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entertainment for the commercial bank, finance and leasing industry


Leasing Operations Manager
San Antonio, Texas

Leadership role in building a team focused on credit, documentation and funding functions for a dynamic high growth business operating in both captive and non- captive lift truck markets.
Click here for full description.

Contact: Monet Pitts, HR Manager
Quality Controlled Material Handling Equipment Rent, Finance, or Lease up to 84 months, Maintenace, too.

Friday, July 25, 2014

Today's Equipment Leasing Headlines

Placard---Cashflow is King
  Classified Ads---Sales
ELFA Reports June New Leasing Business Up 30%
  $9.0 Billion for June, May $6.9 Billion
   Leasing Industry Ads---Help Wanted
New Hires—Promotions in the Leasing Industry
  Back Office Companies
CIT Group makes its move with OneWest deal
     SNL Financial Analysis
CIT's big buy in California could signal
   more large bank deals to come
Innovative Lease Services 9.6% Increase New Business
 Much Anxiety Over Having Enough Money for Retirement
  IASB completes reform of financial instruments accounting
Labrador Retriever Blend
   Carlsbad, California  Adopt-a-Dog
Venus in Fur/How to Train Your Dragon 2
Under the Skin/the Raid 2/The Essential Jacques Demy
   At the Theater/Amazon-Netflix by Fernando Croce
Leasing Conferences--National and International
  ELFA Early Bird to Expire Next Week
News Briefs---
Michigan shows greatest drop in unemployment benefit claims in nation
 Feds propose phasing out older crude-oil train tank cars
  There's a budding business in loans for marijuana startups
   GM profits down 80 percent, due to recall costs

Broker/Funder/Industry Lists | Features (writer's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
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######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer.

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Classified Ads---Sales

(These ads are “free” to those seeking employment
or looking to improve their position)

Boston, Mass.
Accomplished Sales & Relationship Management Professional with business development experience in the financial services industry. Recognized by market leaders as industry expert in Professional Practice financing, as well as Residential Mortgage Lending. Keen insight and understanding of transaction process and financial requirements of customer. Proven record of exceeding sales goals.
Work Remotely
Business Development - Are you looking to enter/increase your Healthcare lending? Let me identify and qualify healthcare (all verticals) vendors, distributors, and end users who utilize leasing/financing as a tool to sell equipment for you. Many years experience - contact Mitchell Utz at or 
(215) 460-4483.

Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:


ELFA Reports June New Leasing Business Up 30%
$9.0 Billion for June, May $6.9 Billion

New Business chart
(Chart: Leasing News)

Second Quarter of new business volume reported by the Equipment Leasing and Finance Association (ELFA) MFLI-25 shows an increase from the previous two quarters.

(Chart: Leasing News)

MLFI-25 New Business Volume (Year Over Year Comparison)
click to make larger

(Chart: ELFA MFLI-25)

Receivables over 30 days decreased from the previous month at 1.6 percent, and were up from 1.4 percent in the same period in 2013.  Charge-offs were unchanged for the third consecutive month at an all-time low of 0.2 percent.

Credit approvals totaled 80.1 percent in June, an increase from 76.1 percent the previous month.  Total headcount for equipment finance companies was up 1.0 percent year over year.

Separately, the Equipment Leasing & Finance Foundation's Monthly Confidence Index (MCI-EFI) for July is 61.4, unchanged from the previous month. 

ELFA-MFLI-25 Charts

Aging of Receivables:

click to make larger

Average Losses (Charge-offs) as a % of net receivables
(Year Over Year Comparison)

click image to make larger

Credit Approval Ratios As % of all Decisions Submitted
(Year Over Year Comparison)

click image to make larger

Total Number of Employees
(Year Over Year Comparison)


