Friday, October 28, 2011
Milton Friedman 30 Years Ago on Greed and Capitalism
######## 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.
Results Are In---
Bob Robichaud, CLP, Vice President, Equipment Finance Department, Commerce National Bank, Anaheim, California, requested readers who actually fund bank quality transactions and also offer Application Only financing if they could provide some statistics as to the historical loss rate of that ‘Application Only’ product. When compared to full financial “commercial“transactions is it appreciably higher? The same?
Here is what Bob learned:
“Thanks for your assistance in helping our bank receive industry information on the benefits and risks of having an “Application Only” product and I would like to share with your readers, my opinion, on what we’ve discovered.
“I received a handful of responses back from a cross section of lenders, which either do, or won’t do and never will, offer this product. Although I would like to say I received a couple dozen more, I believe the majority of respondents are totally against anything being done application only, and those few that do still offer it advised us that if we decided to go that direction, to build an extremely tight credit box, stick to it, and tread carefully.
“Every respondent was in total agreement that the benefits of having complete business and guarantor financial and tax information give a lender a much better handle on company strength and direction as well as outside guarantor support. While having all this is never a guaranty that any deal won’t have problems, with this information, lenders are much better able to verify that there is sufficient cash flow (as well as global cash flow), to repay all existing and proposed new debt as well as providing other important credit ratios important to any credit decision.
“While the application only offering is a quick and easy way to handle small dollar transactions, the risks are substantially higher because decisions are mainly based on some credit box designed on the comfort level of the lender, which may or may not be sufficient and that can be massaged and subject to the amount of rate that can be charged to take a risk. While we did not receive actual loss percentages from everyone, those that shared stated that even on quality scoring models, losses were 2.5 to 3.0 times higher then with full disclosure transactions and collections were much higher.
“The bottom line is that application only hides a lot or warts. The credit box can’t be to loose, the amount available under the program must be capped at a reasonably low dollar number, the interest rates charged and the loss reserves set aside need to be high enough to offset the increased perceived losses and collection expenses, and the numbers of exceptions made should be few, if any. Under these guidelines, the loss ratio amounts are considered to be acceptable.
“However, as a banker and because of the excessive amount of scrutiny and regulation placed on all banks these days by the various bank auditors, offering an application only product and trying to justify it, may be like walking a tightrope (over a mine field), and therefore the jury is still out on whether or not our bank is willing to take on this product!”
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Customer Complaints Filed at Complaints Board & Rip-off Report
The chart above shows leasing-related customer complaints filed online at Complaints Board (www.complaintsboard.com) and at Rip-off Report (www.ripoffreport.com) against the following equipment leasing companies.
These companies were chosen for this survey based on Leasing News' growing list of companies that they do not provide auto-renewal notices to their customers at the end of the term. It should be noted, however, that the complaints filed against them on these two websites are not all auto-renewal related.
Please note also that we have not investigated any of these complaints to determine whether they are meritorious or not.
Companies Who Do Not Notify Lessee regarding termination
ACC Capital, Midvale, Utah
This group Leasing News has sent up to six emails, as well as telephoned several, some more than once, and actually talked to over six of the officers on several occasions, but no formal response:
Atel Capital Group
((Please Click on Bulletin Board to learn more information))
Dennis P. Lordon, Greater Philadelphia Area, was hired as BASEL II Quality Consultant at Randstad Technologies, a subsidiary of Randstad Holding NV, Contracted to De Lage Landen Financial Services in Wayne, Pennsylvania. Previously he was Global Account Manager and Business Leader, De Lage Landen Financial Services, a subsidiary of Rabobank (September, 2005-2011), Managing Partner, Prometheus Capital Partners (February, 2005-September, 2005), Manager, Operations and client services, ADP Credit Corp., a subsidiary of Automatic Data Processing (October, 2003-Januayr, 2005), Vice President and General Manager, Healthcare Group, American Express Business Finance (October, 2002-Feburary, 2003), Vice President and General Manager, Healthcare Finance, CIT Group (January, 2000-October, 2002) Note: Successive promotions over a distinguished 18+ year career with CIT, Vice-President and Regional Sales Manager, CIT Group (June, 1995-December, 1999), Senior Credit Officer, National Accounts Division, CIT Group (May, 1991-June, 1995), District Sales Manager, CIT Group (February, 1987-April, 1991), District Credit Manager, March, 1986-February, 1987),Previously employed by CIT as a Credit Analyst in the NYC Division office from 1983 – 1985 and as a District Credit Analyst with Chrysler Capital and Westinghouse Credit Corp from 1985-1986, prior to returning to CIT in 1986. State University of New York at Fredonia (September 1977 – December 1980).
