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Leasing News is a web site that posts information, news, and
entertainment for the commercial bank, finance and leasing industry

Thursday, June 18, 2015

Today's Equipment Leasing Headlines

Position Wanted---Senior Management
  Seeking New Opportunities
Web App with Calculator for Vendors
   One Month Free Trial
Chart--Average Number of Web Apps Used
    and Average Time Spent per Person per Month
Equipment Finance Decision Maker Survey Results:
 Vendor & Small Biz
New Hires---Promotions in the Leasing Business
   and Related Industries
Leasing Industry Help Wanted
Documentation/Finance Officer/Senior Credit/Sales
One More Added: Top 25 Most Influential Lawyers
  in Equipment Finance and Leasing
Chart: It's Not Hard to See Why Big Banks
  Are Going Crazy of New Technology
Case Credit Gets Thrown in the Ditch by Kentucky Court
  by Tom McCurnin, Leasing News Legal Editor
Top Banks by ATM Fee Income
  SNL Financial Feature
NY Fed Paints Troubled Credit Picture in the South
By Lindsey White and Daniel M. Burkard
Beagle Mix--Puppy
Boca Raton, Florida  Adopt-a-Dog
Father's Day Special: Field of Dreams/An Autumn Afternoon
In the Name of the Father/Descendants/The Tree of Life
All Available on Netflix/Touching Reviews by Fernando Croce

News Briefs---
NBC Plans to Let Brian Williams Stay,
   but Not as News Anchor
Nevada Leasing Attorney Christopher Reade Pleads
  Guilty-Gets 366 Days in Federal Prison
$1 Million Oregon Leasing Investment Ponzi Scheme
 "Con Within a Con"
Auto loan defaults sink to new low
 First Mortgage Rate Historical Low
EFG Hermes Announces Significant Milestone with Entry
   into Leasing Services in the Arab World
2015 Guide to Railroad Equipment Leasing
"There is more to life than tank cars"
Why I Founded an Ice Cream Franchise
We also have our “turn-key” equipment leasing program
Tyler Perry plans to sell his Atlanta area home
  and will build on 1,000+ acres OTP
Donald Trump Campaign Offered Actors $50
  to Cheer for Him at Presidential Announcement
Walmart has $76B ‘hidden’ in overseas tax havens
has a global network of 78 shell companies
GE chief: Letting Ex-Im Bank close will benefit Beijing
 and Berlin/ Makes No Sense to Close Export-Import Bank
Export-Import Bank Divides Once-Supportive Republicans
Tea Party Influence on GOP
Boeing Bags 100-Plane Deal at Paris Air Show
Barney Frank–Yes, THAT Barney Frank–Joins a Bank Board
Joins Signature Bank!

Broker/Funder/Industry Lists | Features (writer's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
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Position Wanted---Senior Management
  Seeking New Opportunities

Each Week Leasing News is pleased, as a service to its readership, to offer completely free ads placed by candidates for jobs in the industry.  These ads also can be accessed directly on the website at:

Each ad is limited to (100) words and ads repeat for up to 6 months unless the candidate tells us to stop. Your submissions should be received here by the end of each week.

Please encourage friends and colleagues to take advantage of this service, including recent graduates and others interested in leasing and related careers.

Senior-level leasing executive accomplished in sales, finance, operations and marketing. Seeking new opportunity to capitalize on my strategic, ideation, communication and analytical strengths to identify opportunities, formulate solutions and articulate strategies that inspire cross-functional teams to enhance corporate performance and shareholder value. Adept negotiator of multi-million dollar lease program agreements and contracts. Driver of increased sales productivity, incremental revenue, operating expense reductions and customer acquisition/retention.



Web App with Calculator for Vendors
One Month Free Trial

Miles Broadbent has formed a company specifically to provide a way for leasing companies to have their own Web App for their Vendors. It’s more than a marketing tool as it can help close a sale as well as create a sale for the Vendor and Broker, Funder, or Lessor.

The program works on both Android and iPhones, as well as on desktops and  laptops.

It can contain a proposal form, lease finance calculator, and is easy to use. You can include part of your web site or link to your website directly from the app. The Web App will be unique with your branding, color theme and Logo.

How it works:

Send Your Web App to Vendors:
"Enter a new, or select an existing, Vendor and click the send button. They will receive an email with simple instructions to install your Web App on any number of their colleagues' mobile devices, tablets and PCs.

"Alternatively they can access your Web App using an Internet Browser."

The company offers a "free one month" trial. Cost thereafter is $320 per month.

"Commitment is month by month," founder Miles Broadbent says. "In essence, the product is an inexpensive way of getting an app from a leasing company to send to vendors as a means to generate new business.”

"To achieve the same independently will cost many times more, so for a free month you will get an idea of how it works.”


Chart--Average Number of Web Apps Used
and Average Time Spent per Person per Month

by Eugene Kim,

With millions of smartphones sold every year, the chances of building a popular smartphone app might seem high. But the latest data on app usage patterns suggest otherwise.

According to Nielsen data, charted for us by BI Intelligence, the average number of apps US mobile users access each month has remained about the same at 27 apps over the past two years. People may be downloading more apps, but they're using about the same number as they always have.

But people are spending more time with the apps they love. The total amount of time spent on average per month in apps has jumped to over 37 hours, up roughly 63% over the past two years — showing once you become an everyday app, the upside is huge.


Bookmark Leasing News


Equipment Finance Decision Maker Survey Results:
Vendor & Small Biz


Annually, we hire an independent market research firm to survey decision makers across the equipment finance spectrum.  We break the results into 3 categories: Vendor/small business, Middle Market and Large Corporate. The focus of this article is on the vendor space and the information derived from this year’s sampling of respondents (914 to be exact). We do this to find out how vendors are actually making decisions to add new lenders to their offering or grow volumes with certain lenders over others. The makeup of the respondents are:

  • 38% flagged F&I shop with a captive finance source 
  • 44% independent/used equipment focus
  • 18% small business owner vendor finance customers

          A few key findings:

  • 62% of dealers are “regularly” in search of new lending relationships
  • Lenders that “ask for apps” are very poorly regarded
  • Lenders that offer ideas, insight or information are “highly likely” to earn an opportunity
  • 74% of dealers report the decision to accept a meeting is made more from research than salesperson conversations
  • 87% view Banks as cheap, but slow and restrictive
  • 69% view Commercial Finance companies as quick, knowledgeable but too transactional.
  • Only 7% of dealers would accept a meeting prior to reviewing the company online
  • Once online, the dealer forms an initial opinion in 19 seconds.
  • Lenders that appear credible online and demonstrate knowledge of the industry are “highly likely” to earn an opportunity
  • 58% of dealers said companies that “look like” brokers are less likely to get an initial meeting while 88% of dealers would welcome brokers if they could establish credibility, reliability and performance
  • 73% of small business vendor customers will not choose a vendor if they do not have a finance presence on their website
  • 66% are “more likely” to choose the vendor with the best information on financing…even if it means they sell a slightly less desirable asset
  • 81% are looking for more information on financing than a link to an online app




New Hires---Promotions in the Leasing Business
and Related Industries

Jay Axelson
rejoins Huntington Technology Finance from Winthrop Resources to oversee sales and strategy for the Western U.S. as Regional Vice President of Sales. “Axelson has held a variety of progressive roles during his 31-year career, initially serving within the national accounts division of IBM Corporation. His focus then turned to technology and healthcare leasing, with more than 20 years serving at companies including Comdisco, Meridian Technology Leasing, GE Capital Computer Leasing, Brentwood Credit Corporation, Varilease Technology Finance, Relational Technology Solutions and Macquarie Equipment Finance."

David Bruno was hired as Managing Director at ZRG Partners, LLC,
for their new office in Phoenix, Arizona. Previously, he was Vice-Chairman, Managing Partner, DHR International (January, 1993-May, 2015); Director of Recruitment and Placement, The Limited Stores, Inc. (May, 1990 – November, 1992); Director of Executive Recruitment, May Department Stores (March, 1984 – May, 1990); Divisional Vice-President Training, Development and Recruitment, Kohl's Department Stores (October, 1979 – March, 1984); Buyer of Men's Main floor Sportswear, Federated Department Stores (September, 1973 – October, 1979);  Minority Share Holder, Director of Stores, Buyer, Pants Unlimited (May, 1970 – September, 1973). Organizations: Current Chairman of the Board, Greater Phoenix Chamber of Commerce; Current Board Director, past VP of Membership, Arizona Business Leadership. Past Board Member Metro Phoenix Partnership for Arts, Culture and Economic Opportunity, Past Board member for HomeBase Youth Services Member Bigfork, Montana Chamber of Commerce. Education: Marquette University, BA, Philosophy/Theology (1966 – 1972). President of IFC, Treasurer of Fraternity, EVP of Winterfest. Activities and Societies: Alpha Kappa Psi, Phi Kappa Psi, Interfraternity Council, Winterfest Council. Marquette University, Bachelor's degree, Math, Philosophy and Theology (1966 – 1972).


