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2 years+ small ticket ($150k and under) experience
We offer the ability to structure and fund Vendor Programs, great
commission splits; friendly support staff in beautiful Carlsbad, CA.
Remote office work is acceptable for the right candidate.
More Info: click here or Email

ILS is a direct lender specializing in
Vendor Program business.

Monday, August 10, 2009

With Elizabeth Taylor.
Singer Edwin Jack "Eddie" Fisher born August 10, 1928 Philadelphia, PA. One of the most popular singers in the 1950's and early 1960's, "Oh, My, Papa, Papa," and many others until he left Debbie Fisher in a major scandal for an affair with Elizabeth Taylor. His career never recovered.


Correction---We get eMail
    Classified Ads---Asset Management
     Marlin Leasing 2nd 8K Available
Assoc. Member Count shows EAEL-UAEL Merger Failed
Leasing Conference—NEFA Early Bird ends Friday
    Classified Ads—Help Wanted
Leasing Press—Small Ticket Market Books
Leasing 102 by Mr. Terry Winders, CLP
    "Be Careful"
Leasing News Top Stories—August 3—August 7
    Bank Beat---Stearns Bank Leasing/72 failures
Alexa Report Leasing Association Web Site Hits
    Locals line up for rail bonanza-Jim Coston
        Sun Bank Business Credit Launched
News Briefs----
For Want of a Buyer, Will ILFC go Bust?
Bankers are still raking in billions in bonuses
    Georgia Bank woes mount
Madoff Victims may wait 15 years full payout
    Madoff's CFO set to plead guilty
        'Clunkers' program creates car shortage
Billionaire tax felon says UBS lied report to IRS
Krugman says world avoided 2nd Great Depression
     Seattle Paper Is Resurgent as a Solo Act
Bank Will Allow Customers Deposit Checks by iPhone
    You May have Missed---
      California Nuts Brief---
        Sports Brief---
"Gimme that Wine"
    Today's Top Event in History
        This Day in American History
Baseball Poem
Daily Puzzle
        Weather, USA or specific area
Traffic Live----

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


Correction---We get eMail

"Rudy Trebels New Company
(former CEO and founder IFC Credit Corp.)

"Equipment Leasing Group of America
1701 E. Lake Avenue, Suite 474
Glenview IL 60025
847/ 486-8770

"Rudy Trebels, CLP
Gary Trebels (his brother)
Brian Cascarano (broker relations)
Pat Meyers (Rudy Trebels long-time assistant)"

"Please be advised that contrary to your statement in your Friday, August 7, 2009 edition of Leasing News where you listed my name as an employee of Equipment Leasing Group of America, I am not associated in any way with the company.

"In the future, please contact me directly for verification purposes before publishing my name.


Brian Cascarano
847-951-0514 cell

"I am not employed by Equipment Leasing Group of America. Please check your facts before printing such errors. I am currently devoting my efforts to finding a challenging opportunity with a company that desires to leverage my 20+ years of successful sales & syndication experience along with my contacts. Thank you for your attention to this important detail."


Gary Trebels, CLP

("Letters---We get eMail" are not Leasing News articles but email from readers to the editor. This was from a well-known reader with inside access to IFC Credit. He stated he got the information off the extension numbers. A call to the telephone number on Saturday brought up extension #1 for Rudy Trebels, #2 for Brian Trebels, and #3 for Pat Meyers. Leasing News did originally attempt to speak with someone at Equipment Leasing Group of America, and at the time did not know how to contact Mr. Brian Cascarano or Mr. Gary Trebels, CLP. More importantly, this was from a reader to the editor, not a Leasing News article. editor)



Classified Ads---Asset Management

"I wanted to take some time and let your readers know how precious jobs and steady employment can be in these difficult times. I have over 25 years of experience in the Equipment Leasing and Financial Industries, specializing in Workouts, Equipment Valuation, Restructures and Special Assets. Having looked for steady employment for the past two years, I can sympathize for the other individuals that get up every morning with the hope that something will change. While a lot of us still believe the bottom has yet to hit, it is crucial that we all continue to keep on trying, keep your family close and even say a prayer or two.

"After speaking with countless recruiters, banks and leasing companies, I find the old phrase so true - ‘It's not what you know but who you know.' Dig up those old contacts, rolodexes and try to get in touch with those associates and acquaintances.

"I might yell at the cat in the morning to get out of the garbage or curse myself for not sending out enough resumes but try to remember how lucky all Americans are to live in this free society. The United States will rebound from this and become a much stronger and smarter nation.

"May God Bless and keep us hoping for that break we all deserve."

Daniel Monberg

(His classified asset management ad appears below

Massachusetts, MA
Started in credit and collections 30 years ago with a private agency. My skills are negotiating with Attorney's, Insurance Companies & Large & small companies. | Resume

Minneapolis, MN
16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest.

Santa Barbara, Ca.
Full time/part time/Former Balboa/LEAF/Santa Barbara B&T, repossession, remarketing, liquidation.Top references; willing to relocate for excellent career opportunity.