Tom Messier hired as regional vice president for the Northeast U.S. for TIP Capital, Bloomfield Hills, Michigan. He will be based out of Saunderstown, Rhode Island. He previously was Sr. Account Executive at OnX Enterprise Solutions, Past VP-Sr. Account Executive at Insight Investments-Insight Financial Services VP-Sr. Account Executive at US Bank Equipment Finance, VP-Sr. Account Executive at CSI Leasing. Education North Attleboro High School, University of Rhode Island - College of Business Administration.
Shinji S. Muto named Middle Market Lease Manager, Metro NY Area, for Key Equipment Finance, Superior, Colorado. Previously he was Senior Director, Business Development, The Receivables Exchange (2009-2011), Vice-President, GE Capital (2008-2009), Vice-President, Citigroup (2004-2008), Senior Account Manager, GE Capital (1999-2004), Financial Specialist, First Union(succeeded by Wells Fargo) (1996-1999).Bryant University BBA, Marketing (1989 – 1993).
Greg Steffes, Consultant, Retired credit manager and analyst with extensive experience in equipment leasing and finance industry, interested in consulting, temporary and/or project-oriented opportunities. Previously, VP, Indirect Credit Manager Equipment Finance Division, Bank of the West (1998-2011), Equipment Lease Administrator, North American Mortgage Company (1993-1998), Credit Manager, Orix Credit Alliance Corporation (1990-1992), Equipment Leasing Credit Manager, Fremont Financial Corporation (fka Commonwealth Financial Corporation). San Francisco State University B.A., Economics.http://www.linkedin.com/pub/greg-steffes/32/817/933
Geoff Taylor is now Area Vice President, Business Development, Bell & Williams Associates. Previously he was Asset Management Specialist, Balboa Capital (2008-2009), Asset Management Specialist, Assistant Vice-President, Santa Barbara Bank & Trust (December, 1994-July, 2007), Senior Collection, Bell Atlantic TriCon Leasing (1989-1994). University of Southern California, Bachelor of Science, Marketing (1982 – 1985), 1980 -1982 went to UCLA Freshman year Dean List Involved in the Disinvestment campaign of corporations doing business with South Africa, Fraternity Zeta Beta Tau, Play: inter-mural soccer Activities and Societies: Marketing Club, Chess Club
Jeff Visscher was hired as Business Development Manager, Direct Originations Group, Clearwater, Florida; Indianapolis, Indiana area. Previously he was in real estate sales at The Estridge Companies (2010- September, 2011), Midwest Sales Director, De Lage Landen (2003-2009), Finance Manager, Ingersoll-Rand Financial Services, A Division of CitiCapital (1996-2003), Senior Retail Credit Analyst, Ingersoll-Rand Financial Services, Wholesale Credit Analyst, Ingersoll-Rand Financial Services (1993-1995), Regional Collection Representative, Ingersoll-Rand Financial Services (1990-1993), Customer Service Supervisor, Chrysler Credit Corporation (189-1990), Field Representative, Chrysler Credit Corporation (1988-1989). Hope College BA, Business Administration (Hope College BA, Business Administration (1984 – 1988).
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7 Advantages to Cloud Computing for SMB
As a small business owner or future entrepreneur, you understand that saving time and saving money whenever possible are both critical to your success. Whether you are just starting out or your business is more mature, cloud software and services can help you cut costs while also freeing up your time so you can concentrate on doing what you do best – running your business.
Cloud computing is a way of leveraging the Internet to consume software or other IT services on demand.
Users share processing power, storage space, bandwidth, memory, and software. With cloud computing, the resources are shared and so are the costs, making cloud computing very much a business model as well.
Advantages of cloud computing for SMB include:
1. Lower Initial Investment -
2. Easier to Manage -
3. Pay as You Go -
5. Deploy Faster –
6. Location Independent –
7. Device independent –
(And more than likely, it is more secure from hackers than your company server, as well as being monitored constantly. editor)
(This ad is a “trade” for the writing of this column. Opinions
Cat lovers say Leasing News has been ignoring them. So here again is "Kamikaze Kat,” runs on your screen, speaks out, and will surprise you. You can keep the cat on as a “screen saver” feature, too (depends if you are a “cat lover.”)