Michael Curtis was hired as Vice President at People's Capital and Leasing Corp., Waterbury, Connecticut; based in Newport Beach, California. Previously, he was Managing Director of Sales, Balboa Capital (April, 2014 – February, 2015); Vice President Sales -Energy & Mining Division, First National Capital Corporation (July, 2005 – April , 2014); Vice President of Sales, California First Leasing Corporation (April, 2003 – May, 2005); Director of Corporate and National Accounts, Canon Business Solutions-West, Inc. (September, 2000 – March, 2003); Director of Sales - Southern California Region, OCE USA Inc. (April, 1997 – August, 2000); Director of Sales, Western Region, Entergy Integrated Solutions, Inc. (March, 1995 – March, 1997); Sales & Sales Management Positions, Xerox Corporation, Rochester, NY (February, 1985 – February,  1995). Organizations: Equipment Leasing and Finance Association. Education: University of Washington, Bachelor of Arts (B.A.); Speech, Communication, and Rhetoric; Activities and Societies: Collegiate Athletics, University of Washington

Kathleen McKeon was hired as Premier Account Consultant at Prudential Financial, Boston, Massachusetts.  Previously, she was Healthcare Finance Specialist, First American Equipment Finance (January, 2014 – May, 2015); Substitute Teacher, Rush-Henrietta School District (February, 2013 – January, 2014); Athletic Training Student Aide, Nazareth College (March, 2010 – January, 2013). Certifications: Childhood Education (Grades 1-6) (February, 2013 – January, 2018); Students with Disabilities (Grades1-6) (February, 2013 – January, 2018); Students with Disabilities (Grades 5-9) (February, 2013 – January, 2018); Generalist In Middle Childhood Education (Grades 5-9). Education: Nazareth College of Rochester, Bachelor of Arts (B.A.), Inclusive Childhood Education/History (2010 – 2012); (Open)1 organization; (Open)1 honor or award. Suffolk University, History (2008 – 2009). Bishop Guertin High School High School/Secondary Diplomas and Certificates (2004 – 2008).

Jared Richard was promoted to Vice President and General Counsel – Trinity Rail at Trinity Industries, Inc., Dallas/Fort Worth area. He joined the company January, 2010 as Associate General Counsel and Secretary; promoted December, 2012 to Vice President, Associate General Counsel and Secretary.  Previously, he was Assistant Secretary and Senior Counsel. Energy Future Holdings Corp. (September, 2004 – December, 2009); Associate, Locke Liddell & Sapp LLP (1998 – 2004). Education: Harvard Law School, J.D.
(1995 – 1998). Brigham Young University, B.A., Political Science
(1990 – 1995).

Kim Simmons hired as Senior Marketing Assistant at TAB Bank
Salt Lake City, Utah.  Previously, she was Director of Operations and Marketing, Stalwart Contract Finance, March, 2010; promoted to Syndication Manager, January, 2013.  Prior, Director of Intermediary Relations, ACC Capital Corporation (March, 2002 – November, 2010); Operations Manager, Union Capital Partners, LLC (April, 2007 – March, 2009). Organizations: National Association of Equipment Brokers, Davis County Horse Council, 4-H. Education: Weber State University, Assoc., Business/Finance (1997 – 1999).

Bryan P. Stevenson has been hired as Associate General Counsel and Secretary for Trinity Industries, Inc., Dallas, Texas. "Mr. Stevenson was most recently Vice President, General Counsel and Secretary for U.S. Auto Parts Network, Inc., from 2011 to 2015. At U.S. Auto Parts, a public company, he oversaw all of the company’s legal efforts. Before joining U.S. Auto Parts, he served as Vice President, Associate General Counsel for Blockbuster, Inc., which he joined as Senior Corporate Counsel in 2004. Before joining Blockbuster, Mr. Stevenson worked at the law firm of Beirne, Maynard & Parsons, LLP in its Dallas office. A native of Dallas, Mr. Stevenson earned an undergraduate degree from Dallas Baptist University, and earned his J.D. from Baylor Law School."

Jack Todd has been promoted to Vice President, Public Affairs, Trinity Industries. “Upon retiring as a U.S. Naval officer in 2006, Jack joined Trinity Industries as the Director of Community Outreach. Since then he has held a number of positions within Trinity such as the Director of Sales and Marketing for Trinity Structural Towers, and Chief of Staff to the Group President of the Construction, Energy, Marine and Components Group. He has been the Director of Public Affairs, directing and managing all government relations for Trinity Industries since 2008. Jack is the chief federal and state lobbyist for Trinity, and also manages special projects concerning facility expansions. Jack is also the President of the Trinity Industries Employee Political Action Committee (TIEPAC). As President of TIEPAC he is responsible for all political action committee fund raising efforts and political contributions.

“Jack was born in Tacoma, Washington, but has considered Texas his home since his graduation from Texas A&M University in 1986, with a bachelor's degree in history. He attended the American University in Washington DC, where he was awarded a Master's Degree in Journalism in 1997.

“Jack is extremely active in the Dallas community, involved in youth mentoring programs and coaching several youth sports. In 2004, he was chosen from applicants across the country to be one of 25 young leaders at the American Council on Germany's Young Leader Conference. He is a member of the Dallas Chamber of Commerce Sustainable Technologies Committee and the City of Dallas, South Dallas Task Force. He has serves on the Executive Board of the Texas Association of Manufacturers and as a Director of the Texas Taxpayers and Research Association. Jack also serves on the National Association of Manufacturers Public Affairs Steering Committee and the legislative committees of the American Wind Energy Association, the National Readimix Concrete Association, and the American Traffic Safety Services Association. Past Board Directorships include: The Family Place, as Executive Vice President of Public Affairs and Plano Sports Authority - Little League Baseball.”

Tim Vertz has been hired as Vice President of Development, Healthcare Sector at Huntington Bank Technology Finance; based in Ponte Vedra Beach, Florida.  Previously, he was Vice President, Business Development, Zevacor Molecular (December, 2012 – May, 2015); Vice President of Development and Partner, MEI HealthCare Capital (August, 2004 – December, 2012); SE Region Manager, DVI, Inc. (1997 – 2005); Southern California Ultrasound Sales, Toshiba America Medical Systems (1989 – 1994); Sales Los Angeles, ATL Ultrasound (1986 – 1988). Volunteer: Board Member, HOPE Women's Centers Languages:  Spanish. Education: The University of New Mexico, Robert O. Anderson School of Management. The University of New Mexico, Robert O. Anderson School of Management, BBA, International Management (1978 – 1983). Albuquerque Academy High School (1970 – 1978).


Leasing Industry Help Wanted
One Remotely/One in Anaheim, California

Senior Credit Analyst

Choose Location
Anaheim, CA, Tigard, OR, Federal Way, WA

Middle Market Credits $500,000 to $5MM
including Equipment Leases and Financings
and Recourse and Non-recourse Lines of Credit
-Five or More Years Credit Underwriting Exp.
Some Relocation Provided
click here for more information

Financial Pacific Leasing - Commercial
A subsidiary of Umpqua Bank

Anaheim, CA

Financial Pacific Leasing’s Commercial team in Anaheim, CA is growing their Documentation/Funding group and looking for someone with an keen attention to detail and ready for the opportunity to work hard, learn and grow.

Please click here for more information.
A subsidiary of Umpqua Ban


Finance Officer

Fleet Financing Resources, LLC. is seeking candidates
to join our team. 3 yrs. sales exp. in the equipment leasing
& finance with pref. of titled transportation equipment

Click here for more information
Nationwide Leasing & Financing of Commercial Fleets

For information on placing a help wanted ad, please click here


One More Added: Top 25 Most Influential Lawyers
in Equipment Finance and Leasing

New to be added to the List:

Andrew K. Alper is a recognized influential attorney representing equipment lessors, funding sources, and other financial institutions since 1979. He is a longtime contributor to the Legal Column for the Monitor magazine. He has been a director of Western Association of Equipment Lessors and United Association of Equipment Lessors, now the National Equipment Finance Association, as well as active with the Equipment Leasing and Finance Association, including serving as instructor for its Principles of Leasing class. He has presented seminars on Equipment Leasing for the Los Angeles County Bar Association. Mr. Alper also sits on the Los Angeles County Bar Commercial Law Committee.

Past Nominees:
Most Influential Lawyers
in Equipment Finance and Leasing

Thomas V. Askounis
Joe Bonanno, CLFP

James Coston
Kenneth Charles Greene, Esq.
Michael A. Leichtling
Barry Marks, Esq.
David G. Mayer 
Frank Peretore
Ellen Michelle Stern
Michael J. Witt

Past Nominee Full List

Please submit your nomination with at least a paragraph of why the person should be considered one of Most Influential Lawyers in the Equipment Finance and Leasing industry.


Chart: It's Not Hard to See Why Big Banks
Are Going Crazy of New Technology

By Eugene Kim,

By making things like payments, lending, and deposits significantly cheaper and easier, technology firms have brought some serious disruption to the banking industry's decades-old business model.

It’s why big banks like JPMorgan Chase and Goldman Sachs are doubling down on adopting new technology. By doing so, big banks can cut costs and save a lot of money.

One area to look at is the mobile remote deposit space, where customers can deposit checks by simply taking a photo of a check with a smartphone and emailing it. According to data from JPMorgan Chase, charted for us by BI Intelligence, the cost of a mobile remote deposit is only $0.03 per deposit, while a physical teller would cost the bank $0.65 per deposit — resulting in more than 21X in savings.

Adoption of this technology is expected to grow rapidly. One third of retail bank deposits will be completed remotely by the end of 2015, and half by 2016, BII says.