United States
Multi- talented individual looking to relocate back to mainland. Over 20 years of experience in Asset Management, Venture Leasing, Operations and Senior Management Positions.
RESUME | Email:

United States
Portfolio Management/Collections/Workouts. 12 yrs + management $1B lease portfolio, administration, EOT negotiations, buyouts, extensions, workouts, collections, bankruptcy, property valuation/ litigation, results orientated:

For a full listing of all "job wanted" ads, please go to:

To place a free "job wanted" Leasing News ad:

ELFA Career Center: Job Seekers (free):



Marlin Leasing 2nd 8K Available

"As a stockholder, I like what I see with Marlin. They are running lean right now with 33 sales reps. Their funding of $5-6 million per month is still an average of $150,000-175,000 per rep in volume, at yields they haven't seen since their early days. Losses should continue to come down as the economy improves and their tighter credit standards take hold. They should be in a good position when they get their additional capital from Marlin Bank."

Brian Cornell
Bear Mountain Leasing

It also should be noted that among the publically held leasing companies, Marlin is at the top at $7.50, CIT last call Friday $1.47 and last trade for Microfinancial at $3.31. There are many bank and other institutions that have leasing companies, but these are the only three solely publically held leasing companies.

The second quarter SEC filing for Marlin Business Services, Mount Laurel, New Jersey, is now available for those interested:

Marlin also has redesigned their new web site that now opens:

"Success is a Journey...not a destination. We can help you along the way."



Association Member Count shows EAEL-UAEL Merger Failed
by Christopher Menkin

It appears the merger of the Eastern Association of Equipment Lessors and the old Western Association of Equipment Lessor, which became the United Association of Equipment Leasing, did not result in a larger organization. The six month results of leasing association results show the successor organization National Equipment Finance Association not inline. It strongly suggests the two personalities with their own board, meeting schedule, agenda, did not happen. No doubt the down finance and leasing industry did not help, but the statistics show otherwise when compared to the other leasing associations. You can't just blame the resulting numbers on the economy. The membership numbers are very disappointing.

The current membership count of the new National Equipment Finance Association is 249, according to Joe Woodley, CLP, Membership Director. The year-end numbers of both added together are 472. According to a joint press release (1) as a main reason for the merger, 60 members belong to both, making the actual number then 412. That was the number used, not 472, which would have made the actual percentages much higher. As it is: 39.5%

Joe Woodley, CLP, believes once "former" members want to sign up for the Monterey Conference September 24-27, they will rejoin. He believes it has always be a popular conference in the past and will remain so. Attendance may tell.

The National Association of Equipment Leasing Brokers is down almost 16.7%, primarily broker members, not funders.

Monica Harper, NAELB Executive Administrator told Leasing News:

"The NAELB Membership as of June 30, 2009 was as follows:

"Associate Members - 47
Broker Members - 695
Funding Source Members - 97
Total Members - 839

"Obviously we have all taken a hit by this economy but new membership applications remain steady and we are optimistic that we will fully bounce back in the next year or so."

It is interesting to note from the year-end report (2) there were 113 funders at the end of last year, and today 97. At the end of 2008, NAELB had 849 brokers, and today the number remains at 695, a little of 18% and compared to the total membership drop of 16.7%. It is not funders who left, but brokers, perhaps new brokers from schools and other industries who thought this was an easy profession.

There also may be some considerations of the definition of a "funder," but the point is a funder joins for $750 and a broker for $295. The NAELB definition, by the way, is quite precise:

"Funding source membership shall be open to those that are engaged in the providing of funds, directly or indirectly, for the financing of equipment lease transactions and who agree and endorse the NAELB Code of Ethics and Bylaws. An NAELB Funding Source member shall have no voting rights."

The Equipment Leasing and Finance Association is down 14.2%, primarily composed of bank members who have left, merged, or purchased by others, as well as larger independents. The 25 member staff is active with many programs . They have a daily news email, several list serves per subject, all active, a magazine that is superb, monthly, but to members only, and have very active committee meetings.

They are also the only ones who actively work not only congress but the state governments and have been working on streamlined tax with all the state governments for going for quite some time with Dennis Brown very active---a major project. They will be without a president as a special committee searches for a professional association executive, while Ralph Petta, on staff since 1987 is the interim president. Perhaps they will have an executive on board to introduce at their October 18th -20th conference in San Diego, California.

It would be expected with the financial problems and ratings of various city, county, and state governments activating in the government leasing sector, the Association of Government Leasing and Finance Association membership would be down. Under the circumstances they appear to be holding their own, especially compared to the other leasing associations: down only 4.9%.

Membership numbers were not available from the National Vehicle Leasing Association. It should be noted they cancelled their June 10, 2009 Annual Convention and that should tell you enough. Vehicle sales are down, so is leasing, fleet sales, too. At one time they had between 200 and 250 members.

Cindy Spurdle, Executive Director of the Certified Leasing Profession Foundation reported 182 CLP's: "We have 182 CLP's in Good Standing, up slightly from the first quarter. Three of those are brand new CLP's and a few more have decided that this designation is very important to them, especially with what we are going through in our industry today and wanted to make sure they were in good standing.

"At the end of 2008 there were 179 CLP's in Good Standing. At the end of our first quarter there were 176 CLP's in Good Standing. The term 'In Good Standing' means that each CLP is current with their dues and recertification's and are actively involved in our industry."

The prior year it was at 204, at the beginning of the year down 28, now down 22, primarily "no longer in the leasing business."

Arizona Equipment Leasing Association numbers remain stable, and the group has always been small as it contains members only from Arizona. It is estimated to be around 25, but an official count is not available, Leasing News was told. The group is active. They get together for social and business meetings often during the year, even invite speakers.

There are other associations, such as Commercial Finance Association, but this trade publication primarily deals with the equipment leasing industry.

