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http://www.moviethemes.org/midis/midisp-z/seveng.mid
Headlines---
Classified
Ads---"Outsourcing"
Beige
Report---Economy Continuing to Improve
Mission
Statement ---Reader's Survey Part
II
Federal
Reserve Board Approves 1st Asian-Based Bank
GE
Commercial Finance/Transamerica Finance
Commerce
Bancshares Earnings Growth of 9% for 2003
uh-oh, spaghetti-oh, Pay Your Estimated Tax Day
Classified
Ads---“Outsourcing”
Backroom: All Locations
Are you a broker
or a rep for a major lessor? Want to just market and leave the backroom
an packaging functions to us? Call us.E-mail:nationalbusinesscredit@yahoo.com
Back office: Atlanta
, GA. GlobalTech Portfolio Services provides world class lease, loan
administration and asset management for equipment and vehicles. Current
portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 E-mail:azeppenfeld@globaltechfinancial.com
Back Office: Atlanta,
GA. Let Tax Partners handle your sales and use tax compliance duties
w/less risk and cost than in-house. Largest tax compliance firm in US
E- mail:sales@taxpartners.com
Bookkeeper: Birmingham,
AL. 5+ year experience in Architectural Firm in Accounting. Provided
the following services: Accounts Payable; Receivables; Payroll; Invoicing
and Collections. Strong Computer and Verbal Skills. E-mail:j_pails@bellsouth.net
Back office: Dallas,
TX.
Property Tax and
sales and use tad administration services performance is guaranteed
and we will save you time and money or our service is free. E-mail:
info@osgsolutions.com
Back office: Indianapolis,
IN
IntegraLease,LLC
specializes in delivering customized back-office lease portfolio admin./
ASP services for lessors, banks, manufacturer captives: other financial
institutions. Paul Henkel (317) 251-5352 ex. 7201 E-mail: paul.henkel@integralease.com
Back Office: Laughlin,
NV. 20 years experience on funder/broker sides. Looking for a relationship
where I act as credit shop for smaller brokers when financial statements
are involved. E-mail:batarista@laughlin.net
Back Office: Northbrook,
IL
Our staff of CPA's
and lease professionals can handle any or all portfolio responsibilities
incl. portfolio mgmt, invoicing, sales/property/income tax, accounting,
etc. E-mail:ngeary@edwinsigel.com
Back Office: San
Rafael, CA
We can run your back
office from origination to final payoff. 30 years experience in commercial
equipment lease and loan portfolio management. E- mail:gmartinez@phxa.com
To view all Leasing “Outsourcing” ads, please go to:
http://64.125.68.90/LeasingNews/JobPostingsOutsourcing.htm
Posting is free, the only restriction is a limit of 25 words maximum:
http://64.125.68.90/LeasingNews/PostingFormOutsourcing.asp
Beige
Report---Economy Continuing to Improve
Reports from Federal
Reserve Districts suggest that the nation's economy has continued to
improve since the last survey. The strongest report came from the San
Francisco district, which said its economy expanded soundly. Most other
districts also gave quite favorable reports, saying their economies
improved, strengthened further, or grew at a moderate pace. However,
Cleveland, Chicago, and Dallas reported only slow or modest growth,
and St. Louis said conditions were mixed. Retailers and manufacturers
reported that prices were generally steady despite increases for raw
materials.
Full Report:
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/default.htm
Twelve District Reports
Boston
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/1.htm
New York
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/2.htm
Philadelphia
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/3.htm
Cleveland
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/4.htm
Richmond
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/5.htm
Atlanta
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/6.htm
Chicago
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/7.htm
St. Louis
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/8.htm
Minneapolis
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/9.htm
Kansas City
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/10.htm
Dallas
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/11.htm
San Francisco
http://federalreserve.gov/FOMC/BeigeBook/2004/20040114/12.htm
Fleming
Goes Full Court Press
http://www.elaonline.com/aboutela/bios/images/Mike.jpg
Michael Fleming,
CAE, President of the Equipment Leasing Association, 850 corporations
(including most of the Fortune 100 financial companies,) held a
press conference
in a full, all out confrontation on
the Treasury Department’s 2005 proposed budget plan to stop leasing
transactions with ‘tax-indifferent parties.
Critics
in the administration and Congress say taxpayers lose more from the
deductions claimed by private corporations than they gain from improvements
to public works.
The Senate Finance Committee started work last year on legislation to
block the lease deals.
``I'm especially glad to see administration support of my efforts to
shut down abusive leasing transactions that allow corporations to claim
tax deductions for subways, water mains and other infrastructure built
with taxpayer dollars,'' said Sen. Charles Grassley,
R-Iowa and chairman of the committee.
The proposal
to prohibit the leasing deals is the largest in a list of initiatives
to close down tax shelters and increase penalties for those who sell
and use abusive transactions. The items will be formally proposed in
the president's budget submitted to Congress in February.
"Unfortunately,
this proposal will take away the ability for tax-exempt entities, such
as hospitals, charities, and schools, already strapped for capital,
to lease equipment and severely limit their financing options,"
according to Michael Fleming, President of ELA. "This is a poorly
thought-out provision that will raise the cost of making needed assets
and services available to these organizations."
The Association of
Government Leasing and Finance did not have a
comment at this time.
“ No comment at the
moment, but there will be one. We
are reviewing this at this time for a more formal response.”
Graham Hauck
Executive Director
Association for Governmental
Leasing and Finance
1255 23rd Street,
NW
Washington, DC 20037
202.742.AGLF (2453)
fax: 202.833.3636
email: gsh@aglf.org
Fleming contends
the provision will adversely affect the tax deductions available not
only to lessors of property leased to tax-exempt entities, but also
will negatively impact owners that use leased property to provide virtually
every type of service to such entities.
In addition, it would adversely affect the federal government,
state and local governments, including schools, and universities, hospitals,
municipal and regional transportation authorities and other tax-exempt
entities.
Fleming broke the
categories of property affected by this provision to include:
1. Real estate leased to any federal, state or local government,
any tax-exempt organization, including schools and hospitals, military
installations, offices, etc.
2. Computers, other qualifying technological equipment and medical
equipment leased to or used to provide services to tax-exempt entities
including schools, hospitals, government and military installations.
3. Transportation property leased to or used to provide transportation
services to any tax-exempt entity, including school bus companies, or
which is used by or to provide services to municipal bus lines, ferry
services, and rail lines.
4. Cars and trucks leased to federal, state and local governments,
including fire trucks leased to municipal and tax-exempt fire companies.
5. Communications services provided to any tax-exempt entity, including
satellite communication, and PBX systems and 911 systems. The provision
could even affect telephone companies.
6. Utility services, including the provision and distribution of
wastewater, freshwater, gas, electric, steam, etc. provided by state
and local government, municipal systems, military bases and similar
users. The provision will likely undo some of the energy tax benefits
in the energy bill currently pending in Congress.
"ELA calls for the provision to be removed from the budget
proposal," said Fleming. "The Administration, especially the
Treasury Department, is asked to continue its support of current law
which permits and encourages the providing of lease financing to tax-exempt
entities for a wide range of important productive assets."
The New York Times believes the series of “... proposals signal
a new effort by the administration to try to take the lead on the issue
of corporate tax loopholes, which have become a frequent target for
Democratic presidential candidates, who also accuse President Bush of
having skewed his tax cuts to the rich.
