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Seeking a very organized, detail oriented Funding Manager with experience in discounting consumer and commercial auto loans and leases.
Top salary. Send resume via email to ekaye@advantagefunding.us
or fax to 718 392 5427.

About the Company: Advantage Funding is the leader in automotive and equipment lease financing, Long Island City, NY.


Thursday, January 20,2005


Classified ads---Leasing Industry Attorneys
    Pictures from the Past---1993 Patrick E. Byrne, CLP
Classified Ads---Help Wanted
    Failed telecom's chief files Chap. 11
        What Lessors Are Saying About…Trucks/Trailers Marketplace
Housing Market Has Loggers Yelling “Timber”
    Fed January Beige Report
        Richard Tinnon Key Equip. Fin. Sr.VP/CFO
Bank of NY Up Despite RW Professional $24M
    Interchange Financial Services 3-2 Stock Split
        Synovus Reports 15.7% Increase in Net Income
CIT Announces New Business Volume Up 32%
    Oil Prices, Economic News Slow U.S. High Yield Market
        News Briefs---
Sports Briefs---
    "Gimme that Wine"
        This Day in American History
            American Football Poem

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


Classified ads---Leasing Industry Attorneys

California - statewide: CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize all aspects of creditor representation. Primarily represent equipment lessors & funders, plus collection and creditor rep. in bankruptcy.
Email: phemar@hemar.com
Website: www.hemar.com

California - statewide: Encino, CA. "ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry for over 25 Years. We specialize in Lease-enforcement, collection and representation in Bankruptcy Court.
email: sjenkins@hemar-rousso.com
Website: www.hemar-rousso.com

Connecticut, Southern New England:
EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.
email: rcfeldman@snet.net EAEL

Law Firm - Service, Dallas, TX. ELA
Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.
email: dmayer@pattonboggs.com
Website: www.pattonboggs.com

Los Angeles, Statewide: CA. "ELA"
Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly basis.
email: RGarwacki@prodigy.net

Los Angeles -statewide: CA "ELA "
Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591- 2121 or email.
Email: rrcohn@aol.com

Los Angeles, CA.
Wagner & Zielinski, successfully representing lessees/ lessors. Not a member of any leasing organization, therefore not beholden to special interests. Richard Wagner (562) 597-0450

Long Beach CA.
Paul Bent, helping settle deals that have gone bad. Attorney for 20+ years with GoodSmith & Co., now providing mediation and dispute resolution for lessees and lessors.

Coston & Lichtman: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate; workouts, litigation, bankruptcy. Chicago & Florida offices. Jim Coston, CLP (Members: ELA/UAEL/MAEL)
email: Jcoston@costonlaw.com
Website: www.leaselawyer.com

Northern California - Statewide: CA "EAEL" "ELA"
San Francisco expertise at Marin County prices; practice limited to equipment leasing and finance with 22 years experience, testimonials. Ken Greene, Esq.
Vox: 415 461 3777
Email: keng@kengreenelaw.com
Website: www.kengreenelaw.com

Full staff of attorneys and legal assistants work with Group Leader Barry S. Marks to ensure prompt, cost-effective responses to client needs:
Email: poetbarry@aol.com
Website: www.leaselawyer.com

St. Louis County, MO. - statewide:
Defend clients sued by Popular Leasing USA and other assignees of Norvergence rental agreements. Also register and collect foreign judgments. Ronald J. Eisenberg, Esq.
Email: kellogg_md@yahoo.com
Schultz & Little L.L.P. www.sl-lawyers.com

(These ads are free to attorneys who specialize in the leasing industry. They are valuable because of their experience, and particularly if you are looking for representation in a specific region.

To post a “free ad,” please go here:



Pictures from the Past---1993 Patrick E. Byrne, CLP

“Balboa Capital Corporation is the 67 th fastest growing private company in the U.S., according to Inc. Magazine.”

The Balboa Bulletin, October, 1993
previous “pictures from the past” available at:





Classified Ads---Help Wanted

Account Representative & Inside Sales Manager

Account Representatives & Inside Sales Manager needed in Nashville, TN & Austin, TX. with exp., in finance & sales, & a successful track record of sales leasing. Work directly with CFOs, CIOs, CEOs and other high-level executives at the Mid-Market level. Please send resume indicating position and location of interest to: Us_DFS_Staffing@dell.com .

About the Company: At Dell Financial Services, we aspire to fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide.



Small-ticket Lessor seeking an experienced accounting professional for a full-time position. Successful candidates should have prior experience in the equipment leasing industry. Knowledge of LeasePlus accounting software a major plus. E-mail: recruiter@gen-cap.com.
[Job Description]

About the Company: Genesis Commercial Capital, LLC; Irvine, CA; www.gen-cap.com


Business Development Officer

Business Development Officer, Camarillo, (Ventura, CA area) for Santa Barbara Bank & Trust. Job description. Contact: ron.neal@sbbt.com Phone 805-384-2581
Fax 801-482-3593

About the Company: Santa Barbara Bant & Trust is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness
and personalized attention of a local community bank.


Funding Manager

Seeking a very organized, detail oriented Funding Manager with experience in discounting consumer and commercial auto loans and leases.
Top salary. Send resume via email to ekaye@advantagefunding.us
or fax to 718 392 5427.

About the Company: Advantage Funding is the leader in automotive and equipment lease financing, Long Island City, NY.



Middle Market Sales Representative

Middle Market Sales Rep.: exp. sales reps throughout country for middle market leasing/financing. Must have min.5-years exp. in “hard assets” ranging from 100K -$1.0MM generated from vendor and /or direct sources. Excel. benefits, base salary and commission program. Resumes to amandell@eqcorp.com .

About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc


Business Channel Manager / National Sales Manager/ Small Ticket Leasing Sales People

We seek a National Sales Manager (Equipment Leasing Experience) for a copier Captive. Also need a Business Channel Manager for a Captive. Also need Small Ticket Leasing Sales People for a multi-$B Bank. CA. AZ. & FL.

MSI International is a global recruiting firm that has been supporting the grown and success of companies and enhancing the careers of professionals since 1968.


National Accounts Manager

National Accounts Mgr: Truck/Trailer Industry.  Must generate minimum of $500K/month. Click here for detailed description & resume submission info.

Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation.



Failed telecom's chief files Chap. 11


Peter J. Salzano, CEO of the Newark telecommunications company at the center of a nationwide equipment leasing scandal, is facing personal bankruptcy.

The Morris County resident filed for Chapter 11 bankruptcy protection Monday, listing debts of more than $1 million, according to court papers.

Salzano's defunct company, NorVergence, has been accused by federal and state officials, including New Jersey Attorney General Peter Harvey, of defrauding as many as 11,000 small businesses across the country.

In connection with his company's collapse, Salzano has been named in several lawsuits that contend he is liable for NorVergence's outstanding bills, which total in the millions.