(1) EAEL-UAEL Merger Report

(2) Year-end Membership Report:



Leasing Conference—NEFA Early Bird ends Friday

September 24-27, 2009
National Equipment Finance Association
2009 Fall Conference and Exposition
Monterey , California

Charlie Ehlers, US Bank Manifest
Conference Chair

For information on exhibit and sponsorship opportunities please contact us:
Kim King 760.574.6328
Alison Pryor 404.760.2841
Joe Woodley 404.760.2842

Early Bird is $795. $995 after August 14.
Non-Members: Early: $1295 After Aug. 14: $1495

Brochure is available at:



October 18th-20th
Equipment Leasing and Finance Association
48th Annual Convention
Manchester Grand Hyatt
San Diego, CA

New this year: The Funding Source Connction, a virtual funding
exhibition allowing attendees and funding sources to connect while at the convention.

Early Bird is $1700        Non-Member: $3475
Deadline for Discounted Early Bird Registration Fee Extended!
If you register by August 31, and stay at the convention hotel (Manchester Grand Hyatt), you are eligible for the discounted registration fee. So register today!

After August 31: $1775     Non-Member: $3550
First Timer $1020 before August 31,2009 After: $1095 member only
Multi-discounts to members from the same firm available
Additional Attendee: $1520
Download Brochure:


November 9, 2009
National Equipment Finance Association
2009 Super Regional Conference
Newark, New Jersey



To view Leasing Association Events-Meetings Open to All, please click here.



Leasing Industry Help Wanted


Regional Sales Managers:
Southern California, Texas, Illinois, Florida, Georgia.
2+ years outside leasing/finance sales exp. closing deals. Estab. customer base/ or vendors a plus. Top commission.

Relationship Manager/Sales Associate:
Lake Success, New York
Process daily sales activities. Excellent written/verbal skills required. Previous industry experience not required although a plus

Please submit your resume for confidential review to: or fax to 718 392 5427.

Advantage Funding, a leading national commercial vehicle and transportation equipment leasing and finance company seeks an . Our financing products are offered to new and existing relationships in the commercial coach, limousine, school bus, paratransit, funeral car, minibus and transportation industries.


2 years+ small ticket ($150k and under) experience
We offer the ability to structure and fund Vendor Programs, great
commission splits; friendly support staff in beautiful Carlsbad, CA.
Remote office work is acceptable for the right candidate.
More Info: click here or Email

ILS is a direct lender specializing in
Vendor Program business.


Top Producers Needed to Challenge
Highly Experienced Back Office
Huge Starting and Referral Bonuses
Click Here




Leasing Press—Small Ticket Market Books

Three best selling titles--Small Ticket: $39.95 + s&h...Power Tools: $45.95 + s&h...Tech Leasing: $38.95 + s&h. Call, write, fax or email (click on order form below).

Order form:



Leasing 102
by Mr. Terry Winders, CLP

"Be Careful"

When everyone is hungry for new business, and times are hard, that is when the scam artist comes to town. Fraud is easiest when we have to fight for each deal. Never short change your standard credits checks and review anything that looks out of sorts. So I think a review of some standard "take it for granted "mistakes re in order! Never let a lessee push you into a quick decision and never skip over your standard procedures.

Check with the lessee's State to determine the companies "Good Standing" and review the correct spelling of the company name for discrepancies. What appears to be a minor mistake in spelling the company name or the use of inc., instead of Corp., spells real trouble and should be checked much further. I would run credit checks on the principles regardless of any requests for guarantees to confirm how they are handling their personal credit. Remember that no personal credit history is one of the largest red flags in fraud cases; Check the better business bureau to determine if there have been any customer complaints. Check for tax liens and make sure on transactions over $50,000 you visit the company facilities and take note of the major pieces of equipment and check it against the UCC liens. One of the largest frauds in the leasing industry could have been discovered with a simple equipment inspection. The company only had three machines in use but had over thirty leased.

Run a UCC check to determine what kind of creditors they do business with and what type of equipment have liens in what location. Also if the vendor is obscure or is selling an off brand equipment then check with the manufacturer on the vendors status. If the manufacturer is obscure, or makes something you have never heard of, check them out by making a few phone calls or checking them out on the internet with trade associations or their local banker. The more obscure the supplier the more checking you need to do on the source of the equipment.

Also look for well prepared equipment invoices with all the information you would expect on an invoice. Invoices that are poorly made or come on standard forms that you can buy at a form shop should cause you to question their validly. Not everyone has pretty forms but you know when an invoice lacks the proper information and it should raise a red flag and be checked out. Most of the fraud cases I have seen included sloppy documentation and poor common sense. Also please avoid transactions or be especially careful if the vendor is a relative of the lessee.

Never, Never, Never do a sale- lease- back without inspecting and recording the equipment. Ask to see the original invoices for purchase, with the company as purchaser, for proof of ownership. Sale-lease-backs have been a favorite target of fraud because it does not require a vendor in the middle and there is so many steps to complete the transaction that many leasing companies fail to complete all of them.

I also need to suggest that you check out the person that signs the lease to make sure that they are an owner or qualified officer of the lessee. We have seen fraud cases where an employee of a company provides a resolution for authority signed by them authorizing themselves to sign. It can happen but bit warrants some outside confirmation, because it is highly unlikely in a large company this would happen. Sometimes it is best to ask for more than one person who is qualified to make it harder for one person to create the fraud.