Case Credit Gets Thrown in the Ditch
by Kentucky Court

by Tom McCurnin
Leasing News Legal Editor

Captive Financing Has Inherent Risks of Corp Only Deals. Case Demonstrates How a Lessee Can Gin the System if the Lessor Is Too Stupid to Obtain Personal Guaranties

CNH Capital America LLC v. Hunt Tractor, Inc., 2014 WL 2619814 (6th Cir. 2014)

I’ve worked for several captive leasing companies. The problem is the friction between the sales department and the collection department. The sales department loves to move out equipment, and rarely has booked a bad deal.  In fact, it’s the collections department shortcomings that prevent collections.  The collections department, also known as the sales prevention department, wants to over-document every deal and chase away perfectly good customers. 

Today’s case is an example of both views. The facts follow. 

Hunt Tractor was in the business of selling, renting, and repairing new and used earth-moving equipment. Scott Hunt was the son of one of the owners.  His father in law was Dominick Pagano. After loaning Hunt Tractor $400,000, Pagano converted the debt to equity in the company, making Pagano a minority shareholder. Pagano was never an officer, employee, or director of Hunt Tractor.

Hunt Tractor operated as a licensed Case brand equipment dealer many years before Hunt purchased the company.

On May 30, 1991, before Hunt became the owner, and before Pagano was a stockholder, Hunt Tractor entered into a Wholesale Financing and Security Agreement with Case Credit Corporation. Hunt Tractor granted Case Credit a security interest in inventory, equipment, all proceeds of inventory, Hunt Tractor's accounts with Case Credit, and other collateral. Hunt Tractor was regularly behind on trade debt, a fact known to Case Credit. After acquiring Hunt Tractor, Hunt Tractor applied for a line of credit with Commonwealth Bank. Commonwealth required Hunt Tractor to provide security for the loans, including guaranties from. Pagano and Scott Hunt. Hunt Tractor moved Hunt Tractor's corporate bank accounts to Commonwealth Bank. 

However, Case Credit, when it renewed its credit line kept the guaranty of Scott Hunt, but did not require Pagano to sign one, even though his wealth supported most the company’s credit operations. So Case Credit’s deal was essentially “corporation only” because Scott Hunt had no money. 

Eventually, Hunt Tractor began having problems meeting its payment obligations to CNH. In early 2009, CNH extended some of the payments, but Hunt Tractor requested further extension in June. In July 2009, the Kentucky Department of Transportation placed a large order with Hunt Tractor and paid Hunt Tractor $825,347.00 which was deposited at Commonwealth Bank.

Hunt Tractor, using the DOT funds, paid off its debts to Commonwealth. None of the proceeds from the sale to the DOT were remitted to Case Credit, as required by their loan documents. Pagano and Hunt were released from their guaranties with Commonwealth Bank.

Case Credit declared a default and sued Hunt Tractor the following March, 2010. Because Case Credit was aware that monies were diverted to Commonwealth in exchange for a release of guaranties, the suit included claims for breach of guaranty against Hunt only, civil conspiracy to make a preferential conveyance against Pagano and Hunt, fraudulent conveyance against Pagano and Hunt, civil conspiracy to make a preferential conveyance against Pagano and Hunt, and breach of contract under a theory of piercing the corporate veil.

Case Credit filed a motion for summary judgment and it was granted on the breach of contract claim against Hunt Tractor and for breach of guaranty against Hunt. Pagano filed his own motion for summary judgment on the claims of conversion, breach of contract under a veil piercing theory, fraudulent conveyance, and civil conspiracy. Case Credit’s motion for summary judgment against Pagano was denied and Pagano’s motion for summary judgment against Case Credit was granted. So, Paganao won a clean sweep and Case Credit lost at trial. 

On appeal, Case Credit argued that Pagano converted the DOT funds, but Pagano argued that they were in the Hunt Tractor business account over which he had no control. Scott Hunt was the only signer on that account. 

The Court of Appeal found that Pagano, as an officer regularly gave advice to Hunt, the president of the corporation. Thus, there remained an issue of fact to be litigated. The Court of Appeal therefore reversed, wanting to hear the issues at trial as to conversion, but otherwise affirmed Pagano’s motion for summary judgment on the issues of fraudulent conveyance, piercing the corporate veil, and civil conspiracy. So Case won a partial and possibly a temporary victory. 

Was the Court correct? Yes, more or less, although I probably would have expected Pagano’s motion to be affirmed completely. I thought the Sixth Circuit threw Case Credit a bone on the issue of conversion.

On the issue of conversion, a corporate officer may have liability for the acts of his partner or co-officer in some States. But here, Pagano was not an officer and not a signer on the account and claimed to be surprised when the Commonwealth line of credit was paid off. I don’t see conversion here, but reasonable people might differ.

On the issue of piercing the corporate veil, Case Credit had no evidence of alter-ego, fraud, or other facts which would support a claim for piercing the corporate veil. Granted, Case Credit got the short end of the stick, but it was largely a product of its own making.

On the issue of fraudulent conveyance, the Court also ruled for Pagano, stating that Hunt Tractor was not attempting to hide assets they could later control, but was instead, by paying one legitimate creditor over another, relinquishing its right to control the proceeds. The fact Case Credit did not attack the transfer vis-à-vis Commonwealth Bank doomed its theory of the case, as the proper remedy, an unwinding of the transaction, can only be enforced against the transferor or a transferee that actually received the property, not a beneficiary.

Finally, on the issue of civil conspiracy, Case Credit also lost on the same problem that they did not attack the conveyance, only the beneficiary, so non-transferees are not liable for fraudulent conveyance and Case Credit could not use a conspiracy claim to reach a result that could not be reached by bringing a claim for the completed tort against Commonwealth Bank. 

What does this case mean for equipment lessors?

First, I was surprised that in its annual renewal of its line of credit with Hunt Tractor, Case Credit did require Pagano to sign a guaranty. He was, after all, the chief source of funds for the company for three years before the default.  Maybe I’m not surprised after all, since dealer financing is another world where sales people rule the kingdom and credit people are the sales prevention department. 

Second, in a perfect world, credit lines should have annual reviews and an annual creditworthy analysis, similar to a bank stress test. Since problems surfaced at least two years before the default, perhaps the credit people might have been well served to do more sales prevention. 

Third, I was very surprised at the detail that Pagano used to insulate himself from the company.  Somehow, his brains were bigger than his ego, and he declined to be an officer or director of the company. Ultimately, this may save the day for him on the issue of conversion. How can someone convert something he/she doesn’t control? 

The bottom line to this case is that personal guaranties are an important document to be considered at every renewal of an obligation—use them. 

Case Credit Case

Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Visit our web site at
Previous Tom McCurnin Articles:

Previous Tom McCurnin Articles:




Top Banks by ATM Fee Income
SNL Financial Feature

by Maria Tor

The banks bringing in the highest amounts of ATM fees in the first quarter were Wells Fargo Bank NA, with $90.0 million; Bank of America NA, with in $87.0 million; and JPMorgan Chase Bank NA, with $56.0 million.

The two banks most reliant on ATM fees as a portion of operating revenue are two Texas banks: Temple-based Extraco Banks NA and The Woodlands-based Woodforest National Bank.

The public gained more insight into banks' reliance on ATM fees this year, as institutions began reporting the total amount of fees levied on customers for their use of ATMs.

The new data shows that banks get far less income from ATM fees than they do from overdraft fees. In the first quarter, SNL calculated that banks with more than $1 billion in assets that reported offering consumer deposits raked in $2.51 billion in overdraft fees on consumer deposits, while they reported just $973.6 million in monthly maintenance fees on consumer deposits and $437.7 million in ATM fees on consumer deposits. On a median basis, the banks' ATM fees make up just 0.08% of operating revenue, with operating revenue defined as net interest income before provision expense plus noninterest income.

The new ATM fee line item is one of three new types of consumer deposit service charges reported by banks in first-quarter call reports filed with banking regulators. Phase one of the new rules was implemented a year ago, when banks above $1 billion in assets began reporting whether they offered consumer deposit products, which are defined as deposits intended for individuals for personal, household, or family use. Commercial banks and savings banks above $1 billion who answered "Yes" to whether they offered consumer deposits also had to disclose the dollar amount outstanding of transaction and non-transaction consumer deposits at the end of each reporting period. Banks exclude CDs from the breakouts.

In the second phase, which began with call reports filed for the period ending March 31, 2015, banks had to report their income from three specific types of service charges levied on deposits classified as consumer: overdraft-related service charges, periodic maintenance charges (often labeled "monthly maintenance charges," according to the call report instructions) and ATM fees. Service charges that don't fit in any of these categories are reported as "other" and lumped in with service charges on non-consumer deposits.


(Leasing News provides this ad as a trade for appraisals and equipment valuations provided by Ed Castagna)



NY Fed Paints Troubled Credit Picture in the South
By Lindsey White and Daniel M. Burkard

SNL Financial Exclusive


The U.S. economy may be improving, but in many parts of the country, credit conditions remain just as troubled as they were during the financial crisis.

In May, the Federal Reserve Bank of New York released data on credit conditions in communities across the U.S. The report includes information on borrower credit quality, credit availability and credit stress on the national, state and county level from 2005 through year-end 2014.