ELFA MLFI-25 Participants
ADP Credit
BancorpSouth Equipment Finance
Bank of America
Bank of the West
BB&T Bank
BMO Harris Equipment Finance
Canon Financial Services
Caterpillar Financial Services
De Lage Landen Financial Services
Dell Financial Services
Direct Capital Corporation
EverBank Commercial Finance
Fifth Third Equipment Finance
First American Equipment Finance, a City National Bank Company
GreatAmerica Financial Services
Hitachi Credit America
HP Financial Services
Huntington Equipment Finance
John Deere Financial
Key Equipment Finance
LEAF Commercial Capital
M&T Bank
Marlin Leasing
Merchants Capital
PNC Equipment Finance
RBS Asset Finance
SG Equipment Finance
Siemens Financial Services
Stearns Bank
Susquehanna Commercial Finance
TCF Equipment Finance
US Bancorp Equipment Finance
Verizon Capital
Volvo Financial Services
Wells Fargo Equipment Finance


Leasing Industry Help Wanted


Collector, Atlanta, GA

Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office.

Sales, Chicago, Atlanta

Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered.

Contact: Michael Testa 312-881-3133
Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit


Leasing Operations Manager
San Antonio, Texas

Leadership role in building a team focused on credit, documentation and funding functions for a dynamic high growth business operating in both captive and non- captive lift truck markets.
Click here for full description.

Contact: Monet Pitts, HR Manager
Quality Controlled Material Handling Equipment Rent, Finance, or Lease up to 84 months, Maintenace, too.


For information on placing a help wanted ad, please click here:

Please see our Job Wanted section for possible new employees.  


New Hires—Promotions in the Leasing Industry

Michael Amoriello was promoted to Account Executive at LEAF Commercial Capital, Inc., Philadelphia, Pennsylvania.  He joined the firm March, 2009, as a Credit Analyst.  Education: Drexel University Bachelor of Applied Science (BASc), Business Administration and Management, General (2007–2010).

Scott Bell was hired as Account Executive at EMC, New York, New York.  Previously he was Enterprise Originations Leader, GE Capital
(April, 2012–June, 2014); Industrial Sales Manager, Brand Energy & Infrastructure Services, Inc. (July, 2008–March, 2012); Territory Sales Manager, General Electric (June, 2007–July, 2008); National Account Representative, General Electric (June, 2006–May, 2007); Inside Sales Representative, General Electric (June, 2005–June, 2006); Honors & Awards: 2010 "President’s Award" Recipient; 2009 "Top 5" Award;  2007 “GE Rental Deal of the Year” Recipient. Education: Colorado State University (2000 – 2004).

Joe Boles was hired as Vice President, Sales at Cole Taylor Equipment Finance, Dallas/Fort Worth Area. Previously, he was Vice President, Equipment Finance, Commerce Bank (May, 2013–July, 2014); Manager, Aircraft Leasing, Air Medical Group Holdings (2012–May, 2013); President, Cowtown Finance, Inc. (October, 2011–July, 2012); Vice President, Aviation Finance, Siemens Financial Services, (September, 2007–September, 2011): Vice President, Aircraft Finance, Bank of America (June, 1994–September, 2006). Education:  University of North Texas, Administrative Management (1977–1981).

Lori Dennis, CLP, was promoted to Senior Vice President, Healthcare, First American Equipment Finance, Fairport, New York. She joined the firm November, 1998 as Vice President, Transaction Manager; promoted January, 2007 to Vice President, Asset Management; promoted July, 2011 to Vice President, Enterprise Business Division. Certified Leasing Professional, November, 2013. Education: Cornell University, Bachelor's, Science (1992–1996).

Eric Diedrich has joined IBM Global Finance, Greater Minneapolis-St. Paul Area.  Previously he was with Healthcare Vendor Services, U.S. Bank Equipment Finance January 2014–July, 2014). Prior he was Financial Solutions Manager, Cisco Systems Capital (February, 2007–October, 2013); Manager, Sales and New Business Development,  Creekridge Capital LLC. (September, 2005–January, 2007); Manager, Sales and Vendor Program Development, Sunrise International Leasing Corporation (April, 2003–September, 2005); Area Sales Manager, Meridian Leasing Corporation (July, 2001–April, 2003); Computer Sales International (CSI Leasing) (December, 1998–June, 2001); Area Sales Manager, Meridian Leasing Corporation (October, 1993–November, 1998). Account Executive, Metro Sales,Inc (1991–1993). Education: University of Wisconsin-Eau Claire, Communications & Economics.