It may seem to you that this is a lot of extra work and time. However all I am saying is that if you follow standard procedures and something does not look correct then step back and check everything because scam artists play on your assumptions that everyone is honest and hope you will not see the cracks. There is a lot of fraud today and remember a non-recourse assignment does not relieve you from being responsible for fraud. Most assignment forms state that it must be a legally collectable transaction and fraud comes back to the leasing agent or broker.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at or 502-327-8666. He invites your questions and queries. Previous #102 Columns:

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



Leasing News Top Stories—August 3-August 7

Here are the top ten stories opened by readers:

(1) Cut Backs Continue in the Leasing Industry

2) Looking for New Broker Business

(3) First Sound Bank Continues Losses-Pugent Sound Leasing

(4) Marlin turns in $550,000 GAAP Quarter

(5) LEAF down $11.25 Million from last year

(6) Agents Raid Bank and Lender in Florida

(7) Reactions to Bentsen leaving ELFA

(8) Ken Bentsen resigns ELFA/What is SIFMA?

(9) Economists: Vegas's good times are over

(10) Leasing 102 by Mr. Terry Winders, CLP
Short Term Leasing

Extra (not counted for technical reasons)
August 3, 2009 --- Leasing News Extra
Ken Bentsen resigns from ELFA

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



Bank Beat---Stearns Bank Leasing/72 failures this year

Colonial BancGroup, Montgomery, Alabama, who operates 355 branches in Florida, Alabama, Georgia, Nevada and Texas with over $25 billion in assets, officially acknowledges that it is under criminal investigation by the Department of Justice regarding one year's worth of financial statements alleged accounting irregularities at its mortgage warehouse lending unit. Reportedly Colonial is also the subject of a Securities and Exchange Commission investigation related to its participation in the TARP program, including accounting for loan loss reserves.

Community First Bank, Prineville, Oregon, was closed Friday by the Oregon Division of Finance & Corporate Securities, with the FDIC entered into a purchase and assumption agreement with Home Federal Bank, Nampa, Idaho, to assume all of the deposits of Community First Bank, excluding those from brokers. It became the 72nd bank to fail this year in the United States, third in Oregon.

There are eight branches. As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $197 million of assets.

Home Federal Bank will purchase all deposits, except about $31 million in brokered deposits, held by Community First Bank

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million.

Stearns Bank, St. Cloud, Minnesota, "The Nation's Local Bank," picks up 13 branches in Florida. They have an active equipment leasing division.

They also have been active in security banks that have failed, gaining their branches, including at the end of February of this year acquiring a $730 Million loan portfolio from the FDIC. The purchased loans are for properties in the states of Arizona, Nevada, California and New Mexico and came from the former First National Bank of Arizona and Nevada. They have branches Arizona, Florida, and their main headquarters, Minnesota.

Community National Bank of Sarasota County, Venice, Florida, was closed and FDIC assigned all deposits to Stearns Bank, National Association, St. Cloud, Minnesota. There are four branches.

As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million. Stearns Bank, N.A. will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Community National Bank of Sarasota County. In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase $94 million of the failed banks assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million.

Community National Bank of Sarasota County is the 71st FDIC-insured institution to fail in the nation this year, and the sixth in Florida.

First State Bank, Sarasota, Florida, was closed today by the Florida Office of Financial Regulation, Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of First State Bank, excluding those from brokers, plus take over the banks nine branches. This is the 70th bank to fail this year and the fifth in Florida

As of May 31, 2009, First State Bank had total assets of $463 million and total deposits of approximately $387 million. In addition to assuming all of the deposits of the failed bank, Stearns Bank, N.A. agreed to purchase approximately $451 million of assets. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116 million.

List of Bank Failures (now six pages):



Alexa Ranks Leasing Media Web Sites

191,677  Leasing News
412,409  eLessors Networking Association
520,269 Monitor Daily
874,900 Equipment Leasing and Fin. Association
1,060,676 Ind Community Bankers of America
1,252,550* National Assoc. of Equip Leasing Brokers
1,596,128 The Journal for Asset Finance
2,442,617  Commercial Finance Association

2,256,774 World Leasing News
3,022,815   CLP Foundation
2,528,208 National Equipment Finance Association
2,780,710  Institute of International Container Lessors
3,098,944  Exec Caliber-Jeffrey Taylor
6,495,854 Equip. Leasing & Fin Fndn
6,292,275 The National Funding Assoc
6,204,519  Assoc of Government Leasing  Financing
No Data Lease Assistant
No Data
15,726,037 Leasing Notes
No Data
No Data Lean -Lease Enforcement Att Net
No Data
No Data Leasing Press

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

*It should be noted that NAELB web site "list serve" requires logging onto their site, meaing their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

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

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



Locals line up for rail bonanza

By: John Pletz

Jim Coston, head of Corridor Capital, says, "We see the stimulus as a way to restart the rail-car industry in this state."
Photo: Erik Unger

Jim Coston is betting that the billions of federal dollars aimed at a high-speed rail system could reassert Chicago's place as the nation's rail center - and jump-start his attempt to resurrect a business that flourished here a century ago: building passenger rail cars.

Mr. Coston, a Chicago lawyer and railroad veteran, is just one of the entrepreneurs and business owners lining up to share in what could be a huge boon to the region, in terms of jobs and transit improvements, once President Barack Obama unleashes $8 billion in high-speed rail funds.

"This is the real deal," says Joe Schwieterman, director of the Chaddick Institute for Metropolitan Development at DePaul University. "The Midwest has become the odds-on favorite to bring home big dollars."