“The idea is part of a package of
proposals that President Bush will include in his budget plan, which
is due out next month. Other proposals call for a crackdown on the sometimes
inflated value of items contributed to charitable groups, like used
cars that are valued for donation at far above their true market value.
They also include tougher disclosure rules for taxpayers and tax-shelter
promoters, as well as a new restriction on tax-exempt casualty insurance
companies.”
“Treasury Department officials estimate
that the proposal to block leasing deals would prevent the loss of $34
billion in federal tax revenue over the next 10 years. The proposals
would take effect retroactively in January 2004 and would not affect
deals in place before then. The New York Metropolitan Transportation
Authority has sold and leased back most of its subway cars and fare-card
machines, as have transit authorities in Chicago, Boston, Washington
and other big cities.
“Critics contend that the federal
government often loses far more than local municipalities gain from
such deals. In a typical case, a city or state sells public property,
like subways or sewer lines, and then leases it back from private investors.
The investors take advantage of the tax write-offs that come from depreciation
of the property.
“Corporate beneficiaries have included
the Altria
Group, the parent of Philip Morris, and Textron
Inc. Treasury Department officials said that the deals were designed
almost entirely to avoid federal taxes.”
Leasing deals attracted attention
last fall when the Senate Finance Committee heard about them from a
witness who testified from behind a screen to hide his identity because,
he said, he feared retaliation. However, it later turned out that such
deals were routinely approved by the Transportation Department, which
was anxious to see perennially cash-strapped municipal transit authorities
raise as much money as they can.
Transportation stopped approving
such deals in November, after Treasury asked it to, according to a department
spokeswoman.
With cities, counties, states, and
federal agency caught in the budget shortfall, leasing was one of their
opportunities to complete projects and fund improvements.
------------------------------------------------------------------------------------------------------------
http://www.utdallas.edu/police/wavs/DragnetJob.WAV
Mission
Statement ---Reader’s Survey Part II
http://two.leasingnews.org/cartoons/CEREAL.jpg
by Christopher Menkin
Editor/Publisher
There were over 452
e-mails over the holidays, which I read, some of
them several times. There were a few after this period. All were very
positive and encouraging.
The only criticism, and two of them anonymous,
concerned “cronyism.”
I will keep in mind
not letting the same people keep making responses
in Leasing News. I will try to use less from old friends, although
they
do help with leads,
inside information, and “opening doors.”
It is very difficult
to get a company to respond to a negative news story.
Often “inside information”
is quite contradictory. It is
history that often
proves the “inside
information” to be accurate. Often
that is within three
to six months.
One major indicator
is the number of complaints about a company,
and when they build,
you see through the smoke and find the fire.
During the holidays,
Leasing News recounted some of these
stories from MSM
Capital, the Funding Tree, Centerpoint, United
Capital, SaddlePoint,
to name just a few.
I have been a reader
for a couple of years, and am mostly interested in keeping abreast of
the industry with regard to regulatory changes and the goings on of
other companies in the industry.
Thanks for the effort
you put into this letter! You
clearly seem to be "under fire" from a number of quarters
recently....as a reader, it is impossible to know both sides of the
story that created this issue; however,
I have not read anything that struck me as unfair to either party,
and it is equally clear that both parties have had ample opportunity
to provide their own input in a form suitable for publishing.
Consider this to
be a "hang in there" message - I would hate to see you bail
out based upon pressure that appears to me to be very self serving.
Thanks again, Kit.
Dana Prescott
Merrimak Capital
Co
Lakewood, CO
--
I was dismayed that so many of your editorial advisors thought that
advance rentals could be kept if the applicant was found (by whom?)
to have lied on the app. Who
died and made them Judge Judy?
Dave McDonough
--
For what it's worth,
I think Mr. Reitman (of Keystone
Financial Services )should have given back the deposit. The unwritten
rule is you give the money back if you can't produce the deal the lessee
signed up for in a reasonable period of time.
There is a lot of
room for interpretation here, but the amount of time spent on a deal
or even allegations of fraud don't count.
Nobody said being a lease broker is an easy job. The resignations are
uncalled for.
Neil Whitman
---
Keep the LeasingNews.org
website going but maybe cut it back to one day per week to ease up your
burden.
2nd comment: The recent debacle
over the "non-refunded, security deposit" matter put you,
Kit, in an untenable position.
Bottom line: you were damned
from both sides. One the one
hand, LeasingNews has a bone fide policy of not printing libelous comments
on any subject, yet that unnamed lessee stipulated that all of his comments
were to be published regardless of some of their reckless nature.
By upholding your own editorial standards and abiding by state laws
surrounding libel/slander, you
exercise caution and professionalism.
In the end, Kit, no good deed goes unpunished. Please continue your fine work.
(You may publish my comments, Regards. Gary Ford, San Rafael, California)
----------------------------------------------------------------------------------------------------
“Candid Reporting”
All of us here at
Black Rock Capital, LLC enjoy and benefit from your
candid reporting
- I'm sure you know that the only objections come from
those with embarrassment
or something to hide so don't pay attention.
Please keep up the
very good and necessary work and accept our very best
wishes to you and
yours for the Holidays and coming New Year.
Regards,
GKB
George K. Booth
Managing Director
Black Rock Capital,
LLC
Chapel Gate
110 Chapel Street
Bridgeport, Connecticut
06604
--
Over the past few
years I have taken time each day to read the Leasing News. The service
you provide our leasing community is invaluable. I know it takes a great
deal of personal time and effort to accomplish this task each day. We
are both old enough and wise enough to know that there will always be
people who will complain about someone else and their work. I would
say that the vast majority of your readers find the service you provide
to be accurate, fair and worthwhile to our leasing community. Please
keep up the good work.
Best wishes,
Bob Chlebowski
President
Capital, Technology
& Leasing, LLC.
---
I think your leasing
news E-mail is a great thing. You
are doing an
excellent job and
have a variety of information that is important.
Your leasing news
classified add section helped me get a job back into leasing.
I was not only contacted
by a recruiter but by several different companies
due to my add. Thank
you for posting the ads.
I enjoy reading all the news and issue you bring up. Please continue
with the excellent news you provide.
I think you are doing a great job.
Pamela
Loomis
Reading Leasing News
has an element of the BBC World Service (integrity and some subject
matter that seems a bit foreign), a bulletin board for complaints, and
Jerry Springer. That's all good, entertaining, usually relevant,
sometimes useless tidbits, what have you. You can't please all of the readers all of the time, but providing
some good stuff fairly often makes the publication a standout from the
other industry rags which are formulaic, unimaginative, and written
by robots or PR hacks.
Leasing News gets
juiciest of course when it is exposing bad people or bad practices.
Give yourself a break
though, reduce the frequency. Our
industry doesn't move so fast as to need or deserve a daily. Three times a week and improve your quality
of life.
But: keep it going. It's good, and a testimonial to its publisher.
Paul B. Weiss, ICON
Capital Corp., San Francisco
---
Although not an "early"
reader, I have been an ardent fan of your
e-publication. I
became involved in equipment leasing
in 1982 when I went to work
for Control Data Business Centers/Commercial Credit. I have seen
a lot, heard a lot,
and had many horses shot out from under me (none of the banks,
commercial finance companies, nor brokers I worked at are extant,
or
in the form in which
they existed when I was their employee).
The reason for the above preface is to bring home a point. This
industry is inherently
unstable. It absolutely needs the light of day that you bring in your
publication to unearth corrupt players and ignorant/greedy management.