Kausar Hamdani, a senior vice president at the New York Fed, said the report was inspired by the bank's efforts in the wake of Superstorm Sandy in 2012. "What we saw subsequent to that storm was that some communities were recovering a whole lot faster than others, and our question was: why?" she explained.

The data show that a broad swathe of the South had a low percentage of on-time payers compared to the rest of the nation. The South also had a larger segment of subprime borrowers, and less access to credit.

The report paints an especially troubled picture of Mississippi.

The New York Fed found that Mississippi is the state with the least access to revolving credit; less than 50% of the state's credit economy has a credit card or a home equity line of credit. The credit economy measures all adults in a community with a credit file and credit score.

Meanwhile, more than half of Mississippi's credit economy is considered subprime — a higher percentage than any other state in the nation. The New York Fed defines a subprime borrower as someone with an Equifax Risk Score of less than 660.

Only 71.1% of Mississippi borrowers are considered on-time payers — defined as those with a payment history that is current on all credit obligations for each of the past four quarters. This is less than any other state, and more than 8 percentage points below the national average.

Darrin Webb, the state economist for Mississippi, was unsurprised by the findings, given the high level of poverty and the heavy reliance on government transfer payments; he said that more than 25% of personal income in the state comes from programs like welfare, disability and Social Security. "We are a poor state, and with a poor state that means that a lot of people in Mississippi live from paycheck to paycheck," Webb told SNL.

According to SNL data, Mississippi also had the highest percentage of families below the poverty level at year-end 2014, at 17.4%. This compares to a national average of 10.7%.

Webb said that Mississippi was not hit as hard as other states during the recession, but its recovery has been much slower. "In part that's because the national economy has grown slow. We've got a relatively small economy, and so we are dependent upon the national economy doing well," he said. He pointed to the low levels of education attainment in Mississippi and the state economy's dependence on manufacturing as factors contributing to the slow recovery.

"Mississippi's problems are systemic; they're long term in nature. The solution is going to have to be long-term as well," Webb said. This means improving the population's education and skillset. "Until that happens, I think we're going to continue to struggle," he said.

SNL data show that there are more than 1,100 bank branches in Mississippi. Regional players Trustmark Corp., Regions Financial Corp. and BancorpSouth Inc. have the largest deposit share of the state's market.

But when it comes to accessing credit, Webb said that people with low credit scores often rely on "lenders of last resort," like title stores or pawn shops. He said that mortgage trends in Mississippi show that borrowers have a tendency to pay their debts, albeit late. "We pay our bills eventually, we're just slow in doing it," he said. "Again, that's characteristic of people who live close to the margin."

On the county level, the New York Fed's report found that McKinley, N.M., had the lowest percentage of on-time payers in the nation, at 47.6%. Only 33.4% of the county's credit economy had access to revolving credit, and more than 71% of the county was considered subprime.

David Hinkle, director of the Gallup McKinley County Chamber of Commerce, described McKinley as a poverty-stricken area with a natural resource-dependent economy. He said McKinley has still not recovered from the 2008 downturn, and continues to be plagued by reductions in government spending.

"When the federal budget gets the sniffles in Washington, then McKinley County has pneumonia," Hinkle said. He, too, pointed to the area's high reliance on government transfer payments, as well as funding that the U.S. Department of the Interior's Bureau of Indian Affairs sends to the Zuni and Navajo nations; both tribes have reservation lands in McKinley County.

According to the Census Bureau, 76.9% of the county's population identified as American Indian or Alaska Native alone in 2013.

Allen Parkman, a professor emeritus of management at the University of New Mexico, said that loans often come with very high interest rates for properties located on reservations. "It's often very difficult for the lenders to collect [because of tribal sovereignty], and that creates the environment in which they charge higher rates of interest than they might in other situations," he said. He said this feeds into the "vicious cycle" of people borrowing money at high rates of interest and becoming delinquent on their loans.

According to SNL data, there are fewer than 10 bank branches in McKinley County. Central City, Neb.-based Pinnacle Bancorp Inc. has three, while Seattle-based Washington Federal Inc., Bank of America Corp., Wells Fargo & Co., U.S. Bancorp and Inverness, Ill.-based First Bancorp of Durango Inc. have one each.

In McKinley County, Hinkle said, there is no shortage of credit and bank branches. "The biggest shortage that we have is lack of the ability of a large part of our citizenry to be able to qualify," he said. He said that heightened regulations have made banks reluctant to lend. "That's all well and good, and it creates an environment where you're not going to have a taxpayer bailout of financial institutions," Hinkle said. But it has also created a situation where loans to the less affluent and to small businesses are difficult to attain, which drives many borrowers to access credit outside of the traditional banking system — such as payday loans, car title loans and tax refund loans.

"Those interest rates are much higher than what you would be able to access at a bank, but the citizens that I'm talking about probably would have no capacity whatsoever to access traditional lending markets via a federally insured national or state-charted bank," Hinkle said. "We lack financial sophistication." He pointed to efforts by the University of New Mexico and the local banking industry to educate the population about personal finance, but said that Native Americans are at a disadvantage in accessing financial resources through traditional banks.

"All of this is wrapped up in a culture and a history of poverty, and all of the things that come around with poverty — lack of education and previous credit failures," said Hinkle, himself a member of the Choctaw Nation. "It would be comparable with any minority population."

The New York Fed's Hamdani hopes the data can help policymakers allocate resources and assess the success of their programs. Without hard numbers, she noted, often the tendency is to allocate resources equally among geographies, instead of according to need.

"In our many activities and outreach to community development stakeholders, one of the things I have seen and heard over and over again is the lack of and the desire for more localized information about what's happening at the ground that is relevant for the community development world," Hamdani told SNL.

Hamdani said she is eager to see how the data is received. "One of our hopes is that we will start a conversation using this kind of information," she said.


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Leasing News: Special Father’s Day Edition
By Fernando Croce

With Father's Day just around the corner, let every movie buff seize the opportunity to settle down with Dad and a great movie. Here are some prime recommendations, all available on Netflix:

Field of Dreams (Phil Alden Robinson, 1989): In the subgenre of male weepies, few films are as beloved as this fantasy-drama about paternal affection amongst cornfields. Kevin Costner stars as Ray Kinsella, a modest Iowa farmer whose life takes a sharp turn when he begins hearing voices coming from his fields. The message ("If you build it, they will come"), coupled with visions of legendary baseball players, lead him to build a baseball diamond in the farm. Though the set-up suggests a ghost tale, Phil Alden Robinson's film is really about the search for emotional fulfillment, which here manifests itself as Ray's determination to rekindle bonds with his estranged father, who had passed away before they could reunite. Offering unashamed sentimentality along with humor and gentle performances (including a cameo by Burt Lancaster), this is both a baseball as well as a Father's Day staple.

In the Name of the Father (Jim Sheridan, 1993): Irish director Jim Sheridan re-teams with his "My Left Foot" actor Daniel Day-Lewis for this strong drama, which mingles political unrest with familial honor to electrifying effect. Set in 1974, the story follows the harrowing ordeal of Gerry Conlon (Day-Lewis), who was, along with three others, arrested for an IRA-planned bombing he had nothing to do with. While his lawyer, Gareth Peirce (Emma Thompson), searches for proof of his innocence, Gerry finds himself spending time in prison with his father Giuseppe (Pete Postlethwaite). Dissecting the injustices of the legal system while charting a son's progression from bitterness to awareness of his father's sacrifices, Sheridan's impassioned take on a controversial subject is an explosive, brilliantly acted piece of work.

An Autumn Afternoon (Yasujiro Ozu, 1962): Widely recognized as one of the true masters of cinema, Japanese director Yasujiro Ozu was always fascinated by the ebb and flow of life. His final film, this moving 1962 drama perfectly illustrates the Japanese master’s unmistakable take on the joys and foibles of existence by focusing on a thorny family relationship. The story of a widowed father (Chishu Ryu) and the daughter (Shima Iwashita) he thinks should get married should be familiar to Ozu fans, yet it is instilled with so much wisdom and feeling that it feels as if the director had left his private will on film. As with Ozu’s other films (“Tokyo Story,” “Late Spring”), the pace is gentle and the atmosphere of regret and acceptance is studded with small moments of humor. An invaluable work for fans of classic Japanese film, and an ode to fathers everywhere. With subtitles.

The Descendants (Alexander Payne, 2011): George Clooney gives a terrific performance as a conflicted father in this perceptive comedy-drama from Alexander Payne ("Sideways"), who won an Oscar for Best Adapted Screenplay. Clooney stars as Matt King, a Hawaiian landowner whose life is suddenly turned upside down when his wife (Patricia Hastie) goes into a coma after a skiing accident. Finding himself with two daughters (Shailene Woodley, Amara Miller) he knows little about, he's further startled by news that his wife was having an affair. Over the course of a trip from Oahu to Kauai, he starts to contemplate his life and career, leading to some unexpected emotional decisions. By turns poignant and humorous but always human, Payne's film combines the natural beauty of Hawaii with a tough-minded look at family relationships.

