $14 million back, resulting in a restitution figure for BREKKE of $6,206,998. The jury also found that $291,064 seized from BREKKE’s PayPal account at the time of his arrest was subject to forfeiture as the proceeds of his crime.

“The American tax system is designed to provide vital government services to our people. It is not a slush fund for thieves and fraudsters,” said Kenneth J. Hines, the IRS Special Agent in Charge of the Pacific Northwest. “Those who illegally target our nation’s tax dollars for personal financial gain, along with others who assist them, could face criminal prosecution and lengthy prison sentences. The foreign nationals residing in other countries who participated are not shielded from prosecution, as a few Canadians who participated in this scheme learned the hard way.”

Since his conviction BREKKE and his cohorts have continued to defy the authority of the justice system. “Ronald Brekke has not simply failed to accept responsibility for his actions.

Rather, he has refused to accept the basic premise that he can be held accountable for his actions…. He filed liens against the Court and others, including a multi-million dollar lien against [an] Internal Revenue Service employee…. He and his cohorts filed a frivolous bankruptcy action against the United States in the District of Arizona and attempted to “remove” this criminal action to the bankruptcy court…. He filed a free-standing action against the Court and the prosecutors, making a variety of frivolous claims. He filed a score of frivolous papers in this Court, making a number of baseless assertions, including that he was entitled to damages from the government,” prosecutors wrote in their sentencing memo.

The case was investigated by the Internal Revenue Service Criminal Investigation (IRS-CI) and the United States Secret Service. The case was prosecuted by Assistant United States Attorneys Thomas Woods, Mary K. Dimke and Tessa Gorman.

The IRS has more information on 1099 OID fraud here: http://www.irs.gov/newsroom/article/0,,id=254383,00.html

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


• Contract Negotiations • Fraud Investigations
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Receivables Management

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Miniature Pinscher Mix
Santa Clara, California Adopt-a-Dog




Marcos
ID#: 4571983-A786302
Miniature Pinscher Mix
Sex: Male
Size: Small 25lbs or less
Color: Brown/Chocolate
Neutered

MARCOS's Story...

Hi, my name is Marcos and I’m glad to meet you. I’m a bit of a mellow dog but once we get to know each other I’ll be in your lap giving you doggie kisses. I would love a home to call my own. I dream of days of walking around the neighborhood, just me and my family. After that long walk a nice place to curl up and take a nap would be ideal. Do I sound like the perfect dog or what? I can’t wait to meet you.

For the month of June, all dogs and adult cats can be adopted for a special price of only $25...including me! For more information contact the Silicon Valley Animal Control Authority (SVACA) at 408-764-0344 or visit www.svaca.com."

Shelter: Silicon Valley Animal Control Authority

Pet ID #: 4571983-A786302
Phone: (408) 764-0344
Let 'em know you saw "MARCOS" on Adopt-a-Pet.com!
E-mail: staff@svaca.com
Fax: (408) 988-5411
Website: http://www.svaca.com
Address: 3370 Thomas Road
Santa Clara, CA 95054

Come Meet Our Pets...
Adoptions: Tuesday, Thursday - Sunday: 11:00am to 5:00pm Wednesday: 11:00am - 6:30pm
Closed on Mondays

3370 Thomas Road, Santa Clara, CA 95054

 

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

 

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Classified ads—Software

Leasing Industry Outsourcing
(Providing Services and Products)

Software: Edmonds, WA
Preferred Broker Solutions offers software support (also custom templates & reports) for the System 1 and CapitalStream Advantage products. Ask about our Web Application interface.
E-mail:support@pbs4u.com


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and responsible to keep their free ads up to date:
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How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm



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Leasing Software Companies

Apak Group Integron Corporation Seritus Solutions
Better Programs International Decision Systems Shaw Systems
Capital Stream Ivory Consulting Summit National
CHP Consulting Lease Team Systems for Financial Accntng
Cornerstone Software NetSol Technologies, Inc. Tax Compliance, Inc.
Cyence International Odessa Technology Thoughtworks
Dominion Leasing Software Preferred Business Solutions UCC Direct
eCredit SAP Vision Commerce
eFinance Senour Designs, Inc White Clarke North American
Experian - scorex    
FinanceEdge Software, LLC    
Financial Computer Systems, Inc.    



News Briefs----

 

Asian Stocks, Euro Decline Before Italy, Spain’s Debt Auction
http://www.sfgate.com/business/bloomberg/article/Asian-Stocks-Euro-Decline-Before-Italy-3659431.php

Vicious wildfires spread to Colo. tourist centers
http://www.ajc.com/news/nation-world/vicious-wildfires-spread-to-1463375.html

http://www.usatoday.com/weather/wildfires/story/2012-06-24/colorado-wildfire/55792562/1?loc=interstitialskip

Tropical Storm Debby spawns fatal tornado in Florida, drenches coast
http://www.cnn.com/2012/06/24/us/tropical-weather/index.html

Single-family housing starts rise in May, permits jump
http://www.usatoday.com/money/economy/housing/story/2012-06-19/housing-starts-may/55682414/1