The competition could be fierce. Already there are about 300 applications from around the country with a collective price tag of more than $100 billion chasing the feds' $8 billion.

But insiders say Illinois could snare as much as $2 billion, leading to thousands of jobs in manufacturing, construction and railroads.

Much of the high-speed rail money likely will be spent on laying track, says Joseph DiJohn, director of the metropolitan transportation support initiative at the University of Illinois at Chicago. "The first step toward high-speed rail is to separate passenger traffic from freight."

The Chicago-St. Louis corridor, for instance - at the top of the Midwest's high-speed rail plans - would require a second line of track from Joliet to St. Louis that would be laid by railroad employees. Such an extensive project would require hiring, says Mike Payette, vice-president for governmental affairs at Union-Pacific, which owns the line.

The plan also would require investment in new cars. The Chicago-St. Louis route alone would double the number of trains to eight daily from four. That's where Mr. Coston comes in.

With the stimulus, he figures, the state of Illinois will finally have the money to order the dozen Amtrak trains that have been on its wish list since last fall. "We see the stimulus as a way to restart the rail-car industry in this state," says the head of Chicago-based Corridor Capital, an investment company that bought options on 50 former Amtrak cars that he says could be rebuilt within the two-year time frame required for stimulus projects.

If he won even part of the order, Mr. Coston says, he could immediately put 25 people to work, doubling employment at Gateway Railcars in Madison, near St. Louis, a contract partner. Since Pullman Co. ceased production in 1981, Gateway is the state's sole maker of passenger rail cars.

New train orders also could help National Railway Equipment Co., a locomotive manufacturer based in Downstate Mount Vernon, return to full employment of about 1,100. Its workforce has dropped 20% since last year because of the downturn. "It would fill the void," Vice-president James Wurtz says.

Stimulus funding also would mean additional hiring at Kustom Seating Unlimited Inc., a Bellwood company that makes seats for Amtrak, Metra, the CTA and rail operators across the country. Employment already is up about 20% to 120 workers because of a surge in mass-transit spending, says Gene Germaine, director of business development, and stimulus funding is fueling additional demand. The company expects to boost its payroll by another 20% next year.

Illinois hasn't put a number on the jobs that stimulus money would create if its projects were funded, though the Midwest's high-speed rail plan could generate up to 15,000 construction jobs and 57,000 permanent ones, Michigan Gov. Jennifer Granholm has estimated. Chicago is at the heart of that plan, which includes high-speed lines to St. Louis, Madison, Wis., and Detroit.


The biggest stimulus winner likely will be the six-year-old Chicago Region Environmental and Transportation Efficiency program. It includes 78 rail projects to speed up freight traffic, separating passenger and cargo trains from each other and from vehicles. Until now, it only had about $200 million in funding, mostly from five freight railroads and the federal government, to pay for an estimated $1.5 billion in improvements, leaving the major construction projects waiting for backing.

Already the state has set aside $322 million in its capital budget to fund projects under the program. If the big-ticket items, such as highway overpasses and railway "flyovers," get stimulus funding, it will trigger a flurry of work for construction companies, says Tom Livingston, a vice-president at CSX Corp.

And while it would take years to complete all the rail work, more jobs could be in the offing once the trains start rolling.

"Eventually, after all the infrastructure work is done, that means operating jobs at the back end," says Bob Guy, legislative director in Illinois for the United Transportation Union, which represents railroad workers. "If everything comes through, it should be a boost in railroad employment across the board."



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

Sun National Bank Launches Sun Bank Business Credit

VINELAND, N.J., -- Sun National Bank today announced the launch of Sun Bank Business Credit, the newest addition to the bank's growing list of in-house capabilities that serve commercial borrowers' broad range of financing needs.

Sun Bank Business Credit is focused exclusively on asset-based lending and structured finance, which offers specialized, collateral-based funding determined by balance sheet assets, providing an alternative funding source for businesses unable to utilize traditional lending products. Asset-based lending is a viable solution for companies in need of working capital to support rapid growth, as well as those looking to complete management buy outs and restructurings, and to refinance existing loans.

"Because of today's economic environment, many banks and finance companies have tightened credit policies and some have retreated from the asset-based lending arena altogether, lessening access to capital for businesses," said Bruce Dansbury, chief operating officer and chief credit officer at Sun. "Given both of these factors, asset-based lending is an excellent opportunity for Sun to serve the needs of our expanding base of business customers, safely and selectively grow a portfolio of higher yielding loans and cross sell additional business solutions, like our cash management services."

Drew Neidorf will lead the new division, supported by a seasoned team of relationship managers and credit staff. Neidorf has spent the majority of his 30-year career serving middle-market businesses with asset-based lending solutions. He most recently served as president of Greystone Business Credit in New York City. He also has held a variety of executive-level positions, including president of CIT Credit Finance in New York City, president of Nations Credit, also in New York City, and national director of lender services for Jefferson Wells International in Milwaukee, Wisconsin. He holds a bachelor of science in Accounting from Syracuse University.

"The team is extremely excited to join the well-respected professionals at Sun National Bank at a time when businesses demand and appreciate banking partners who offer more flexible alternatives to help them grow," said Neidorf. "There is more than $100 billion of asset-based loans outstanding in New Jersey, New York and Pennsylvania, with growth trends increasing. We believe Sun Bank Business Credit will take advantage of market opportunities and strongly complement the bank's already broad scope of banking and finance solutions."