The Tree of Life (Terrence Malick, 2011): Terrence Malick, the reclusive and brilliant director of “The New World,” offers another visually astounding, profoundly moving story of spiritual turmoil and redemption with perhaps his most personal work yet. Alternating between a modern-day city and a small Texas neighborhood in the late 1950s, it chronicles a boy’s childhood as he learns about life in strikingly different ways from his loving yet domineering father (Brad Pitt, in a towering performance) and gentle mother (Jessica Chastain). As he experiences brushes with joy, anger and tragedy, the film emerges as an impressionist portrait of childhood lost and of deep bonds with nature. Using a fragmented yet lush storytelling style to depict the flow of memories and relationships, Malick’s film (one of the decade's very best so far) makes for challenging but soul-stirring viewing.


News Briefs----

NBC Plans to Let Brian Williams Stay,
   but Not as News Anchor

Nevada Leasing Attorney Christopher Reade Pleads
  Guilty-Gets 366 Days in Federal Prison

$1 Million Oregon Leasing Investment Ponzi Scheme
 "Con Within a Con"

Auto loan defaults sink to new low
 First Mortgage Rate Historical Low

EFG Hermes Announces Significant Milestone with Entry
   into Leasing Services in the Arab World

2015 Guide to Railroad Equipment Leasing
"There is more to life than tank cars"

Why I Founded an Ice Cream Franchise
We also have our “turn-key” equipment leasing program

Tyler Perry plans to sell his Atlanta area home
  and will build on 1,000+ acres OTP

Donald Trump Campaign Offered Actors $50
  to Cheer for Him at Presidential Announcement

Walmart has $76B ‘hidden’ in overseas tax havens
has a global network of 78 shell companies

GE chief: Letting Ex-Im Bank close will benefit Beijing and Berlin
 Makes No Sense to Close Export-Import Bank

Export-Import Bank Divides Once-Supportive Republicans
Tea Party Influence on GOP

Boeing Bags 100-Plane Deal at Paris Air Show

Barney Frank–Yes, THAT Barney Frank–Joins a Bank Board
  Joins Signature Bank!

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--You May Have Missed It

Alexander Hamilton to Share Image on $10 Bill With a Woman


SparkPeople--Live Healthier and Longer

Wouldn't It Be Easier if Good Habits Came to You


Baseball Poem

by Dan Zamudio

Bat boy 

breeze rustles his 
oversized uniform
as he kneels outside our home team

and waits 
patiently for
the moment when both hands 
will hold smooth pine still trembling from 
a hit.



Sports Briefs----

Cavaliers will face tough decisions in effort to
  improve roster around LeBron James

Warriors touch down in Oakland as NBA champs

Michael Oher gives negative review to effect 'The Blind Side'
 has hurt his career

David Lee likely won't return to Golden State Warriors

Chargers urged to negotiate for stadium

Jameis Winston embraces risk with Buccaneers


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California Nuts Briefs---

In California, Uber driver is employee, not contrator

Foster Farms suspends 5 after undercover video shows abuse

Apple finds new contractor for ‘spaceship’ campus

Charlie Palmer’s tips for a flavor-filled Father’s Day cookout



“Gimme that Wine”

Joseph Phelps Vineyards Re-Opens its Original Winery to
   Visitors Following an Extensive Renovation

Hugh Johnson OBE given lifetime achievement award by db and IMW

Dunne on Wine: White zinfandel revival grows in Lodi

Should Restaurant Wine Lists Feature Local Wines?

Washington wine forecast: More wineries, more grapes

Wine from unexpected places? Raise a glass to Syria

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Leasing News Wine & Spirits Page


This Day in American History

        1621 - The first duel of record took place between two servants of Stephen Hopkins, one of the leaders of the Plymouth Colony. Governor William Bradford’s decision was rendered as follows: “The Second Offense is the first Duel fought in New England, upon a Challenge at Single Combat with Sword and Dagger between Edward Dotey and Edward Leister, Servants of Mr. Hopkins; Both being wounded, the one in the Hand, the other in the Thigh; they are adjug’d by the whole Company to have their Head and Feet tied together, and so to lie for 24 hours, without Meat or Drink; which is begun to be inflicted, but within an Hour, because of their great Pains, at their own and their Master’s humble request, upon Promise of better Carriage, they are Released by the Governor.”
    1682 – William Penn (1644-1718) founded Philadelphia.  In 1681, King Charles II handed over a large piece of his American land holdings to William Penn to satisfy a debt the king owed to Penn’s father. This land included present-day Pennsylvania and Delaware. Penn immediately sailed to America and his first step on American soil took place in New Castle (DE) in 1682.  On this occasion, the colonists pledged allegiance to Penn as their new proprietor, and the first general assembly was held in the colony. Afterwards, Penn journeyed up river and founded Philadelphia.
    1684 - The charter of the Massachusetts Bay Colony was revoked via a scire facias writ issued by an English court for the Colony's interference with the royal prerogative in founding Harvard College and other matters.  In English law, a writ of scire facias (from the Latin meaning, literally "show cause") was founded upon some judicial record directing the sheriff to make the record known (scire facias) to a specified party, and requiring the defendant to show cause why the party bringing the writ shouldn't be able to cite that record in his own interest, or why, in the case of letters, patents, or grants, the patent or grant should not be annulled or vacated. In the United States, the writ has been abolished under federal law but may still be available in some state legal systems. 
    1778 - The British Redcoats evacuate Philadelphia. After almost nine months of occupation, the fifteen thousand British troops under Sir Henry Clinton evacuate Philadelphia, the former US capital. The British position in Philadelphia had become untenable after France’s entrance into the war on the side of the Americans. In order to avoid the French fleet, General Clinton was forced to lead his British-Hessian force to New York City by land. Other loyalists in the city sailed down the Delaware River to escape the Patriots, who returned to Philadelphia the day after the British departure.    
1811 - The term Coodies came into the American language. The term Coodies was applied derisively to the faction of the Federalist Party that urged support for the War of 1812, a position highly unpopular with the majority of the party and the population of America, who did not want to go to war. The term derived from the series of pro-war articles written by Gulian Crommelin Verplanck, under the pen name Abimeleck Coody. Verplanck was a distinguished editor, author, and Shakespearean scholar. People who were pro war were considered to have the Coodies. The epithet King Coody was applied to Rep. Roger Brooke Taney of Maryland, later Chief Justice of the Supreme Court.
    1812 - After much debate in Congress between “hawks” such as Henry Clay and John Calhoun, and “doves” such as John Randolph, Congress issued a declaration of war on Great Britain, Canada, and Ireland. The action was prompted primarily by Britain’s violation of America’s rights of the high seas and British incitement of Indian warfare on the frontier. War was seen by some as a way to acquire Florida and Canada. The hostilities ended with the sign of the Treaty of Ghent on December 24, 1814, Ghent, Belgium. )
      1842 - The grant or patent of the "Rancho Suisun" was made for the military services of Francisco Solano, Indian chief, and a Mexican citizen. The 18,237-acre grant is in present day Solano County, CA, given by Governor Juan Alvarado to Solano, an Indian chief and Captain in the Mexican Army.  The rancho lands include the present day city of Fairfield, CA.  At this time, California was part of Mexico.
    1848 - Captain Charles Welsh arrived in San Francisco. He was to build the first brick house in North Beach. A street was later named for him. 
    1854 – Birthday of E.W. Scripps (1854-1926), founder of the Scripps media firm, in Rushville, IL.  He also founded United Press news service that later became UPI when International News Service merged with United Press in 1958. The E.W. Scripps School of Journalism at Ohio University is named for him.
    1855 - Abby Leach (1855-1918) was born.  In 1879, she was one of the first women to be enrolled in the Harvard annex, the precursor of Radcliffe College. Later she became head of the Greek Department and very active during Vassar's formative years.
    1857 - Birthday of Henry Clay Folger, Jr. (1857-1930) in NYC.  American businessman and industrial who developed one of the finest collections of Shakespeareana in the world and bequeathed it,  The Folger Shakespeare Library, Washington, DC,  to the American people.
    1863 - After repeated acts of insubordination, General Ulysses S. Grant relieves General John McClelland during the siege of Vicksburg.
    1864 - At Petersburg, Grant ends 4 days of assaults.  The pontoon bridge serves to bring supplies, but no victories.
    1864 - Union war hero Joshua Lawrence Chamberlain is severely wounded at Petersburg, Virginia, while leading an attack on a Confederate position. Chamberlain, a college professor from Maine, took a sabbatical to enlist in the Union army. As commander of the 20th Maine, he earned distinction at Gettysburg when he shored up the Union left flank and helped save Little Round Top for the Federals. His bold counterattack against the Confederates earned him the Congressional Medal of Honor. His wound at Petersburg was the most serious of the six he received during the war. Doctors in the field hospital pronounced his injury fatal, and Union General Ulysses S. Grant promoted him to brigadier general as a tribute to his service and bravery. Miraculously, he survived and spent the rest of the Petersburg campaign convalescing at his Maine home. He returned to the Army of the Potomac in time for Lee's surrender at Appomattox, and he was given the honor of accepting the arms of the Confederate infantry. Chamberlain returned to Maine after the war and served four terms as governor. He then became president of Bowdoin College—the institution that had refused to release him for military service—and held the position until 1883. Chamberlain remained active in veterans' affairs and, like many soldiers, attended regimental reunions and kept alive the camaraderie created during the war. He was present for the 50th anniversary of Gettysburg in 1913, one year before he died of an infection from the wound he suffered at Petersburg.
    1873 - Susan B. Anthony is fined $100 for attempting to vote for president.
    1877 - Birthday of James Montgomery Flagg (1877-1960), Pelham Manor, New York, creator of the illustration of Uncle Sam.  He created his most famous work in 1917, a poster to encourage recruitment in the US Army during World War I. It showed Uncle Sam pointing at the viewer with the caption "I Want YOU for U.S. Army".  Over four million copies of the poster were printed during World War I, and it was revived for World War II. Flagg used his own face for that of Uncle Sam (adding age and the white goatee), he said later, simply to avoid the trouble of arranging for a model.
    1878 - The 45th Congress enacted a rider on an Army appropriations bill that became known as the Posse Comitatus Act [Chapter 263, Section 15, U.S. Statutes, Vol. 20]. This act limited active-duty military involvement in civil law enforcement leaving the Revenue Cutter Service as the only military force consistently charged with federal law enforcement on the high seas and in U.S. waters, and the militia, later to become the National Guard, available for such duty. The rider prohibited the use of the Army in domestic civilian law enforcement without Constitutional or Congressional authority. The use of the Navy was prohibited by regulation and the rider was amended in 1976 outlawing the use of the Air Force. In 1981, however, new legislation allowed the Secretary of Defense to bring Army, Navy, Air Force and Marine Corps support to civilian authorities in intelligence, equipment, base and research facilities, and related training.
    1892 - Macadamia nuts first planted in Hawaii; became a major export item throughout the world
    1898 – The first amusement pier in America opened in Atlantic City.
    1903 – Jeannette MacDonald (1903-65) was born in Philadelphia.  A singer and actress, she is best remembered for her musical films of the 1930s with Maurice Chevalier (“The Love Parade”, “Love Me Tonight”, “The Merry Widow” and “One Hour With You”) and Nelson Eddy (“Naughty Marietta”, “Rose-Marie”, “Maytime”). During the 1930s and 1940s, she starred in 29 feature films, four nominated for Best Picture Oscars, and recorded extensively, earning three gold records. She later appeared in opera, concerts, radio, and television. MacDonald was one of the most influential sopranos of the 20th century, introducing opera to movie-going audiences and inspiring a generation of singers.
    1906 - Birthday of Kay Kyser (1906-85), born James King Kern Kissers in Rocky Mount, NC.  His band, “Kay Kyser’s Kollege of Musical Knowledge” enjoyed immense popularity in the swing era.  A shrewd showman and performer, he said he never learned to read music or play an instrument. Among his hit recordings were “Three Little Fishes,” and “Praise the Lord and Pass the Ammunition”, a World War II favorite. Kyser retired from show business in 1951 and died at Chapel Hill, SC, July 23, 1985.
    1908 – Bud Collyer (1908-69) was born Clayton Johnson Heermance, Jr. in NYC.  He was a radio actor/announcer who became one of the nation's first major TV game show host stars. He is best remembered for his work as the first host of the TV game shows “To Tell the Truth” and “Beat the Clock” but he was also famous in the roles of Clark Kent and Superman on radio and in animated shorts.
    1909 - Drummer Ray Bauduc (1909-88) was born in New Orleans.  He is best known for his work with the Bob Crosby Orchestra and their band-within-a-band, the Bobcats, between 1935 and 1942.
    1910 - Drummer Ray McKinley (1910-95) was born in Ft. Worth, Texas.  In 1942, McKinley formed his own band, which recorded for Capitol Records. The McKinley band was short-lived. When McKinley broke up the band, he joined Glenn Miller's Army Air Force Band, which he co-led with arranger Jerry Gray after Miller's disappearance in December, 1944. Upon being discharged at the end of the following year, McKinley formed a modern big band that featured a book of original material. But with the business in decline, by 1950 that band was history and McKinley began evolving into a part-time leader and sometime radio and TV personality.
    1910 – Longtime NY and SF Giants announcer Russ Hodges (1910-71) was born in Dayton, TN.  On October 3, 1951, Hodges was on the microphone for Bobby Thomson’s 9th inning, game-winning HR, known as “The Shot Heard ‘Round the World”, that beat the Brooklyn Dodgers for the National League pennant. It was Hodges who cried, “There's a long drive... it's gonna be, I believe...THE GIANTS WIN THE PENNANT!! THE GIANTS WIN THE PENNANT! THE GIANTS WIN THE PENNANT! THE GIANTS WIN THE PENNANT! Bobby Thomson hits into the lower deck of the left-field stands! The Giants win the pennant and they're goin' crazy, they're goin' crazy! HEEEY-OH!!!'' [ten-second pause for crowd noise]  I don't believe it! I don't believe it! I do not believe it! Bobby Thomson... hit a line drive... into the lower deck... of the left-field stands... and this blame place is goin' crazy! The Giants! Horace Stoneham has got a winner! The Giants won it... by a score of 5 to 4... and they're pickin' Bobby Thomson up... and carryin' him off the field!”
    1911 - Tenor saxophonist Babe Russin (1911-84) was born in Pittsburgh.  Russin played with some of the best known jazz bands of the 1930s and 1940s, including Benny Goodman, Tommy Dorsey, and Glenn Miller.,,488048,00.html