Hedgie sues poker pro ex-wife over her 1,200-pair designer shoe collection
http://www.nypost.com/p/news/local/manhattan/foot_the_bill_E50UuDXaI73l0kgMZO8tjL

Hailstorm that pounded Dallas area still taking its toll
http://www.dallasnews.com/news/local-news/20120623-hailstorm-that-pounded-dallas-area-still-taking-its-toll.ece

'Jeopardy!' host Alex Trebek suffers mild heart attack
http://www.usatoday.com/life/people/celebwatch/story/2012-06-24/alex-trebek-jeopardy-heart-attack/55796090/1




[headlines]

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You May Have Missed---

In Connecticut, Steamed Cheeseburger is King
http://www.qsrmagazine.com/news/connecticut-steamed-cheeseburger-king?microsite=9341&utm_campaign=20120622&utm_source=jolt&utm_medium=email




[headlines]

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SparkPeople--Live Healthier and Longer


SparkPeople--Live Healthier and Longer


5 Sites for a Healthier Household
http://www.sparkpeople.com/resource/wellness_articles.asp?id=756

 


[headlines]

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Sports Briefs----


Despite acquittal, Roger Clemens is tarnished
http://www.sacbee.com/2012/06/24/4585236/sheldon-ocker-despite-acquittal.html

 

((Please click on ad to learn more))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)


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Baseball Poem

A Baseball Game (Free verse)

The ump showed up early.
Sharply dressed
His pants, meticulously creased.
His gold watch glinting in the 4 o'clock
End of March southern California sun.
He held a sour look
It was his first line of defense.

The manager of the Astros
Was what you might call
An easy going type.
A long-time bachelor, and a slob to boot.
He always had a quick sly grin
Popped his gum unceasingly.
His face like an old first-baseman's glove;
Tanned brown with wear,
The stitching undone,
Staggeringly wrinkled from so much daily use.

He strolled over to home,
Tugging at the bottom of his extra-large shirt
Which barely covered the expanse of his girth,
Slapped the ump on the back
and announced that the teams
were a little behind getting the field ready
and could we start the game at a quarter past?

The ump looked at his watch without saying a word
Held up his right hand for a moment,
Then brought it down like an ax,
"Play Ball!" he shouted
2 inches from the Astros manager's leathery face.

 

 

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California Nuts Briefs---


No sign of $13 million lottery winner
http://www.pressdemocrat.com/article/20120624/ARTICLES/120629734/1350?Title=No-sign-of-13-million-lottery-winner

From a McDonald's empire, and a drive to succeed, an immigrant shapes California politics
http://www.sacbee.com/2012/06/24/4584859/from-a-mcdonalds-empire-and-a.html

Families, diverse crowd on display at Pride parade
http://www.sfgate.com/bayarea/article/Families-diverse-crowd-on-display-at-Pride-parade-3659157.php

Larry Ellison collects lavish real estate
http://www.sfgate.com/realestate/article/Larry-Ellison-collects-lavish-real-estate-3658238.php

Oakland Mayor Jean Quan on the road again
http://www.sfgate.com/bayarea/matier-ross/article/Oakland-Mayor-Jean-Quan-on-the-road-again-3658070.php



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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8


Global vineyard area drops but not wine production

Donald Trump fires socialite Patricia Kluge from her own former winery
http://www.foxnews.com/leisure/2012/06/18/donald-trump-fires-socialite-patricia-kluge-from-her-own-former-winery/

Duckhorn acquires Alexander Valley property
http://napavalleyregister.com/lifestyles/food-and-cooking/wine/duckhorn-acquires-alexander-valley-property/article_8d7d5b04-bc0a-11e1-8d05-0019bb2963f4.html

California’s crazy quilt of coastal wines
http://napavalleyregister.com/lifestyles/food-and-cooking/wine/columnists/dan-berger/california-s-crazy-quilt-of-coastal-wines/article_126d5266-bc0a-11e1-808e-0019bb2963f4.html

French cooperage industry shows healthy growth

 