Robin Harmon was hired as National Finance Manager - Commercial Marine at TCF Equipment; greater Nashville, Tennessee area.  Previously, she was President, Maritime Capital Resource, Inc. (2011–Present); Realtor, Exit Real Estate Solutions (2012–2013); VP - Marine Finance, GATX (July, 2010–November, 2011); VP, Prudential Capital Group (2007 – 2009); VP, GMAC Commercial Finance (2006–2007); Founder, CEO, Maritime Capital Resource, Inc. (2004–2006); VP, M&T Bank (formerly Allfirst Bank) (2001–2003); Director - Marine Finance, CNH Capital (1998–2001); National Account Manager, Caterpillar Financial (1991–1998). Education: Belmont University - Jack C. Massey Graduate School of Business MBA (1992–1997). University of North Florida - College of Business Administration, BBA, Finance (1985–1991). The Johns Hopkins University - Carey Business School, MS, International Business.

Kari M. Johnson was hired as Business Consultant at Wells Fargo
Greater Minneapolis-St. Paul Area.  Previously, she was Operations Manager, TCF Equipment Finance (March, 2010–July, 2014); Sr. Transaction Coordinator, TCF Equipment Finance (June, 2007–March, 2010). Professional Organizer, Let's Get Organized (September, 2006–June, 2007); Independent Mortgage Loan Processor, Self Employed (March, 2006–December 2006); Internal Account Executive, Minnesota One Mortgage (December, 2005–March, 2006); Consumer Loan Processor, GE Capital (October, 2001 – December, 2005). Volunteer: Midway Men’s Club (August, 2006 – Present). Education: Augsburg College, Art/Art Studies, General (1997 – 1998).

Crystal Murcha was hired by Blue Bridge Financial, LLC, Buffalo, New York, as Vice President of Broker Relations, to work out of their new business development office in Lake Wylie, South Carolina. "(She) brings over seven years industry experience with third party origination sources, most recently with Axis Capital, Inc. (She) will oversee the business development division with a focus on independent third party originator loan relations. Supporting Crystal in the South Carolina office are Jenny Myers and Samantha Furtick as Broker Relations Assistants." Education: Bellport.  

David O'Hara now hired for Sales at Lions and Associates, Farmington, New Mexico. He joined Capital One as Senior Fraud Recovery Manager, 2011. Prior he was Assistant Vice President and Collections/Litigation Manager, US BANCORP EQUIPMENT FINANCE, INC. (January, 2002–January,2011); Relationship Manager, Wells Fargo Equipment Finance (November, 1999–July 2002); Credit Collections Manager, AG-CHEM EQUIPMENT CO., INC, (January, 1987–January, 1999). Education: Colorado Technical University, BS/BA, Human Resource Management (2006–2007). Colorado Technical University, BS/BA, Business Management (2005–2006). Hibbing Community College, AS, Business and Accounting (1978–1982). Hibbing High School.

Nicholas Sentementes has been hired as Vice President of Middle Market Equipment Finance, First Niagara Financial Group; “…responsible for equipment leasing sale originations and product management for the Tri-State and New England regions. He will maintain an office in Norwalk, CT.” Previously, he was SVP-Senior Commercial Loan Officer, People's United Bank (June, 2011–July, 2014). Education: The University of Connecticut School of Business BS/MBA, Finance (1987–1992).