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#### Press Release #############################
Global Leasing Income Fund II Listed on TD Ameritrade
Scottsdale, AZ - Global Financial & Remarketing Services, LLC, an equipment leasing and alternative financial solutions firm, is pleased to announce that GFRS Equipment Leasing Income Fund II has been approved by TD Ameritrade. This approval provides wealth management advisors and non-affiliated registered investment advisors (RIAs) the ability to place GFRS Fund II into their clients' investment portfolios.
J.D. Jenks, president & CEO commented, "In today's tough investment climate, we are delighted to have met TD Ameritrade's rigorous approval requirements and look forward to working with the TD Ameritrade wealth management community for the benefit of wealth management clients."
TD Ameritrade Holding Corporation is investment firms focused on helping individual investors meet their financial goals. For more than 35 years they have been serving individual investors through their brokerage subsidiaries — either directly or through our network of independent RIAs. From the first-time investor to the sophisticated trader, and from the "do-it-yourself" to the "do-it-for-me" investor, they offer a broad range of investment tools and services.
Founded in 2009, Global Financial and Remarketing Services is an equipment leasing and alternative financial services company that serves small and mid-size businesses by offering a hybrid of financial solutions to meet growing business needs. GFRS serves a broad spectrum of industries including the medical, telecommunications,
I.T., manufactuning and energy-related sectors. According to the National Federation of Independent Business, a recent study shows that only half of small businesses attempting to borrow funds are able to obtain the capital they need. Nearly 25% are unable to receive any credit at all. At GFRS, we pride ourselves on addressing this need through personal service, quick turnaround time on funding decisions and the understanding that a business is more than its credit rating. Other services offered include structured finance and debt & equity placement for publicly and privately held companies.
America’s Car Museum to Host Display at Seattle Auto Show, Nov. 2-6
TACOMA, Wash. – LeMay – America’s Car Museum (ACM), will feature three cars at the Seattle Auto Show – Wednesday, Nov. 2-6, at the newly renamed CenturyLink Field Event Center. This will be the fifth consecutive year ACM, the four-level, 165-square-foot facility that officially opens next June in Tacoma, has had a display at the auto show.
ACM will showcase a 1926 Marmon – fresh off the Pebble Beach Motoring Classic – a 1972 El Camino and a recently acquired A-1 Grand Prix Team USA Lola Formula Car.
“Our museum was built to highlight America’s 100-plus year love affair with the automobile,” said Scot Keller, ACM’s chief marketing & communications officer. “There’s no better way for car enthusiasts to get a sense of what’s coming than by visiting our 900-square-foot exhibit at the Seattle Auto Show. The three cars being displayed exemplify the breadth of our collection.”
The event will feature more than 400 vehicles ranging from exotic supercars and muscle cars to the latest fuel-efficient vehicles, hybrids and electrics.
“We’re always looking for great automobiles to display at the Seattle Auto Show, and ACM has never disappointed,” said Jim Hammond, show manager and executive director of the Puget Sound Automobile Dealers Association. “We’ve always had a great working relationship with ACM, and we’re very enthusiastic about having a top-tier auto museum opening in the Pacific Northwest.”
For more information on the Seattle Auto Show, visit www.seattleautoshow.com.
ABOUT America’s Car Museum (www.lemaymuseum.org)
##### Press Release ############################
San Jose, California -- Adopt-a-Dog
“Foxie is the only girl in this litter and she is one tough cookie. Sweet and loving, but tough enough to wrestle with her brothers and come out on top. Foxie is beautiful and fluffy and really cute. She likes to sit up on your neck and nuzzle you and clean your face and just have an all around good time. Foxie is potty pad trained. If you would like to get more info on Foxie, please contact her foster home at 831.724.1332 or email email@example.com or firstname.lastname@example.org.”
CARE Companion Animal Rescue Effort, San Jose, CA
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Adopt a Pet
To many moviegoers, Halloween has boiled down to carving grinning faces on pumpkins, buying jumbo-sized bags of candy for potential trick-or-treaters, and trying not to laugh when co-workers come to the office dressed like Frankenstein. But does anybody remember the last time a horror movie really scared them? So hit your Netflix queue for our recommendations for a hearty Halloween night. Just make sure you don’t watch them alone!
The Exorcist (William Friedkin, 1973): A title that repeatedly pops up at the very top of most lists about the most terrifying movie ever made, this legendary shocker has over the past decades lost none of its power. The story follows the ordeal of 12-year-old Regan (Linda Blair), whose strange and increasingly disturbing behavior leads her mother (Ellen Burstyn) to go beyond scientific explanations and seek the help of Father Karras (Jason Miller), a troubled priest. It soon becomes clear that the girl has been possessed by a demonic spirit, and Father Merrin (Max Von Sydow), is called in to help perform an exorcism. William Friedkin ("The French Connection") directs with all the stops out, creating a classic that will leave many audience members sleeping with the light on for a while.