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

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This Day in History

       1630—Governor Winthrop introduced the fork to American dining. Prior to using a fork, the custom was to eat with your sharp knife or hands.
    1749 - A general fast was called on account of drought in Massachusetts. It was the year of the famous dry spring in which fields and villages burned.
    1788-Virginia became the 10th state to ratify the Constitution. Jamestown, was the first permanent English settlement in North America, The state, also known as Old Dominion, was named after the "Virgin Queen", Elizabeth I of England. Virginia and its capital, Richmond, have played major roles in American history. Like West Virginia, it names the cardinal as the state bird. The official state flower of Virginia is the flowering dogwood.
    1844-President John Tyler married Julia Gardiner, daughter of a New York State Senator, at the Church of the Ascension, New York City. He became the first president to be married in the White House. His first wife, Letita Christian Polk, whom he had married on March 29,1813, had died on September 10,1842, in the White House.
    1862-Earlier this month, at Fair Oaks, Virginia, Confederate forces under General Joseph E. Johnston stalled the Union advance toward Richmond in General George B. McClellan’s Peninsular campaign. Johnston was wounded at Fair Oaks and Robert E. Lee was then appointed commander of the Confederate Army of Northern Virginia. He then launched a series of engagements on this date that became known as the Seven Days Campaign. Battles at Oak Grove, Gaine’s Mill’s, Garnett’s Farm, Golding’s Farm, Savage’s Station, White Oak Swamp and finally Malvern Hill left more than 36,000 casualties on both sides. Despite losing the final assault at Malvern Hill, the Confederates under the leadership of General Lee succeeded in preventing the much larger Union army from taking Richmond.
    1862-First day of the seven-day battle at Oak Grove
http://www2.cr.nps.gov/abpp/battles/va015.htm
    1864-President Abraham Lincoln signs bill providing schools for Black children.
    1864 -A TRIP TO THE CLIFF HOUSE by Mark Twain written for The San Francisco Daily Morning Call
If one tire of the drudgeries and scenes of the city, and would breathe the fresh air of the sea, let him take the cars and omnibuses, or, better still, a buggy and pleasant steed, and, ere the sea breeze sets in, glide out to the Cliff House. We tried it a day or two since. Out along the rail road track, by the pleasant homes of our citizens, where architecture begins to put off its swaddling clothes, and assume form and style, grace and beauty, by the neat gardens with their green shrubbery and laughing flowers, out where were once sand hills and sand-valleys, now streets and homesteads. If you would doubly enjoy pure air, first pass along by Mission Street Bridge, the Golgotha of Butcherville, and wind along through the alleys where stand the whiskey mills and grunt the piggeries of "Uncle Jim." Breathe and inhale deeply ere you reach this castle of Udolpho, and then hold your breath as long as possible, for Arabia is a long way thence, and the balm of a thousand flowers is not for sale in that locality. Then away you go over paved, or planked, or Macadamized roads, out to the cities of the dead, pass between Lone Mountain and Calvary, and make a straight due west course for the ocean. Along the way are many things to please and entertain, especially if an intelligent chaperon accompany you. Your eye will travel over in every direction the vast territory which Swain, Weaver & Co. desire to fence in, the little homesteads by the way, Dr. Rowell's arena castle, and Zeke Wilson's Bleak House in the sand. Splendid road, ocean air that swells the lungs and strengthens the limbs. Then there's the Cliff House, perched on the very brink of the ocean, like a castle by the Rhine, with countless sea-lions rolling their unwieldy bulks on the rocks within rifle-shot, or plunging into and sculling about in the foaming waters. Steamers and sailing craft are passing, wild fowl scream, and sea-lions growl and bark, the waves roll into breakers, foam and spray, for five miles along the beach, beautiful and grand, and one feels as if at sea with no rolling motion nor sea-sickness, and the appetite is whetted by the drive and the breeze, the ocean's presence wins you into a happy frame, and you can eat one of the best dinners with the hungry relish of an ostrich. Go to the Cliff House. Go ere the winds get too fresh, and if you like, you may come back by Mountain Lake and the Presidio, overlook the Fort, and bow to the Stars and Stripes as you pass.
    1864-The Union Army facing mounds of pickets and bunkers decides to dig tunnels under this obstructions
    1868-Congress authorized government laborers a workday of eight hours, which was signed into law by President Andrew Johnson this day, providing, among other things, that “eight hours shall constitute a day’s work for all laborers, workmen, and mechanics who may be employed by or on behalf of the Government of the Untied States.