Reed Upson was promoted to Assistant vice President-Financial and Operations, Warren Capital Corporation, Novato, California.  “(He)… joined Warren Capital Corporation in May of 2012 as a Finance and Operations Analyst. Reed was promoted to Senior Financial & Operations Analyst in May of 2013.  He provides support on company-side underwriting and analysis in addition to working with North Bay & West Coast companies and the ZipLease Vendor program.  Previously, he was Financial Analyst Intern, Ogilvy Public Relations Worldwide (June, 2011–January, 2012); Student Ambassador, Dominican University of California (September, 2009 – June, 2011); Leadership Intern, Dominican University of California (January, 2011- May, 2011); Wealth Management Intern, Bank of America Merrill Lynch (June, 2010–August, 2010); Finance Intern, O'Donnell Financial Group (May, 2010–August, 2010); Marketing Intern, Dominican University of California (June, 2009–September, 2009). Education: Dominican University of California, Master of Business Administration (M.B.A.), Global Strategic Management, GPA 3.81 (2011–2013) Graduated with honors (Magna Cum Laude).Dominican University of California, Bachelor's Degree, Business Administration - Finance Concentration,Leadership Minor, GPA 3.82 (2008 – 2012. Graduated with honors (Magna Cum Laude). Honors & Awards: Academic: Business Student of the Year (2012); Capital One Academic All American (2012); Nominated as Dominican's "Outstanding Student of the Year" (2012); Scholar Athlete of the Year (2011 & 2012); Academic: All District & All Conference (2011 & 2012); Edward M. Nagel scholarship recipient (2011); Dean's List (2008-2012); Dominican University Varsity Lacrosse Team (NCAA DII); "Coaches Award" Recipient (2012); Voted "All-League" (2011- 2012); Team MVP (2011); All Time Leading Scorer (2012). Davis Senior High School (2005–2008). Activities and Societies: Men's Varsity Lacrosse



Back Office Companies

Advance Property Tax
Group 88 Systems, Inc. OutSourcing Solutions Group, LLC
Barrett Management Corp. Haws Consulting Group Phoenix Leasing Portfolio Srvcs., Inc.
Bank of the West JDR Solutions Portfolio Financial Servicing Co.
ECS Financial Services LeaseDimensions, Inc. RPC Property Tax Advisors, LLC
EquipmentEngine Financial 
Services Company
Madison Capital, LLC
GreatAmerica Portfolio 
Services Group LLC
Orion First Financial, LLC

Full List


CCAR looming, CIT Group makes its move with OneWest deal
SNL Financial Analysis
By Matt Blumenfeld

(Note: this can only be beneficial for CiT Bank and its
purchase of Direct Capital, expected to close this Fall. Editor)

John Thain is getting his bank.

CIT Group Inc.'s chairman and CEO has been up-front in recent years about the prospects, and the appeal, of his company acquiring a depository institution. Now the specialty lender is doing just that, announcing a deal with IMB HoldCo LLC to buy OneWest Bank NA for $3.4 billion in cash and stock.

Thain laid out the case for a deal akin to the OneWest transaction during his June 25 investor day speech, saying that buying a big bank "would be better" than acquiring a smaller one given regulatory restrictions. CIT was poised to hit the $50 billion asset milestone subjecting it to the Comprehensive Capital Analysis and Review, or CCAR, and marking it as a systemically important financial institution within the next year or two. Thain said during the investor day presentation that CIT was ready for that designation but that just barely crossing the threshold would be detrimental.

"If we're going to go over it, we'd go over by a more significant amount," he said, according to a transcript.

Thain on a July 22 conference call underscored the points he made a month earlier, saying that the company needed core retail deposits to diversify its bank's funding sources and lower its cost of funding. The addition of OneWest will significantly alter CIT Bank's makeup, adding 73 branches, lowering deposit costs by around 40 basis points, cutting its overall cost of funds by around 90 basis points and boosting its assets and deposits to $41 billion.

Though CIT's intentions were long telegraphed, the timing nevertheless surprised at least one analyst. SunTrust Robinson Humphrey's Eric Wasserstrom said the deal came sooner than he anticipated but told SNL that it "ticks all the boxes" in terms of what the company wanted to accomplish when buying a bank.

Janney Capital Markets analyst Sameer Gokhale was less startled by the announcement, saying that the "looming" CCAR threshold had compressed the timeline for CIT to decide whether to buy a bank or sell itself lest it be in the unenviable position of needing to do something at the last minute. The company had picked all the "low-hanging fruit" by paying down high-cost debt, cleaning up the balance sheet and performing some restructuring work, Gokhale told SNL.