Rosemary’s Baby (Roman Polanski, 1968): Surely one of the most frightening movies for expecting mothers, this darkly comic horror movie has often been imitated but never equaled. Mia Farrow plays Rosemary, a young woman who moves with her husband (John Cassavetes) into a spooky old building in New York City, and starts having strange feelings after she becomes pregnant. Suspicious people start to intrude upon her life, while concerned friends mysteriously disappear. Is it all in her imagination, or do her odd neighbors have anything to do with it? Brilliant, controversial director Roman Polanski creates a unique atmosphere that mixes genuine dread with eccentric humor, building up to an unforgettable conclusion. And keep an eye out for Ruth Gordon’s Oscar-winning, movie-stealing performance.
Night of the Living Dead (George A. Romero, 1968): Imagine newsreel footage of ghouls charging at you, and you start to get the idea of how vividly horrifying George A. Romero’s original horror show is. As a young woman (Judith O’Dea) goes to visit her parents’ grave in the countryside, the unthinkable starts happening around her: The dead are rising from their graves to prey on the living. A group of people barricade themselves inside a farmhouse, but, with bloodthirsty zombies at the door, how long can they last? Working on a shoestring, Romero turned his shortcomings into strengths: The rough look of the movie adds immeasurably to the feeling of raw monstrosities unfolding right before your eyes, with the big question remaining: Who are the true monsters?
It's the Great Pumpkin, Charlie Brown (Bill Menendez, 1966): No holiday celebration is quite complete without a special episode of the Peanuts Gang, and this Halloween-themed special ranks high among fans of Charles M. Schulz's beloved animated characters. While Charlie Brown, Lucy and the other kids are busy choosing costumes for their trick-or-treating party night, Linus is more interested in being visited by the Great Pumpkin, the magical creature that he believes brings candy to children on Halloween. As he waits on the pumpkin patch, however, will his belief be enough to make the fantastical real? One of the funniest Peanuts specials, this delightful short is, like their episodes on Christmas and Easter, a humorous and thoughtful rumination on the true meaning behind a holiday.
Vampyr (Carl Theodor Dreyer, 1932): Tired of horror movies that offer little more than blood and guts and the occasional "boo"? In this chilling classic by the Danish master Carl Theodor Dreyer ("The Passion of Joan of Arc"), fear is not something that jumps at you from out of the shadows, but something that slowly but surely gets under your skin. The story tells the tale of Allan Grey (Julian West), a young man obsessed with the occult side of life, who finds himself in a strange new land filled with people who may or may not be supernatural creatures. Based on the works of famed horror writer Sheridan Le Fanu, the film takes its time but conjures forth countless unforgettable images, resulting in the rare movie that ventures beyond scaring you into haunting you.
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CFNB First Quarter EPS Increase 50% on Higher Lease Income
Hewlett-Packard reverses course, won't spin off PC business
Greek Bank Investors Facing Wipeout as Nationalization Looms
Digital Device Leasing Liabilities
Steve Jobs stayed tag-less by leasing a new car every six months
Calling Bankers’ Bluff, Merkel Got Europe a Debt Plan
FINRA brokerage oversight group misled regulators, SEC charges
Mass. economic recovery continues to outpace nation’s
Polish leasing market worth zł.22.2 billion in first three quarters
Milton Friedman 30 Years Ago on Greed and Capitalism
(2 minutes—well worth the view of this economist as his comments are even more valid today.)
Bonus: Milton Friedman-Gov’t Regulation on Donahue 1979 (10:34)
Freese homer lifts Cardinals to victory in 11 innings
Sides optimistic NBA deal may be near
Parents of 49ers coach Jim Harbaugh to celebrate 50th wedding anniversary
Terrell Owens comes full circle, sadly
San Jose releases details on sale of downtown land to Oakland A's
Hurt protester Scott Olsen was 'provoking no one'
Occupy Oakland makes plans for citywide general strike
The Ritz eatery in Newport loses lease with Irvine Co.
Investment firm buys stake in Sbragia Family Winery
Weather the story for CA. Central Coast wine grape growers in 2011
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South African Wines: Place In The Sun On A Winning Streak
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This Day in History
1492--- Christopher Columbus discovers Cuba. He and his men take many slaves back to Spain, their main bounty in the mission.
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