I realize that your
intelligence is sometimes anecdotal, but I think that you are
ethical, and weigh that before you go to press. You are also willing
to tell the success
stories, which, hopefully, will
be emulated within this industry.
I want you to continue in your diligent efforts to provide a modicum
of common sense to
an industry that very much needs it.
Dave Brownlee
---
I hope you aren't
writing and publishing Leasing News with a wish that all
your readers will
appreciate exposé's, especially when those exposé's are
about them, their
companies, or their industry friends.
It appears that you
have a right, just
like any other media publication, to print what you
believe is correct,
even if it is based on reliable, but confidential
sources. Not everyone will be happy with what you print,
but I notice that
even those who are
unhappy because they have become targets still read your
newsletter.
Steve Chriest
---
Leasing News is my
source of leasing information.
The pic's from the
past and other non-core data I find
to be fluff. You excel in getting
the inside scoop on industry issues. The articles that describe a company
and what it does
(a profile) are good let s one learn more about who s out there.
Announcements about
funding source windows opening and closing and
general scuttlebutt
are where you shine.
David Rabinovitz
Bankers Capital
LaChance Financial
Services, Inc.
Marlborough, MA 01752-1981
---
2003 has not been
a year without its obstacles and hurdles, which as usual,
is all too typical
to the leasing industry. Our
career choice formulates
the exacting responsibilities
we endure since the monetary upside has its
definite draw and
advantage.
Having said that,
I know that what you have been through over the past
years, and even so
more recently, can be really taxing and extract from all
of the positives
that you research and report for the rest of us on a daily
basis. Christmas
is always a good time of the year, to take time off,
reflect on the past
year, and strategize for the next.
Concentrate on the
facts, forget about the gossip, ignore the ignorant, and
more importantly,
keep reporting the truth.
Few things are impossible
to diligence and skill... Great works are
performed, not by
strength, but perseverance. - Samuel Johnson.
Evan Barker
Alliance Funds
----------------------------------
I like the newsletter and appreciate the time you must put into
it and I
know it is difficult to strike the "right" balance, wherever
that it is,
probably in left field.
With the comments I have read recently about errors of fact I humbly
suggest that you follow something the New York Times and other publications
follow, and that is that any information given you be confirmed by
a second,
responsible source. At the very least the half told story may be
fleshed
out and corrected or confirmed. News from people who do not sign
their names
is tricky but without such tips news is often missed. Somehow verification
from a reliable source needs to second that item, otherwise it is
speculation
at best.
I don't think free ads is a strategic business goal. As a tactic
to
induce people to
place ads and see positive results it is a good concept but
ads should pay the
freight. Your requirement that 10% of the money recovered
for companies go
to the Equipment Leasing and Finance Foundation is
excellent.
Without such a requirement being accepted, in black and white on
paper,
nothing will ever be donated.
Announcements are
ok as long as they are useful to the audience. For me
this means is an
announcement of a company that an individual is promoted is
not of importance
unless the new position is one that a broker has to have
contact with that individual.
All in all, it is a good news source you put out.
Jerry Bernardy
Commonwealth Capital
--
This
message may be arriving too late to encourage you to keep the format.
We do need stories about brokers, independent lessors, the GEs
and others related to the leasing Industry.
I
have been in the leasing business in Austin, Texas, for 27 years, not
a long period of time but enough to understand a small portion of this
business. It is fun. When I retired from the US Army after 30 years
service, I needed a hobby or fun job so I elected to become a one man
broker entity. A competitor, Gary Millhollon, joined me after my second
year and we grew the newly formed company, doing both governmental
as well as commercial leasing. We began as a broker, then discounter,
then independent lessor. I can recall doing business with IFG
out of Great Falls; now that is really going back. We had a great
business going with 15 employees when the bust of the 80s hit Texas.
In a short period of time, we lost two of our leading employees to cancer
while in their 50s, and one to an auto accident. Some of our former
employees remained in the leasing business but with other firms. Our
small company survived but tumbled in size and Gary moved on to
Albuquerque. Because of my age (now 76) , I continued to
reduce the size of the company until we are now down to two employees.
We will continue until we finish servicing the leases we now have on
hand.
Could
I have retired earlier? Of course, but it was too much fun to quit.
Also, my father, now 101, suggested I was too young to hang up
my hat.
We
have been members of WAEL, later UAEL, from 1985 until
2000 as well as AGLF during the same period. These are great organizations
and very useful to a growing entity. I am proud to have been a
member of those organization and the leasing industry. I have terminated
our memberships because I feel I am to ancient to associate with the
young folks and travel has become more difficult. I never did feel comfortable
in pure social situations, yet I enjoyed attending the meetings, the
networking and gaining new ideas.
I
am happy with the Leasing News format as you now have it. Thanks for
the news and the memories.
Chuck
Seideman
----
I am not familiar
with how you run your business (so
don’t take this as
a personal attack), but I am
familiar with how
several of the southern California
leasing companies
operate. The notion that 90%
of the
leasing industry
is crooked is being generous. The
following are some
examples of SOP's in the leasing
world
1: giving pre-approvals (just to get a check on
the
deal and "get
the deal off the street"). Then
submitting (shot-gunning)
it to banks seeking
approvals. If no approval is achieved keeping some
money for "work
performed". If any approval
is
achieved, even at
****** rates keeping the entire
amount of advanced
rentals is considered appropriate.
2: Quoting "Simple interest" to clients
hoping they
don’t know how to
run rate.
3: Charging Interim rent on deals. Thus spiking the rate of return on the deal.
This Interim Rent
is often times calculated from the
time the invoice
is dated NOT the date with which the
D&A (verbal audit)
was completed. Interim rent
at a
minimum is deceptive
and at best deceptive
4: Including "IMPLIED FMV" language
in documents and
telling the lessee
that it is a $1out lease.
5: Including Insurance
language in the docs that state
"if the lessee
does not provide proof of insurance on
the equipment the
lessor will attach insurance to the
equipment and add
the amount to the monthly payment"
Although this makes
funding deals easier it ultimately
ends up PILING ON
the lessee.
6: Collecting extra
payments on leases, and many of the big ones
do it, unless the
customer counts payments, saying you didn't tell me
in time so the lease
continues, and there are more----
I mean come on KIT
you even give time to a law firm
advertising "HOW
TO KEEP THE WHOLE ADVANCE RENTAL
CLASS". How the HELL does that advance the legit
leasing worlds agenda??
Why is finding out ways to
keep lessee's money
such a hot topic on this
newsletter?? Shouldn’t it be how to book more
transactions?? I bet the answer is "we can’t stay in
business by doing
work we don’t get paid for" well
if
you are unsuccessful
at your work maybe you SHOULDNT
BE IN BUSINESS.
name and address
withheld please
http://two.leasingnews.org/SoundBits/Movies/THANKYO.WAV
------------------------------------------------------------------------------------------------
The Mission of “The
World” newspaper
“An institution which
should always fight for progress and reform; never tolerate injustice
or corruption; always fight demagogues of all parties; never belong
to any party; always oppose privileged classes and public plunder; never
lack sympathy with the poor; always remain devoted to the public welfare;
never be satisfied with merely printing the news; always be drastically
independent; never be afraid to attack wrong, whether by predatory plutocracy
or predatory poverty.”
October 30,1911 Frank J.