"At the end of last year it felt to me that they would have to contemplate doing some kind of transformative deal," he said.

Per terms of the deal, OneWest will receive $2 billion in cash and 31.3 million CIT common shares. The stock portion is valued at an aggregate of $1.4 billion, assuming a per-share price of $44.33. The value of the consideration's stock portion will be significantly more if CIT's shares continue to trade where they did immediately following the deal's announcement. CIT stock climbed 10.83% on July 22, finishing the session at $48.71.

The sharp move up despite the deal being financed in part with stock failed to surprise Gokhale, who said the accretion and benefits of the transaction are so "glaring and huge" that they offset any potential dilution. CIT took action to pre-empt any worries over using stock as part of the consideration as its board authorized the repurchase of an additional $500 million worth of common shares through June 30, 2015.

At about 1.2x tangible book value, OneWest's price tag is pretty attractive, according to Gokhale. Though OneWest lacks obvious franchise value, CIT does not need that kind of power, the analyst said. All it needed was a bank with which it can marry its higher-yielding assets with lower-cost deposits.

"It almost seems like a match made in heaven," said Gokhale.

"Transformational" rhetoric aside, CIT does not expect the OneWest deal to change its business model. Thain on the conference call said his company will continue to be a "national middle-market lender" — just a better-funded and better-capitalized one, according to a transcript.

CIT anticipates the deal closing in the first half of 2015, pending regulatory approval. Such approval has been a significant hurdle for other recent large bank transactions. M&T Bank Corp.'s planned $3.8 billion purchase of Hudson City Bancorp Inc., for instance, has yet to be given the green light despite being announced nearly two years ago.

Analysts who spoke with SNL were more positive about the prospects for OneWest and CIT to reach completion. CIT is likely to have more sophisticated compliance programs than many peers given previous restrictions under the now-lifted enforcement action by the Federal Reserve Bank of New York, Wasserstrom said.

Gokhale said that while it is possible regulators will delay or block the deal, they are more likely to be "positively predisposed" to it given their desire that CIT have a branch-based deposit franchise. The company has likely engaged in preliminary discussions with regulators about what they would want to see come from a bank deal, he added.

Thain on the call did not comment about the company's discussions with regulators but did nod to regulators' outstanding concerns over CIT's dearth of core retail deposits. Acquiring OneWest should clear up a number of the concerns the FDIC and the Fed have had regarding CIT's capitalization and funding sources, he said.

Regulators played a significant role in the creation of OneWest, which formed out of the ashes of IndyMac. IMB Management Holdings LP bought IndyMac out of government conservatorship in early 2009 and was required to pour more than $1 billion into the bank to recapitalize it. OneWest tacked on the assets and deposits of two other failed institutions in the following 13 months, buying First Federal Bank of California FSB in December 2009 and La Jolla Bank FSB in February 2010 via government-assisted deals. Being an "amalgam" of failed institutions could play to OneWest's benefit in getting this transaction done, Wasserstrom said, as regulators are probably comfortable with remediation efforts in the years subsequent to its creation.

Marshall Schraibman contributed to this article.



CIT's big buy in California could signal
more large bank deals to come
By Kevin Dobbs
SNL Financial

CIT Group Inc.'s $3.4 billion deal to acquire Pasadena, Calif.-based IMB HoldCo LLC and its OneWest Bank NA, a lender with 73 retail branches in Southern California and $23 billion in assets, ranks as one of the largest bank acquisitions announced this decade and may be on the front end of a gradual build-up in sizeable M&A in the banking sector, observers say.

"There's still a lot of capital throughout the industry, and even with the better loan growth we are finally seeing, that is not nearly enough to eat up the capital out there," James Bradshaw, an analyst at Bridge City Capital LLC, told SNL. "So healthy banks are motivated to put capital to work" via compelling acquisitions, "and I'm expecting we will see more deals and more deals of this kind of size."