Michael Sirota, Salzano's lawyer, said his client isn't liable for those corporate debts, "but he needs the opportunity to address [the claims] in one forum in an orderly fashion."

NorVergence filed for Chapter 7 liquidation in July. The company's abrupt end left its customers without phone, Internet or cell service, and with virtually worthless "Matrix" boxes that NorVergence had said would deliver deeply discounted service.

NorVergence typically signed up customers for five-year Matrix leases and then sold the agreements to more than two dozen leasing companies. Although NorVergence stopped service, most of the leasing companies continued to bill customers and, in many cases, sued them for non-payment. Some leasing companies have offered settlements.

Salzano's personal filing lists 20 creditors, but only six include dollar amounts.

Those total $1.14 million, including $362,000 charged to an American Express corporate card and a claim of more than $681,000 related to a lawsuit filed in state court by De Lage Landen Financial Services, a company that bought leases from NorVergence.

Sirota said the De Lage Landen lawsuit argues that Salzano signed a personal guarantee on the loans. Sirota said his client has been fighting that claim.

"Someone at NorVergence used a [signature] stamp with Peter's name on it," Sirota said.

The largest debt Salzano faces could be to the Internal Revenue Service. The company's bankruptcy papers, which like Salzano's personal filing are in U.S. Bankruptcy Court in Newark, say NorVergence owes more than $6 million in unpaid corporate income taxes.

Sirota acknowledged that the IRS "is the largest disputed claim." Salzano, as CEO, could be personally liable for those taxes if NorVergence, the corporation, is unable to pay.

Court records show that at the time of its bankruptcy, NorVergence had $53.6 million in assets and $87.3 million in debts. The company currently has less than $1 million in the bank, according to the bankruptcy trustee.

Salzano's personal bankruptcy filing will stop court proceedings against him, at least temporarily.

Among other cases, he faces fines levied by the Pennsylvania Attorney General's Office, which accuses NorVergence and him of violating that state's consumer fraud act.

Salzano's bankruptcy court papers also list $28,889.53 in personal credit-card debt, and more than $70,000 owed on student loans he co-signed for two nephews.

Salzano also runs Fairfield-based Network Digital Office Systems, a copier rental company that did business with NorVergence. Salzano's brother Thomas N. Salzano ran NorVergence, according to employee accounts, but was paid as a consultant and called himself chief managing officer.

E-mail: mckay@northjersey.com

(Not mentioned in the bankruptcy filings, but surely to be included, is the probe regarding five days before the June 30 court action, NorVergence managed to wire more than $160,000 to two related companies, according to court papers.

One, Network Digital Office Systems, is run by NorVergence Chief Executive Peter Salzano. The other, Data Solutions, provided the consulting services of Salzano's brother, Thomas, to NorVergence.

It is Thomas N. Salzano who was supposedly “the brains” behind the company. He allegedly had a bankruptcy from a similar “scam” and could not be named as president.

Alex Wolf was the Chief Operation Officer, the person with the telecom sales background, and Robert J. Fine, reportedly president of NorVergence Capital and the one who arranged the “private label” contracts and placement of leases. Editor.)



What Lessors Are Saying About…Trucks and Trailers Marketplace


Truck and trailer equipment leasing has been steadily rebounding as the market continues in its upward cycle. the Equipment Leasing Association asked its members what factors are driving the market and how they anticipate future performance in this segment.

Mike Pilot, GE Commercial Finance, said the next few years are expected to be strong growth years for the commercial truck and transportation equipment industry. He said, “The market has finally overcome the major down cycle that we endured between 2001-2003, and we envision continued strength through 2006 as the domestic economy continues to function on a solid footing.”

Pilot said that GE Commercial's overall outlook for the For Hire market is bright, as customers will need to expand their fleets as well as replace a large number of older trucks. He said, “In fact, for 2005, we should see between 250,000 and 260,000 trucks produced, which will represent one of the strongest markets in history.”

Pilot cited additional factors that will affect the truck and trailer leasing market. He said GE is finding that the scheduled engine change for 2007 is coming into play now. Pilot explained, “There was a concern about a high number of pre-buys, but the market dip may be far less than expected -- down 20 to 25 percent as opposed to the anticipated 50 percent.” On bonus depreciation, he said that it probably caused a small pre-buy last year, but GE doesn't anticipate it being much of a factor in 2005.

On fuel prices, Pilot said they “can have the tendency to keep us up at night on occasion,” though he added that they don't seem to be having a major effect on the market right now. One reason he cited is that capacity is so tight that surcharges are going through with little to no issue at all. He said, “Despite affecting cash flow slightly, customers are getting their money back and find themselves in less of a cash-strapped position than we saw in the 2002 time period.” He said that as prices dramatically rise, this can wreak havoc with the market, but added, “As long as capacity stays up and the economy is strong, this shouldn't be an issue.”

Dan Clark, CitiCapital Commercial Corporation, cited the potential of this market in comments regarding recently announced plans by GE Commercial Finance to acquire CitiCapital's Transportation Financial Services Group (CTFSG). He said, “Perhaps there is no better indicator of the tremendous opportunity that this market holds than the recent acquisition of our business by GE.”

CTFSG, which was a subsidiary of Citigroup, finances approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators. Clark added, “GE Commercial Finance has been in the transportation financing business for years, and sought out a business that has the ability to grow, as well as take advantage of these positive market conditions. With the outlook as bright as we anticipate, we expect to deliver excellent results for GE.”

Roy Keller, CIT Equipment Finance, said an improving economy and a strong upswing in construction activity are clearly driving increased demand for vocational trucks. He cited the 2005 CIT Construction Industry Forecast (available at www.cit.com), which reported that contractors said they were optimistic about the prospects for their business and the industry as a whole for 2005. Keller said, “That positive mindset translates into increased demand for vocational trucks; 37 percent of the contractors in our survey said they plan to acquire a truck in 2005, compared to 31 percent a year ago.” For the 10th consecutive year, CIT's survey found more contractors planning to acquire trucks than any other type of equipment. Keller added, “As demand rises, we see manufacturers are requiring longer lead times and there is less room for negotiation on the purchase price.”

Keller noted the many financing options available to contractors acquiring vocational trucks. “Many contractors establish a line of revolving credit, which lets them tap into the equity in their existing equipment fleet,” he said. “We are also seeing a slight increase in the number of construction companies that choose to lease rather than purchase trucks and other equipment.” Keller said that while interest rates continue to be at very affordable levels, many contractors expect them to rise in 2005. As a result, they are locking in current rates by choosing fixed-rate rather than floating-rate loans and leases when they acquire equipment.

Loni Lowder, ACC Capital Corporation, noted that demand for truck and trailer leasing in 2004 increased even though fuel costs skyrocketed. He said that tax-affected TRAC transactions were lower due to the high amount of corporate liquidity and the desire of lessees to keep tax benefits provided through bonus depreciation. Lowder added, “With bonus depreciation coming to an end, we look forward to a strong increase in truck and trailer lease transactions both tax and non-tax.”

