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Monday, January 25, 2010

Singer/songwriter/musician/actress Alicia Keys, born Alicia Augello Cook January 25, 1981, New York City, New York.
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Classified Ads---Sales
 Key Equipment Finance follows Key Corp Losses
  by Christopher Menkin
The Secret of Our Success
  by Tony Golobic, GreatAmerica Leasing
   Classified Ads---Help Wanted
Bank Beat---Five Banks costs FDIC $531.7 million
 Leasing 102 by Mr. Terry Winders, CLP
  Lease Assignments to sell off a Transaction
Top Stories January 18-22
 2010 Leasing Association Conferences
  Wells Fargo Executives/Directors Sued re: SILO
 El Paso, Texas --- Adopt a Dog
News Briefs---
 1/5th Silicon Valley's office bldg's empty
  Wal-Mart cuts about 11,200 Sam's Club jobs
   Stuyvesant Town Turned Over to Creditors
 3 Facebook Settings Every User Should Check Now
  You May have Missed---
   Sports Briefs
    California Nut Briefs
  Gimme that wine
 Today's Top Event in History
    This Day in American History
     Football Poem
       Daily Puzzle
  Weather, USA or specific area
     Traffic Live----

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



Classified Ads---Sales

Boston, MA
Senior leader in companies of varying size and scope, including start-ups. My current focus is sales, as a leader or as an individual contributor.
Cherry Hill, NJ
College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or
email at

Fresno, CA
Aggressive, competitive self-starter w/successful vendor/direct equipment
leasing and asset-based lending experience seeks return to leasing industry
after successful stint in business banking sales.

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.

Montgomery, AL
Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama.
Work with leasing company or broker.334-590-5133

Orange County, CA
In excess of 20+ years sales experience in the lease finance industry. Looking to work with a direct lender to help increase their profitability!

Orange County, CA
19+ years of successful marketing to the broker/lessor community representing one funding source owned by several parent companies.

Philadelphia Metro Area - 30 Years experience Healthcare sales/ management- 3 years experience newly create "small-ticket" healthcare division. Good success - Mitch Utz 215-460-4483
Pittsburgh , PA
Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592

Pittsburgh, PA
Over 25 years of leasing experience including Captive, Dealer, Broker, and Third Party. Multiple equipment types. Seeking a Territory or National Sales position.

San Francisco Bay Area:
Business Development “Hunter” with transferable book of business in multiple segments: commercial construction, technology, fitness, etc. Years of managerial experience: can also be a “player/coach”.

Award winning commercial leasing salesman, middle market Georgia , Alabama , Tennessee , and Florida in addition to originating leases nationally. 26 years experience.
15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested.

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

Other e-Mail Posting Sites:



Key Equipment Finance follows Key Corp Losses
by Christopher Menkin

KeyCorp (NYSE: KEY), Cleveland, Ohio reported a fourth quarter net loss of $258 million, compared with a prior-year loss of $524 million. For the full year, Key had a net loss from continuing operations attributable to Key common shareholders of $1.581 billion.

As of Dec. 31, 2009, nonperforming loans at KeyCorp totaled $2.2 billion, or 3.72 percent of all loans. That’s up from a year ago when nonperforming loans accounted for 1.68 percent of all loans.

Key’s loan and leasing division are not doing well with more write-offs and less business. Note revenue down, charge offs up, balance sheet down, as well as going from 858 employees in the fourth quarter to 672 (had to influence performance): These numbers come from Key’s SEC filings:

Line of Business Results
(dollars in millions)
Equipment Finance

  4Q 09   3Q  09 2Q 09 1Q 09 4Q  08
Total Revenue 85 87 102 101 86
Prov.Loss Loss  112 99 72 77 33
Net Loss to Key (65) (86) (36) (40) (278)
Avg. f-t empl.  672 731 766 781 858

Net Loan Charge-offs from Continuing Operations
Commercial lease financing
(dollar in millions)

4Q 09 39
3Q 09 27
2Q 09 22
1Q 09 18
4Q 08 21

Non-Performing Loans
Commercial lease financing
(dollar in millions)

4Q 09 113
3Q 09 131
2Q 09 122
1Q 09 109
4Q 08 81

Consolidated Average Balance Sheets, and Net Interest Income
and Yields/Rates From Continuing Operations
(dollars in millions)

Commercial lease financing

  AV Balance Interest Yield
4Q 09 7,598 97 5.1
3Q 09 8,073 88 4.35
4Q 09 9,186 78 3.38

Consolidated Average Balance Sheets, and Net Interest Income
and Yields/Rates From Continuing Operations
(dollars in millions)

Commercial lease financing

  AV Balance Interest Yield
YE 09 8,220 369 4.48
YE 08 9,642 425 4.41

Key has been cutting back. CEO Henry Meyer III originally said the bank was not subject to Eastern bank problems of subprime mortgages and was more into community banking. Recently the bank moved a telephone call division out of Cleveland to New Jersey, obviously not support the Cleveland community where the bank is headquartered. Cleveland has high unemployment and many real estate vacancies. The direction of the bank straddles its image between consumer, community, national, and commercial bank and appears trying to out wait the down economy.

Meyer III said in a company press release: “We clearly have work remaining, but as we turn our sights to 2010, we believe our aggressive actions over the past two years to address asset quality, to strengthen capital, reserves and liquidity, and to invest in and reshape our businesses have Key on the right track, and will set the stage for us to emerge from this extraordinary period as a strong, competitive company.”