Cobb, editor, “The World”
We will stay the
course.
We will try to not
quote the same people as often as we have in the past.
We will continue
printing “press releases” trying to put them into one section.
We have purchased
rights to more cartoons and will run at least one a week.
There will be less
leasing association news, as readers say they get this
information direct.
We will continue the free “job wanted,” “attorney,”
and “outsourcing”
classified ads.
If you missed part
one, please go here:
http://www.leasingnews.org/Conscious-Top%20Stories/Mission%20Statement.htm
Christopher “Kit” Menkin
http://www.utdallas.edu/police/wavs/glock.wav
### Press Release
#############################
NEW
“SCAN ON SITE”™ SOLUTION
RELIEVES
IT LESSORS OF ASSET MANAGEMENT BURDEN
Mt. Clemens, Michigan
-- Finally, there is a real-time solution for the unique turn-around
needs of the IT leasing industry.
re.Source Partners,
a Michigan-based IT hardware asset management company, announces the
development of its proprietary “Scan on Site”™ assessment evaluation
program. Using scanner technology and inclusive assessment
criteria, lessors can have an accurate, objective and timely report
on end-of-term assets, all within 48 hours of pick up time.
Scan on Site™ eliminates
the hassle of damage billings. Equipment
is scanned and assessed at the pick up site where all physical damages
are documented and approved by the lessee. An approved report stands as final documentation of all physical
damages incurred while under lease.
In addition, Scan
on Site™ expedites reconciliations and damage billings to lessors. The program provides the lessor a complete
and accurate summary report of all assets being returned by the lessee.
With stronger than
expected 2004 PC shipments forecast by industry research firm Gartner,
Inc., leasing companies may see new agreements for larger volumes of
IT equipment this year, according to Jeff Korona, re.Source Partners
president. Fast and reliable reporting at lease end can
help those lessors capture important data and better manage their financial
return.
Re.Source Partners
assists numerous leasing companies and corporations like LL Bean, Kmart,
and Pioneer Financial recapture the value of their technology investment. In addition to Scan on Site™, services include
transportation and warehousing, auditing and testing, data wipe, remarketing,
and socially responsible consumption.
The company was established
in 2000 by leasing industry veterans Andy Loria and Jeff Korona to manage
corporate technology assets through their multiple product life stages.
More information about the company can be found on its web site
at www.re-sourcepartners.com.
Betsy Erikson, 248.821.6288,
erikson@efgforward.com
Barbara Fornasiero,
248.651.7536, fornasiero@efgforward.com
### Press Release
###########################
Federal
Reserve Board Approves First Asian-Based Bank, SinoPac Holdings of Taiwan,
as U.S. Financial Holding Company (including leasing )
L.A.-Based Far East National Bank is Wholly Owned U.S. Subsidiary
The Federal Reserve Board has certified SinoPac Holdings and Bank
SinoPac, both of Taipei, Taiwan, and SinoPac Bancorp of Los Angeles
as United States financial holding companies, the first Asian-based
banking organizations to qualify in the U.S. SinoPac Holdings operates
in the United States with its wholly owned subsidiaries, Far East National
Bank and FENB Securities, based in Los Angeles. Bank SinoPac also operates
a branch office in Los Angeles.
"This confirms our advanced position among Asian financial
institutions," said Paul Lo, President and CEO of SinoPac Holdings,
noting that SinoPac Holdings is an approved financial holding company
in Taiwan by the Ministry of Finance. "As a financial holding company,
we now have the opportunity to become a diversified financial services
institution in the U.S. as we currently are in Taiwan," he adds.
"As a financial holding company, SinoPac Holdings and its subsidiaries
will be able to engage in the full range of activities and investments
in the U.S. permitted for U.S. bank holding companies, including securities
and insurance activities."
The Federal Reserve certification was effective December 19, 2003.
SinoPac Holdings, with total assets of US$16.8 billion, is the
parent company of Bank SinoPac of Taiwan and Los Angeles-based Far East
National Bank with assets of US$1.6 billion.
SinoPac Holdings is an integrated financial services company serving
Asia Pacific with commercial banking, securities, insurance brokerage,
credit cards, leasing, futures, investment consulting and asset management
consulting. It has offices in Hong Kong, China, London, Tokyo, Vietnam
and the United States along with 100 outlets in Taiwan.
Far East National Bank was acquired by Bank SinoPac in 1997 and
supports the SinoPac Holdings group in China with a Far East National
Bank Beijing Representative Office and its strategic relationship with
First Sino Bank in Shanghai. First Sino Bank offers full service banking
in U.S. dollars and Chinese yuan for Asian and U.S. enterprises. Far
East National Bank has 15 offices throughout California with headquarters
in Los Angeles.
CONTACT:Far East
National Bank Glenn H. Yee, 213-687-1217
### Press Release
###############################
GE
Commercial Finance Completes Acquisiton of Most of Transamerica's Commercial
Finance Businesses
STAMFORD, Conn.----GE
Commercial Finance, the business-to-business financial services unit
of General Electric (NYSE:GE), has completed its previously announced
acquisition of most of Transamerica's commercial finance divisions.
The transaction adds approximately $8.5 billion in managed assets to
GE Commercial Finance's portfolio. The acquired units serve customers
primarily in North America and Europe.
The acquisition expands GE Commercial Finance's distribution finance
offerings to manufacturers and dealers of industrial, consumer and recreational
products. It also enhances the company's leasing and commercial loan
financing in equipment, real estate and international structured finance.
"These businesses are an important part of the growth plan
for GE Commercial Finance," said Mike A. Neal, president, GE Commercial
Finance. "They bring solid customer relationships, experienced
employees and a reputation for excellence. The businesses fit naturally
with our own and will support our double-digit returns in 2004 and beyond.
They offer us products, services and talent in areas we understand and
know how to build."
GE Commercial Finance offers businesses of all sizes an array of
financial services and products worldwide. With approximately $217 billion
in assets and an expertise in the mid-market segment, GE Commercial
Finance provides loans, operating leases, financing programs and innovative
structured capital to help customers grow. A unit of the General Electric
Company, GE Commercial Finance is headquartered in Stamford, Connecticut,
USA. GE is a diversified services, technology and manufacturing company
with operations worldwide.
Caution Concerning Forward Looking Statements: This document includes
certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements
are based on management's current expectations and are subject to uncertainty
and changes in circumstances. Actual results may differ materially from
these expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. More information about those
factors is contained in GE's filings with the Securities and Exchange
Commission.
CONTACT:GE Commercial
Finance Media Contacts: Marissa Moretti, 203-961-2290 or John Oliver, 203-357-4346
### Press Release
############################
Commerce
Bancshares, Inc. Reports Earnings Per Share Growth of 9% for 2003
KANSAS CITY, Mo.----Commerce
Bancshares, Inc. (NASDAQ:CBSH) announced record earnings of $2.95 per
share in 2003 compared to $2.71 per share in 2002, an increase of 9%.
Net income for 2003 amounted to $206.5 million compared to $196.3 million
earned in 2002. For the year, the return on assets was 1.5%, while the
return on equity totaled 14.3%.
For the fourth quarter, earnings per share grew to $.78, compared
to $.71 for the same period last year, an increase of 10%. Net income
for the quarter amounted to $53.9 million, an increase of 6% compared
with $50.9 million last year. The return on average assets was 1.5%
and the return on equity for the quarter was 14.8%. The efficiency ratio
for the quarter was 56.8%.