Tom Klassen, Associated Bank Leasing, said that while his firm does some truck and trailer leasing, it's on a very small scale compared to other lessors. He said, “We have been very encouraged by the increase in truck and trailer activity as well as well as stronger credit quality. We are anticipating this trend to continue through 2005.”

Arnie Goldberg, Center Capital Corporation, was similarly optimistic, as he recounted a strong 2004 with large, medium and small companies returning to a level of profitability not seen since 1999. Goldberg said, “From 2002 to 2003, approximately 11,000 trucking companies went out of business. We have a scenario with more freight than trucks, so companies are able to pass along many increased expenses.”

Goldberg cited a number of factors that have driven the truck and trailer market in the past: a cyclical downturn in trucking that started a year before 9/11, increased fuel costs, a shortage of qualified drivers, and sharp increases in insurance costs.

Going forward, Goldberg believes transportation will remain stable and strong, though a lot will depend on the economy. Companies will still have to manage all costs. Various technological advancements, such as improved GTS tracking, are enabling better management control.

Goldberg believes that transportation has come back into favor with bank lenders who are now competing with equipment lessors for tier one trucking companies. He said, “Lenders at commercial banks seem to fall back in love with transportation as trucking companies go through this regular cyclical improvement.”

Ted Brownrigg, Orion First Financial, LLC, said his firm deals in the small ticket segment of truck leasing rather than the long haul over-the-road vehicles. He has seen their market, which includes dump trucks, delivery trucks and construction-use trucks perform well. Brownrigg said, "Our outlook is good. Since we're small ticket, we

haven't had the same issues that larger truck and trailer lessors have had to contend with. I think we'll continue to do the kinds of deals we've done in the past as well as additional ones."

Note: ELA's Construction Survey also is available at www.elaonline.com/store and search for “construction and agricultural equipment leasing 2004.”



Housing Market Has Loggers Yelling “Timber”

----19 million houses over in the next ten years...16% increase over previous decade----

by Tony Halstead

U.S. Department of Agriculture

Over the last several years, the U.S. housing market has been booming. In October 2004,privately-owned housing starts were at a seasonally adjusted annual rate of 2.0 million units, a31-percent increase compared to 2000. Demand has primarily been driven by low interest rates, which decreased from 8.1 percent in 2000 to 5.8 percent in November 2004 for 30-year fixed mortgage rates. When rates were as high as 10.1 percent in 1990, housing starts were just 1.2 million.

Housing starts drive softwood lumber and structural panel consumption. On average, housing starts consume an impressive 43 percent of the U.S. softwood lumber supply and 54 percent of the structural panel supply. While the short-term outlook for housing demand depends primarily on interest rates and the strength of the economy, demographic trends offer a glimpse of longer-term trends.

Over the next ten years, robust housing demand is expected to continue due to strong household growth, longer life expectancies and increased immigration. These forces will contribute to the likely building of an additional 19 million houses over in the next ten years, representing a 16-percent increase over the 16.3 million houses built over the previous decade. The house remodeling and repair industry consumes an additional 31 percent of the U.S. softwood lumber supply and 21 percent of the structural panel supply. In first quarter 2004, expenditures for improvements and repairs were on pace to hit $200 billion for the year. Ten years ago, these expenditures totaled just $125 billion. Improvements and repair expenditures are expected to remain strong because over 48 percent of existing homes were built before 1970.

As homeowners repair these older homes, newer homes are being built larger. Houses built in 1970 averaged 1,600 square feet compared to houses built in 2003, which averaged 2,330 square feet. All of the factors mentioned above argue for continued high prices, but open access to imports has helped temper prices while providing a robust market for domestic products.

For more information, contact Tony Halstead at 202-720-1592 halstead@fas.usda.gov



ACQUISITION OPPORTUNITY: Great opportunity for a successful lease marketing executive or a company interested in expanding in vendor leasing. Company develops full service private label vendor programs for major manufacturers. Founder is retiring, will retain lease portfolio and is receptive to providing some owner financing. For more info, click here.
Contact: Bruce Kropschot at (772) 234-4544 or bkropschot@kropschot.com

Kropschot Financial Services has arranged the sale of over 140 equipment leasing and specialty finance businesses in the past 19 years. www.kropschot.com

Fed January Beige Report

Economic analysts are predicting that the Fed probably will boost a key short-term interest rate by one-quarter percentage point — to 2.50% — at that time.

Reports from the twelve Federal Reserve districts indicated that economic activity continued to expand from late November through early January. Eleven districts characterized activity as expanding with Atlanta, New York, and Richmond noting that the pace of activity had quickened since their last reports. The Cleveland District was less upbeat, characterizing economic activity in that district as mixed.


New York






St. Louis


Kansas City


San Francisco

Full Report:



World Leasing Yearbook 2005

ISBN:184374 142 3
Pages: 524
Edition: 26th
Directory Contacts: 4,400 Companies

Price: $225.00 (NORMAL PRICE $250.00)
Yearbooks 10% off to Leasing News readers until this Friday.
(After January 21, $250.00)

The only annually-updated international reference book for the asset financing and leasing industry available. The new 26th edition includes the latest market trends, over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 companies.

To order call +44 (0) 20 7779 8999 or toll free in the US +1 800 437 9997 to receive your 10% discount. You can also order on line at

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


SUPERIOR, CO. –– Key Equipment Finance, one of the nation's largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), has announced the appointment of Richard Tinnon as senior vice president and chief financial officer. His office is located at Key Equipment Finance's world headquarters outside Boulder, Colorado. Mr. Tinnon will replace John Pfeiffenberger, who will hold the position until he retires at the end of March.

“Rich comes to Key Equipment Finance with nearly 20 years of financial services industry experience,” said Paul A. Larkins, president and chief executive officer, Key Equipment Finance. “I am delighted to be able to bring such top tier talent to our organization.”

Prior to joining Key Equipment Finance, Mr. Tinnon served as director of financial planning and analysis for Silicon Valley Bank in Santa Clara, California. Previously, Mr. Tinnon spent 16 years with GATX Capital in San Francisco, where he held a series of positions with increasing responsibility; when he left GATX, he was vice president and chief of staff. Mr. Tinnon had also been an auditor at Touche Ross and Co. (now Deloitte and Touche).

Mr. Tinnon earned his bachelor of arts degree from Michigan State University and his masters in business administration from the University of California at Berkeley.

Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
· businesses of all sizes in the U.S. and Canada (from small business to large corporate);
· equipment manufacturers, distributors and value-added resellers worldwide;
· federal, provincial, state and local governments as well as other public sector organizations; and
· lease advisory services for manufacturers' captive leasing and finance companies.

Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12 billion equipment portfolio with annual originations of approximately $5 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; London, England; and Sydney, Australia. The company, which operates in 25 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank- based financial services companies, with assets of approximately $88 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account access and financial products 24 hours a day.

Lisa A. Miller, Corporate Development
Key Equipment Finance
Phone: (518) 257-8235
Fax: (518) 257-8821


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

The Bank of New York Company, Inc. Reports Fourth Quarter EPS of 45 Cents, up 13% over Last Year; Year 2004 EPS of $1.85, up 22%; Sequential Quarter Securities Servicing Revenue up 8%

NEW YORK-----The Bank of New York Company, Inc. (NYSE:BK) reports fourth quarter net income of $351 million and diluted earnings per share of 45 cents, compared with net income of $354 million and diluted earnings per share of 46 cents in the third quarter of 2004, and net income of $307 million and diluted earnings per share of 40 cents in the fourth quarter of 2003. Full year net income for 2004 was $1,440 million, or $1.85 diluted earnings per share, compared to $1,157 million, or $1.52 diluted earnings per share in 2003.

A charge related to a reserve for the cost of the anticipated settlement of the RW Professional Leasing Services Corp. matter ("RW Matter"), as well as certain items detailed in "Other Fourth Quarter Developments" reduced EPS by 3 cents for the fourth quarter and full year 2004. Fourth quarter and full year 2003 results included merger and integration costs associated with the Pershing acquisition of 4 cents and 8 cents per share while the full year also included 7 cents per share related to the GMAC settlement.

Fourth quarter highlights include strong performance in securities servicing fees and foreign exchange and other trading revenues. Securities servicing fees increased 8% sequentially in the fourth quarter to $742 million, reflecting more active equity markets and the conversion of new business wins. Execution and clearing services revenues increased 15% sequentially, reflecting a strong rebound in equity market volumes from the weak third quarter. Issuer services fees increased 6% relative to the third quarter to $149 million, reflecting strong results in depositary receipts, and modest growth in corporate trust. Investor services fees were up 5% sequentially, reflecting higher global funds services fees driven by new business wins. Foreign exchange and other trading revenues increased 34% sequentially, reflecting higher levels of client activity and an increase in volatility.

For the full year, the growth in earnings was paced by securities servicing growth of 19% (8% adjusted for full year impact of Pershing), core net interest income growth of 6%, strong credit performance, and higher than expected securities gains. Performance was strong across nearly all the Company's securities servicing businesses. Both investor and issuer services increased by 11%. The growth in investor services was driven largely by new business wins and improvements year-over-year in asset values and volumes. Issuer services benefited from increased cross-border activity in depositary receipts and improving market share in global products within corporate trust. Broker-dealer services was up 19% primarily due to strong growth in collateral management. In addition, private client services and asset management fees were up 17%, primarily due to exceptional growth at the Company fund of funds manager, Ivy Asset Management ("Ivy").

This strength in revenue was partially offset by upward pressure on the Company's expense base. Higher option and pension expenses, business continuity spending, costs associated with legal and regulatory matters, and costs associated with converting new business opportunities in investor services all contributed to higher expense levels.

Chairman and Chief Executive Officer Thomas A. Renyi stated, "Our securities servicing and fiduciary businesses responded well to the better market environment this quarter, which improved considerably following the November elections. In particular, our equity-linked and foreign exchange businesses benefited from a significant rebound in market volumes and increased cross-border flows and volatility. Net interest income continues to benefit from a well positioned balance sheet and the credit environment remains highly favorable.

"We did experience a noticeable up tick in expenses as we recognized costs associated with the conversion of new outsourcing wins, hiring of customer service personnel in some of our faster growing businesses, higher incentive compensation in light of the sharp rebound in performance in the last two months of the quarter as well as continuing high costs associated with responding to regulatory inquiries.

"On balance, I am quite encouraged by our top line growth this quarter which gives evidence to the positive effect an improving investment environment has on our business model. We look forward to 2005 which should offer a stronger operating environment and the revenue momentum it brings along. Our challenge in the new year is to contain the more significant cost pressures we face in order to bring more of our revenue growth to the bottom line."


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

Interchange Financial Services Corporation Increases Quarterly Cash Dividend and Declares 3-for-2 Stock Split

---Interchange Capital Company, L.L.C., cost effective equipment leasing solutions are available to small- and middle market companies.

SADDLE BROOK, N.J----On January 18, 2005, Interchange Financial Services Corporation ("Interchange"), the holding company for Interchange Bank, declared a 3-for-2 stock split. The stock split will be payable on February 18, 2005 to holders of record as of February 2, 2005.

In addition, Interchange increased its quarterly dividend 8% to $0.135 per common share on a pre-split basis. The first quarter dividend will be payable on February 18, 2005, to holders of record as of January 31, 2005. Going forward, the dividend, adjusted for the stock split, will be $0.09 per quarter.

Anthony Abbate, president and CEO of the Corporation, stated, "The stock split is important to creating additional liquidity for shareholders and potential investors in the Company. As investors recognize the value of Interchange, it is critical that the amount of float available be adequate to enable any interested investors to acquire Interchange stock. I am also pleased to announce that this is the 11th consecutive yearly increase in our quarterly dividend rate."

About Interchange

Headquartered in Saddle Brook, NJ, Interchange Bank is one of Bergen County's largest independent commercial banks and a wholly owned subsidiary of Interchange Financial Services Corporation (Nasdaq:IFCJ). A thought leader in the industry, the Bank was among the first to implement a broad range of innovative services, including 24-hour, 7-day-a-week online banking and bill paying services, online stock trading, and the ability to apply for a loan online with an instant credit decision. Mutual funds and annuities are offered by ICBA Financial Services, through the Bank's investment department. With $1.5 billion in assets and 29 branches, the Bank focuses its efforts on the local communities from which it derives deposits and generates loans. Through Interchange Bank's subsidiary, Interchange Capital Company, L.L.C., cost effective equipment leasing solutions are available to small- and middle market companies. For additional information, please visit the company's Web site at www.interchangebank.com.

Keating & Co. Lauren Mackiel, 973-966-1100 lmackiel@keatingco.com


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

Synovus Reports 15.7% Increase in Net Income and 13.0% Increase In Earnings per Share for Fourth Quarter 2004 Earnings per Share Increased 10.4% for the Full Year 2004

COLUMBUS, Ga.------ Financial Services Segment Reports Increases in Net Income of 18.7% for Fourth Quarter and 14.7% for Full Year 2004

Synovus'(NYSE:SNV) fourth quarter net income grew 15.7% over the fourth quarter 2003 to $118.7 million, which represented earnings per share growth of 13.0% to $.38 per share, Synovus' Chief Executive Officer James H. Blanchard announced today. For the full year, earnings per share increased 10.4% over 2003.