“Full-year results for both 2009 and 2008 were adversely affected by elevated provisions for loan losses and write-offs of certain intangible assets. In addition, 2008 results include a $1.011 billion after-tax charge recorded in the second quarter as a result of an adverse federal tax court ruling that impacted Key’s accounting for certain lease financing transactions.”

Press Release

“Key opened 38 new branches in 8 markets in 2009 and the company expects to open 40 additional new branches in 2010. The company has completed renovations on approximately 160 branches over the past two years and expects to renovate another 100 branches in 2010.”

Press Release

Note: Key has yet to repay $2.5 billion in U.S. bailout funds. Meyer was one of the first most vocal against TARP, by the way.

Key SEC Filing:


The Secret of Our Success
by Tony Golobic, GreatAmerica Leasing

"Tony Golobic of GreatAmerica Leasing Corp. is the leader of a very successful company that has kept a relatively low profile.  GreatAmerica has had an exceptional record of growth. In 2009 they reached $1 billion in assets, and in the 2009 Monitor 100 survey they reported 2008 origination volume of $430.9 million, a tremendous volume for an independent small ticket vendor leasing company. They were one of the few leasing companies that was able to tap the securitization market in 2009. The company has always been very conservative in its credit approvals, financing and accounting, areas that have derailed a number of their competitors."
     - Bruce Kropschot, The Alta Group; Leasing News Advisory Board Member

This is a new series to highlight companies who have been successful, why, and their recommendations to you.

Tony Golobic
Chairman and Founder of GreatAmerica Leasing

It has been 38 years since I came across my first equipment finance transaction. Since then our industry has been good to me. Although much has changed during these years, the industry today remains vibrant and a good place to grow one’s career. Not only has our industry grown significantly, but it became much more complex. At the same time, it seems, much of the industry became commoditized. I never wanted to be a part of a commoditized business; there just doesn’t seem to be much value and staying power in a business based on lowest rates and easiest credit. Anyone can do that. I also don’t think one can build lasting market leadership based on lowest pricing and easiest credit; there is always going to be another fool willing to push rates even lower.

I wanted to be a part of a company that would build a lasting market leadership by aspiring to standards of excellence so high in everything it does it would have no competition. This was our vision 17 years ago when we started GreatAmerica Leasing Corporation and this remains our vision today. This was not only our vision, but it was also our reason for starting GreatAmerica. Every day, we make another step on our quest for excellence. Like perfection, excellence is a continuous process, a worthy goal to aspire to and a vision that fills one with pride. I am so thankful that today we have 314 “GreatAmericans” who share our pride.

This vision required a structure that would maximize human potential; one that would continuously engage each and every member of our GreatAmerica team no matter how large we become. Our strong belief in the potential of people provided the philosophical backdrop for an evolution that was to come. At GreatAmerica, we don’t have managers and we don’t have executives. We have leaders. Every “GreatAmerican” is responsible for managing herself or himself. At GreatAmerica, I am not the only one losing sleep thinking, worrying and dreaming of GreatAmerica; there are 313 other “GreatAmericans” who also are thinking, worrying and dreaming of GreatAmerica.

To this end, we transformed our organization into a team-based structure. Our organization chart looks a little different than most; it has our customers (dealers and smaller lessors) at its center, like a sun, surrounded and orbited by our teams, which in turn are supported by our senior leadership. We drew this organizational chart to constantly remind us of who makes us successful; our customers. The idea was to establish teams of cross-trained individuals with intimate knowledge of their customers, and these teams would be responsive to their myriad needs.

The scalability of the team structure also preserved the intimate, small-company feel as GreatAmerica expanded. Teams of empowered individuals rising to their potential and making informed decisions continue to benefit our customers today. Everyone at GreatAmerica participates in a bonus structure that integrates personal and company goals to help grow GreatAmerica and reward individual accomplishments. Our people have a great degree of autonomy in creating their own personal fulfillment. This, in turn, fuels our high retention rates and internal satisfaction levels which translate directly into a positive and consistent customer relationship building. We want our customers to say “wow” when they get off the phone with us. We call this the GreatAmerica Experience.

We also define our customer a little differently than most financing companies. We resolved that the equipment dealers/leasing brokers are our customers and that the lessee is the customer of the dealer/broker. The dealer/broker, our customer, puts food on our family tables. This foundation guides our prospecting and marketing efforts and has engendered great trust with our customers. Not all equipment dealers, just like not all leasing brokers, are the right customers for us. We want just the best ones; the ones who have long-term vision, who want to build strong and lasting relationships with their customers and with us. We used to work with a large number of brokers, but 80% of our business was done with just a handful. That didn’t work well and we pared the number down. We will continue to focus on this process with the goal of doing an increased amount of business with a smaller number of brokers. It’s a matter of finding the right brokers with the right vendor programs with whom we can develop strong and lasting relationships. It may sound strange but our goal is to have fewer brokers for whom we do a lot more.

Our ethical focus has underscored our direction as a whole, ranging from the definition of our customer (above) to the creation of our Truth in Leasing Statement, which is a document we give our customers to give to their customers. It’s an industry-first statement that is essentially a leasing bill of rights for the lessee and outlines what they can expect when they enter into a standard agreement with GreatAmerica. It also draws a line in the sand by capping residual positions and stating there would be no hidden fee tactics common in many leases.

This “no surprises” approach and our financial performance have also formed trusting and valued relationships with our financial providers. We run an open operation and are well attuned to the transparency standards the asset-backed securities market expects. Since 1995 we’ve had nine successful term securitizations of over $2.2 billion in total (the last one, for $454 million, closed in November 2009). In these days of restricted credit, we have record amounts of open credit lines. Our ample access to the capital markets is the reward for our disciplined, common sense approach to credit approval process. Steady and loyal support from our financial partners has also helped us deliver a level of consistency and service very hard to find elsewhere.