    1876-Lieutenant Colonel George Armstrong Custer, leading military forces of more than 200 men, attacked an encampment of Sioux Indians led by Chiefs Sitting Bull and Crazy Horse near Little Bighorn River, MT. Custer and 264 men of the Seventh Calvary were slaughtered in the brief battle (about two hours) of Little Bighorn. One horse, named Comanche, is said to have been the only survivor among Custer’s forces. This brought more repression by both the US Army and Federal Government to the American Indians in the next fifty years. It was common to “ Remember Custer’s Last Stand.” It was common for military commanders to attack the Indians out-numbered with firepower and from three directions. It is said one of his units halted in the three prong attack, and the other reacted by holding back and not proceeding with the long proved strategy, allowing the Indians to “divide and conquer.” He was considered an American hero. It was not until present time that he was considered an egoist trying to build his reputation in the military (very common in that day, and perhaps until recent times.) Military historians find no errors in the strategy of the attack, except for the execution (This is from accounts from interviews with the Indians, including scouts who were dismissed before the attack and watched the battle, plus papers and diaries from the soldiers. Other historians believe he should have waited for reinforcements from General Alfred H. Terry, who discovered the bodies)
http://memory.loc.gov/ammem/today/jun25.html
    1886- birthday of Henry H. “Hap” Arnold, US general and commander of the Army Air Force in all theaters throughout WWII, Arnold was born at Gladwyne, PA. Although no funds were made available, as early as 1938 Arnold was persuading the US aviation industry to step up manufacturing of airplanes. Production grew from 6,000 to 262,000 per year from 1940—44. He supervised pilot training and by 1944 Air Force personnel strength had grown to two million from a prewar high of 21,000. Made a full general in 1944, he became the US Air Force’s first five-star general when the Air Force was made a separate military branch equal to the Army and Navy. Arnold died Jan 15, 1950, at Sonoma, CA.
    1874-birthday of Rose O’Neill, born at Wilkes-Barre, PA. Her career included work as an illustrator, author and doll designer, the later gaining her commercial success with the Kewpie Doll. In 1910, “
The Ladies Homes Journal” devoted a full page to her Kewpie Doll designs, which were a marketing phenomenon for three decades. Died at Springfield, MO, April 6, 1944.
    1881-Birthday of Crystal Eastman –said to be one of the most influential and “radical” U.S. women of her day. She was an attorney, feminist, labor reformer, peace advocate, birth control advocate, suffragist, and worker for women's financial equality in both the U.S. and England. She was active in the Political Equality League, Congressional Union for Woman Suffrage, Women's Peace Party, the Feminist Congress, and a member of the famed Heterodoxy Club of New York. 
http://www.spartacus.schoolnet.co.uk/USAWeastman.htm
http://www.library.csi.cuny.edu/dept/history/lavender/386/ceastman.html
    1908-birthday of African-American Beatrice Murphy, editor and author.http://www.addall.com/Browse/Detail/0836960335.html
    1910- The Mann Act was passed by the US Congress. It prohibited the transportation of females across state or internationally lines for immoral purposes. It was said to be an attempt to curb the huge "white slave" and prostitution business in the U.S. and the world. At the time it was estimated that there were more than 600 recognized houses of prostitution in Chicago alone. New Orleans was "closed" to naval personnel because of the number of brothels. But the situation was nothing new With the change from rural to city living caused by the industrial revolution, more and more women were on their own without family to help support them. It was said that women were “imported” for prostitution, however, the custom had been going on since France brought in French prostitutes in the 17th century to marry French soldiers and settlers in Louisiana. The most famous prosecutions under the law were those of Charlie Chaplin in 1944 and Chuck Berry in 1962, who took unmarried women across state lines for "immoral purposes." Chaplin was acquitted but left the country under FBI director J. Edgar Hoover's threats. Berry was convicted and spent two years in the prime of his musical career in jail. After Berry's conviction, the Mann Act was enforced only sparingly and was finally removed from the books in 1986.
    1918-Birthday of Marion Alice Orr, member of the Canadian Aviation Hall of Fame. MAO was one of the most noted pilots for the RCAF in England during World War II. She ferried military planes - some terribly shot up and dangerous to fly - from landing strips to repair locations and back. Her flights always subject to German fighter interception as well as the dangers from the planes disintegrating in air. The women also flew planes that had made their regular night sorties over Germany from air fields close to the channel to safer locations to the west of England and then returned them to the eastern air bases that evening. A number of women who ferried the planes died. In Canada, she was the first woman to fly and instruct helicopters. For further information on this remarkable woman and other Canadian flyers, see 
    1922-birthday of Bill Russo, jazz composer, arranger and trombonist, best known perhaps for playing with Stan Kenton. While I was going to Julliard School of Music, I studied privately with him in New York. He was teaching me fundamentals of big band arranging, starting with six and seven chord harmonies. 
    1925 - The mercury hit 101 degrees at Portland, OR, their earliest 100 degree reading of record.
    1925-birthday of accordion player Clifton Chewier, King of Zydeco, Opelousas,LA. Zydeco is the party music of the black Cajuns of Louisiana, and is a mixture of blues, French folk songs, country, R'n'B and rock 'n' roll. Chenier usually played an accordion and sang in a mixture of French and English. He often wore a jeweled crown on stage, and appeared at blues festivals and rock clubs all over North America. He was largely responsible for the popularity of zydeco outside his native Louisiana. Chenier, who was severely diabetic, died on December 12th, 1987, at the age of 62.