"Throughout 2004, the Synovus Financial Services segment provided the key drivers for growth in net income," said Blanchard. "Excellent credit quality, strong loan growth and fundamental margin expansion led the earnings momentum in the fourth quarter. Additionally, TSYS gained momentum in the quarter with the successful conversion of the Bank One portfolio and an excellent Christmas shopping season."

Return on assets was 1.91% and return on equity was 17.92% for the fourth quarter 2004, compared to 1.94% and 18.37%, respectively, in the same period last year. For the full year, return on assets was 1.88% and return on equity was 17.63% compared to 1.91% and 17.95%, respectively, in 2003. Shareholders' equity at December 31, 2004, was $2.64 billion, which represented a very strong 10.55% of quarter-end assets. Total assets ended the quarter at $25.0 billion, an increase of 15.7% from the same period last year.

Asset quality remained excellent. The net charge-off ratio was 0.27% compared to 0.43% for the fourth quarter of last year. For the year, the net charge-off ratio is 0.23% compared to 0.36% in 2003. The ratio of nonperforming assets to loans and other real estate decreased to 0.52% from 0.58% last year. The allowance for loan losses was 1.36% of loans, which provides coverage of 330% of nonperforming loans. The provision for loan losses covered net charge-offs by 1.63x for the quarter, and 1.83x for the full year.

Net interest income grew 13.5% over the same quarter last year, as total loans grew 18.3% (15.4% excluding acquisitions and divestitures) and Synovus began to realize the positive impact of increasing interest rates. During the fourth quarter, Synovus changed its accounting methodology for loan origination fees and costs on a prospective basis. The change was not material to Synovus' financial position, results of operations, or cash flows. The new methodology did however result in a decrease in loan fee income (a component of net interest income) with a corresponding decrease in personnel expense. For the fourth quarter, loan fee income decreased by $10.5 million compared to the third quarter. The decrease was primarily due to the change in methodology. Additionally, personnel expense for the fourth quarter reflects a reduction (deferral) of $9.2 million in loan origination costs also as a result of the change in methodology.

The net interest margin before fees was 3.98% for the quarter and 3.92% for the year, up from 3.92% and 3.90%, respectively, for the same periods in 2003. On a sequential quarter basis, the net interest margin before fees increased by 8 basis points, reflecting the positive benefit of the recent interest rate increases. The net interest margin after fees for the fourth quarter was 4.13% compared to 4.25% for the previous quarter. This decrease was primarily due to the aforementioned change in accounting methodology.

Net income for the Synovus Financial Services segment increased 18.7% over the fourth quarter of last year and 14.7% for the full year. Return on assets for this segment was 1.41% and return on equity was 17.09% for the quarter, compared to 1.39% and 17.07%, respectively, in the same period last year. Financial Services' non-interest income was up 6.4% in the quarter as compared to the same period last year. Credit card fees increased by 21% in the fourth quarter compared to the same period last year. Fiduciary and asset management fees - which include trust, financial planning and asset management fees - were up 8.9%, compared to the fourth quarter last year. Financial Services' non-interest expense was up 7.0% compared to the fourth quarter last year and down 1.9% compared to the third quarter of 2004. Financial Services' efficiency ratio was 50.5% for the quarter and 52.1% for the year, compared to 52.7% and 53.3%, respectively, in 2003.

TSYS reported net income of $43.0 million for the fourth quarter 2004 compared to $39.4 million last year. Diluted earnings per share for the quarter increased by 9.2% to $0.22, up from $0.20 last year. During the quarter, TSYS successfully completed the conversion of the Bank One portfolio, extended agreements with MBNA and First Tennessee, and was awarded a patent for TSYS ProphIT, its proprietary front-end workflow management system. TSYS announced yesterday that it was acquiring full ownership of Vital Processing Services. With the strength of TSYS' core services, over 47 million accounts remaining in the conversion pipeline, and the addition of Vital Processing Services, TSYS expects its net income growth to be in the 19 - 22% range for 2005.

Blanchard concluded, "Synovus exceeded its expectations for 2004 with the Financial Services segment maintaining excellent credit quality, improving margins, continuing strong loan growth, fee income growth, and continuing expense control. Additionally, TSYS met its expectations and realized many successes that will build foundations for future growth. As we look into 2005, one of the most exciting initiatives is our retail banking enhancement strategy. Through this new focus, we look to enhance the performance of our almost 300 branches or "stores" to deepen our customer relationships with our needs-based approach, complimented by modernized technology and merchandising, that will lead to more deposits and retail product sales. For 2005, we expect the economy will continue to expand, that short-term interest rates will continue to increase at least modestly towards more normal levels, the credit environment will remain favorable and that TSYS will perform within its range of guidance. Synovus will focus on growing deposits, managing loan growth, quality and mix, maintaining the margin, expanding fee income and continuing to refine our processes to improve efficiencies. Based on these assumptions, along with our excellent team members and strong balance sheet, we expect 12 - 15% earnings per share growth which equates to a range of $1.58 to $1.62 for 2005. This expectation includes the impact of stock option expense beginning in July 2005 and expense for new restricted stock awards beginning in the first quarter of 2005. The additional cost for both options and restricted stock awards represents approximately $0.03 per share for the full year 2005."

Synovus will host an earnings highlights conference call at 4:30 p.m. ET, on January 19, 2005. The conference call will be available in the Investor Relations section of www.synovus.com under the "Conference Calls and Webcasts" tab. Please log on 5-10 minutes ahead of the call time.

Synovus (NYSE:SNV) is a diversified financial services holding company with over $25 billion in assets based in Columbus, Georgia. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 40 banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and electronic payment processing through an 81-percent stake in TSYS (NYSE:TSS), the world's largest third-party processor of international payments. Synovus has been named one of "The 100 Best Companies To Work For" in America by FORTUNE magazine, and has been recognized in its Hall of Fame for consecutive appearances on the list since its inception in 1998. In 2004, Synovus was also named as one of "America's Most Admired Companies".

See Synovus on the Web at www.synovus.com .


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

CIT Announces Diluted EPS of $0.95 for the Quarter, Up 32% from
Last Year Diluted EPS of $0.91 Excluding Certain Items

* New business volume up 32% from prior year
* Managed assets up $3.7 billion, or 8%, from previous year
* Credit quality trends remain favorable
* Return on average tangible equity improves further


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

Fitch: Oil Prices, Economic News Slow U.S. High Yield Market

Fitch Ratings-Chicago- After a strong start, the U.S. high yield market gave back some ground last week amid rising oil prices, negative fund flows, and more mixed economic news, according to Fitch Ratings' 'High Yield Market Weekly.' The modest decline in high yield compares to slight gains for U.S. Treasuries and the investment-grade sector. Weakness was most pronounced in the airline sector, with most Delta Air Lines issues retreating by five points or more.

The commentary is part of a new weekly Fitch newsletter focused exclusively on the high yield market. The newsletter will highlight Fitch's ratings actions in the high yield sector and provide a review and analysis of the previous week's trading activity, as well as commentary on key issues affecting the high yield market and issuers in the news.