Our resolve of not being everything to everyone has helped us direct our resources into thoroughly understanding our markets. The mission of GreatAmerica, plain and simple, is to help our customers become more successful. Each of our five business units specializes in their respective industries, immersing itself into the market it serves and tapping into the complex dynamics that go into making a business successful. Our expertise is gained through intense and continuous research into the industry served by that unit, business councils, industry events and internal training. The knowledge gained through these activities informs all levels of the company and creates a fertile environment that fosters innovative thinking and problem solving.

Fortunately, knowledge is not a static concept at GreatAmerica, and creating a fluid environment begins with an easy flow of communication among team members and company leadership. Facilitated by an open floor plan with no walls, this communication is vital to identifying opportunities and bringing meaningful change to the markets we serve.

The relentless pursuit of our vision to reach the standards of excellence so high in everything we do that we have no competition has enabled us to grow to an asset size of over $1 Billion. We have never stopped growing, not even in the past two years. We now are looking forward to the day, not far away, when we will reach $2 Billion. We will do that by getting better every day and by truly helping our customers become more successful. Each time a customer hangs up the phone with one of our team members, we want them to think: “Wow, it was a great day - the day I started doing business with GreatAmerica!”


Leasing Industry Help Wanted

National Business Development Manager 
With seven years experience including current existing book of business. Remote Office Okay. Click here for more info.

Western Finance & Lease, a subsidiary of Western State Bank established in 1901, solicits originations throughout the US and provides
funding solutions for a wide range of industries.

Please see our Job Wanted section for possible new employees.


Bank Beat---Five Banks costs FDIC $531.7 million

The eight branches of Charter Bank, Santa Fe, New Mexico were closed. Founded in September 11, 1986, there were 246 full time employees. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, Texas, to assume all of the deposits of Charter Bank.

The bank was reportedly very active in real estate loans from land acquisition to permanent mortgage in residential and commercial real estate. It had the lowest Tier 1 seen in the last 18 months: 0.97%

In the series of bank failures this week, it also was the most closely to the FDIC, an estimate $201.9 million, higher than the next bank to fail with 21 branches in Oregon.

As of September 30, 2009, Charter Bank had approximately $1.2 billion in total assets and $851.5 million in total deposits.

Equity of the bank had dropped from $90.9 million September 30, 2008 to $26.5 million in 2009 with net profits going from $11.09 million to a loss of $57.7 million in 2009 after a charge off of $36.9 million. Net operating income was a minus $63,788,000.

The 21 Branches of Columbia River Bank, The Dalles, Oregon, founded June 6, 1977 became the ninth bank to fail this year in the United States. The FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Columbia River Bank.

As of September 30, 2009, Columbia River Bank had approximately $1.1 billion in total assets and $1.0 billion in total deposits. Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Columbia River Bank. The FDIC and Columbia State Bank entered into a loss-share transaction on $697.4 million of Columbia River Bank's assets.

The reported, "In the company's 2008 year-end report filed in March 2009, it said that in mid-2007 the company was “directly affected by the fallout from the series of events labeled the ‘subprime lending crisis.' Columbia had substantial concentrations of residential land acquisition and development loans to builders and developers in Central Oregon and the Willamette Valley, according to the year-end report.

"The report added that the elimination of “liberal lending products” from the mortgage industry resulted in a dramatic reduction for residential home lots and home construction, and that the slowdown in residential demand also caused the underlying collateral values of those properties to decline."

Not mentioned was during this time period, the bank was expanding, opening three branches in Bend and two in Redmond, plus expanded in Vancouver, opening an administrative support center. In 2002, a press release states, "Access Business Technologies (ABT), a niche Application Service Provider (ASP) for the mortgage loan servicing industry, announced Columbia River Bank, a community bank in The Dalles, Oregon, implemented its Web-enabled application PowerCore."

March 26, 2009 report:

The bank had gone from 372 full-time employees to 365 employees from September 30, 2008 to September 30, 2009, $86 million equity to $27.5 million, has lost $12.9 million same period in 2008 to losing $46.4 million in 2009. Tier 1 risk-based capital ratio: 3.39%. Net operating income was a minus $46,481,000.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $172.5 million.

Evergreen Bank, Seattle, Washington with seven branches was closed with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Evergreen Bank. Founded October 1, 1971 the bank had 83 full time employees. The bank charged off $11.7 million September 30, 2009 with a net income loss of $18.4 million. The equity of the bank went from $40.3 million September 30, 2008 to $14.4 million. Tier 1 risk-based capital ratio:3.91%

The Seattle Times stated the closure was due "...primarily a heavy load of bad construction and land-development loans, residential mortgages and other real-estate loans." The Seattle Times quoted Brad Williamson, director of the state Division of Banks, who said he expects the consolidation to continued.

"Banks that have been able to avoid real-estate problems and have kept their balance sheets clean have been able to go to the capital markets," he said. "They have war chests, and they can take the opportunity to get into markets they may have wanted to get into for a long time."

As of September 30, 2009, Evergreen Bank had approximately $488.5 million in total assets and $439.4 million in total deposits. Umpqua Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Evergreen Bank.

The FDIC and Umpqua Bank entered into a loss-share transaction on $379.5 million of Evergreen Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.2 million


Premier American Bank, Miami Florida with four branches was closed on Friday. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.