In announcing these results, David W. Kemper, Chairman and CEO,
said, "We are pleased to report the 19th consecutive year of record
earnings. Results for 2003 were driven by growth of 8% in non-interest
income, which now accounts for 38% of total revenues. We are particularly
pleased with the growth in deposit fee income of 12% on an annualized
basis. Additionally, results were enhanced by solid expense control.
Non-interest expense remained flat compared with the previous quarter
and fourth quarter of last year, and has grown overall by 3% this year.
Net interest income, which was essentially unchanged from the previous
year, was affected by continued low short-term interest rates and a
lack of growth in commercial loans."
Mr. Kemper added, "Asset quality remains strong with our allowance
for loan losses totaling over $135 million. We increased this allowance
by over $4 million this year and it remains at 1.66% of total loans.
Net loan charge-offs were up 9% over 2002, driven primarily by higher
losses in our personal and credit card loan portfolios."
Total assets at December 31, 2003 were $14.3 billion, total loans
were $8.1 billion, and total deposits were $10.2 billion. At December
31, 2003, the allowance for loan losses totaled $135 million and was
416% of non-performing loans. Net loan charge-offs for the year totaled
.46% of average loans outstanding, up from .43% last year. Non-performing
assets totaled $33.7 million, or .41% of total loans.
During the fourth quarter, the Company declared and paid its tenth
consecutive annual 5% stock dividend. Per share information for prior
periods has been restated for the effect of the 2003 stock dividend.
Commerce Bancshares, Inc. is a registered bank holding company
offering a full line of banking services, including investment management
and securities brokerage. The Company currently operates in approximately
330 banking locations in Missouri, Illinois, and Kansas. The Company
also has operating subsidiaries involved in mortgage banking, credit
related insurance, venture capital, leasing and real estate activities.
CONTACT:Commerce
Bancshares Inc., Kansas City Jeffery Aberdeen, 816-234-2081 http://www.commercebank.com
mymoney@commercebank.com
###
Press Release #################################
News Briefs
J.P. Morgan Chase
Agrees to Buy Bank One
http://www.washingtonpost.com/wp-dyn/articles/A18242-2004Jan14.html
$58 Billion Deal
to Unite 2 Giants of U.S. Banking
http://www.nytimes.com/2004/01/15/business/15DEAL.html
Intel/Apple Up/Technology
in Rebound
http://www.usatoday.com/money/industries/technology/2004-01-15-intel_x.htm
Yahoo's fourth-quarter
profit jumps 62 percent
http://www.signonsandiego.com/news/business/20040114-1416-earns-yahoo.html
PC shipments rise
15%, Dell is still biggest manufacturer
HP's $1 Billion Singapore
Investment Draws Ire
http://www.internetnews.com/bus-news/article.php/3299451
Networking Without
the Wine and Cheese
http://www.washingtonpost.com/wp-dyn/articles/A18526-2004Jan14.html
AOL Launches Election
Coverage
http://www.internetnews.com/bus-news/article.php/3299501
First FAO Schwart,
Now KB Toys Files Bankruptcy
http://biz.yahoo.com/rb/040114/retail_kbtoys_6.html
Former Enron Exec
Fastow Pleads Guilty
http://www.washingtonpost.com/wp-dyn/articles/A18738-2004Jan15.html
Tyco pays exec $426,00 for home improvements
http://www.usatoday.com/money/industries/manufacturing/2004-01-14-tyco_x.htm
-----------------------------------------------------------------------------------------------------------
Sports Briefs---
AOL Hopes for Touchdown on Super Bowl Sunday
http://www.nytimes.com/2004/01/15/business/media/15adco.html?pagewanted=all
Lovie Smith Named
Bears New Coach
http://www.theredzone.org/news/showarticle.asp?ArticleID=799
Vermeil agrees to
two-year contract extension with Chiefs
http://cbs.sportsline.com/nfl/story/7006232
Bills Announce Hiring
Of Mularkey As Head Coach
http://www.theredzone.org/news/showarticle.asp?ArticleID=797
Hall of Fame Finalist Announced
http://www.theredzone.org/news/showarticle.asp?ArticleID=798
Drunken driving arrest
for Garcia
QB voices remorse
after latest setback in forgettable year
http://www.contracostatimes.com/mld/cctimes/sports/7713530.htm
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/01/15/GARCIA.TMP
http://www.mercurynews.com/mld/mercurynews/sports/7709293.htm
Colts' Harrison still
lets his playing do the talking
http://www.mercurynews.com/mld/mercurynews/sports/football/7712384.htm
Eagles find motivation
from Panthers' coach
http://www.mercurynews.com/mld/mercurynews/sports/football/7712207.htm
Peterson: The greatness
of Raiders coaching saga
http://www.contracostatimes.com/mld/cctimes/sports/columnists/gary_peterson/7706409.htm
Belichick Changing
of the guard
http://www.boston.com/sports/football/patriots/articles/2004/01/14/changing_of_the_guard/
Despite hype, James
exceeds expectations
http://www.mercurynews.com/mld/mercurynews/sports/columnists/skip_bayless/7707585.htm
[Top]
------------------------------------------------------------------------------------------------------------
"Gimme that
Wine"
Big Chill May Have
Hurt Washington's Vineyards
http://www.winespectator.com/Wine/Daily/News/0,1145,2311,00.html
-------------------------------------------------------------------------------
This
Day in American History
1697-
The citizens of Massachusetts spent a day of fasting and repentance
for their roles in the 1692 Salem Witch Trials. Judge Samuel Sewall,
who had presided over many of those 20 capital judgments, published
a written confession acknowledging his own "blame and shame."
1716-
birthday of Phillip Livingston, merchant and signer of the Declaration
of Independence, born at Albany, NY. Die http://www.philiplivingston.com/
d at York, PA, June 12, 1778. 1762- Fraunces Tavern opens in New York City NY,
owned by “Black Sam,” one of the most prominent Blacks involved in the
American Revolution ( thought
to be born in the
West Indies). The tavern was
a prominent place with George
Washington, and main
meeting place for the Sons of Liberty.
http://www.nyfreedom.com/Frauncestavern.htm
http://www.fieldtrip.com/ny/24251778.htm
http://www.frauncestavernmuseum.org/
1777
- Vermont declared its independence from Britain and established a republic,
which lasted until the state joined the Union in 1791.
1781
- A British naval expedition led by Benedict Arnold burned Richmond,
Virginia.
http://en.wikipedia.org/wiki/Benedict_Arnold
1825-
the first tax enacted by a state to support public schools was “ an
act providing for the establishment of free schools” by Illinois. It
provided for a common school in each county, open to every class of
white citizens between the ages of 5 and 21 years and supported by a
tax of $2 of every $100 and five-sixth of the interest from the school
fund. 1852, the first hospital under Jewish auspices
was Mount Sinai Hospital in New York, organized as the Jews’ Hospital
in New York City for “benevolent, charitable and scientific purposes.”
1844-
The University of Notre Dame was chartered under Roman Catholic auspices
in Indiana.
1852
-Mt. Sinai Hospital was incorporated by Sampson Simson and eight associates
in NY City. It was the first Jewish hospital in the U.S.
http://www.mountsinaihospital.org/msh/msh-home.jsp
1862-
the first ironclad naval vessels were the Benton and the Essex, 1,000
tons each, and seven others of 512 ton s each, delivered at St. Louis,
MO, where they were accepted fro the government by Captain Andrew Hull
Foote and made part of the Western Flotilla, also known as the Gunboat
Flotilla on Eastern Waters, or the Mississippi Squadron.