The current and future editions of 'High Yield Market Weekly' are available on the Fitch Ratings web site at 'www.fitchratings.com'. The newsletter will be published every Monday. Fitch currently rates 79 of the top-100 high yield issuers and more than 130 total. Fitch is also active in the high yield loan market, evaluating more than 400 high yield loans in 2004.

Contact: Eric Tutterow +1-312-368-3218,



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


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This Day in American History

    1778 - Captain James Cook discovered Hawaii when he landed first at Waimea on Kauai Island. A graffiti marked plaque honors the spot, although the town has a statute of the famed explored, evidently not liked to this day by the islanders.
    1801-John Marshall was appointed the fourth chief justice of the US Supreme Court.
    1806 – Birthday of writer/editor Nathaniel P. Willis, who founds the "American Monthly Magazine" in 1831, born Portland, Maryland.
    1847-Birthday of Rev. W.R. Pettiford, founder of the Alabama Penny Savings Bank and the Alabama Publishing Company.310 18th Street North, Birmingham,Al. Now the Pythian Building, the Alabama Penny Savings Bank was Alabama's first black-owned bank and the first of three banks in the nation owned and operated by African-Americans in the early 1900s.
    1870-Hiram Rhodes Revels elected U.S. Senator from Mississippi, becoming the first Black US Senator in US history. Ancestry was Black . American Indian . Lumbee Indian . Republican. Member of Mississippi state senate , 1870; U.S. Senator from Mississippi , 1870-71; secretary of state of Mississippi , 1873 Died while attending a church conference , in Aberdeen, Monroe County , Miss., January 16 , 190 1. Polite and unassuming, Revels was a national sensation and honored guest at lavish Washington receptions. When he presented his credentials on Feb. 23, Senate galleries were packed. To Republicans, he was living proof the war had advanced civil rights. The portly Revels was seated by a convincing 48-8 vote. On Feb. 25 at 4:40 p.m., he officially became the first black man to serve in either the Senate or the House of Representatives. Sen. Revels' dignified congressional service ended in March 1871. Returning to Mississippi, he co-founded "Revels University" for African-American students, became its first president and then crusaded to change the school name to "Alcorn University" to honor the white governor who supported his efforts. He also taught at Shaw University and was elected Mississippi secretary of state. To obtain election, politics would change and a deal was made with southern Democrats, and reconstruction would end. It would not be until November 8, 1966 that another black would be elected to the US Senate; Edward W. Brooke of Massachusetts.


January 20th
    1872- Birthday of Julia Morgan, American architect.
*first woman student University of California at Berkeley college of engineering,
*first woman admitted and first woman graduate of the architectural section of the cole des Beaux-Arts of Paris,
*first woman to get an architectural license in California.
Ms. Morgan had a very successful architectural firm that built a number of landmarks in California and became the favorite architect of Phoebe Apperson Hearst. She designed more than 800 buildings but is best known for William Randolph Hearst's San Simeon complex, which took 21 years to complete. At her peak she employed 35 architects in a learning atmosphere. She a plane with a full-time pilot to take her to various construction sites during her 40-year career. Even though Hearst's La Casa Grande is one of the most lavish private residences in the world, JM was noted for designing fine buildings with beautiful interiors on limited budgets. Her genius is particularly prominent in San Francisco and the Bay area because she'd opened her office in SF just prior to the 1906 earthquake.

    1879 –Birthday of great American modernist dancer Ruth St. Denis ,born Englewood, New Jersey. “The dance is the rhythmic articulation of the soul.”
— Ruth St. Denis

    1885 – La Marcus Thompson of Coney Island, New York patented the roller coaster. His coaster was 450 feet long, with a highest drop of 30 feet.

    1891 – Under the direction of Dr. James Naismith, the first basketball game was played at the International YMCA in Springfield, MA. Peach baskets with the bottoms still in them were used as the goals. It wasn't until 1905 that someone had the bright idea to remove the baskets' bottoms, thereby eliminating a climb up a ladder after every goal.
    1894-Birthday of American composer Walter Piston, Rockland, Maine

    1894-Birthday of Harold Lincoln Gray, the creator of Little Orphan Annie, born at Kankakee, IL. The comic strip featuring the 12-year-old Annie, her dog Sandy and her mentor and guardian Oliver “Daddy” Warbucks began appearing in the Chicago Tribune in 1924. While controversial for it strong conservative views, the strip was highly popular for it stories demonstrating the values of perseverance, independence and courage. Gray created the strip for 44 years until his death May 9, 1968 at La Jolla, CA, at age 74.
    1896-Birthday of George Burns, comedian, born at New York City. He began in vaudeville without much success until he teamed up with Gracie Allen, who became this wife. As Burns and Allen, the two had a long career on radio, in film and with their hit TV Show, “The George Burns and Gracie Allen Show.” Later he played the role of Rod and the Devil in the “Oh, God!” movies. He lived to be 100 and died March 9, 1996, at Los Angeles, CA.
    1920 -- American Civil Liberties Union founded.
    1920-Birthday of harmonica player Gene Dennis, Mt. Pleasant, TN
    1922-Birthday of singer Connie Haines, born Savannah, GA.
    1922-Birthday of trumpeter Ray Anthony, born Bentleyville, GA.

artist=Ray+Anthony yahoo.com/ggroup/dreamdanraya.html

    1924-Birthday of Otis Dewey “Slim” Whitman, first country singer to perform at the London Palladium, born Tampa, Fl. 1929 - The movie, "In Old Arizona", the first full-length talking picture filmed outside, was released. The outdoor scenes were filmed in Utah and California.


    1925 -- Miriam "Ma" Ferguson inaugurated as Texas' first woman governor. Her husband "Pa" Ferguson had been governor in the previous decade but was impeached. When Ma ran in 1924, the slogan was "two governors for the price of one."




    1929-Birthday of drummer Jimmy Cobb, Washington, DC
    1931-Brithday of organ player Earl Grant, Oklahoma City, OK “Ebb Tide” was a big hit in 1961.