As of September 30, 2009, Premier American Bank had approximately $350.9 million in total assets and $326.3 million in total deposits. Founded September 4, 2001, the bank had gone from 84 full time employees September 30, 2008 to 73 in 2009, net equity from $30.2 million to $1.9 million, a loss of $2.57 million to a loss of $15.68 million in 2009. Charge off was $5 million. Tier 1 risk-based capital ratio: 1.96%.

The SouthFlorida Business Journal reports:
"Founded in 2001 with $12 million in startup capital, Premier American Bank was primarily a commercial real estate and construction lender – a sector that has been hard hit in the economic downturn. It tripled in size from $136 million in assets in late 2004 to $400 million in 2007....Among the largest foreclosure actions filing by Premier American Bank are:

* A $5.4 million foreclosure judgment against Redlands Acres Family Homes Development Corp. over a 67-acre site in southwest Miami-Dade County.

* A $4.2 million foreclosure action against Palm & Tower Investors over a vacant 30-acre site in Florida City.

* A $4.1 million foreclosure lawsuit against Camaguey Plaza and Roosevelt Park over a 35-unit condominium in Miami’s Little Havana and a 24-unit apartment building in Miami Beach.

* A $3.5 million foreclosure judgment against Sion Estates over a 2.6-acre site with 21 partially built residents in western Miami-Dade.

* A $3.4 million foreclosure against Westpark Industrial over an uncompleted industrial project in Doral."

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $85 million.

The sole branch of Bank of Leeton, Leeton, Missouri was closed with Sunflower Bank, National Association, Salina, Kansas, to assume all of the deposits of Bank of Leeton. The bank was founded on September 14, 1896 and had eleven full time employees.

Equity had dropped from $1.7 million to $478,000, after a loss of $145,000 September 30, 2008 to a loss of $1.76 million in 2009 after a write off of $1.4 million. Tier 1 risk-based capital ratio 2.65%

"Leeton is a city in Johnson County, Missouri, United States. The population was 619 at the 2000 census. The median income for a household in the city was $29,063, and the median income for a family was $31,000.About 14.3% of families and 14.4% of the population were below the poverty line, including 20.0% of those under age 18 and 4.5% of those age 65 or over.",_Missouri

As of December 31, 2009, Bank of Leeton had approximately $20.1 million in total assets and $20.4 million in total deposits. Sunflower Bank, N.A. will pay the FDIC a premium of 0.59 percent to assume all of the deposits of Bank of Leeton.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.1 million.

2009 Bank Failures in Brief:

Bank Failures since 2005


Leasing 102
by Mr. Terry Winders, CLP

Lease Assignments to sell off a Transaction

There are many ways to obtain funding for a lease transaction by selling it or assigning it to a leasing company that supports broker/packagers. The first thing to understand is that an assignment is only as good as the language in the assignment contract s so let’s begin the discussion by looking at the many ways it can occur. Recourse is a term that means the funding source provides the money but you are responsible for the credit. They may service the deal but you are responsible for the collection effort and will cover any loss. That loss may include all of the collection costs including repossession, court costs and legal fees.

Non-recourse is a term that means you have no credit risk and no collection responsibilities, so long as the transaction is a legally binding contract, and no fraud is involved. Most non-recourse assignment agreements carry a “Reps and Warrantee Clause” that clearly states the responsibility of the broker/packager to properly close the deal and warrant that all the signatures are valid and the transaction is a legally binding contract. This means the lease agreement must be complete with all forms included and all signatures properly obtained.

Next, if it is a true lease or if you have an investment remaining in the equipment due to a less than full funding of the equipment cost, you can assign just the rental stream “with” or “with- out recourse” and have the transaction reassigned to you at termination for purchase option negotiations. On occasion the funding source may wish to fund only 80% of the payments so you may have a few payments to collect prior to final termination. Most short funding covers only the payments until the 90 day notice is required of the lessee. This reassignment needs to be spelled out in the original assignment agreement which means you may have to have a variety of assignments available based on the nature of the assignment.

If all does not go well and the funding source is forced to take legal action to recover the outstanding balance you may lose everything and usually they are not obligated to provide you with any funds until all their legal bills and lease balance is paid. Be sure to read this portion of the assignment agreement very carefully to see who pays each of the repossession costs and how they anticipate remarketing the equipment. If possible you need to have the right to remarket the equipment to try and salvage some of your outstanding investment.

On occasion some brokers/packagers try to retain the last payment or the security deposit as part compensation for providing the transaction to the funding source. In fact these funds must be turned over to the funding source because even though the cash is in the hands of the Lessor, they are not due and payable until the last month or it is a “security deposit” against proper performance. If problems occur the funding source can use the security deposit to offset past due payments, late charges, insurance premiums etc. Also In bankruptcy the court can requisition these funds so they must be under the funder’s control. Advance payments due in the first few months may be retained by the broker so long as the lessee is not billed prior to the next required payment. Usually the transaction is only assigned for the remaining payments but this puts the burden on the broker/packager to have a sales tax permit to remit the sales tax on the payments collected.

Some assignments allow the broker/packager to retain the rights to remarket the equipment with a split of the excess proceeds after the residual, if any, has been realized. Also some recourse assignments are limited to the first year or two until the lessee has proved to be credit worthy or the balance of the rent falls below the wholesale value of the equipment. Assignments cover a broad spectrum of responsibilities and events and should not be taken lightly. It would be wise to have legal support when reviewing or creating lease assignments.

An additional fact to consider is who’s document are you assigning, your own or a generic copy of the funding sources lease agreement. The assignment should be lighter for theirs and a long stronger for yours. I have said many times … the quality of you documents can make you or break you and should be complete and created for each type of equipment and according to the State you plan to operate in. Having good documents is the number one requirement to begin a leasing operation.