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.6 billion asset bank holding company headquartered in Vineland, New Jersey. Its primary subsidiary is Sun National Bank, serving customers through 70 locations in New Jersey. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit

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



News Briefs----

For Want of a Buyer, Will ILFC go Bust?

Bankers are still raking in billions in bonuses

Georgia Bank woes mount

Madoff's chief financial officer set to plead guilty

'Clunkers' program creates car shortage

Billionaire tax felon says UBS lied report to IRS

Krugman says world avoided second Great Depression

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Today's Top Event in History

1987 - Celebrating its 5,000th performance today was "A Chorus Line". Since its opening night in 1975, an estimated 25 million theatre goers had seen the musical, with an estimated 16.7 million having seen the show on Broadway, and an additional 8.3 million viewing the touring production. On September 29, 1983, "A Chorus Line" became the longest-running show on The Great White Way, staying there until 1990.


This Day in American History

    1588 – This event is mentioned as history may have been quite different for the founding of the United States. The Spanish Armada, a fleet of 130 huge ships, met defeat at the hands of English sailors and their smaller, more maneuverable vessels. Then a series of wicked Atlantic storms off the coast of Southern England took their toll. Only half of the 130 Spanish ships managed to limp ... at best ... home. The 60 or so English ships, plus the weather, saved England from the Spanish invaders.
    1814-Esther Hobart McQuigg Morris was born at Tioga County, NY, but eventually moved to Wyoming Territory, where she worked in the women’s rights movement and had a key role in getting a women’s suffrage bill passed. Morris became justice of the peace of South Pass City, WY, in 1870, one of the first times a woman held public office in the US. She represented Wyoming at the national suffrage convention in 18795. She died April 2, 1902, at Cheyenne, WY.
    1844- Brigham Young chosen Mormon Church head following Joseph Smith death.
    1866-Birthday of Mathew Henson, famous African-American explorer, born at Charles County, MD. He met Robert E. Peary while working in a Washington, DC, store in 1888 and was hired to be Peary’s valet. He accompanied Peary on his seven subsequent Arctic expeditions. During the successful 1908—09 expedition to the North Pole, Henson and two of the four Eskimo guides reached their destination Apr 6, 1909. Peary arrived minutes later and verified the location. Henson’s account of the expedition. A Negro Explorer at the North Pole, was published in 1912. In addition to the Congressional medal awarded all members of the North Pole expedition, Henson received the Gold Medal of the Geographical Society of Chicago and, at 81, was made an honorary member of the Explorers Club at New York, NY. Died Mar 9,1955, at New York, NY.
    1866-The first queen to visit the United Sates was Queen Emma, widow of King Kamehameha IV of the Sandwich Islands ( later to be re-named Hawaii), who arrived in New York City from England on the Cuuard liner Java. She was received on August 14,1866 by President Andrew Johnson and introduced to his family. American business had already started to invest in the island, bringing coffee, potatoes, hybrid sugarcane, horses and cattle.
    1878 - The temperature at Denver, CO, soars to an all-time record high of 105 degrees.
    1899-Birthday Of Russell Markert, American choreographer Russell Markert, born at Jersey City, NJ. He founded and directed the Radio City Music Hall Rocketts from 1932 to 1971. He died December 1, 1990, at Waterbury, CT.     1899 - A.T. Marshall of Brockton, MA patented the refrigerator. It was not practical in cost for many households and “ice” refrigerators were common until perhaps World War II.
    1876-Thomas Alva Edison of Menlo Park, NJ, obtained a patent for a “method of preparing autographic stencils for printing”. He went on to improve the “mimeograph,” who until the advent of the photocopier, was the most widespread method of paper communication and duplication.
    1896-Birthday of Marjorie Kinnan Rawlings, American short story writer and novelist ( The Yearling), born at Washington, DC. Rawlings died at St. Augustine, FL, December 14, 1953.
    1900-Birthday of bandleader Lucky Millinder, Anniston, AL.
    1911 - Membership in the U.S. House of Representatives was established at 435. Every 211,877 residents of the U.S. were represented by one member of Congress.
1918 –Birthday alto Sax player Benny Carter Birthday (Died July 12,2003)
    1918-Two days after the Battle of Marne ended, the British Fourth Army mounted an offensive at Amiens with the objective of freeing the Amliens-Paris railways from bombardment by the German Second and Eighteenth Armies. More than 16,000 German prisoners were taken in two hours of fighting the first day. The German forces were forced back to the Hindenburg’s line by September 3. This battle is considered a turning point by many historians because of its impact on the psyche o f Germany. August 8 was described by General Erich Ludendorff as a “Black Day” for Germany.
    1918-MESTROVITCH, JAMES 1. Medal of Honor Rank and organization: Sergeant, U.S. Army, Company C, 111th Infantry, 28th Division. Place and date: At Fismette, France, 10 August 1918. Entered service at: Pittsburgh, Pa. Birth: Montenegro. G.O. No.: 20, W.D., 1919. Citation: Seeing his company commander Iying wounded 30 yards in front of the line after his company had withdrawn to a sheltered position behind a stone wall, Sgt. Mestrovitch voluntarily left cover and crawled through heavy machinegun and shell fire to where the officer lay. He took the officer upon his back and crawled to a place of safety, where he administered first-aid treatment, his exceptional heroism saving the officer's life.
