|
|
 |
 |
 |
|
|
|
|
|
Kit Menkin's Leasing News www.leasingnews.org
Thursday, September 26, 2002 Accurate, fair and
unbiased news for the equipment Leasing Industry Wednesday’s Leasing
News posted www.leasingnews.org at
11:00am PDT ---------------------------------------------------------------------------------- e-Mail Removal
Form: \http://65.209.205.32/LeasingNews/removalform.asp ----------------------------------------------------------------------------- Pictures from the Past
-------------------------------------------------------------------------------------------------- Classified Ads---- http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Sales: Deerfield, IL
"UAEL" "MAEL" Exp. sales pro for 10 yrs,prvtly held, ind. leasing co. Originate,fund,service
transactions internally. Significant industry niche penetration/remarkable
record of repeat business. Transactions $10,000 - $10,000,000. ave.
$150,000. Email: kbecker@northamericanfundingcorp.com Sales: Irvine, CA "UAEL
" Well established Company with excellent funding sources are
looking for established reps. Great environment with medical / dental
and a high volume philosophy. Generous commission schedule. Email:jgreenough@macarthurbc.com Sales: Tustin, CA "UAEL" Sales person for equipment financing company. Company has
10 years in business with a good reputation. Commission split 50% -
60%. Office supplies: Desk, Phone, Back up staff and telemarketer to
assist in sales. Email:bgriffith@socalleasing.com
Sales: Des Moines, IA
"UAEL " Commission Sales Person(s)- work with full service and support
for your Vendor Business. Be part of a dynamic, motivated and experienced
team! Email:b.fisher@firerockcapital.com Sales: Atlanta, GA
"ELA " Opportunity for professional growth with a company that is
headed straight to the top. Looking for experienced sales reps with
strong small ticket vendor relationships. Email:djanney@marlinleasing.com Sales: Gillette, NJ "EAEL" 10-year old lessor seeking professional to work lessee and
vendor databases. Salary+Commission+Bonus. Great healthcare, dentalcare,
401K and profit sharing plans. Email:bsmith@dicapcredit.com for full list, please
go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Headlines---- Lease Study Up-Dates at this Link Diverse/innovative
financial system helped U.S.economy-Greenspan Existing-home
sales fall 1.7% August, but still remain at brisk level California
economic slump seen lasting into early '03 WorldCom
Memo to Employees ( reportedly ) Tyco
Rewarded an Executive $44.8M During a Grand Neutron
Jack Making a Settlement with Spouse News
Briefs---- Patriots
must warm to the next task ### Denotes Press Release --------------------------------------------------------------------------------------------------- Lease Study Up-Dates
at this Link Hi Kit - thanks for your support of the Equipment Leasing
and Finance Foundation and for your references to the Foundation in your
daily emails. We appreciate your promoting our recent study on Leasing
within Small Firms and welcome you to include a link of the study from your
website. Posting the report on your website will not allow your audience access
to the most recent version of the study in the event that we modify or
update to the study. It would be
most helpful to your audience if you just supplied the link to the study instead so they have the current version. Kit, thanks again for your support and please let me know
if you have any questions. Cheers! Lisa A. Levine llevine@ELAMAIL.COM Executive Director Equipment Leasing and Finance Foundation 4301 N. Fairfax Drive, Suite 550 Arlington, VA 22203 www.leasefoundation.org 703-527-8655 http://www.leasefoundation.org/ResearchPubs/index.htm#smallfirm __________________________________________________________________ Diverse, innovative financial system helped U.S. economy
weather severe jolts, Greenspan says by Jeannine Aversa ASSOCIATED PRESS WASHINGTON – Federal Reserve Chairman Alan Greenspan said
Wednesday that a diversified and innovative financial system helped
the U.S. economy weather the stock market slide and the terrorist attacks.
"Despite the draining impact of a loss of $8 trillion
of stock market wealth, a sharp contraction in capital investment, and
of course, the tragic events of Sept. 11, 2001, our economy held firm,"
Greenspan said in a speech to top British finance officials in London.
"These episodes suggest a marked increase over the past
two or three decades in the ability of modern economies to absorb shocks,"
Greenspan said. "The increased resiliency now clearly evident arguably
supports the view that the world economy already has become more flexible."
A copy of Greenspan's speech was distributed in Washington.