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)


Top Stories January 18-22

Here are the top ten stories opened by readers:

(1) Companies No Longer taking Independent Broker Business

(2) Forward Pass to Axis Capital by Triton Financial

(3) Positive News at US Bancorp/Manifest

(4) Correction---Western Finance & Lease

(Tie) (5) Funders complain about Brokers/Discounters
by Christopher Menkin

(Tie) (5) Sheldon Player explains Greyhound $75 Million Theft

(6) Average Credit Score drops to 671

(7) Lease Police 2009 Year End Update

(8) Leasing 102 by Mr. Terry Winders, CLP
Part IV---Starting a leasing company

(9) More California companies planning big layoffs

(10) Android overtaking Blackberry/IPhone




Leasing Association 2010 Conferences

February 3-4
Second Annual CFA
Asset-Based Capital Conference
Las Vegas, Nevada
Agenda/Schedule Activities/Registration

March 19-21
NEFA Spring Conference
The Fairmont
Dallas, Texas

April 13-15
ELFA National Funding Conference
Fairmont Hotel Chicago
Chicago, IL

April 15-17
2010 NAELB Annual Conference
Omni Hotel at CNN Center
100 CNN Center
Atlanta, Georgia

May 5-7,
AGLF/ELFA Public Sector Finance Forum
Westin Hotel, Michigan Avenue
Chicago, Illinois

September 24-25
2010 NAELB Eastern Regional Meeting
Atlanta, Georgia

October 15-17
NEFA Funding Symposium Fall 2010
The Ritz-Carlton, Buckhead
Atlanta, Georgia

October 24-26
ELFA 49th Annual Convention
Boca Raton Resort & Club
Boca Raton, Florida

November 12-13, 2010
NAELB Western Regional Meeting
Costa Mesa, California


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


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

Wells Fargo Executives/Directors Sued re: SILO

Cotchett, Pitre & McCarthy, based in Burlingame, California with offices in Los Angeles, New York, and Washington filed a shareholder complaint against executives and directors of Wells Fargo, the banking giant. The complaint alleges that certain executives and directors with oversight of Wells Fargo's management, turned a blind eye and allowed Wells Fargo to participate in dubious tax shelters that have long been questioned by Congress, the IRS, and have now been found to be illegal tax shelters. One federal court referred to a similar scheme as "abusive tax shelters" that are "rotten to the core."

The tax shelters involving Wells Fargo include dozens of lease transactions through which Wells Fargo sought to avoid paying millions of dollars in federal income taxes. Through a "sale in, lease out"or SILO tax shelter, the bank entered into a paper transaction to "purchase" rail cars, buses, or other equipment from a tax-exempt public agency, "leased" the property back to the agency, and then took all of the deductions on its corporate federal income taxes. The SILO transactions were only on paper and Wells Fargo never took possession of any rail cars, buses, or equipment. The IRS disallowed Wells Fargo's tax deductions, and imposed substantial tax penalties. Wells Fargo sued the United States for the refunds.

According to Nanci Nishimura, a partner at Cotchett, Pitre & McCarthy, who filed the suit, "the complaint alleges that the defendants allowed Wells Fargo to engage in another form of ripping-off the public." The complaint alleges that the executives and directors breached their fiduciary duties and engaged in mismanagement and corporate abuse by allowing Wells Fargo to continue using SILO transactions to avoid taxes, especially when it had long been known that Congress and the IRS prohibited tax deductions under the SILO predecessor, called a "lease-in, lease-out" or LILO tax shelter, and had efforts in the works to prohibit SILOs. In 2005, the IRS formally disallowed SILOs as legitimate tax shelters, but the defendants still allowed Wells Fargo to file tax refund lawsuits against the United States in 2006 and 2009.

The Federal Court of Claims recently rejected one of Wells Fargo's tax refund lawsuits against the United States, on the ground that the SILO transactions were shams from the get-go. In its decision, the Court stated emphatically that:

If the Court were to approve of these SILO schemes, the big losers would be the Internal Revenue Service ("IRS"), deprived of millions of taxes rightfully due from a financial giant, and the taxpaying public, forced to bear the burden of the taxes avoided by Wells Fargo... A cadre of company executives, in concert with a team of well known legal and accounting firms and other consultants, regularly constructed and participated in these tax schemes for Wells Fargo, apparently blind to professional standards of care.

Wells Fargo shareholders are represented by Cotchett, Pitre & McCarthy, with offices in Los Angeles, the Bay Area, Washington, DC, and New York.

The allegations are set forth in the complaint.
PDF, 2.4MB

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


El Paso, Texas --- Adopt a Dog

"Blondie's approx 5 yrs old, sweet, calm, gentle, obedient, good with kids and other animals, your typical shadow dog with so much love to give."