Bradshaw noted that so far in second-quarter earnings season, several banks on the West Coast and nationally have reported solid loan growth from a year earlier and many management teams have struck optimistic tones about their pipelines for the remainder of 2014. While a welcomed development after years of sluggish expansion, the analyst said, overall loan demand is still short of robust and may not prove strong enough to drive the high levels of growth that bank investors have eagerly awaited.

As such, M&A is sure to remain an important lever for growth-minded banks to consider pulling. He noted that in the aftermath of the 2008 financial crisis and ensuing recession, strong banks built up and maintained lofty capital levels. Now, with the credit books cleaned up and the economy years removed from the downturn, bankers are increasingly eager to put excess capital to work.

With widespread concerns about national banks such as JPMorgan Chase & Co. and Bank of America Corp. being too big to fail, Bradshaw doubts the nation's biggest banks would pursue — or be allowed by regulators to pursue — multi-billion-dollar bank deals. But, based on asset size, he said banks outside the group of the top 10 largest lenders are likely interested and could be encouraged by the CIT-IMB HoldCo announcement to get serious about going after a large target.

"There's always a pregnant pause after something like [the CIT-OneWest deal] happens, but I think down the road a bit, if you asked me a year from now, I'd be surprised if we didn't have at least a couple more deals of this size to talk about," Bradshaw said.

He added that banks just outside the top 10 in terms of asset size all the way up to those around 100 in the rankings could all have eyes on M&A in coming months and years. "Either they could eat somebody or get eaten themselves," Bradshaw said. "I think almost anyone in that category could go either way."

New York-based CIT Group ($44.15 billion) said July 22 that it agreed to buy IMB HoldCo and its bank in a cash-and-stock deal that the buyer expects will be 20% accretive to earnings per share in 2016. The combined bank, assuming the deal closes late in 2014 or early the following year as planned, will have assets of about $67 billion and deposits of about $28 billion, CIT said.

This marks the largest bank deal involving a target in California since the start of 2010, and the fifth-largest bank acquisition nationally in the same period, according to SNL data.

The deal brings together a pair of once-struggling institutions. CIT was required in 2009 to reorganize in a bankruptcy, while the target grew from the ashes of IndyMac, the Southern California thrift that failed amid the housing market bust of the past decade. OneWest was built up by prominent investors. It is currently privately held and run by Chairman Steven Mnuchin.

Mnuchin plans to join the combined company as a vice chairman, while CIT Chairman and CEO John Thain will retain both of his titles following closing of the deal, according to the companies.

To be sure, CIT is somewhat unique. Among other things, the company had made it known that it was on the prowl for a large deal at a time when other companies of its size have played their M&A cards close to the vest; large would-be buyers have been leery of deals because of concerns about regulators getting in the way. Industry insiders say regulators have heavily examined banks' big moves in recent years, including deals, and this has slowed down strategic plays and increased the cost of getting acquisitions done in some cases.

Most notably, M&T Bank Corp.'s long-planned acquisition of Hudson City Bancorp Inc., announced in August 2012, has been delayed multiple times in the face of regulatory scrutiny. The companies agreed to extend the $3.7 billion deal's completion date to Dec. 31 of this year. That such a prominent and large deal has dragged out and still appears uncertain to close has served as a cloud over large-target M&A.

In the CIT-IMB HoldCo deal, each party sought an additional layer of advisement to address the anticipated regulatory focus on big bank deals. Sullivan & Cromwell is serving as joint regulatory counsel for both sides.

What is more, CIT, which has specialized in lending to small and midsize businesses, was looking for a retail branch network and the deposits that come with it to broaden its reach and gain a stable source of funding. Most other sizable regional banks that would have the wherewithal to do large bank deals are already flush with deposits, as bank customers largely have been conservative in recent years and have parked their money.

All of that noted, Lamont Black, a former Federal Reserve economist and current finance professor at DePaul University, told SNL that while certain larger deals have dragged out longer than buyers initially planned, he does not think regulators, as a rule, are opposed to sizeable bank deals or that they are currently interested in delaying them simply to add new regulatory hurdles. "I don't see that as being a major sticking point right now," he said, speaking of M&A generally.