http://www.allmusic.com/cg/amg.dll?p=amg&sql=B485gtq0ztu43~C
http://www.coldbacon.com/music/clifton.html
http://www.allmusic.com/cg/amg.dll?p=amg&sql=Bxt1uakjk5m3z~C
    1928 –Trombonist, composer, arranger Bill Russo birthday. I took private lessons from him in New York City 1958
    1935-birthday of vocalist Eddie Floyd, Montgomery, Al
http://www.history-of-rock.com/eddie_floyd.htm
http://covers.wiw.org/artist/Eddie+Floyd
    1941-Glenn Miller records Adios on Bluebird.
    1941-Fair Employment practices Commission established.
    1941 - Joe DiMaggio ran his hitting streak to 45 straight games, with a home run off Boston’s Heber Newsome. The ‘Yankee Clipper’ broke the record set by Wee Willie Keeler in 1897.
    1942-- Major General Dwight D. Eisenhower takes command of U.S. forces in Europe. Although Eisenhower had never seen combat during his 27 years as an army officer, his knowledge of military strategy and talent for organization were such that Army Chief of Staff General George C. Marshall chose him over nearly 400 senior officers to lead U.S. forces in the war against Germany. After proving himself on the battlefields of North Africa and Italy in 1942 and 1943, Eisenhower was appointed supreme commander of Operation Overlord--the Allied invasion of northwestern Europe
    1944---Top Hits
I’ll Be Seeing You - The Tommy Dorsey Orchestra (vocal: Frank Sinatra)
I’ll Get By - The Harry James Orchestra (vocal: Dick Haymes)
Swinging on a Star/Going My Way - Bing Crosby
Straighten Up and Fly Right - King Cole Trio
    1944--*KELLY, JOHN D. Medal of Honor
Rank and organization: Technical Sergeant (then Corporal), U.S. Army, Company E, 314th Infantry, 79th Infantry Division. Place and date: Fort du Roule, Cherbourg, France, 25 June 1944. Entered service at: Cambridge Springs, Pa. Birth: Venango Township, Pa. G.O. No.: 6, 24 January 1945. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. On 25 June 1944, in the vicinity of Fort du Roule, Cherbourg, France, when Cpl. Kelly's unit was pinned down by heavy enemy machinegun fire emanating from a deeply entrenched strongpoint on the slope leading up to the fort, Cpl. Kelly volunteered to attempt to neutralize the strongpoint. Arming himself with a pole charge about 10 feet long and with 15 pounds of explosive affixed, he climbed the slope under a withering blast of machinegun fire and placed the charge at the strongpoint's base. The subsequent blast was ineffective, and again, alone and unhesitatingly, he braved the slope to repeat the operation. This second blast blew off the ends of the enemy guns. Cpl. Kelly then climbed the slope a third time to place a pole charge at the strongpoint's rear entrance. When this had been blown open he hurled hand grenades inside the position, forcing survivors of the enemy guncrews to come out and surrender The gallantry, tenacity of purpose, and utter disregard for personal safety displayed by Cpl. Kelly were an incentive to his comrades and worthy of emulation by all.
    1944--OGDEN, CARLOS C. Medal of Honor
Rank and organization: First Lieutenant, U.S. Army, Company K, 314th Infantry, 79th Infantry Division. Place and date: Near Fort du Roule, France, 25 June 1944. Entered service at: Fairmont, Ill. Born: 19 May 1917, Borton, Ill. G.O. No.: 49, 28 June 1945. Citation: On the morning of 25 June 1944, near Fort du Roule, guarding the approaches to Cherbourg, France, 1st Lt. Ogden's company was pinned down by fire from a German 88-mm. gun and 2 machineguns. Arming himself with an M-1 rifle, a grenade launcher, and a number of rifle and handgrenades, he left his company in position and advanced alone, under fire, up the slope toward the enemy emplacements. Struck on the head and knocked down by a glancing machinegun bullet, 1st Lt. Ogden, in spite of his painful wound and enemy fire from close range, continued up the hill. Reaching a vantage point, he silenced the 88mm. gun with a well-placed rifle grenade and then, with handgrenades, knocked out the 2 machineguns, again being painfully wounded. 1st Lt. Ogden's heroic leadership and indomitable courage in alone silencing these enemy weapons inspired his men to greater effort and cleared the way for the company to continue the advance and reach its objectives.
    1944--EPPERSON, HAROLD GLENN Medal of Honor
Rank and organization: Private First Class, U.S. Marine Corps Reserve. Born: 14 July 1923, Akron, Ohio. Accredited to: Ohio. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving with the 1st Battalion, 6th Marines, 2d Marine Division, in action against enemy Japanese forces on the Island of Saipan in the Marianas, on 25 June 1944. With his machinegun emplacement bearing the full brunt of a fanatic assault initiated by the Japanese under cover of predawn darkness, Pfc. Epperson manned his weapon with determined aggressiveness, fighting furiously in the defense of his battalion's position and maintaining a steady stream of devastating fire against rapidly infiltrating hostile troops to aid materially in annihilating several of the enemy and in breaking the abortive attack. Suddenly a Japanese soldier, assumed to be dead, sprang up and hurled a powerful hand grenade into the emplacement. Determined to save his comrades, Pfc. Epperson unhesitatingly chose to sacrifice himself and, diving upon the deadly missile, absorbed the shattering violence of the exploding charge in his own body. Stouthearted and indomitable in the face of certain death, Pfc. Epperson fearlessly yielded his own life that his able comrades might carry on the relentless battle against a ruthless enemy. His superb valor and unfaltering devotion to duty throughout reflect the highest credit upon himself and upon the U.S. Naval Service. He gallantly gave his life for his country.