Golden Retriever Rescue of El Paso

Adoption Procedure:

Adopted Golden Retrievers:

Adopt-a-Pet by Leasing Co. State/City

Adopt a Pet


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

News Briefs----

One-fifth of Silicon Valley's commercial office buildings empty

Wal-Mart cuts about 11,200 Sam's Club jobs 7F5CFB96F22B451D862576B6000BB0CA?OpenDocument

Stuyvesant Town Turned Over to Creditors



You May have Missed---

The 3 Facebook Settings Every User Should Check Now



Sports Briefs----

Colts Put End to Jets’ Surprising Run

Tim Kawakami: New Orleans Saints' fun fairy tale ends here

Super Bowl XLIV: It's former 'Aints' vs. Archie's boy

California Nuts Briefs---

Field Poll: 59% say California's condition has worsened on Schwarzenegger's watch




“Gimme that Wine”

'Sonoma County' carries clout

Challenging year ahead for wine market

Dan Berger: The collapse of cabernet

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Today's Top Event in History

1964 - The Beatles reached #1 on the music charts for the first time, with their single, "I Want to Hold Your Hand" which took the top position not only in "Cash Box" magazine, but also on the hit lists of radio stations. "Billboard" magazine listed the song at #1 on February 1. The group’s second #1 hit, "She Loves You" was released on Swan Records, and not Capitol. Other Beatles songs were released on Vee Jay ("Please, Please Me"), M-G-M ("My Bonnie" with Tony Sheridan), Tollie ("Twist and Shout"), Atco ("Ain’t She Sweet") and the group’s own label, Apple Records, as well as Capitol.