Greenspan said financial innovations have allowed lenders
to become more diversified and borrowers far less dependent on specific
institutions or markets for financing. "If risk is properly dispersed, shocks to the overall
economic system will be better absorbed and less likely to create cascading
failures that could threaten financial stability," he said. In his remarks, Greenspan did not mention the future course
of interest rate policy. On Tuesday, over the objections of two members, the Federal
Reserve held short-term interest rates steady. The two dissenting members
wanted a rate cut, which has not occurred since December. Economic uncertainties heightened by the possibility of a
war with Iraq and that rare display of dissent within the Fed raised
expectations among private economists that the central bank might cut
interest rates before year's end. The Fed cut rates 11 times in 2001 to rescue the economy
from recession. In an earlier speech Wednesday in London, Greenspan urged
policy- makers not to regulate the over-the-counter derivatives market,
saying it might crimp innovation in financial services. "Regulation is not only unnecessary ... it is potentially
damaging," Greenspan told the Society of Business Economists. Greenspan repeatedly has warned Congress over the years not
to regulate that $86.6 trillion market, saying that step could harm
the financial system. "By design, this market, presumed to involve dealings
among sophisticated professionals, has been largely exempt from government
regulation," Greenspan said. "In part, this exemption reflects
the view that professionals do not require the investor protections
commonly afforded to markets in which retail investors participate,"
he added. Derivatives are complex financial instruments whose value
depends on the value or change in value of an underlying security, commodity
or asset. They are used by businesses to guard against losses from unexpected
market movements, but also by high-risk investment funds to speculate.
Over-the-counter derivatives are traded privately between
investors, as opposed to those derivatives traded on futures exchanges.
"Regulation presupposes disclosure and forced disclosure
of proprietary information can undercut innovations in financial markets,"
Greenspan said. In April, the Senate rejected an attempt by Sen. Dianne Feinstein,
D- Calif., to regulate this market. Feinstein maintained that her proposal
would have "closed a loophole" that allowed energy giant Enron
to buy and sell energy holdings largely in secret without government
regulation. The company filed for bankruptcy last year. Greenspan also attended the opening of a new British Treasury
building in London, which he said remains an important financial center
even with the emergence of the new European currency, the euro. "London has stayed on top in the provision of financial
services despite the emergence of the euro, which some expected would
divert a significant share of foreign exchange trading to a single center
on the continent," Greenspan said. Greenspan, who has steered U.S. monetary policy since taking
the helm of the Federal Reserve in 1987, was to receive an honorary
knighthood from Queen Elizabeth II today. He was being honored for his
contribution to global economic stability. ---------------------------------------------------------------------------------------------- Existing-home sales fall 1.7 percent in August, but still
remain at brisk level By Jeannine Aversa ASSOCIATED PRESS WASHINGTON – Consumers, rattled by the possibility of a war
with Iraq and worried about the economy's direction, bought fewer existing
homes in August, sending sales down by 1.7 percent. Sales of previously owned homes dipped to a seasonally adjusted
annual rate of 5.28 million units, representing a 1.7 percent decline
from July, the National Association of Realtors reported Wednesday.
Even with the decline, the association's chief economist
said the level of sales was still quite brisk and that existing-home
sales are on track for a record this year. "It is still a very healthy pace but certainly we are
winding down from the boom," David Lereah said. Even as the economic recovery has faltered, home sales have
been robust this year, powered by low mortgage rates. Although the drop in August surprised analysts, economists
said the brisk housing activity could not be maintained. Existing-home
sales rose by 5.3 percent in July. Economists said that worries about a conflict with Iraq and
eroding consumer confidence in the economy contributed to the decline
last month. Consumer confidence sank to a 10-month low in September,
the fourth straight monthly decline, the Conference Board reported Tuesday.
Wall Street continued its roller-coaster ride as the Dow
Jones industrial average, which had suffered two days of steep declines,
posted a solid gain of 158.69 points on Wednesday to close at 7,841.82. Treasury Secretary Paul O'Neill told reporters he continues
to believe the economy is headed for solid growth and the recovery is
in no danger of faltering, powered by strong demand for big-ticket items
such as homes. "This will be the best year ever for new home sales
in the United States," O'Neill said. By region, existing-home sales last month fell by 5.9 percent
in the Midwest to a seasonally adjusted annual rate of 1.12 million.