    1945- Robert Charlebois, one of Quebec's most influential pop singers, was born in Montreal. His first LP, in 1965, received a jury award for debut recordings at the Festival du Disque in France. In 1968, Charlebois represented Quebec at the Fifth International Festival of French Song, winning the grand prize with his composition, "Lindberg." A tour of France in 1969 was curtailed after a riotous performance at the Paris Olympia. Charlebois began a two-year sabbatical in 1974 after participating in a concert on the Plains of Abraham with Gilles Vigneault and Felix Leclerc. The historic gathering of the three men who shaped the tradition of the popular song in Quebec was televised by the CBC French network, and later broadcast in France. In the late '70s, Robert Charlebois began performing in a more relaxed style that had critics comparing him with Frank Sinatra and Yves Montand. It was a sharp change from the raucous image of his heyday.
    1945- singer Carly Simon was born in New York City, the daughter of publishing magnate Richard Simon of Simon and Schuster. She began singing with her sister Lucy when the two were in college. Simon began her solo career in 1969, and hit the top 10 two years later with "That's the Way I've Always Heard It Should Be." In 1972, her recording of "You're So Vain," featuring a guest appearance by Mick Jagger, hit number one. That year she married James Taylor, and the two combined in 1974 for the hit single "Mockingbird," a remake of a '60s R'n'B success by Inez and Charlie Foxx. Carly Simon suffers from stage fright and rarely appears in concert. In 1981, she filed for divorce from Taylor. 
http://www.carlysimon.com/
http://www.carlysimon.net
    1948-Boxer Joe Louis defended his heavyweight championship by knocking out Jersey Joe Walcott in the 11th round of a fight at Yankee Stadium. This was Louis’s last title defense after which he retired. 
    1950-Forces from northern Korea invaded southern Korea, beginning a civil war. US ground forces entered the conflict June 30. An armistice was signed at Panmunjom July 27,1953, formally dividing the country into two---North Korea and South Korea.
    1949 - Entertainer Fred Allen closed out his amazing radio career. Allen was making the transition to TV. His final radio guest was his old pal, Jack Benny. order. Benny went on to become a television legend Allen’s caustic wit didn’t play well on TV and he found himself out of the medium in short time.
    1950-The Korean War (1950-1953) began when North Korean forces launched an invasion across the 38th parallel into South Korea. The UN ordered an immediate cease-fire and withdrawal of invading forces.
    1951-CBS broadcast the first color television program on June 25, 1951. The program was strictly experimental, as no viewers had color televisions at the time: The four- hour program could only be viewed on the forty color television sets at CBS. The first all-color station, WNBQ-TV in Chicago, began showing color programs on November 3, 1955, and switched to color entirely, even for local programs, by April 15, 1956.
    1952---Top Hits
Kiss of Fire - Georgia Gibbs
I’m Yours - Don Cornell
Be Anything - Eddy Howard
The Wild Side of Life - Hank Thompson
    1953 - The temperature at Anchorage soared to 86 degrees, their hottest reading of record.
    1959 - CBS journalist Edward R. Murrow interviewed his 500th -- and final -- guest on "Person to Person": actress Lee Remick. Just hours before this final broadcast, Murrow had presented his last news broadcast on the CBS radio network. CBS-TV had reportedly made $20 million from Murrow’s "Person to Person" series. 
    1960---Top Hits
Cathy’s Clown - The Everly Brothers
Everybody’s Somebody’s Fool - Connie Francis
Swingin’ School - Bobby Rydell
Please Help Me, I’m Falling - Hank Locklin
    1961 - Pat Boone spent this day at number one for one last time with "Moody River". Boone, a teen heart-throb in the 1950s, had previously walked his way up the music charts, wearing white buck shoes, of course, with these other hits: "Ain’t That a Shame", "I Almost Lost My Mind", "Don’t Forbid Me", "Love Letters in the Sand" and "April Love
    1962- the U.S. Supreme Court ruled that a prayer read aloud in public schools violated the 1st Amendment’s separation of church and state. The court again struck down a law pertaining to the First Amendment when it disallowed an Alabama law that permitted a daily one-minute period of silent mediation or prayer in public schools in 1985. This decision has been seen by each new Supreme court and is considered a quite a controversy to this day.
    1964 - "A Hard Day’s Night" was released by United Artists Records. The album featured all original material by The Beatles and became the top album in the country by July 25, 1964. 
    1965 - "Mr. Tambourine Man", by The Byrds, reached the number one spot on the pop music charts. The song was considered by many to be the first folk-rock hit. The tune was written by Bob Dylan, as were two other hits for the group: "All I Really Want to Do" and "My Back Pages". The group of James Roger McGinn, David Crosby, Gene Clark, Chris Hillman and Mike Clarke charted seven hits. The Byrds were inducted into the Rock and Roll Hall of Fame in 1991.
    1966-The final Beatles world tour kicked off in Munich, Germany as the Fab Four saw "Paperback Writer" leap from number 15 in the US to number 1. Although John Lennon was the Beatle who actually wrote books, the song was penned by Paul McCartney.