This Day in American History

    1775 - Americans dragged cannon up hill to fight the British at Gun Hill Road, Bronx. When the British navy landed on Staten Island in 1775, New York City Patriots feared an imminent invasion. They did not want the precious cannon at the Battery to fall into enemy hands. Thus, in December, 1775, they took the cannon to the mainland and scattered them roughly along present-day Gun Hill Road from today's Jerome Avenue across the Bronx River to modern White Plains Road.
    1787 - Small farmers in Springfield, Massachusetts led by Daniel Shays continued their revolt against tax laws. Federal troops broke up the protesters of what becomes known as Shay’s Rebellion. Shays' Rebellion suffered a setback when debt-ridden farmers led by Capt. Daniel Shays failed to capture an arsenal at Springfield, Mass.     
    1821 - The Hudson River was frozen solid during the midst of the coldest winter in forty-one years. Thousands of persons crossed the ice from New York City to New Jersey, and refreshment taverns were set up in the middle of the river to warm pedestrians.
    1831-Birthday of Jane Goodwin Austin, novelist, essayist, and short story writer. Most of her novels were authentically accurate depictions of the Pilgrims which she carefully researched.
    1837 - At 7 PM a display of the Northern Lights danced above Burlington, VT. Its light was equal to the full moon. Snow and other objects reflecting the light were deeply tinged with a blood red hue. Blue, yellow and white streamers were also noted.
    1856 - Marines and seamen from the U.S. sloop DECATUR went ashore at the village of Seattle, Washington, to protect settlers from Indian raids. The Indians launched a seven-hour attack but were driven off later that day after suffering severe losses. Incredibly, only two civilian volunteers were killed and no Marines or sailors were lost.
    1871- Unveiled in the U.S. Capitol Rotunda, Vinnie Ream's statue of Abraham Lincoln that was authorized by Congress.
    1871-Birthday of 1871, Maud Wood Park, directed congressional lobbying and was one of the key women implementing Carrie Chapman Catt's winning strategy to get women's suffrage passed. Instrumental in getting congressional approval for many child labor, maternity, and child health reforms as well as the Cable Act of 1922 which granted married women US citizenship independent of their husband's status. Before the Cable Act, an American-born woman AUTOMATICALLY lost her citizenship when she married a non-American citizen.
    1879 – The Arrears of Pensions Act is passed by Congress. It authorizes back-payment of military pensions beginning from the day of discharge. If the veteran is dead, payments will be made to the family.
    1890- Nellie Bly circled the world in 72 days, stepping into history. Newspaper reported Nellie Bly ( pen name used by Elizabeth Cochrane Seaman) set off from Hoboken, JN., Nov. 14, 1889, to attempt to break Jules Verne's imaginary hero Phileas Foggs record of voyaging around the world in 80 days. She did beat Fogg's record, taking 72 days, 6 hours, 11 minutes and 14 seconds to make the trip, arriving back in New Jersey on January 25, 1980. ::
    1896-Birthday of the leading black American singer and dancer of the Jazz Age, and the Harlem Renaissance, Florence Winfree, born at Washington, DC. She appeared in Langston Hughes's Shuffle Along in 1921 and Plantation Review on Broadway in 1922, then at the London Pavilion in Dover Street to Dixie in 1923. Offered a spot in the Ziegfeld Follies , she turned it down and joined in creating a rival show with an all-black cast. Mills was the first black woman to appear as a headliner at the Palace Theatre. She was so revered for her efforts to create opportunities for black entertainers and to bring the unique culture of blacks to Broadway that more than 150,000 people filled the streets of Harlem to mourn her when she died at New York City, Nov 1, 1927, at age 31.
    1900—birthday of tensor sax player Captain John Handy, Pass Christian, MS.
    1903- (Sleepy) John Estes, an important early bluesman, was born in Ripley, Tennessee. He played on the streets of Memphis in the 1920's, supporting himself by working the night shift at a train yard. His tendency to doze off on the job earned him his nickname. He returned to Brownsville, Tennessee, in the 1940's, where he remained in obscurity for more than 15 years. Estes was rediscovered by a documentary filmmaker. He signed a recording contract and appeared at folk festivals in the U-S and Europe. One of Estes's L-P's included a guest spot by guitarist Mike Bloomfield, and Estes later appeared on an L-P by Ry Cooder. The rock group Joy of Cooking had a minor hit in 1971 with a song written by Estes, "Going to Brownsville." Sleepy John Estes died of a stroke in 1977, just as he was about to begin a tour of Europe.
    1915-Alexander Bell in New York calls Thomas Watson in San Francisco.
    1919 - The League of Nations, forerunner of the United Nations, was founded.
    1924-The first Winter Olympic, opened in Chamonix, France, with athletes representing 16 nations. The ski jump, previously unknown, thrilled spectators The Olympics offered a boost to skiing, which would make enormous strides in the next decade.
    1937- Trumpeter Buck Clayton cuts his first record, accompanying Billie Holiday, on “Why Was I Born?”
    1938 - Etta James Birthday
    1940 - the biggest snowstorm on record for Richmond, Virginia came to an end. 21.6 inches of snow fell over a 3 day period.
    1944 - The character of Beulah, a black maid who was played by a white man, Marlin Hunt, first aired on radio's "Fibber McGee and Molly". In 1945, the spin-off, "Beulah", became a radio series.
    1940-- Mary Martin, "My Heart Belongs to Daddy"
    1945 - In New York, Richard Tucker debuted at the Metropolitan Opera House in "La Gioconda". As a note of trivia, I went to the summer camp with his son in New Hampshire, who we became fast friends during this time period.
    1945- the first water supply to be fluoridated in order to reduce tooth decay was the water system of Grand Rapids, MI. Fluoridation started with the addition of one part of fluoride ion to each million parts of water passing through the water treatment plant.
    1945---Top Hits
Don't Fence Me In - Bing Crosby & The Andrews Sisters
There Goes that Song Again - Russ Morgan
I'm Making Believe - Ella Fitzgerald & The Ink Spots
I'm Wastin' My Tears on You - Tex Ritter
    1945-VALDEZ, JOSE F.  Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company B, 7th Infantry, 3d Infantry Division. Place and date: Near Rosenkrantz, France, 25 January 1945. Entered service at: Pleasant Grove, Utah. Birth: Governador, N. Mex. G. O. No.: 16, 8 February 1946. Citation: He was on outpost duty with 5 others when the enemy counterattacked with overwhelming strength. From his position near some woods 500 yards beyond the American lines he observed a hostile tank about 75 yards away, and raked it with automatic rifle fire until it withdrew. Soon afterward he saw 3 Germans stealthily approaching through the woods. Scorning cover as the enemy soldiers opened up with heavy automatic weapons fire from a range of 30 yards, he engaged in a fire fight with the attackers until he had killed all 3. The enemy quickly launched an attack with 2 full companies of infantrymen, blasting the patrol with murderous concentrations of automatic and rifle fire and beginning an encircling movement which forced the patrol leader to order a withdrawal. Despite the terrible odds, Pfc. Valdez immediately volunteered to cover the maneuver, and as the patrol 1 by 1 plunged through a hail of bullets toward the American lines, he fired burst after burst into the swarming enemy. Three of his companions were wounded in their dash for safety and he was struck by a bullet that entered his stomach and, passing through his body, emerged from his back. Overcoming agonizing pain, he regained control of himself and resumed his firing position, delivering a protective screen of bullets until all others of the patrol were safe. By field telephone he called for artillery and mortar fire on the Germans and corrected the range until he had shells falling within 50 yards of his position. For 15 minutes he refused to be dislodged by more than 200 of the enemy; then, seeing that the barrage had broken the counter attack, he dragged himself back to his own lines. He died later as a result of his wounds. Through his valiant, intrepid stand and at the cost of his own life, Pfc. Valdez made it possible for his comrades to escape, and was directly responsible for repulsing an attack by vastly superior enemy forces.