In the South, sales dropped by 1.8 percent to a rate of 2.13 million
and in the Northeast, they went down by 1.6 percent to a rate of 630,000.
But in the West, sales rose 2.2 percent to a rate of 1.40 million. Wednesday's economic report suggested the booming housing
market may be losing steam but is in good shape, economists said. "We believe the housing market will remain healthy going
forward as low interest rates entice home buyers and offset uncertainty,"
said Stan Shipley, economist at Merrill Lynch. Housing is one of the economy's few bright spots and held
up well during last year's recession, thanks to low mortgage rates.
The average interest rate on a 30-year fixed rate mortgage
in August was 6.29 percent, the lowest monthly figure since Freddie
Mac, the mortgage company, began its nationwide survey in 1971. That
was down from July's rate of 6.49 percent and well below the average
rate of 6.95 percent seen in August last year. Consumers, whose spending accounts for two-thirds of all
economic activity in the United States, have been the main engine for
the economy. Their spending has been supported by low mortgage rates,
rising home values and the refinancing boom that has left people with
extra cash in their pockets. Those factors have helped to offset fears about a war with
Iraq, the roller-coaster stock market, a stagnant job market and falling
consumer confidence. In August, the median price of an existing home – the midpoint
where half of the homes sold for more and half for less – was $163,600,
a 6.4 percent increase from the same month a year ago. The Federal Reserve decided to hold short-term interest rates
steady on Tuesday over the objections of two members, who favored a
rate cut, which would have been the first of the year. Economists said
that the odds are growing that the Fed will cut rates before the end
of this year. California economic slump seen lasting into early '03 Reuters California's economy will not crawl out of its slump until
early 2003 at the earliest because the high-tech sector shows no signs
of bouncing back, according to a forecast released Wednesday.. The survey, issued by the Anderson School at the University
of California-Los Angeles, predicted the state would emerge from a sharp
downturn next year on the heels of an improving national economy. While economists at the Anderson School say the national
economy is on the road to recovery, tech- dependent California is still
waiting for its rebound to begin, according to Tom Lieser, the author
of the California forecast. ``We are at the bottom right now,'' Lieser said. ``By early
next year the improvement should become noticeable.'' The worst seems to be over for the semiconductor sector --
crucial to the high-tech industry -- but the question of when companies
would start moving from cost cutting to placing new orders remains uncertain,
he said. High tech powered California's economy to dizzying heights
during the dot-com boom but the sector now represents a drag on the
state economy. The downturn has spurred job cuts and dried up revenue
from stock options and capital gains that once filled state coffers,
Lieser said. California plummeted to 43rd place in the nation in personal
income growth in 2001, down from fourth place in 2000 as technology
stocks tumbled, the report said. ``The most important weakness is because of high tech,''
Lieser said. ``That has pulled our whole economy down and cascaded down
with a disproportionate effect on the state economy.'' But the state economy also has a few bright spots, the report
said. A robust housing sector sparked by historically low interest rates
and renewed growth in foreign trade have kept California from falling
further than it has. Lieser added prolonged disruptions -- though unlikely --
at West Coast ports as union dock workers negotiate for a new contract
would be crippling for the state economy. ``Although the state's ports remain under the cloud of a
potentially disruptive strike, trade data for the second quarter of
2002 show an increase in dollar value of both exports and imports,''
the report said. The main boost for California over the next year, however,
will come from an already improving national economy, the report said. As the state's economy improves, the report forecast that
unemployment would remain higher than the national average, hovering
in the 6.5 percent range through 2003. It will improve only marginally
to 6.3 percent in 2004, the report said. ``We are not looking for a double-dip in the national outlook,''
Lieser said. ``The problem with California is we have not yet come out
of the first dip.'' ------------------------------------------------------------------------------------------- WorldCom Memo to Employees ( reportedly ) To: All Employees Worldwide You may have read speculation by the Wall Street Journal
that WorldCom could add about $2 billion to the $7 billion in accounting
problems it has already disclosed. They further speculate that this
would raise questions about whether WorldCom can actually emerge from
bankruptcy intact. As you know, we have been committed to diligently investigating
all of our accounting since the first irregularity was uncovered. And
we have always said that we will promptly disclose any irregularities
that are discovered and take appropriate corrective action. That is
still exactly what we will do. Investigate, make determinations, and
take appropriate action. On August 8, when we disclosed additional restatements, we pointed out that as our investigation continues we may uncover
additional improper accounting. We also said that we would likely write-off