    1937 - Franklin Delano Roosevelt became the first President of the United States inaugurated on January 20th. The 20th Amendment to the United States Constitution officially set the date for the swearing in the President and Vice President. In 1933, the amendment was ratified by Congress. On November 3,1936 he was reelected president of the United States in a Democratic landslide that carried every state except Maine and Vermont. John Nance Garner was elected vice president. Congress became more than three-quarters Democratic in both houses. The electoral vote was Roosevelt, 523; Govern Alfred M. Landon of Kansas, 8. The popular vote was Roosevelt, 27,751,612; Landon, 16,687,933. Lemke, Union Party, 891,858; Thomas, Socialist, 187,342; Brosder, Communist, 80,181:, Dr. Colvin, Prohibition, 37,609; Aiken Socialist Labor, 12,729. The campaign was bitter. About 80% of the press opposed Roosevelt. In congressional elections the Democrats gained seven Senate seats, for a 76-16 majority, with four seats going to minor parties. In the House, their majority was 331-9, with 13 seats going to the minor parties. It was also t he wettest Inaugural Day of record with 1.77 inches of rain in 24 hours. Temperatures were only in the 30s as Franklin D. Roosevelt was sworn in for his second term.
    1942 - On Columbia Records, Harry Babbitt sang with Kay Kyser and his orchestra on, "Who Wouldn't Love You". The record was a hit for Kyser
    1945 - Franklin Delano Roosevelt was inaugurated to his record fourth term in office as president of the United States. He was the only one to win a fourth term, November 7, 1944. Harry S. Truman was elected vice-president. The electoral vote was Roosevelt, 432; Governor Thomas E. Dewey, Republican, 99. The popular vote was Roosevelt, 25,602,504, Dewey, 22,006,285. In congressional elections the Democrats lost two Senate seats, but held a 56-38 majority. In the House, they gained 24 seats for a 242-190 lead, with two seats held by minor parties.
    1948---Top Hits
Ballerina - Vaughn Monroe
How Soon - Jack Owens
Golden Earrings - Peggy Lee
I'll Hold You in My Heart (Till I Can Hold You in My Arms) - Eddy Arnold
    1953 - For the first time, a television show from the United States was transmitted to Canada. The historic show was the CBS Television production of "Studio One", transmitted to CBLT-TV in Canada.
    1954 -70ºF (-57ºC), Rogers Pass, Montana (state 48 record)
    1954 - Radio's National Negro Network was formed, with nearly 40 radio stations taking charter membership positions. Its most notable program was "The Story of Ruby Valentine", a continuation of the CBS soap "We Love and Learn". The program starred Juanita Hall (fresh from her success as Bloody Mary in "South Pacific") and was apparently sponsored by Wrigley's Gum. The network flourished in the mid 50s and may have had a number of major national sponsors.
    1954 - The temperature at Rogers Pass, MT, plunged to 70 degrees below zero to establish a new record for the continental U.S
    1956---Top Hits
Memories are Made of This - Dean Martin
Band of Gold - Don Cherry
Rock and Roll Waltz - Kay Starr
Sixteen Tons - Tennessee Ernie Ford
    1958 - The early rock 'n' roll classic, "Get a Job" by the Silhouettes was released.
    1958 - Elvis Presley was ordered by the draft board in Memphis, Tennessee to report for duty. He was allowed a 60-day deferment to finish the film "King Creole".
    1961-John F. Kennedy was inaugurated president of the United States. A Democrat and the 35 th president, Kennedy was assassinated on Nov. 22,1963. “And so, my fellow Americans: ask not what your country can do for you—ask what you can do for your country. My fellow citizens of the world: ask not what America will do for you, but what together we can do for the freedom of man. “
( lower half of: http://memory.loc.gov/ammem/today/jan20.html)
    1964 - The Beatles second album, Meet the Beatles, was released in the United States. It was the British group's U.S. debut LP. It rose to Number 1 on the LP pop chart, and remained in the top spot for 11 weeks.
    1964---Top Hits
There! I've Said It Again - Bobby Vinton
Forget Him - Bobby Rydell
Surfin' Bird - The Trashmen
Love's Gonna Live Here - Buck Owens
    1965 - The first disk jockey to program black music for white audiences, Alan Freed, the ‘Father of Rock 'n' Roll', died of uremia in a hospital in Palm Springs, California. He was only 42 and a borderline alcoholic - a broken man because of his involvement in the payola scandals. In the 1950s, Freed, ‘Moon Doggy', at WJW Radio in Cleveland, coined the phrase, "rock 'n' roll,”" before moving to New York's WABC. He was fired from WIN December 1962, Freed was fined $300 and given a suspended sentence on two counts of commercial bribery - accepting money for playing records. Three years earlier, he was the top disc jockey in the US on New York station WABC, which fired him when he refused to sign a statement saying he had accepted bribes. ABC for allegedly accepting payola aka being paid to play records by artists and record companies. The congressional investigation from 1959 to 1960 into payola made Freed the scapegoat for a wide spread practice. Freed died almost penniless after the scandal was exposed. Alan Freed was said to have coined the term rock 'n' roll from the words to Bill Haley's 1952 recording of "Rock A'Beatin' Boogie."  .
    1965-The Rolling Stones and the Kinks make their first appearance on ABC-TV's "Shindig!" Also appearing are the Dave Clark Five, Petula Clark, Bobby Vee, Bobby Sherman and Gerry & the Pacemakers.
    1968- Bob Dylan and the Band horrified folk music purists by playing electric instruments at a Tribute to Woody Guthrie concert at New York's Carnegie Hall. The concert, one of a series organized by Pete Seeger, also featured Joan Baez and Peter, Paul and Mary. Guthrie, a folk music pioneer, had died the previous October.
    1972---Top Hits
American Pie - Don McLean
Let's Stay Together - Al Green
Sunshine - Jonathan Edwards
Carolyn - Merle Haggard
    1973 - Richard M. Nixon was sworn in as president for a second term; during the Watergate scandal, he became the first president to resign from office. On Nov. 7, he was reelected president of the United States in the greatest Republican landslide in history. Spiro T. Agnew was reelected vice-president. The electoral vote was Nixon, 521; Sen. George S. McGovern, Democrat, 17. The popular vote was Nixon, 45,767,218; McGovern 28,257,668. The Democrats picked up two Senate seats for a 57-43 majority. The Republicans gained 13 seats in the House, but the Democrats still led 255-179, with one seat going to an independent.
    1973-Jerry Lee Lewis makes his debut at the Grand Ole Opry. Opry officials allowed him to perform only if he agreed to keep his music to country and abstain from using obscenities. Things start well but by the end of the half-hour set, Lewis has played "Great Balls of Fire," "Whole Lotta Shakin' Goin' On" and Good Golly Miss Molly." He also proclaimed, "I am the rock & rollin', country & western, rhythm & blues singin' motherf***er."
    1974 - Johnny Miller, won the Tucson Open Golf Tournament, becoming the first pro golfer to win four major tournaments consecutively.