    1950--Birthday of Gloria Naylor, author of The Women of Brewster Place (1982) and Bailey's Cafe (1992).
    1950 -- 73ºF (23ºC) highest temperature ever recorded in Cleveland, Ohio in January.
    1951- Steve Roland “Pre” Prefontaine, long distance runner born at Coos Bay, OR. Prefontaine was an outstanding athlete who grit, determination, and activism personified Americans' growing interest in physical fitness, jogging, and running. Although never an Olympic Champion or world record holder, he set 14 US records during his career cut short by a fatal automobile accident on a road where he often trained. Died at Eugene, OR May 30, 1975.
    1953---Top Hits
Why Don't You Believe Me - Joni James
Don't Let the Stars Get in Your Eyes - Perry Como
Keep It a Secret - Jo Stafford
I'll Go On Alone - Marty Robbins
    1953- the Cincinnati Mohawks and the Troy(OH) Bruins played the only doubleheader in the history of the International Hockey League, with one game being played in each team's home city. The Bruins won the first game in Troy, 3-0. The Mohawks won the nightcap in Cincinnati, 2-1.
    1958-Elvis Presley's "Jailhouse Rock" becomes the first single ever to enter the U.K. pop chart at Number One
    1959- American Airlines opened the jet age in the US with the first scheduled transcontinental flight on a Boeing 707 nonstop from California to New York.
    1960-- Sam Cooke, "Chain Gang"
    1961- Beginning a tradition that survives to this day, John F. Kennedy held the first televised presidential news conference five days after being inaugurated the 35th president.
    1961- President John F. Kennedy appointed the first presidential physician who was a woman, Dr. Janet Graeme Travell of New York City. Several president prior had received treatment from a female medical practitioner. the one of most note was Dr. Susan Ann Edison, who graduated from the Cleveland Homeopathic Medical College, who treated President James Garfield from July 2, 1881, the day he was shot by an assassin, to September 19, 1881, when he died.
    1961 - The Disney animated cartoon classic, One Hundred and One Dalmatians, was released to theaters. It took an animation staff of three hundred to complete the film in three years, at a cost of $4 million. It was a huge success at the box office.
    1961---Top Hits
Wonderland by Night - Bert Kaempfert
Exodus - Ferrante & Teicher
Calcutta - Lawrence Welk
North to Alaska - Johnny Horton
    1962-Sam Cooke's "Twistin' the Night Away," later done by Rod Stewart, is released on RCA Records. It will make it up to #9 on the pop chart.
    1964 - The Beatles reached #1 on the music charts for the first time, with their single, "I Want to Hold Your Hand" which took the top position not only in "Cash Box" magazine, but also on the hit lists of radio stations. "Billboard" magazine listed the song at #1 on February 1. The group's second #1 hit, "She Loves You" was released on Swan Records, and not Capitol. Other Beatles songs were released on Vee Jay ("Please, Please Me"), M-G-M ("My Bonnie" with Tony Sheridan), Tollie ("Twist and Shout"), Atco ("Ain't She Sweet") and the group's own label, Apple Records, as well as Capitol.
    1965 - Alta, UT, was in the midst of a storm that left the town buried under 105 inches of snow establishing a record for the state.
    1969---Top Hits
I Heard It Through the Grapevine - Marvin Gaye
Crimson and Clover - Tommy James & The Shondells
Everyday People - Sly & The Family Stone
Daddy Sang Bass - Johnny Cash
    1969-- The Beatles release "Two Of Us," "For You Blue," "Let It Be"
    1969-- Creedence Clearwater Revival's "Proud Mary" enters the pop charts
    1971 - Charles Manson was found guilty of masterminding the killings of actress Sharon Tate and six others. He and three female members of his "family" were found guilty of one count of conspiracy to commit murder and seven counts of murder in the first degree and are sentenced to life imprisonment. During one of the most sensational trials in history, it was revealed that Manson regarded the Beatles as angels who communicated to him through their music. In particular, "Helter Skelter," "Piggies," "Revolution 9" and other songs on the "The White Album. He remains in jail today, although he asks for parole each year.
    1975-The Cars win the Rolling Stone magazine annual readers' poll as the best new band of the year.
    1975-- The Carpenters' "Please Mr. Postman" hits #1
    1977---Top Hits
I Wish - Stevie Wonder
Car Wash - Rose Royce
Dazz - Brick
I Can't Believe She Give It All to Me - Conway Twitty
    1981-- Super Bowl XV Oakland Raiders beat Philadelphia Eagles, 27-10 in New Orleans; Super Bowl MVP Jim Plunkett, Oakland, Quarterback
    1984 --Apple's Macintosh computer went on sale this day for $2,495. It wasn't until mid-1985, however, that sales began to take off and this computer began to replace the Apple II model.
    1985---Top Hits
Like a Virgin - Madonna
All I Need - Jack Wagner
You're the Inspiration - Chicago
How Blue - Reba McEntire
    1986- Dionne Warwick's single "That's What Friends Are For" topped the R-P-M magazine singles chart in Canada. Profits from the sale of the disc were donated to AIDS research.
    1986-Bruce Springsteen's "My Hometown" peaks at #6 on the chart.
    1987- the New York Giants defeated the Denver Bronco's, 39-20, to win Super Bowl XXI. The victory gave New York its first NFL title in 30 years. Giants quarterback Phil Simms completed 22 of 25 passes for 268 yards and three touchdowns to win the game's Most Valuable Player Award. Neil Diamond performs the US national anthem.
    1987 - The second major storm in three days hit the Eastern Seaboard producing up to 15 inches of snow in Virginia, Maryland and Delaware. Up to 30 inches of snow covered the ground in Virginia following the two storms
    1988- Guard Rickey Green of the Utah Jazz scored the 5,000,000 point in NBA history to a game against the Cleveland Cavaliers. Green made a three-point shot at the buzzer ending the third quarter. The Jazz won, 119-96.
    1990 - Low pressure developed explosively over east central Missouri and moved into Lower Michigan producing high winds and heavy snow across parts of Iowa, Illinois and Wisconsin. Wind gusts to 60 mph and up to a foot of snow created near blizzard conditions in southeastern Wisconsin and northern Illinois. Wind gusts in Indiana reached 76 mph at Wabash. Thunderstorms associated with the storm produced wind gusts to 54 mph at Fort Madison IA
    1995---Top Hits
On Bended Knee, Boyz II Men
Another Night- Real McCoy
Always- Bon Jovi
    1998 -- Denver beats Green Bay 31-24 in Super Bowl XXXII at San Diego behind Terrell Davis' 157 yards rushing and a Super Bowl-record three touchdowns. A record worldwide audience of 800 million in 147 countries, views the game on television.
    1999-The Rolling Stones open their No Security Tour in Oakland, CA. It is the band's first arena tour in more than two decades. Sue and I were there, four rows from the stage, center right, in the aisle as the usher could not find my site as notednon my ticket. The band was never better, full of energy, spirit, and showmanship. Afterwards, on BART going back to our car, I noted that the tickets I had shown to the usher to find our seats were from the Barry Manilow Show the previous week where we had up-front seats. They were the same color tickets and same style printing. In the dark, the usher using a small flashlight, neither I nor she usher had noticed they were not the Rolling Stone tickets ( that I had placed in my other pocket after the last ticket check and drawn the Manilow tickets out in error, basically only showing the seating numbers.)

Super Bowl Champions This Date

    1981 Oakland Raiders
    1987 New York giants
    1998 Denver Broncos


Jan. 25

Qualcomm Stadium
San Diego, California
Attendance: 68,912

Green Bay






Denver RB
30 carries, 157 yards
3 TDs 2 catches, 8 yards



Football Poem

The Road Not Taken

by Robert Frost

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that, the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.




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