all of our goodwill and some of our property, plant and equipment. In the past month as our examination of these extremely complicated matters has progressed, we have discovered some accounting that needs further scrutiny, and it is very possible
that we will need to make additional revisions. The amount of these
possible revisions is, at the moment, unknown. Thus, the Journal article
is inaccurate and speculative in this respect. I also disagree with the articles comment about our ability
to emerge from Chapter 11 intact. These restatements are our effort
to clean up our historical financial record. They do not impact our
current financial position nor our operations. Therefore, if there are
further restatements, they will have no bearing on our ability to emerge
successfully from bankruptcy. While our internal auditors and external investigators focus
on our past, I would ask you to stay focused on our customers and our
services. They, along with all of you, are the keys to WorldCom's future. Thanks and have a great weekend, John ---- WorldCom, Inc. Corporate Employee Communications --------------------------------------------------------------------------------------- Tyco Rewarded an Executive $44.8M During a Grand Jury Inquiry By GRETCHEN MORGENSON with ANDREW ROSS SORKIN New York Times. Tyco International agreed to pay a severance package of $44.8
million in cash to Mark H. Swartz, its chief financial officer, while
he was under investigation by a grand jury in Manhattan that later indicted
him on fraud charges. A copy of the Aug. 1 agreement was obtained yesterday from
a person close to the investigation of Mr. Swartz and L. Dennis Kozlowski,
Tyco's former chief executive. It was approved on Aug. 14 by two board
members serving on Tyco's compensation committee. The amount paid to
Mr. Swartz was not disclosed to shareholders, though the complex formula
that Tyco used to devise his exit agreement was outlined in a document
attached to its most recent quarterly filing. Advertisement The agreement was struck the same day that Mr. Swartz resigned from Tyco at the behest of Edward D. Breen,
the executive brought in to run the company after Mr. Kozlowski was
indicted by the grand jury on tax evasion charges in June. Those charges
were expanded on Sept. 12 when Robert M. Morgenthau, the Manhattan district
attorney, announced indictments against Mr. Kozlowski and Mr. Swartz,
arguing that they had reaped $600 million through racketeering that
involving stock fraud, unauthorized bonuses and loans. The disclosure of such a generous exit package for an executive
who Tyco knew was under criminal investigation is expected to raise
questions among shareholders, who bid up the stock yesterday after Mr.
Breen outlined his plan to restore investor confidence. At the time of the Swartz deal, Tyco was still reeling from
the initial indictment of Mr. Kozlowski and had acknowledged that it
would have to work hard to repair its image among investors as a company
with a complacent board. The details of the payment are bound to come as yet another
unwelcome surprise to Tyco shareholders already disturbed by the revelation
of one hidden scandal after another. "To make a cash settlement of $44 million plus stock
to somebody known to be under criminal investigation is highly questionable,"
Mr. Morgenthau said. "It is also inconsistent with what the company
did with Kozlowski — they are not paying him anything. Kozlowski and
Swartz were 2-to-1 partners on all deals, so why is Swartz being treated
differently?" He was referring to the routine arrangement at Tyco in which
Mr. Kozlowski got bonuses or other remuneration twice as large as Mr.
Swartz's. A spokesman for Tyco said that Mr. Swartz was treated differently
from Mr. Kozlowski because he had been more cooperative in the internal
inquiry than had Mr. Kozlowski and because Mr. Swartz played a significant
role in helping the company sell shares in its financing subsidiary,
CIT, to the public on June 2. Under the agreement, Mr. Swartz received the following amounts:
$10.4 million from a deferred compensation plan, $24.5 million from
an executive life insurance plan, nearly $9.1 million in a lump sum
that represented three times the combined value of his salary and his
highest proxy bonus, plus $756,250 from a consulting agreement. The agreement also allowed Mr. Swartz to receive 702,533
shares of Tyco stock, worth $9 million on the date of the deal, and
2.03 million in unvested stock options. Beyond that, he got six years
of medical and dental benefits and payments to cover his state and local
income taxes. Under the terms of Mr. Swartz's package, Tyco cannot sue
him for return of the money; instead, Mr. Swartz and Tyco are required
to resolve any disputes over the package through arbitration. Tyco said
that it planned to bring an arbitration proceeding against Mr. Swartz. The breakdown of the $44.8 million the company agreed to
pay to Mr. Swartz was not disclosed by Tyco in its quarterly filing
submitted to the Securities and Exchange Commission on Aug. 9. Nor were
the details made public in the report issued last week that was included
in a so-called 8-K filing with the S.E.C. by the law firm of Boies,
Schiller & Flexner. The firm was hired to conduct an internal investigation
into the practices of Tyco executives. Walter Montgomery, a spokesman for Tyco, said: "The
8-K focused on who did what improperly, when and with what effect. It
did not focus on negotiations with individuals." The company believes,
he said, that it fulfilled its reporting requirements by including a
copy of Mr. Swartz's severance agreement in the quarterly filing on
Aug. 9. "We paid over money due to him under various agreements
including a deferred compensation agreement," Mr. Montgomery said.