     1967 -- "Summer of Love": 75,000 - 100,000 in Hashbury, San Francisco. Also, on or about this day, author Ken Kesey is sentenced to 6 months in jail. At a Veterans Administration hospital, Kesey was a paid experimental subject, taking mind-altering drugs & reporting their effects. Experiences as an aide at a psychiatric hospital & LSD sessions served as background for One Flew Over Cuckoo's Nest. The book was a vehicle for Ken Kesey’s anarchist rant against the oppressive conformism imposed by society’s institutions, particularly the dehumanizing social conformity of the 1950s. Kesey formed the 'Merrie Pranksters', bought an old school bus, & toured America & México with his friends. Their exploits were immortalized in Tom Wolfe's The Electric Kool-Aid Acid Test (1973).
"You are either on the bus or you're not on the bus."
http://www.intrepidtrips.com/
http://www.arewereally.com/titlepage.html
http://www.nii.net/~obie1/deadcd/acid_test_files.htm
    1967-the first worldwide live television program was “our World,” shown in 26 countries via four satellites. The two-hour production involved 10,000 technicians and 300 cameras in 14 countries on five continents. It opened with glimpses of births in Mexico, Canada, Denmark, and Japan. The rest of the program featured clips of Leonard Bernstein and Van Cliburn rehearsing a Rachmaninoff concerto at New York City’s Lincoln Center, the Beatles recording a song in London, a rehearsal of Lohengrin in Bayreuth, Germany, the making of a movie in Italy, and other presentations. The American outlet was the National Education Television network. The program cost about $5 million.
    1968---Top Hits
This Guy’s in Love with You - Herb Alpert
MacArthur Park - Richard Harris
The Look of Love - Sergio Mendes & Brazil ’66
Honey - Bobby Goldsboro
    1968-Bobby Bonds of the San Francisco Giants started on the road to stardom this day. Bonds connected for a grand slam home run in his first game with the Giants. He became the first baseball player in the majors to debut in such an exciting way.
    1968 -- In response to the passage of an anti-gay ordinance in Miami, 240,000 people march in San Francisco in the first large-scale version of that city's annual Gay Freedom Day Parade. 
    1969 - The Hollies record ``He Ain't Heavy, He's My Brother,'' with Elton John playing piano. The song reaches No. 7 on Billboard's singles chart.
    1969-Pancho Gonzalez and Charlie Pasarell played the longest match in Wimbledon history. After 112 games and 5 hours, 12 minutes, Gonzales emerged triumphant.
    1969-- Sly and the Family Stone, "Hot Fun in the Summertime"
    1969- The Guess Who's "These Eyes" is certified gold
    1975-Former Supreme, Florence Ballard put on a dynamic performance at Detroit's Ford Auditorium that drew wide acclaim and renewed interest in her career. Unfortunately, her comeback faltered and she would pass away a year later. 
    1976---Top Hits
Silly Love Songs - Wings
Get Up and Boogie (That’s Right) - Silver Convention
Misty Blue - Dorthy Moore
El Paso City - Marty Robbins
    1976 - The CN Tower opened in Toronto, Ontario, Canada. At 1,815 feet, 5 inches high, the tower is the world's tallest building and the tallest freestanding structure. 
    1977--Marvin Gaye's last single for Motown Records, "Got to Give It Up" (pt 1) was number one on Billboard Magazine's Pop chart. Marvin would later sign with Columbia and enjoy another string of hits.
    1977-Bill Conti's "Gonna Fly Now", the theme from the motion picture Rocky, topped the Cashbox Best Sellers chart. Conti recorded the song and the rest of the film's score in just three hours for a total budget of $25,000, but the movie itself would go on to make over 177 million dollars in the US alone.
    1979 - Muhammad Ali announced that he was retiring as world heavyweight boxing champion. The 37-year-old fighter said, “Everything gets old, and you can’t go on like years ago.” The “float like a butterfly, sting like a bee” act was no more.
    1980-Billy Joel is awarded a Gold Ticket for performing in front of 100,000 fans at New York's Madison Square Garden. Crowds flocked to see the piano man sing the tunes from his "Glass Houses" album, which currently sits atop the Billboard Hot 200. 
    1984---Top Hits
The Reflex - Duran Duran
Dancing in the Dark - Bruce Springsteen
Self Control - Laura Branigan
When We Make Love – Alabama
    1984- Bruce Springsteen takes on a new backup singer named Patti Scialfa, who will eventually become his second wife after their affair leads to the breakup of his first marriage to model and actress Julianne Phillips. Nine years later to the day, he becomes the last musical guest on the NBC-TV show Late Night with David Letterman.
    1987 - “Just the facts, ma’am. Thank you.” "Dragnet", starring Dan Aykroyd in the Jack Webb role of Sgt. Joe Friday; and Tom Hanks in the Harry Morgan role of detective Stribeck, opened around the U.S. The movie became the first Hollywood film to feature a "condom-conscious" bedroom scene ... just right for the social mores of the 1980s. "Dragnet" was a smash theatrical hit, as it had been on radio and TV in the 1940s and 1950s. “This is the city...” 
    1987 - Afternoon highs of 97 degrees at Miami, FL, 107 degrees at Medford, OR, and 111 degrees at Redding CA were new records for the date. It was the third of six straight days of record heat for Miami. Thunderstorms produced wind gusts to 70 mph at Austin, and gusts to 75 mph at Tulsa OK.     1988 - Fifty-two cities in the central and eastern U.S. reported record high temperatures for the date. Highs of 100 degrees at Erie, PA, and 104 degrees at Cleveland OH established all- time records for those two locations. Highs of 101 degrees at Flint, MI, 105 degrees at Chicago, IL, and 106 degrees at Fort Wayne, IN, equaled all-time records. Thunderstorms in Idaho produced wind gusts to 100 mph west of Bliss and north of Crouch, injuring 29 persons.