    1912 - The Republican National Convention in Chicago split between President Taft and former President Theodore Roosevelt.  After Taft was nominated, Roosevelt and progressive elements of the Party formed the Progressive Party, also known as the 'Bull Moose Party'. The Democrat
Woodrow Wilson was elected President as Roosevelt and Taft split the
party.  Roosevelt was very disappointed he did not get more votes,
which made him basically retire from politics.
    1912 - Tennessee University opens as Tennessee A&I State College
    1913 - Birthday of Sylvia Porter (1913-91), American financial journalist, at Patchogue, NY. Her column was syndicated by the Los Angeles Times, reaching 450 newspapers worldwide. She also wrote more than 20 books and was noted for her ability to turn complex economic language into readable prose.
    1913 - Sammy Cahn (1913-93), the Tin Pan Alley legend Sammy Cahn, was born Samuel Cohen at New York City. He was nominated for 25 Academy Awards and won four times for” Three Coins in the Fountain” (1954), “All the Way” (1957), “High Hopes” (1959) and “Call Me Irresponsible” (1963). In the late 1940s, he began working with composer Jimmy Van Heusen, and the two in essence were the personal songwriting team for Frank Sinatra. Cahn wrote the greatest number of Sinatra hits, including “Love and Marriage,” “The Second Time Around,” High Hopes” and “The Tender Trap.”
    1914 - Birthday of country bandleader and songwriter Pee Wee King (1914-2000) in Abrams, WI.
    1915 - World famous firefighter “Red” Adair (1915-2004) was born in Houston, Texas. He became world famous as an innovator in the highly specialized and extremely hazardous profession of extinguishing and capping blazing, erupting oil wells, both land-based and offshore.

    1917 – Richard Boone (1917-81) was born in LA.  He was an actor who starred in over 50 films and was notable for his roles in Westerns and for starring in the TV series “Have Gun-Will Travel”…”wire Paladin, San Francisco…”
    1923 – The first Checker taxi hit the streets.
    1924 – George Mikan (1924-2005) was born in Joliet, IL. Mikan is seen as one of the pioneers of modern professional basketball, redefining it as a game of big men…he was the first at 6’10”…with his prolific rebounding, shot-blocking and his talent to shoot over smaller defenders with his ambidextrous hook shot.  Mikan was so dominant that he caused several rule changes in the NBA, among them the goaltending rule, widening the foul lane, known as the "Mikan Rule", and the shot clock.  After his playing career, Mikan became one of the founders of the American Basketball Association (ABA), serving as commissioner of the league, and was also vital for the forming of the Minnesota Timberwolves. In his later years, Mikan was involved in a long-standing legal battle against the NBA, fighting to increase the meager pensions for players who had retired before the league became lucrative.  Mikan was inducted into the Naismith Basketball Hall of Fame in 1959, made the 25th and 35th NBA Anniversary Teams of 1970 and 1980, and was elected one of the NBA’s 50 Greatest Players Ever in 1996. Since April 2001, a statue of Mikan shooting his trademark hook shot graces the entrance of the Timberwolves' Target Center.
    1928 - Aviator Amelia Earhart became the first woman to fly across the Atlantic Ocean as she completed a flight from Newfoundland to Wales in about 21 hours.
    1934 - The first nationwide highway planning survey was authorized by Congress to be made by the Bureau of Public Roads of the Department of Agriculture, in cooperation with state highway departments, to obtain traffic volume, load weight, and other information needed for the national planning of a nationwide system of interstate highways.
    1935 – Hugh McColl was born in Bennettsville, SC.   A fourth-generation banker and the former Chairman and CEO of Bank of America, McColl was a driving force behind consolidating a series of progressively larger, mostly Southern banks, thrifts and financial institutions into a super-regional banking force, "the first ocean-to-ocean bank in the nation's history."  Tony Plath, director of banking studies at the UNC-Charlotte, described this transformation in 2005 as "the most significant banking story of the late 20th century."  In 1960, a year after McColl joined American Commercial Bank, the bank joined Greensboro's Security National Bank, becoming North Carolina National Bank.  McColl deployed a methodical, military approach to transforming the small regional bank, via incremental acquisitions and mergers, into NationsBank and ultimately Bank of America.  McColl became President of NCNB in 1974 at age 39.  In 1982, the bank made its first major out-of-state purchase--First National Bank of Lake City, Florida. This was the first in a wave of mergers and acquisitions during the 1980s. Most of those were orchestrated by McColl, who became CEO in 1983. NCNB made national headlines with its purchase of the failed First Republic Bank Corporation of Dallas, TX from the FDIC (1988). Over the next few years, it acquired more than 200 thrifts and community banks, many through the Resolution Trust Corp program (1989 to 1992).  In 1991, NCNB bought C&S/Sovran of Atlanta and Norfolk.  The merged bank changed its name to NationsBank.  After the NationsBank merger, the institution purchased in succession: Maryland National Corporation (1992), Chicago Research and Trading Group (1993), BankSouth (1995), Boatmen's Bancshares (1996), Barnett Bank (1997) and Montgomery Securities (1997). In April 1998, under McColl's direction, NationsBank bought San Francisco-based-based Bank of America. Although NationsBank was the nominal survivor and the merged bank was (and still is) headquartered in Charlotte, the merged company took the better-known name of Bank of America. Among other later acquisitions, Bank of America in 2004 purchased FleetBoston Financial, thus ultimately holding the country's oldest bank charter (1784).
    1936 - Mobster Charles 'Lucky' Luciano is found guilty on 62 counts of compulsory prostitution.
    1936 – Barack Obama, Sr. (1936-82), father of the President, was born in Kenya.  A Kenyan senior governmental economist. Obama married in 1954 and had two children with his first wife, Kezia. He was selected for a special program to attend college in the United States, where he went to the University of Hawaii. There, he met Stanley Ann Dunham, whom he married in 1961 and divorced three years later, after having a son, Barack II, named after him. The elder Obama later went to Harvard for graduate school, where he earned an M.A. in economics, and returned to Kenya in 1964.  Obama experienced three serious car accidents during his final years, the last of which claimed his life in 1982.
    1937 - Birthday of American novelist Gail Godwin in Birmingham, AL.   Among her books, “The Odd Woman” and “A Mother & Two Daughters”.