"We paid only approximately one-third of what he was entitled to
under existing agreements with the company. And we reserve the right
to go after that one-third." Signatures of Stephen W. Foss and W. Peter Slusser, members
of the compensation committee, appear on the Aug. 14 agreement approving
the details of Mr. Swartz's severance. Paul Verkyil, a lawyer at Boies,
Schiller, signed the agreement as a representative for Tyco. Securities lawyers said that approval of the severance package
by Mr. Foss and Mr. Slusser may give the S.E.C. room to expand the civil
suit it filed against Mr. Kozlowski, Mr. Swartz and Mark Belnick, the
company's chief counsel, on Sept. 12 by including the two board members
as well. At the same time, the approval by the directors may give Mr.
Swartz a defense against some of the S.E.C.'s arguments that the case
involved "egregious, self- serving and clandestine misconduct." Phone calls to Mr. Foss and Mr. Slusser were not returned.
Charles Stillman, the lawyer representing Mr. Swartz, declined to comment. Separately, the Tyco board came under fire yesterday from
Mark Connolly, New Hampshire's director of securities regulation. In
a letter to Mr. Breen, Mr. Connolly called on Tyco's board to resign. "It is disingenuous to believe that the same board that
breached its fiduciary duties in exercising oversight responsibility
over certain wayward employees is the best arbiter of appropriate corporate
governance," he wrote. Mr. Foss and Mr. Slusser are among 9 board members of a total
of 11 who voted two weeks ago not to renominate themselves for election
as directors next year. --------------------------------------------------------------------------------------------------- Neutron Jack Making a Settlement with Spouse By GERALDINE FABRIKANT The court hearing today in the divorce of John F. Welch Jr.,
the former chairman and chief executive of General Electric, from his
wife, Jane, has been canceled, suggesting that a settlement is being
discussed. Mrs. Welch's lawyer, William D. Zabel of Schulte, Roth &
Zabel, and Mr. Welch's lawyer, Samuel V. Schoonmaker III of Schoonmaker,
George & Colin, declined to comment yesterday on the possibility
of a settlement. But on Tuesday, in a telephone interview, Mr. Schoonmaker
said that if anyone had asked him two days earlier whether a settlement
was possible, he would have said no. But now, he said, he was less inclined
to say that, intimating that a settlement was being discussed. On Sept. 5, Jane B. Welch filed an affidavit in Fairfield
Superior Court in Bridgeport, Conn., outlining her income and expenses as part
of a request for additional support from Mr. Welch, who, she said, was
providing her with $35,000 a month, after cutting off her credit cards. She said the sum was not enough for her lifestyle. The affidavit
detailed a lifestyle that included the couple's use of a Manhattan apartment
bought for Mr. Welch by General Electric, which also paid for many of
the expenses of the apartment. It also described arrangements for Mr.
Welch and his wife to use corporate aircraft and get tickets to various
events paid for by the company. The description of Mr. Welch's perks, coming on the heels
of widespread reports of executive indulgence, led to headlines and
prompted Mr. Welch to defend his contract. He later said that he would
change the contract, keeping only traditional office and administrative
support. At today's court hearing, Mr. Welch would have been required
to file an affidavit detailing his assets and income. If Mr. Welch is disturbed by the publicity, there was little
indication of it yesterday, when he spoke at a conference in Manhattan.