    1923-Birthday of singer Jimmy Witherspoon, Gurdon,AR.
    1926-Birthday of trombonist Urbie Green, Mobile, AL.
    1922-Louis Armstrong, 22 years old, leaves for the Windy City. His autobiography is fascinating to read about his version of the beginnings of jazz. He perhaps is not only the best known jazz musicians, but considered even today to have been quite ahead of his time. On old records, it is easy to pick him out playing the trumpet. He had tone, melody and rhythm that still wants you to sing, dance, or tap your foot.
    1923 - Benny Goodman was 14 years old as he began his professional career as a clarinet player. He took a job in a band on a Chicago-based excursion boat on Lake Michigan.
    1932-Birthday of singer/songwriter Mel Tillis, Pahokee,FL. Tillis was the Country Music Association Entertainer of the Year . Equally talented as a singer and as a songwriter, Tillis began his hit-making career in 1958 with "The Violet and the Rose." His top-ten singles have included "Who's Julie," "The Arms of a Fool" and "Memory Maker." Tillis has a speech impediment, but has made his stuttering a part of his act.
    1933-Louisiana Governor O.K.Allen pardon’s Huddie William Ledbetter, better known as the folksinger “Leadbelly.,” He got the name while in prison in Texas for being very strong. He was a very big man with an explosive temper, and was in for murder. He was pardoned by Texas Governor Pat Neff from a thirty year sentence, something that was unheard of in Texas and from the very conservative Neff, but it is said, he sang a song of why he should be released that so affect the warden, and then Neff, that they released him. Leadbelly was one of my father’s favorite folksingers, that he played all the time, and my first memories of my father are listening to this music in the forties. I remember sitting on his knee, perhaps the earliest recollection of my father, who I miss more and more as each year goes by.
    1933-The first savings and loan association established by the federal government was the first Federal Savings and Loan Association of Miami, Florida. The creation of savings and loan institutions had been authorized by the Home Owners Loan Act of June 13, 1933, to provide a convenient place for the investment of small and large sums and to lend money to local applicants for first mortgages.
    1941 - Les Brown and His Band of Renown paid tribute to baseball’s ‘Yankee Clipper’, Joe DiMaggio of the New York Yankees, with the recording of "Joltin’ Joe DiMaggio" on Okeh Records. From that time on, DiMaggio adopted the nickname, Joltin’ Joe.
    1942-Adding to the fear of the times from both the war in the Pacific and Atlantic, this event is forgotten by many today. Six Germans were electrocuted this day in 1942 in Washington, DC. They were part of a group of eight who were tried by a military commission of seven generals. One saboteur, George John Dasch, was sentenced to 30 years in prison, and another Ernest Peter Bruger, received a life sentence. All eight were found guilty of landing in rubber boats from enemy submarines, carrying explosives, incendiaries, fuses, detonators timing devices, acids, and similar material. Four of them landed on June 13, 1942, at Amagansett, NY, on Long Island, and were discovered by Seamen Second Class John C. Cullen of the Amagansett Coast Guard Station. Four others landed on June 17, 1942, at Poine Vedra Beach near Jacksonville, FL.
    1951-Birthday of Randy Shilts, journalist known for his reporting on the AIDS epidemic. One of the first openly homosexual journalists to work for a mainstream newspaper and the author of And the Band Played On: Politics, People and the AIDS Epidemic. Born at Davenport, IA, and died at Guerneville, CA, Feb 17, 1994.
    1951---Top Hits
Too Young - Nat King Cole
Mister and Mississippi - Patti Page
Because of You - Tony Bennett
I Wanna Play House with You - Eddy Arnold
    1955-Two weeks after it cracks the R&B Top Ten, Chuck Berry's "Maybellene" enters the Pop chart at #23.
    1959---Top Hits
Lonely Boy - Paul Anka
A Big Hunk o’ Love - Elvis Presley
My Heart is an Open Book - Carl Dobkins, Jr.
Waterloo - Stonewall Jackson
    1960- British Decca destroyed 25,000 copies of Ray Peterson's death-rock song, "Tell Laura I Love Her." The company refused to release a song which it said was "too tasteless and vulgar for the English sensibility." A rival firm, however, had no such compunction, recording a cover version by a singer named Ricky Valance, which went to number one on the British chart. In the US, Ray Peterson's recording of "Tell Laura I Love Her" reached number seven on the Billboard pop chart.
    1963-Little Stevie Wonder had the number 1 song in America this week with "Fingertips - Pt. 2". Stevie was just 13 years old when the song was recorded.
    1967---Top Hits
Light My Fire - The Doors
All You Need is Love - The Beatles
A Whiter Shade of Pale - Procol Harum
I’ll Never Find Another You - Sonny James
    1968- Race riot in Miami Florida.
    1968-The Bubblegum Music craze was in full gear when a group from Linden, New Jersey, who went by the unusual name of The 1910 Fruitgum Co. cracked the Hot 100 with their second hit, "123 Red Light". The record would climb to number five in the US.
    1969-Photographer Iain Macmillan took six pictures of the Beatles crossing the street outside their Abbey Road studio in London. A police officer held up traffic while the band walked back and forth several times. Paul McCartney chose one of the pictures for the cover of the "Abbey Road" album.
    1970-New York Yankees honor Casey Stengel, retiring his number 37.
    1970-CCR's "Looking Out My Back Door" is released.