    1988---Top Hits
Dirty Diana- Michael Jackson
Foolish Beat- Debbie Gibson
The Flame- Cheap Trick
Make It Real- The Jets
    1989 - Tropical depression Allison, the remnants of what was earlier Cosme (a hurricane over the Pacific Ocean which dissipated as it crossed northern Mexico), began to spread heavy rain into southeast Texas and southwest Louisiana. 
    1990 - "The Arizona Republic" reported it was 122 degrees in Phoenix, hot enough to cancel some flights at the airport. 
    1990-In the case of Cruzan v Missouri, the Supreme Court, in a 5-4 ruling, upheld the constitutional right of a person whose wishes are clearly known to refuse life-sustaining medical treatment.
    1993- Bruce Springsteen was a surprise guest on David Letterman's final show as host of NBC's "Late Night." Letterman, after more than 11 years at NBC, began a similar show on CBS two months later. David Letterman was born in Indianapolis, Indiana, in 1947. From an early age, he aspired to host his own talk show. He became a stand-up comic and a wacky weatherman on a local TV station. After years on the stand-up comedy circuit, he made his first appearance on The Tonight Show in 1978 and served as the program's guest host 50 times. In 1980, Letterman had a short-lived morning variety show, The David Letterman Show, which won two Emmys.
He launched his popular late-night TV show in 1982. His offbeat humor and goofy stunts spoofed traditional talk shows. Antics like wearing a Velcro suit and throwing himself at a wall or tossing eggs into a giant electric fan, Letterman gained a large following, especially among college students. Regular features included his "Top Ten List," "Stupid Pet Tricks," and tours of the neighborhood. He also frequently wandered with his camera into other NBC shows in progress. Over more than 11 years, the show won five Emmys and 35 nominations.When Carson announced his retirement in 1992, Letterman and rival comic Jay Leno engaged in a heated battle for the coveted host slot. When Letterman was passed over, he left NBC for CBS, where his new program, Late Show, outperformed Leno's show almost every week in its first year. However, Leno pulled ahead the following year and maintained a strong lead. Letterman underwent emergency heart surgery in 2000 and was off the show for five weeks. He is back on, funny than ever, and that’s where we get “Will it Float or Will it Sink?”
    1993—Top Hits
That s The Way Love Goes, Janet Jackson
Weak- SWV
Knockin Da Boots- H-Town 
Freak Me- Silk 
    1993- John Dean begins testimony before Senate Watergate Committee, perhaps the turn in the hearings as “Deep Throat” begins to talk to two reporters at the Washington Post.
    1996-A truck bomb exploded near Dhahran, Saudi Arabia, killing 19 American military personnel and wounding more than 300 people. Bombed was an apartment complex that housed about 2500 Americans. The CIA stated there were no solid clues about the identity of the perpetrators.
    1996- American Airlines announced its Internet ticket purchasing system was ready for prime time. The airline also said it would introduce ticketless travel in September, “freeing its customers from worry about losing their airline tickets.” Eventually ticket agents would lose their minor commission, too, as the airlines learned they could oversell airplane seats easier via the computer.
    1997-The National Hockey League announced that it had granted expansion franchises to four cities: Nashville(to begin play in 1998-99), Atlanta(1999-2000), Minneapollis-St. Paul and Columbus(both 2000-2001). The Nashville team chose the nickname Predators. Atlanta, the Thrashers, the Twin Cities as the Minnesota Wild and Columbus as the Blue Jackets. At the same time, the league’s Board of Governors approved the move of the Hartford Whalers to North Carolina where they became known as the Hurricanes.
    1998—Top Hits
The Boy Is Mine- Brandy 
You re Still The One- Shania Twain 
Too Close- Next 
My All- Mariah Carey 
    1998 - Windows 98 was released. Microsoft used the slogan, “Works better. Plays better.” The company said the new operating system would bring an “increased computer experience by providing a rich feature set for a wider variety of users than ever before.” 
    1999 - The San Antonio Spurs earned their first NBA (National Basketball Association) title in their 26-year history by beating the New York Knicks 78-to-77. That gave the Spurs the series 4 games to 1.
    2002—Top Hits
Hot In Herre-Nelly
Without Me,-Eminem
Foolish- Ashanti
I Need A Girl (Part One)- P. Diddy Featuring Usher & Loon
    2004-Eric Clapton raised about $7.5 million for a drug addiction center he set up in the Caribbean by auctioning off some more of his favorite guitars. The items that were sold were the "Blackie" Stratocaster that Clapton played from 1970-1985 for $1 million, a 1964 cherry-red Gibson for $847,000 and a 1939 Martin acoustic that Clapton played on his "Unplugged" album went for $800,000.
    2009 - Michael Jackson died at the age of 50 after suffering heart failure at his home in Beverly Hills. He earned the title of "The King of Pop" by collecting 13 Grammy Awards and 13 US number one singles. Jackson's death triggered an outpouring of grief by music fans around the world, creating unprecedented surges of Internet traffic and causing sales of his music and that of the Jackson 5 to increase dramatically. Michael had been scheduled to perform his 'This Is It' concert series to over one million people at London's O2 arena from July 13, 2009 to March 6, 2010. 

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