During a question- and-answer period, he referred to the divorce only
obliquely. When asked how companies can structure compensation payments
in an era when compensation packages and stock option plans are under
fire, Mr. Welch replied: "Oh, I wouldn't know about that,"
he said, which brought a laugh from the audience. ------------------------------------------------------------------------------------------- Regulators will take action against corporate directors,
SEC head says WASHINGTON (AP) The Securities and Exchange Commission is
promising action against corporate directors who neglect their duty
to protect shareholders against abuses by companies. -- Could U.S. economy be a casualty of a war with Iraq? WASHINGTON (AP) The rising drumbeat of war against Iraq is
taking a toll on the U.S. economy. Oil prices are climbing, consumer
confidence is falling and Wall Street is suffering stomach-churning
days. -- American Airlines chief warns of Iraqi war's peril to industry NEW YORK (AP) The chief executive of American Airlines said
Wednesday that a war in Iraq would be a devastating blow to the already-distressed
industry, warning that more bankruptcies were likely without additional
financial assistance from the federal government. -- California strips Arthur Andersen of operating license SACRAMENTO, Calif. (AP) A California board has stripped Arthur
Andersen LLP of its license to operate in the state, officials said
Wednesday. -- United unions offer carrier $1 billion in annual labor cost
cuts CHICAGO (AP) United Airlines' union leaders said Wednesday
they are ready to allow the financially struggling company to cut labor
costs by $5 billion over five years, but would not agree to $9 billion
over six years as the carrier had sought. --- HP to cut additional 1,800 jobs SAN JOSE, Calif. (AP) Citing continued weak demand, Hewlett-Packard
Co. said Wednesday it will cut 1,800 jobs beyond the 15,000 reductions
planned as part of its Compaq Computer Corp. acquisition. Patriots must warm to the next task By Nick Cafardo, Boston Globe Staff OXBOROUGH - There's no evidence that teams have solved the
Patriots, that their mystique is in question, that the clock has struck
midnight on them, or that we should remove the word ''genius'' from
any references to coach Bill Belichick. After all, the Patriots won Sunday's game against the Kansas
City Chiefs, 41- 38, in overtime. To hear many people around here, the
Patriots are now 2-1. No, they're undefeated - 3-0. They are right there with the Dolphins, Saints, Panthers,
Chargers, and Broncos. (The Raiders are 2-0.) They have beaten AFC Championship
game runner-up Pittsburgh. They have beaten the divisional rival Jets,
widely regarded before the season as a team that could win the division
and the AFC. They have beaten the Chiefs, who were picked by some as
a team on the way up. They have beaten teams with a combined 2-6 record. They now
must face the Chargers, then the Dolphins, two tough warm-weather games
on the road. This is a challenging stretch for a team that was beaten
up a bit by the Chiefs and may enter Sunday's game undermanned. We'll know much more about the mettle and mental toughness
of the Patriots in two weeks. Sunday's game was not a loss, but it was an eye-opener for
New England's opponents. They now understand that the Patriots are beatable.
They understand they can be tackled and frustrated, and that their strong
defense can be exposed. ''I think it creates some hope for teams playing the Patriots,
but you can bet Coach Belichick is going to have them so ready on Sunday
that the Chargers won't recognize the same defense they watched on tape
all week,'' said an AFC general manager yesterday. The Chargers' wins haven't come against strong teams, but
they do have talented and ferocious players in Marcellus Wiley, Junior
Seau, and Rodney Harrison. They have a young quarterback, Drew Brees,
who looks more and more like Tom Brady every day. They have a crusty
old coach, Marty Schottenheimer, who will keep them focused. They will have the home-field advantage. And they have memories of last October's regular-season meeting
at Foxboro Stadium, in which the Patriots were in danger of falling
to 1-4. They were trailing the Chargers, 26-16, with 8:38 left. But
this was the game in which Brady became an NFL quarterback. He led his
team to a tie at the end of regulation, then drove the team into position
for Adam Vinatieri to kick the winning field goal in a 29-26 thriller. ''That's the game where I think the league started looking
at Tom Brady as more than just a sixth-round draft pick,'' said Wiley.