    1970- Janis Joplin bought a tombstone for blues singer Bessie Smith's unmarked grave in a Philadelphia cemetery. Less than two months later, Joplin herself was dead of a drug overdose. Smith had died following an auto accident in 1942 at the age of 37.
    1973-Vice-President Spiro T Agnew brands them "damned lies" regarding reports he took kickbacks from government contracts in Maryland. He vowed not to resign; that he was innocent.
    1974-President Richard Nixon announced in a televised address that he would resign. Three days earlier he had released tape transcripts revealing he had impeded the Watergate investigation. Nixon told an audience of some 100,000,000, he had made some wrong decisions but that he was resigning because he no longer had enough support in Congress.
    1974-Eric Clapton receives a gold record for "461 Ocean Boulevard." It's his comeback album and contains his Number One version of "I Shot the Sheriff." The album reaches the top of the charts.
    1974 - Roberta Flack received a gold record for the single, "Feel Like Makin’ Love". Flack, born in Asheville, NC and raised in Arlington, VA, was awarded a music scholarship to Howard University in Washington, DC -- at the age of 15. One of her classmates became a singing partner on several hit songs. Donny Hathaway joined Flack on "You’ve Got a Friend", "Where is the Love" and "The Closer I Get to You". She had 10 hits on the pop charts in the 1970s and 1980s.
    1974-Roberta Flack scored her third US number one hit with "Feel Like Makin' Love". It was a song that she was forced to mix herself after her producer quit in the middle of her fifth album. In a vague reference to her first effort, she took producer's credit on the LP as Rubina Flake.
    1975---Top Hits
One of These Nights - Eagles
Jive Talkin’ - Bee Gees
Please Mr. Please - Olivia Newton-John
Just Get Up and Close the Door - Johnny Rodriguez
    1975- country singer Hank Williams Junior suffered severe head injuries when he fell 150 metres while mountain climbing in Montana. When he returned to performing months later, he had switched to a country-rock sound from the pure country style made famous by his father.
    1976-The Chicago White Sox made baseball sartorial history by donning shorts for a game against the Kansas City Royals. The Sox won, 5-2, but the shorts, a novelty thought up by owner Bill Veeck, lasted only a while.
    1981-Shiaway St. Pat, driven by Ray Remmen, won the Hambletonia, the most important race for three-year-old trotters, contested for the first time at the Meadowlands in New Jersey.
    1983---Top Hits
Every Breath You Take - The Police
Sweet Dreams (Are Made of This) - Eurythmics
She Works Hard for the Money - Donna Summer
Your Love’s on the Line - Earl Thomas Conley
    1984 - Carl Lewis won his third gold medal at the Los Angeles Olympics. He won the 200-meter sprint. At the same time, Greg Louganis received his first gold medal in diving in the springboard competition.
    1986- singer David Crosby, sentenced to a five-year term for drug and weapons charges, was paroled from a prison in Huntsville, Texas after serving only five months. The convictions were overturned by a Texas appeals court in November 1987- Crosby said when he was released that he had kicked a ten-year drug habit and wanted to resume his musical career. He gained fame with the Byrds in the late 1960's, then teamed with Stephen Stills, Graham Nash, and Neil Young.
    1987 - Less than three months after they go to No. 1 on Billboard's Hot 100 for the first time with "With or Without You," U2 return to the top of the chart with "I Still Haven't Found what I'm Looking For," the second single from "The Joshua Tree."( A birthday present for the Edge.)
    1988-The first night game of Chicago’s Wrigley Field was postponed by rain with the Cubs leading the Philadelphia Phillies 3-1, in the bottom of the fourth inning. The Phillies’ Phil Bradley let off the game with a home run, but in a postponed game, all statistics are washed out.
    1990- Iraq annexes Kuwait. The US has been sending troops to Saudi Arabia and moving the US Navy into the Mediterranean seas.
    1991---Top Hits
(Everything I Do) I Do It for You - Bryan Adams
P.A.S.S.I.O.N. - Rythm Syndicate
Summertime - D.J. Jazzy Jeff & The Fresh Prince
She’s in Love with the Boy - Trisha Yearwood
    1993-The Dream Team, a specially-assembled team of NBA all-stars, defeated Crotia, 117-85, to win the gold medal at the 1992 Summer Olympics in Barcelona. The Dream Team, coached by Chuck Daly, including Charles Barkley, Larry Bird, Clyde Drexler, Patrick Ewing, Magic Johnson, Michael Jordan, Christian Laettner, Karl Malone, Chris Mullin, Scottie Pippen, David Robinson and John Stockton.
    1994- Janet Jackson tied Aretha Franklin for the most gold singles by a female artist - 14 - when "Any Time, Any Place" was certified as having sold more than 500,000 copies.
    1995- the Canadian stage production of Disney's "Beauty and the Beast" opened at the Princess of Wales Theatre in Toronto. At $17 million, it was the most expensive stage production in Canadian history.
    1998-The largest free jazz festival in the world, San Jose, California, draws 200,000 to hear Sandoval, Broadbent, Schuur, among many others



Baseball Poem

Your 95 MPH Fastball Won't Get You In The Draft Anymore

Like a 1400 on your SAT won't get you into Harvard
And American Express will continually turn you down
Because your salary goes up slower than their expectations.

Who will get through the traffic jam?
Who will grow the nerves to win the new game?
Who will sop up the spoils, raise a toast in the ruins?

Let me write one tremendously long line like the horizontal bar at
the high jump pit---
See how I fail, even at this?
But my failure is merely a failure of margins,
And your 95 MPH fastball is nothing more than a metaphor
These days.

Tim Peeler in "Waiting for Godot's
First Pitch" More Poems from Baseball
published by McFarland and Company




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