    1938 - Babe Ruth wears a Dodger uniform for the first time as a coach. The 'Bambino' also takes batting practice with the team.
    1939 - Birthday of baseball Hall of Fame outfielder Louis Clark “Lou” Brock, El Dorado, AR.  He began his 19-year major league career in 1961 with the Chicago Cubs, and spent the majority of his career playing for the St. Louis Cardinals who traded P Ernie Broglio for him in one of baseball’s best/worst trades ever. He was inducted into the Baseball Hall of Fame in 1985.  Brock was best known for breaking Ty Cobb’s all-time major league stolen base record.  He was an All-Star for six seasons and a National League (NL) stolen base leader for eight seasons.
    1941 – Joe Louis KOd Billy Conn in 13 for the heavyweight boxing title.
    1942 - Birthday of Paul McCartney, the most commercially-successful former member of the Beatles, was born in Liverpool, England. McCartney's association with John Lennon began in 1956 when he asked to join Lennon's group, the Quarrymen, which evolved into the Beatles. McCartney began a career on his own in 1969, just before the break-up of the Beatles, by recording a solo album which contained the hit single, "Maybe I'm Amazed." His second album, "Ram," yielded two major hits - "Another Day" and "Uncle Albert-Admiral Halsey." In 1971, McCartney formed the band Wings, which stayed together for ten years, longer than the Beatles. With Wings, McCartney had number-one hits with "My Love" in 1973 and "Silly Love Songs" in 1976. In 1982, McCartney released a solo album, "Tug of War," with numerous guest performers. Among them was Stevie Wonder, who sang with McCartney on the hit single "Ebony and Ivory." McCartney, meanwhile, sang on Michael Jackson's "The Girl is Mine," a top ten hit in 1983.
    1942 - The U.S. Navy commissions its first black officer, Harvard University medical student Bernard Whitfield Robinson.
    1944 - Birthday of American Composer Paul Lansky in NYC.
    1945 - Top Hits
“Sentimental Journey” - The Les Brown Orchestra (vocal: Doris Day)
“Dream” - The Pied Pipers
“Laura” - The Woody Herman Orchestra
“At Mail Call Today” - Gene Autry
    1945 - Lt. Gen. Simon Bolivar Buckner was killed by Japanese artillery on Okinawa. On April 1, 1945, with his Tenth Army, he had launched the invasion of Okinawa, a strategic Pacific island located midway between Japan and Formosa. Possession of Okinawa would give the US a base large enough for an invasion of the Japanese home islands. Although there were over 100,000 Japanese defenders on the island, most were deeply entrenched in the island's densely forested interior, and by that evening, 60,000 US troops had come safely ashore.  However, on 04 April, Japanese land resistance stiffened and at sea, Kamikaze pilots escalated their deadly suicide attacks on US vessels. Over the next month, the battle raged on land and sea, with the Japanese troops and flyers making the Americans pay dearly for every strategic area of land and water won. On 18 June, with US victory imminent, General Buckner, the hero of Iwo Jima, was killed by Japanese artillery. Three days later, his Tenth Army reached the southern coast of the island, and, on 22 June, Japanese resistance effectively came to an end. Lieutenant General Mitsuru Ushijima, the Japanese commander, with some of his officers and troops, committed suicide rather than surrender, as the US Tenth Army overcomes the last major pockets of Japanese resistance on Okinawa Island, ending one of the bloodiest battles of World War II.
The Japanese lost 120,000 troops in the defense of Okinawa, while the Americans suffered 12,500 dead and 35,000 wounded. Of the thirty-six Allied ships lost, most were destroyed by the 2000 or so Japanese pilots who gave up their lives in Kamikaze missions. With the capture of Okinawa, the Allies prepared for the invasion of Japan, a military operation predicted to be far bloodier than the 1944 Allied invasion of Western Europe. The plan called for invading the southern island of Kyushu in November of 1945 and the main Japanese island of Honshu in March of 1946.
    1945 - Gen. Dwight D. Eisenhower received a tumultuous welcome in Washington, where he addressed a joint session of Congress. Eisenhower went on to meet Pres. Harry Truman and the 2 men established a warm relationship that later soured. In 2001 Steve Neal authored “Harry and Ike: The Relationship That Remade the Postwar World.”
    1946 - Bobby Sherwood Band records “Sherwood’s Forest.”
    1948 – In his Major League debut, Phillies’ Hall of Fame pitcher Robin Roberts lost to the Pirates, 2-0.
    1948 - Columbia Records begins the first mass production of the 33 1/3 RPM LP. The new format could contain a maximum of 23 minutes of music per side versus the approximately three minutes that could be squeezed on to a 78 RPM disc.
    1948 - The United Nations Commission on Human Rights adopted its International Declaration of Human Rights setting up a "common standard of achievement for all peoples and all nations."
    1950 - Birthday of American Composer Frank Ferko, born Barberton, OH.
    1950 - In the nightcap of a doubleheader, the Cleveland Indians scored 14 runs in the 1st inning for an American League record, trouncing the Philadelphia Athletics, 21 - 2.
    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
“Take These Chains from My Heart” - Hank Williams
    1953 - Birthday of Robbie Bachman, drummer for Bachman-Turner Overdrive, in Winnipeg. The Canadian rock band, which also included Robbie's brothers Randy and Tim on guitars, was internationally popular in the 1970's with such hits as "Blue Collar," "Let It Ride," "Takin' Care of Business" and "You Ain't Seen Nothing Yet," a 1974 million-seller. At its peak, BTO won many polls and honors in the US, as well as seven Juno Awards.
    1953 - Sending 23 batters to the plate at Fenway, the Red Sox enjoy a 17-run and 14-hit seventh inning as they pound the Tigers, 23-3. Sammy White sets a modern major league record scoring three times in the frame and outfielder Gene Stephens collect three hits in the inning to establish an American League record.
    1954 - Albert Patterson was assassinated in Phoenix, Ala. He had recently been elected as attorney general on a platform to crack down on vice. His murder led the governor to call in the National Guard to replace local law enforcement and cleanup the vice. Patterson’s son John filled the attorney general position. He was elected governor in 1958.
    1958 - Connie Francis records "Stupid Cupid”.
    1959 - Fats Domino records "I Want To Walk You Home"
    1959 - A Federal Court annuls the Arkansas law allowing school closings to prevent integration.
    1959 - Louisiana Governor Earl K. Long was committed to a state mental hospital.  He responded by having the hospital's director fired and replaced with a crony who proceeded to proclaim him perfectly sane.
    1961 - Top Hits
“Moody River” - Pat Boone
“Quarter to Three” - U.S. Bonds
“Tossin’ and Turnin’” - Bobby Lewis
“Hello Walls” - Faron Young
    1961 – CBS cancelled “Gunsmoke”.  "Gunsmoke” is routinely placed among the best shows of any kind and any time. The television series ran for 20 seasons from 1955 to 1975, and stands as the United States' longest-running prime time, live-action drama with 635 episodes.
    1963 - Three thousand Blacks boycott Boston public schools.
    1965 - No. 1 Billboard Pop Hit:  “I Can't Help Myself,'' Four Tops.
    1966 - Gen. William Westmoreland, senior U.S. military commander in Vietnam, sends a new troop request to the Joint Chiefs of Staff. Westmoreland stated that he needed 542,588 troops for the war in Vietnam in 1967, an increase of 111,588 men to the number already serving there. In the end, President Johnson acceded to Westmoreland's wishes and dispatched the additional troops to South Vietnam, but the increases were done in an incremental fashion. The highest number of U.S. troops in South Vietnam was 543,500, which was reached in 1969.
       1967 - After wresting the coveted closing spot from the Who, The Jimi Hendrix Experience made its debut performance at the Monterey Pop music festival by setting his guitar on fire during his set. The Hendrix album, “Electric Ladyland,'' released in 1968, tops Billboard's pop album chart for two weeks.
    1968 - Poor People’s Campaign’s Solidarity Day takes place.
    1968 – The Supreme Court banned racial discrimination in housing.
    1969 - Top Hits
“Get Back” - The Beatles
“Love Theme from Romeo & Juliet” - Henry Mancini
“In the Ghetto” - Elvis Presley
“Running Bear” - Sonny James
    1970 - Wind and rain, and hail up to seven inches deep, caused more than five million dollars damage at Oberlin KS.
    1972 – The Supreme Court, in a 5-3 decision, confirmed lower court rulings in the Curt Flood case, upholding baseball's exemption from antitrust laws.