1863
- In the United States, "The Boston Morning Journal" became
the first paper in the country published on wood pulp paper.
1865-
Fort Fisher in North Carolina falls to Union forces, and Wilmington,
the Confederacy's most important blockade-running port, is closed. When
President Lincoln declared a blockade of southern ports in 1861, Rebel
engineers began construction on a fortress at the mouth of New Inlet,
which provided access to Wilmington. Fort Fisher was constructed of
timber and sand, and it posed a formidable challenge for the Yankees.
The walls were more than 20 feet high and they bristled with large cannon.
Land mines and palisades made from sharpened logs created even more
obstacles for potential attackers. Union leadership did not make Fort
Fisher a high priority until the last year of the war. After the Federals
closed Mobile Bay in August 1864, attention turned to shutting down
Wilmington. Union ships moved into place in December and began a massive
bombardment on Christmas Eve. The next day, a small force failed to
capture the fort but the attempt was renewed in January. On January
13, a massive three-day bombardment began. On the third day, 9,000 Yankee
infantry commanded by General Alfred Terry hit the beach and attacked
Fort Fisher. The Confederates could not repulse the attack. The damage
was heavy on both sides: the Union suffered more than 900 Army casualties
and 380 Navy casualties, and the Confederates suffered 500 killed or
wounded and over 1,000 captured. After the loss of this last major Confederate
port, it was only three months before the war concluded.
1870
- A Thomas Nast cartoon titled, "A Live Jackass Kicking a Dead
Lion", was printed in "Harper's Weekly". The cartoon
symbolized the Democratic Party with a donkey, a concept still in use
today.
1885-
tenor Henry Burr, the most prolific recording artist of his day, was
born in St. Stephen, New Brunswick. He began his recording career for
Columbia in 1902, and is estimated to have recorded an astounding 12,000
titles for dozens of companies. From 1910 to 1928, Burr also managed
a vocal group which recorded for Columbia as the Columbia Male Quartet
and for Victor as the Peerless Quartet. After his recording career waned,
he was a great favorite singing old-time ballads on the "National
Barn Dance" from radio station WLS in Chicago. Henry Burr died
in New York City in 1941.
1888-
birthday of folksinger Huddie William Ludbetter (Lead Belly ),Shiloh,
LA Died Dec. 6, 1949.
http://leadbelly.lanl.gov/leadbelly.html
http://www.wchandyfest.com/delta/people/ledbettern.htm
http://www.malaspina.com/site/person_748.asp
http://www.geocities.com/joseph_1949/Leadbelly.html
1899-Birthday
of Goodman Ace, radio and TV writer, actor, columnist and humorist. With his wife, Jane, created and acted in the
popular series of radio programs (1928-45) “Easy Aces, “ Called “America’s
greatest wit” by Fred Allen, Born at Kansas City, MO, died at New York,
NY. March 25, 1982, soon after asking that his tombstone be inscribed,
“ No flowers, please, I’m allergic.”
1907-
William H. Taggart, a Chicago dentist, invented dental inlay made of
gold, and presented the technique to the New York Odontological Society;
a method of casting gold inlays by the inverted pattern procedure, using
the ancient principle of “disappearing core.”
1907-Dr.
Lee De Forest, widely regarded as the "father of radio and the
grandfather of television," patented the Audion radio tube, which
turned radio into a practical transmission device for voice and music.
Previously, wireless technology was primarily used for telegraph signals.
Unfortunately, De Forest's business partners were prone to fraud: The
De Forest Radio Telephone Company began to collapse in 1909, leading
to De Forest's indictment for promoting a "worthless device"--the
Audion tube. De Forest was later acquitted. Several years later, De
Forest devised a way to connect a series of Audion tubes in order to
amplify radio signals far beyond what a single tube could do. This process
was essential in the development of radio and long-distance telephone.
De Forest, despairing of business success, sold his patents at bargain-basement
prices to several companies, including American Telephone and Telegraph,
which used the repeating Audion tube as a key component in long-distance
telephone technology.
1908-
the first sorority for African-American students was Alpha Kappa Alpha,
founded at Howard University,
Washington, DC by Ethel Hedgeman Lyle. The first president was Lucy Slowe.
http://www.aka1908.com/aka/index.htm
1909--drummer
Gene Krupa Birthday
http://www.redhotjazz.com/krupa.html
http://www.gkrp.net/genebio.html
http://www.harlem.org/people/krupa.html
http://www.provide.net/~jdmig/
1915-Brithday
of folk music collector Alan Lomax.
http://www.memphisguide.com/guide/guide0942.htm
http://www.alan-lomax.com/home.html
1929-
birthday of Dr. Martin Luther King, Jr., Black civil rights leader,
minister, advocate of nonviolence and recipient of the Nobel Peace Prize
(1964). Born at Atlanta, GA, he was assassinated at Memphis, TN, Apr
4, 1968. After his death many states and territories observed his birthday
as a holiday. I remember interviewing Dr. King in the early 1960's at
KFRC radio when Harold Light brought him to the Bay Area. He was a shy man, the first time I met him. The second time, he was more vocal, and after
the Selma march, there were press conferences, not single radio interviews.
He was a excellent dresser, very articulate, very attractive,
a lady's man, if you will, and grew into a statesman for freedom for
all and equal opportunity for all. In 1983 the Congress approved HR
3706, "A bill to amend Title 5, United States Code, to make the
birthday of Martin Luther King, Jr., a legal public holiday." Signed
by the president on Nov 2, 1983, it became Public Law 98-144. The law
sets the third Monday in January for observance of King's birthday.
First observance was Jan 20, 1986
http://www.stanford.edu/group/King/
http://www.lib.lsu.edu/hum/mlk/
1933-
After nearly a century of cooperative living, the utopian Amana colonists
of Iowa begin using U.S. currency for the first time. The wide-open
spaces of the West have always appealed to visionary reformers attempting
to start new societies. Among others, the Mormons in Utah, the Hutterites
in South Dakota and Montana, and the Swedenborgians in California all
moved West for the same reason: cheap land and freedom from interference.
Most reformers moved west after the Civil War, when travel became easier
and the threat of Indian resistance was declining. As with the Mormons,
the Amana colonial movement began in New York. Christian Metz, taking
his cue from the writings of 18th century German mystics, established
the group in 1842 on 5,000 acres near Buffalo, New York. Metz and his
followers were similar to the Mormons in their rejection of the selfish
individualism and dog-eat-dog competition of capitalism in favor of
a more cooperative economic system. They isolated themselves from national
and global markets and built a largely self-sufficient means of meeting
their agricultural and material needs. Barter within the community helped
them avoid using American currency. The community's agricultural and
craft operations grew so quickly that the members soon found they needed
more land than was cheaply available in New York. Like many of other
land-hungry Americans, they looked westward. In 1855, the first members
began setting up a new colony in Iowa called Amana, purchasing 30,000
acres of contiguous land as a base for their agricultural and craft
operations. Amana (located near modern-day Iowa City) flourished in
the decades to come. By the turn of the century, the colonists had built
seven largely self-sufficient villages with farms, stores, bakeries,
woolen mills, wineries, furniture shops, and the other necessities of
independent living. The Amana community thrived for nearly 80 years,
but its isolation from the rest of the world inevitably began to wane
during the 20th century. In the early 1930s, the colony experienced
severe economic problems, in part due to the Great Depression. The people
voted to abandon their communal life in 1932, and they reorganized the
colony on a capitalist basis with each member receiving stock in a new
community corporation. The people of Amana began using American currency
in January
1933. Although it
violated the original precepts of their founders, the decision to bring
Amana into the national marketplace actually saved the community. Today,
the Amana colony is the center of a thriving business empire of woolen
mills, meat shops, bakeries, and wineries. Though its original vision
is no longer the same, visitors to the colony will still find a communal
society dedicated to preserving many elements of Old World life and
craftsmanship.