''When he led the Patriots back like he did, it was frustrating for
us, but I'll tell you, you look at what that kid did in that game and
your respect for him grew leaps and bounds.'' Said Seau after the game: ''Tom Brady played the game of
his life. We couldn't get them off the field.'' Funny, in a game involving Doug Flutie at Foxboro Stadium,
it was Brady who performed the magic act. He led the Patriots to a Vinatieri
field goal, and with 36 seconds left in regulation, threw a 3-yard pass
to Jermaine Wiggins for the tie. The Patriots lost the coin flip to
begin OT, but the defense held Flutie, giving Brady a chance to win
it. He drove his team to the 26, from where Vinatieri kicked the winner
(a 44-yarder) after having missed a 44-yarder earlier. That day, the rookie Brees watched Flutie and Brady from
the sideline. Sunday, he'll go head to head with Brady, and it won't
be the first time. In fact, the two have some unfinished business. In a situation similar to Sunday's - both teams were undefeated
- Brees's Purdue squad and Brady's Michigan squad were 4-0 entering
a huge Big Ten game at Ann Arbor Oct. 2, 1999, Brady's senior year. Brady's team prevailed, 38-12, before 111,468 fans. Brady had a spectacular day, going 15 for 25 for 250 yards
and two touchdowns, while Anthony Thomas ran for 116 yards on 23 carries.
Brees was pressured by the Wolverines all day and was sacked twice,
after having been sacked only once in three previous games. ''I remember it was a rainy day in Michigan and they had
it going and we couldn't do much of anything,'' recalled Patriots offensive
lineman Matt Light, who was Brees's left tackle. ''Tom had it cranked
up then. So, yeah, he's used to situations where you have two undefeated
teams facing each other.'' Brady found senior receiver Marcus Knight for 136 yards and
threw to David Terrell for an early score. Brady did platoon a bit with
Drew Henson in the game, but he was clearly the reason Michigan flattened
Brees's squad. Brady no longer has to worry about anyone looking over his
shoulder, and Brees has won the job over Flutie. Will Brees's Chargers be able to beat Brady's Patriots? Last
week's narrow New England win over the Chiefs has given teams like the
Chargers at least a glimmer of hope that they can play with, and maybe
even beat, the defending Super Bowl champions. -------------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org. If you change your e-mail address, please don't forget to
notify me. If mail comes back more than a few times, we will delete the
mailing address ( usually every five days .) If you would like to be deleted, the list is kept under your
first and last name or how you asked to be listed ( not your URL ). Either use the contact form or e-mail directly or go to: http://65.209.205.32/LeasingNews/removalform.asp . Changes
are made daily, including additions, corrections, and removal when the right
information is provided. There is a trend for Spam programs for workstations and networks.
In addition, some companies block their employees from receiving
news from us. If you have stopped receiving Leasing News, it may be due
to being blacklisted. You can correct this by using another e-mail address. If a "Spam" issue, on your workstation, you will need to "delete us"
from your filter. Most programs allow you to make exceptions to what the program
considers "Spam." If done by your carrier, you will need to contact your carrier
or the "relay carrier" to allow our e-mail. It is our experience, once named, we cannot contact you ,meaning we can't tell you that our mail
is being rejected. Your carrier will make changes when contacted by
the subscriber, not by us. Often they subscribe to these programs that arbitrarily
filter “bulk mail.”. If we are being block, go to our website: www.leasingnews.org---for the on line edition.
Each edition is normally posted to the website ( www.leasingnews.org
) at 10: 30am, sometimes later PDT. The e-mail is sent out very early in the morning. --------------------------------------------------------------------------------------------------------------- ++++++++++++++++ ++++++++++++++++++++++++++++++++++ Policy Statement Policy Statement---Nothing is sent out that is not "fair."
Always unbiased reporting. Fairness always. If it is questionable, we will
ask the writer's permission to quote them. We will print information without
attribution, but feel as long as we do not name the person who sent it, we
can use the information. Any information we think is suspicious, we try to have if
substantiated first by at least two reliable people. We will not purposely
send out "negative" news. We prefer "positive" news. We have no "axe"
to grind or are not paid or seek or accept any remuneration
for product or promotion. We do not Spam anyone. To be added to the
mailing list, you must request it. We do not send anything about our company or personal e-mail or jokes to
the leasing news list. We do not share our mailing list with anyone. We try
not to send more than one report a day, if at that, unless an "alert." We follow Internet Netiquette
at all times. Our sole purpose is to provide communication to improve our profession. We reserve the right
to deny sending the newsletter when requested. We reserve the right
to edit or delete an opinion that is
not in good taste or is outright derogatory. Leasingnews.org |
|