    1977-Here is some trivia as the first president to take oath of office using a nickname was Jimmy Carter, who was worn into office in Washington, DC this day by Chief Justice Warren E.l Burger. Instead of his formal name, James Earl Carter, Jr., he used his nickname, Jimmy. ON November 2, 1976 he was elected president along with Walter F. Mondale as vice-president. The electoral vote was Carter, 297; President Ford, 240. The popular vote was Carter, 40,828,929; Ford, 39,148,940. In congressional elections the Democrats kept a 2-1 Senate majority, 64-38, with one seat going to an independent, and a House majority of 292-143. In the fist months of President Carter's administration, most Vietnam-era draft resisters were pardoned, the planned pullout of US forces from South Korea was announced, and while he had a full agenda, it was setback when Congress challenged the financial dealings of Bert Lance, director of the Office of Management and Budget, and opposed passage of Carter's energy conservation Program. Vernon Jordan of the National Urban League charged the administration with not doing enough to reduce unemployment among blacks.
    1978 - Fred Silverman quit his job as ABC-TV's head of programming to take a position as president of NBC. For ABC, Silverman developed shows like "Happy Days", "Laverne and Shirley", "Charlie's Angels" and "Three's Company", earning the network its highest ratings ever. His talents didn't work out as well at NBC where he backed the most expensive television bomb in history: "Super Train", starring Steve Lawrence. Grant Tinker shortly after replaced Silverman, taking the Peacock Network to number one in just a few years. Silverman would go on to become a top Hollywood independent producers.
    1978 - A paralyzing "Nor'easter" produced a record 21 inches of snow at Boston, 15 to 20 inches in Rhode Island, and one to two feet of snow in Pennsylvania. Winds along the coast of Connecticut gusted to 70 mph.
    1980 -Super Bowl XIV Pittsburgh Steelers beat Los Angeles Rams, 31-19 in Pasadena; Super Bowl MVP Terry Bradshaw, Pittsburgh, Quarterback
    1980---Top Hits
Rock with You - Michael Jackson
Do that to Me One More Time - The Captain & Tennille
Cruisin' - Smokey Robinson
Coward of the County - Kenny Rogers
    1980-President Jimmy Carter announced that the US Olympic Team would not compete in the 1980 Summer Games in Moscow as a protest against the Soviet Union's military intervention in Afghanistan in December, 1979.
    1981 - Ronald Reagan became president of the United States at the age of 69 and 349 days, the oldest president to take office. He carried 44 states in the November 4, 1980 election. The electoral vote was Reagan, 489; Pres. Jimmy Carter, 49. The popular vote was Reagan, 42,797,153; Carter, 34,434,100. John Anderson, independent candidate, 5,533,927. In congressional elections, the Republicans picked up 12 Senate seats for a 53-46 majority, with one independent seat. In the House, the Democrats lost 33 seats but kept a majority of 242-192, with one seat going to an independent.
    1981 - 52 American hostages seized in their embassy in Tehran were released after 444 days in captivity.
    1982- singer Ozzy Osborne was taken to hospital after biting the head off a dead bat during a concert in Des Moines, Iowa. Ozborne threw the remains of the bat into the audience. He had to endure a series of rabies shots and their effects caused him to collapse on stage the following week
1982-The Chicago Bears named former tight end Mike Ditka head coach. In 11 seasons, Ditka won the 106 regular-season games and led the Bears to victory in Super Bowl XX.
    1982—Camcorder developed: Five companies ( Hitachi, JVC, Phillips, Matsushita and Sony) agreed to cooperate on the construction of a camera with a built-in videocassette recorder.
    1985 - The most watched Super Bowl game in history was seen by an estimated 115.9 million people as Joe Montana and the San Francisco 49'ers downed Dan Marino and the Miami Dolphins 38-16 at Stanford, CA.. The broadcast captured the second largest television audience ever. The only show to have a larger audience, the largest in history, aside from man landing on the moon, was the one for the last episode of M*A*S*H in 1983. Super Bowl XIX was also historic in that is featured the first use of television commercials that sold for a million dollars a minute.
Super Bowl MVP Joe Montana, San Francisco, Quarterback
    1986 - Never used, and until then unseen by the public footage from the 1931 horror classic, Frankenstein, was found. The lost scenes showed the monster, played by Boris Karloff, tossing a girl into a lake and at one point having a hypodermic needle in the monster's arm. Considered too shocking for the 1930's audience, the scenes were cut. Since then, they have been put back into the film and re-released to the public.
    1987 - Terry Waite, the Archbishop of Canterbury's special envoy in Lebanon, was kidnapped. He was not released until November 1991.
    1988---Top Hits
Got My Mind Set on You - George Harrison
The Way You Make Me Feel - Michael Jackson
Need You Tonight - INXS
One Friend - Dan Seals
    1989 - The temperature in the Washington D.C. area warmed into the lower 50s for the Presidential Inauguration during the late morning hours, before gusty northwest winds ushered in colder air that afternoon
    1990 - While heavy thunderstorm rains drenched the Central Gulf Coast States, with 4.23 inches reported at Centreville AL in 24 hours, unseasonably warm weather continued across Florida. Five cities in Florida reported record high temperatures for the date. Tampa FL equaled their record high for January of 85 degrees
    1991-The Buffalo Bills won the first of their record four consecutive AFC titles by overwhelming the Los Angeles Raiders, 51-3. Buffalo went on to lose Super Bowl XXV to the New York Giants, 20-19.
    1993- President Bill Clinton picked up his saxophone to jam with the likes of Ben E. King, Clarence Clemons, Herbie Hancock, Dionne Warwick and Chuck Berry at several of the dozen balls honoring his inauguration. Among other headliners at the balls were the original members of Fleetwood Mac, Linda Ronstadt and Paul Simon. Canadians among the entertainers included Celine Dion, who performed at a youth gala, Bruce Cockburn, Ronnie Hawkins and k.d. lang, who was a star attraction at an unofficial ball put on by People for the Ethical Treatment of Animals.
    1995- Bonnie Raitt raised $80,000 at a New York City benefit for her project to provide guitar lessons for girls. Fender guitars later announced the launching of the Bonnie Raitt Signature Stratocaster, the first Fender named after a woman. Raitt donated all her royalties from the line to her project and Fender said it would provide free guitars.
    1996- Madonna arrived in Buenos Aires to begin filming the movie version of "Evita," the musical about Eva Peron. Nationalist hardliners in the ruling Peronist Party were openly hostile to the idea of Madonna playing the former Argentine first lady. There were reports that security around the star had been beefed up.
    1997- Comet Hale-Bopp crosses Mars' orbit

Super Bowl Champions This Date

    1980 Pittsburgh Steelers
    1985 San Francisco 49ers


American Football Poem

You Must Not Quit

When things go wrong, as they sometimes will,

When the road you're trudging seems all uphill,
When the funds are low and the debts are high,
And you want to smile, but you have to sigh,
When care is pressing you down a bit-
Rest if you must, but don't you quit.
Life is queer with its twists and turns,

As every one of us sometimes learns,
And many a fellow turns about
When he might have won had he stuck it out.
Don't give up though the pace seems slow -
You may succeed with another blow.
Often the goal is nearer than

It seems to a faint and faltering man;
Often the struggler has given up
Whe he might have captured the victor's cup;
And he learned too late when the night came down,
How close he was to the golden crown.
Success is failure turned inside out -

The silver tint in the clouds of doubt,
And you never can tell how close you are,
It might be near when it seems afar;
So stick to the fight when you're hardest hit -
It's when things seem worst that you must not quit.




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