    1972 - Colorful Oakland A’s owner Charlie Finley held baseball's first ever "Mustache Day." Finley agreed to pay $300 to each of his players for growing mustaches by Father's Day. Reggie Jackson had started the trend by reporting to spring training with a mustache, to become the first major leaguer to do so since Frenchy Bordagaray in 1936.  The A’s went on to win the first of three consecutive World Series and Hall of Fame reliever Rollie Fingers had his career trademark.
    1975 – The Red Sox’ Fred Lynn collected 10 runs batted in with three home runs, a triple and a single in a 15-1 win over the Tigers. Lynn's 16 total bases tied an AL record. Lynn went on to win the Rookie of the Year and MVP awards in the AL.
    1976 - Electric Light Orchestra's "OLE ELO" goes gold. The LP is a greatest hits collection.
    1976 – Country music singer Blake Shelton was born in Ada, OK. 
    1977 - Fleetwood Mac worked "Dreams" to the number one spot on the pop music charts this day. It would be the group’s only single to reach number one. Fleetwood Mac placed 18 hits on the charts in the 1970s and 1980s. Nine were top-ten tunes. 
    1977 - James Taylor enters the Billboard chart with an update of Jimmy Jones's 1960 #1 hit, "Handy Man". Taylor's version will reach #4.
    1977 - Top Hits
“Dreams” - Fleetwood Mac
“Got to Give It Up (Pt. I)” - Marvin Gaye
“Gonna Fly Now (Theme from ‘Rocky’)” - Bill Conti
“Luckenbach, Texas (Back to the Basics of Love)” - Waylon Jennings
    1977 – At Boston’s Fenway Park, Yankees manager Billy Martin pulled Reggie Jackson from right field after he failed to run out a grounder.  Tempers flared in the dugout and Yankee coaches and players had to separate them.
    1979 – The SALT II Treaty was signed by the US and Soviet Union.
    1980 - The film, "The Blues Brothers", starring Dan Ackroyd and John Belushi, premieres in New York City. Cameos in the film include Aretha Franklin, Ray Charles, James Brown and John Lee Hooker.  One of my favorite movies, if not my favorite.
    1981 – The retirement of Supreme Court Justice Potter Stewart paved the way for the first female Justice, Sandra Day O’Connor.
    1981 – The AIDS epidemic was formally recognized by medical professionals in San Francisco, California.
    1983 - Dr. Sally Ride, 32-year-old physicist and pilot, functioned as a “mission specialist” and became the first American woman in space when she began a six-day mission aboard the space shuttle Challenger in 1983. The “near-perfect” mission was launched from Cape Canaveral, FL, and landed, June 24, 1983, at Edwards Air Force Base, CA.
    1985 - Top Hits
“Everybody Wants to Rule the World” - Tears for Fears
“Heaven” - Bryan Adams
“Sussudio” - Phil Collins
“Country Boy” - Ricky Skaggs
   1986 - Don Sutton of the California Angels pitched a three-hitter against the Texas Rangers to win the 300th game of his career by the score of 5-1. Sutton pitched in the majors from 1966 to 1988 and finished with 324 victories.
    1987 - After two years of marriage, Bruce Springsteen separated from his first wife, model and actress Julianne Phillips.
    1987 - It was a hot day in the Upper Great Lakes Region. Nine cities in Michigan and Wisconsin reported record high temperatures for the date. The high of 90 degrees at Marquette, MI, marked their third straight day of record heat. Severe thunderstorm in the Northern and Central High Plains Region spawned half a dozen tornadoes in Wyoming and Colorado. Wheatridge, CO, was deluged with 2.5 inches of rain in one hour.
    1989 - Unseasonably hot weather prevailed in the southwestern U.S. In Arizona, afternoon highs of 103 degrees at Winslow, 113 degrees at Tucson, and 115 degrees at Phoenix were records for the date.
    1990 – In the first sudden death playoff in the US Open Golf championship, Hale Irwin won and became the oldest to win the tournament, at age 45.
    1991 – The left arm of SF Giants P Dave Dravecky, ravaged by cancer, was amputated.  In 1988, a cancerous tumor was found in Dravecky's pitching arm. On October 7, 1988, he underwent surgery, which removed half of the deltoid muscle in his pitching arm and froze the humerus bone in an effort to eliminate all of the cancerous cells. Doctors advised Dravecky to wait until 1990 to pitch again, but Dravecky was determined to pitch in 1989, and on August 10, he made a highly publicized return to the Majors, pitching eight innings and defeating Cincinnati, 4–3. In his following start, five days later in Montreal, Dravecky pitched three no-hit innings, but in the fifth inning, he felt a tingling sensation in his arm. In the sixth inning, he started off shaky, allowing a home run to the leadoff batter and then hitting the second batter. Then, on his first pitch to Tim Raines, his humerus bone snapped; the sound of it breaking could be heard throughout the stadium. Dravecky collapsed on the mound. He'd suffered a clean break midway between his shoulder and elbow, ending his season and his career.
    1993 - Having sold their label to Polygram three years earlier for half a billion dollars, A&M label founders Herb Alpert and Jerry Moss announce their intention to leave the company entirely. Begun in 1962, A&M was one of the first artist-owned labels, and the first successful independent label.
    1996 – Ted Kaczynski, suspected of being the Unabomber, was indicted on ten criminal counts.
    1998 - The Walt Disney Co. becomes an even bigger player on the Internet with the purchase of a 43% stake in Web search engine company Infoseek Corp. Disney Plans to launch an Internet portal - a Web site that contains entertainment, news and search capabilities in one location.
    1999 - Disney released the animated feature "Tarzan." The soundtrack features five tracks by Phil Collins each sung in five different languages -- English, French, German, Italian and Spanish. Collins did two versions in Spanish -- one with a Latin American accent and another with a Castilian.
    2001 - Citing he wants to spend more time with his family, Orioles legend Cal Ripken Jr. announces he will retire at the end of the season. The two-time MVP will be best remembered for his streak of playing in consecutive 2,632 games. 
    2001 - With the time starting when the pitcher enters fair territory, a two-minute limit for warm-up tosses thrown by relievers who come in during an inning is now mandated by the commissioner's office. At the beginning of an inning the allotted warm-up time will be 1:40 unless the game is on national television in which event the time allowed will be increased by 20 seconds.
    2002 - Billy Joel was admitted to Connecticut's Silver Hill Hospital for ten days in order to get his drinking under control.
    2002 - In the first major league game to feature four players with 400 career homers, the Cubs beat the Rangers, 4-3, as Alex Gonzalez hits a walk-off homer in the bottom of the ninth inning. Sammy Sosa (475), Fred McGriff (459) and Juan Gonzalez (401) watched Rafael Palmeiro add his 460th home run to the total.
    2003 - Google launched AdSense, a program that enables website publishers to serve ads targeted to the specific content of their individual web pages, many of which go on to start their own publishing businesses. 
    2004 - Ray Charles' funeral was held in Los Angeles at the First AME Church, featuring performances by Stevie Wonder, Glen Campbell, B.B. King, Wynton Marsalis, and Willie Nelson. Non-performing attendees include Little Richard, Clint Eastwood, and Berry Gordy, Jr.
    2005 - After 136 at-bats and 155 plate appearances with the bases full, Derek Jeter hits the first grand slam in his carrier. The Yankees shortstop’s homer ends the longest drought (at bats and number of homers) among current major leaguers without hitting a bases loaded home run.
    2009 - The Lunar Reconnaissance Orbiter (LRO), a NASA robotic spacecraft, was launched.
    2011 – E Street Band saxophonist Clarence Clemons (1942-2011) died in West Palm Beach, FL.  He had been with the Band since 1972.
    2012 – The Mets’ R. A. Dickey threw his second consecutive one-hitter in beating the Orioles, 5-0. He is the first pitcher to do so since Dave Steib in 1988, and the first in the National League since Jim Tobin in 1944.
    2013 - The city of San Jose, CA filed a suit in federal court against Major League Baseball and Commissioner Bud Selig, arguing it has suffered millions of dollars in damages because MLB has refused to allow the Oakland Athletics to move to a new ballpark there. The suit explicitly challenges baseball's exemption from antitrust laws, which is the relic of a much-criticized Supreme Court decision dating back to 1922.



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