http://www.iowa-city.com/amanas/historical/index.html
http://www.jeonet.com/amanas/welcome/index.html
1936-
Owens Illinois Glass of Toledo, HO completed the first all-glass windowless
structure, using eight thousand translucent water-clear hollow glass
blocks wearing about 150 ton for a two-story building, which had 39
rooms and an aggregate floor area of 20,000 square feet. Do not know
if the building is still standing.
1942-
Benny Goodman Band records “Jersey Bounce.”
1943-
Pentagon completed: the world's largest office building with
6.5 million square feet of usable space, the Pentagon is located in
Virginia across the Potomac River from Washington, DC, and serves as
headquarters for the Department of Defense.
1947-Birthday
of trumpet player/composer Baikida Carroll, St. Louis. MO
http://www.omnitone.com/marionettes/carroll-bio.htm
http://artists.spun.com/baikida_carroll
1949—Birthday
of Ronnie Van Zandt, lead singer of the southern rock band Lynyrd Skynyrd,
born in Jacksonville, Florida. The band built a loyal following,
beginning in the American South in 1973. Their best known songs were
"Sweet Home Alabama" and "Free Bird," a tribute
to Duane Allman of the Allman Brothers Band. Lynyrd Skynyrd seemed on
the verge of superstardom in 1977 when a plane crash in Mississippi
killed Ronnie Van Zandt and five others, including Skynyrd guitarist
Steve Gaines.
1951---Top
Hits
Tennessee Waltz - Patti Page
The Thing - Phil Harris
My Heart Cries for You - Guy Mitchell
The Golden Rocket - Hank Snow
1959—Top Hits
The Chipmunk Song - The Chipmunks
Smoke Gets in Your Eyes - The Platters
My Happiness - Connie Francis
City Lights - Ray Price
1965-
The NFL teams pledged not to sign college seniors until completion of
all their games, including bowl games.
1967-considered
the “First Super Bowl:”*** the Green Bay Packers won the first NFL-AFL
World Championship Game, defeating the Kansas City Chiefs, 35-10, at
the Los Angeles Memorial Coliseum. Packers quarterback Brett Starr completed
16 out of 25 passes and was named the game's Most Valuable Player. Pro
football's title game later became known as the Super Bowl and is now
played on the last Sunday in January.
1967---Top
Hits
I’m a Believer - The Monkees
Tell It Like It Is - Aaron Neville
Good Thing - Paul Revere & The Raiders
There Goes My Everything - Jack Greene
1967
- Ed Sullivan told the Rolling Stones to either alter the lyrics and
the title of the song, "Let's Spend the Night Together", or
not perform on his show. The Stones actually agreed, and changed the
tune to "Let's Spend Some Time Together".
1972
- Elvis Presley, was censored from the waist down by Ed Sullivan, but
still reportedly brought in largest audience for a single television
show, to that time, in a live worldwide concert from Honolulu, Hawaii.
1972
- Don McLean's classic single, American Pie, jumped to Number
1 on Billboard's popular record charts, and stayed there for
4 weeks.
1973-Citing
"progress" in the Paris peace negotiations between National
Security Advisor Henry Kissinger and Le Duc Tho of North Vietnam, President
Richard Nixon halts the most concentrated bombing of the war, as well
as mining, shelling, and all other offensive action against North Vietnam.
The cessation of direct attacks against North Vietnam did not extend
to South Vietnam, where the fighting continued as both sides jockeyed
for control of territory before the anticipated cease-fire.
1974
-- During the Watergate affair, an expert testifies before the House
Judiciary Committee that an 18-1/2-minute gap discovered during a critical
subpoenaed recording of a White House conversation between President
Richard M. Nixon & White House staff member H. R. Haldemen caused
by “deliberate & repeated erasures. The White House fails to satisfactorily
explain the long silence during the key conversation between Nixon &
Haldeman.
1974-
“Happy Days” premiered on TV. This nostalgic comedy set
in Milwaukee in the 1950s starred Ron Howard as teenager Richie Cunningham
with Anson Williams as his best friend "Potsie" Weber and
Don Most as his best friend Ralph Malph. Tom Bosley and Marion Ross
played Richie's parents and his sister, Joanie, was played by Erin Moran.
The most memorable character was The Fonz--Arthur "Fonzie"
Fonzarelli--played by Henry Winkler. In 1977, it remained number 1 in
the Neilsen ratings for the season. "Happy Days" remained on the air
until July 12, 1984, and has been in syndication ever since. The comedy
launched two spin-offs: Laverne and Shirley and Joanie Loves Chachi.
Happy Days originated as a 1972 skit on Love, American Style.
1975---Top
Hits
Lucy in the Sky with Diamonds - Elton John
You’re the First, the Last, My Everything - Barry White
Junior’s Farm/Sally G - Paul McCartney & Wings
Ruby, Baby - Billy "Crash" Craddock
1975- "I've got bad news and I don't expect
any applause," President Gerald Ford warned Congress before launching
into his very first state of the union address. During the ensuing speech,
Ford painted a grim portrait of America's economic woes. The state of
the union, he confessed, was "not good. Millions of Americans are
out of work. Recession and inflation are eroding the money of millions
more. Prices are too high and sales are too low." Along with these
problems, Ford offered an ominous budget estimate that showed the government
running increasingly in the red over the next few fiscal years. However,
Ford, who had recently been installed as the President after Richard
Nixon's scandal-ridden resignation, attempted to balance the bad news
by offering a remedy for the America's fiscal ailments. He unveiled
a relief package that featured a few rounds of tax cuts for individuals
and corporations, as well as an energy program that promised to raise
money, albeit through raising costs and taxes on oil for consumers and
businesses. James Earl “Jimmy” Carter, Jr was elected president of the
United States in 1976 with 297 electoral votes to outgoing president
Ford 240.
1978
- Super Bowl XII (at New Orleans): Dallas Cowboys 27, Denver Broncos
10. The first Super Bowl played without a sky. This one opened the Louisiana
Superdome. Tom Landry was the Cowboys’ coach, Roger Staubach was their
quarterback. Co-MVPs: DT Randy White and DE Harvey Martin (only co-MVPs
in Super Bowl history). Tickets: $30.00.
1981-
“Hill Street Blues” premiered on TV. This Immensely popular NBC police
series created by Stephen Bochco and Michael Kozoll that focused more
on police officers than on crime. The show was very realistic and highly
praised by real policemen. Hill Street Blues was set in an anonymous northern city (the exteriors were actually filmed
in Chicago) and was the first real attempt by television to portray
police officers as fallible human beings. Each episode began with the
7 a.m. roll call led by Sergeant Ezterhaus. He closed the roll call
with his trademark refrain, "Let's be careful out there." Hill Street Blues not only changed the way that Americans
viewed police officers, it also revolutionized the television drama
itself. The show resisted formula and introduced the ensemble cast.
Whereas early cop shows like Dragnet and Adam-12 were
centered around a couple of officers who always got their man by the
end of the hour, the full squad house of regulars on Hill Street
Blues rarely resolved cases in one episode.
It
won a slew of Emmys and ran for seven seasons. Cast: Daniel J. Travanti
as Captain Frank Furillo, Veronica Hamel as public defender Joyce Davenport,
Michael Conrad as Sergeant Phil "Let's be careful out there"
Esterhaus, Barbara Bosson as Fay Furillo, and as the wonderfully drawn
cops, Bruce Weitz (Mick Belker), Taurean Blacque (Neal Washington),
Kiel Martin (Johnny LaRue), Joe Spano (Henry Goldblume), James B. Sikking
(Howard Hunter), René Enríquez (Ray Calletano), Michael Warren (Bobby
Hill), Betty Thomas (Lucy Bates), Ed Marinaro (Joe Coffey) and Charles
Haid (Andy Renko).
The
last telecast was on May 19, 1987.
http://www.tripletsandus.com/80s/shows/hill.htm
1983---Top
Hits
Down Under - Men at Work
The Girl is Mine - Michael Jackson /Paul McCartney
Dirty Laundry - Don Henley
I Can’t Even Get the Blues - Reba McEntire
1985
- At Carnegie Hall, in New York, the Academy of Motion Picture Arts
and Sciences honored 79 year old actress, Myrna Loy, who never received
an Academy nomination although she appeared in 120 films.
1987
- Paramount Home Video said, for the first time, it would put a commercial
at the start of one of its video releases. The movie "Top Gun"
had a 30-second Diet Pepsi ad tacked on to its beginning. The idea behind
adding something else to be fast forwarded through was to reduce the
price of the video by $3. The difference to Paramount would be made
up by Pepsi money. It was also thought more consumers would buy the
Tom Cruise picture rather than paying more for videos without the commercial.
1988
-Jimmy "The Greek" Snyder makes racist remarks about black
athletes
http://www.goodbyemag.com/apr/snyder.htm
http://www.nationalreview.com/comment/comment050200d.html
1990
- ‘Big’ George Foreman, on the comeback-trail at 42 years of age, knocked
out Gerry Cooney in the second round at Atlantic City, NJ. (Foreman
became the oldest [age 45] ever to win the heavyweight title when he
knocked out Michael Moorer on Nov 5, 1994.)
1991---Top
Hits
Justify My Love - Madonna
High Enough - Damn Yankees
Love Will Never Do (Without You) - Janet Jackson
Unanswered Prayers - Garth Brooks
1992-
Tim Berners Lee, inventor of the World Wide Web, released a simple line-mode
Web browser on the Internet.. Berners Lee had first proposed the Web
in 1990 and had presented early versions of Web clients, servers, and
browsers to his colleagues throughout 1991. http://www.ideafinder.com/history/inventors/berners-lee.htm.
Until then you needed the actual address or had to rely on Archer or
Gopher to search
for a website which basically was cumbersome and very slow.
http://www.w3.org/People/Berners-Lee/
http://www.w3.org/People/Berners-Lee/ShortHistory.html
1995 - The San Francisco 49ers beat the
Dallas Cowboys 38-28 in the NFC championship game and the San Diego
Chargers edged the Pittsburgh Steelers 17-13 in the AFC title game.
(The 49ers beat the Chargers 49-26 in Super Bowl XXIX.)
1995
- The Golf Channel began on some U.S. cable systems. Four years later,
the world’s first 24-hour golf network was seen in over 30,000,000 homes.
1997 - During a heated Chicago vs. Minneapolis basketball
game, Chicago Bulls star Dennis Rodman brazenly kicked a courtside cameraman
in the groin. Rodman later claimed it was an accident, but the incident
was captured from several angles by other cameramen, and was seen by
millions of people across the country. Eugene Amos, the cameraman, was
treated at a hospital and then released - the extent of his injuries
were not released. Prosecutors told the press later that they were considering
assault charges against Rodman. If suspended, it would be the second
of the season for the temperamental, flamboyant athlete. Rodman was
later suspended from 23 games and heavily fined; the suspension was
the second-longest in NBA history. A few days later, a financial settlement
between Amos and Rodman was reached; Amos received $200,000 from Rodman.
Super bowl Champions This Day
1967 Green Bay Packers
1978 Dallas Cowboys
**** Super Bowl
The
year was 1966, and war was raging in professional football. It was a
bidding war for talent and it had been going on since the American Football
League came onto the scene in 1960 to challenge the National Football
League, 40 years its senior.
At
first, the battles were for college players, and the AFL scored an early
victory when a court ruled in favor of the Houston Oilers over the NFL's
Los Angeles Rams after both clubs had signed Billy Cannon, the Heisman
Trophy winning halfback at Louisiana State.
Although
the leagues agreed to a "no tampering" rule on existing player
contracts, the stakes became high for college talent. Bonuses went sky-high.
The AFL's New York Jets signed Alabama quarterback Joe Namath in 1965
to a $400,000 contract, the largest amount ever for a collegian. In
1966, the NFL's Atlanta Falcons gave Texas linebacker Tommy Nobis a
$600,000 package and the Green Bay Packers forked over $711,000 to Texas
Tech running back Donny Anderson.
Meanwhile,
veteran players were settling for small raises on relatively small salaries.
For example, John Brodie, the San Francisco 49ers quarterback, received
$35,000 in 1965 and was asking for a raise to $65,000 after leading
the NFL in completions, completion percentage, yardage and touchdown
passes.
Then
came a back-breaker. Buffalo place-kicker Pete Gogolak, who had played
out his option in 1965, signed with the NFL's New York Giants. The "no
tampering" code had been broken. The conflict was in the open,
and it was time for action.
On
April 7, 1966, peacemaker Joe Foss resigned as AFL commissioner and
the next day Al Davis, general manager of the Oakland Raiders, took
over. Davis was a hawk in regard to the NFL, and he had a plan.
Davis
organized an AFL war chest and urged owners to start talking to established
NFL stars. The NFL had bragged of its superiority because of the caliber
of its quarterbacks. Davis wanted to sign those quarterbacks for the
AFL.
The
Raiders quickly signed Los Angeles quarterback Roman Gabriel to a commitment
starting in '67. Houston offered the 49ers' Brodie $75,000, spread over
10 years, to sign a five-year deal with the Oilers. Reportedly, eight
of the NFL's starting quarterbacks were dickering with the AFL.
The
NFL had no choice. On June 8, 1966, two months after Davis became the
AFL commissioner, a merger agreement was announced. There would be a
common draft starting in 1967, interleague preseason games starting
in '67 and regular-season play combining the leagues in 1970. Territorial
indemnification of $18 million was to be paid to the 49ers and Giants
over a 20-year period.
Most
important, from the standpoint of football fans, was the immediate establishment
of a championship game between the leagues. This was the AFL-NFL World
Championship Game -- which was popularized as the Super Bowl from its
inception.
Gabriel
never went to the Raiders and Brodie never left the 49ers, but Brodie
collected a million dollars on the agreement he had made in his talks
with Houston.
Davis
resigned as AFL commissioner a month after the merger. He clearly had
won his battle.
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