Based on his conversations with former Fed colleagues and banking contacts, he said regulators appear concerned about buyers having proven management teams, strong financials and clear plans for deal integrations. "But I don't get the sense they are averse to this type of M&A," he said, referring to deals involving larger targets such as IMB HoldCo.

Thomas Rudkin, an investment banker and principal at FIG Partners LLC, agreed with Bradshaw that larger acquisitions likely loom for the banking industry. He said a pick-up in M&A — in terms of volume and the size of deals — depends in part on buyers gaining confidence in the health of targets and in the economy. And he said with many banks' credit troubles dating to the recession now largely addressed and the economy finally showing some momentum this summer, buyers' confidence is getting better.

At the same time, he told SNL, competition for good loans remains fierce and regulatory burdens, while most acute for the smallest banks, are a headache for all lenders. Gaining size to more aggressively compete in more parts of the country holds appeal for many banks, Rudkin said, as does the prospect of using greater size to more easily absorb regulatory costs.

"The banking environment today versus 10 or 15 years ago is dramatically changed and it is a lot harder to make money now," Rudkin said. Regulations added as part of the ongoing rollout of the 2010 Dodd-Frank financial reform legislation "are extremely expensive … and it's not just that but also intense competition."

He said the pace of movement on the large-deal front is difficult to predict given the complexity of the current environment and potential regulatory hurdles. But he said the CIT-IMB HoldCo deal shows that a prominent buyer is confident that such a deal can get done, and he thinks more sizable deals are likely to emerge in coming quarters.

"I don't think I can say there will be a lot of them, but I do think we will see more deals of this size," Rudkin said. "I think there is more confidence now among buyers and more will step up."



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

Innovative Lease Services reports 9.6% Increase New Business

Carlsbad, CA.-- Innovative Lease Services (ILS) reports it has processed over 1,300 financing opportunities representing over $91 Million in Equipment Leasing and Working Capital requests in the first 2 Quarters of 2014. This application level represents a significant increase of 9.6% over the same period of 2013 and signals a continuing upward demand for small and mid-sized business financing.

Andrew Nere, CLP, CEO of Innovative Lease Services, states that ILS has seen a “significant increase in originations for the first two quarters of 2014. He added that ILS attributes this strong growth to a “continued appetite for Working Capital in the Small Business Community.” He further indicated that, of particular note, was the “increase in our Working Capital, Start-up Business Financing, Transportation Financing, and Craft Brewing Financing sectors.”

In looking toward the future, Mr. Nere said, “As 2014 continues, we expect this growth to increase by 5-7%. With the unveiling of our new Inventory Finance and SAAS Financing products, ILS continues to create and deploy products for business owners who are still drastically under-served by the traditional Bank Lender.” With opportunities for small businesses growing, ILS demonstrates its ongoing support and leading role in meeting the needs of small and mid-size businesses in all 50 states and Canada through a range of offerings including Equipment Leasing, Working Capital and Merchant Services.

Innovative Lease Services, Inc. (ILS) was founded in 1986 and headquartered in Carlsbad, California. ILS is accredited by the Better Business Bureau, a longstanding member of the National Equipment Finance Association (NEFA) and the National Association of Equipment Leasing Brokers (NAELB) organizations, and is the official financial partner of Biocom.

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



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

Much Anxiety Over Having Enough Money for Retirement

Nearly 60 percent of Americans have high money anxiety over not having enough money for their retirement - new Gallup study reveals.

SAN RAFAEL, Calif.  - A new Gallup poll shows that 59 percent of Americans are very or moderately worried about not having enough money for their retirement years. The study also shows that money anxiety over retirement was the highest among eight other categories of financial concerns such as ability to pay for medical costs and money to maintain standard of leaving.

Money anxiety over retirement varies by age groups. The age group of 30-64 reported the highest level of money anxiety. Among this age group, 70 percent indicated that money anxiety over retirement is their highest financial concern. The second highest age group was 50-64 with 68 percent of respondents indicating that retirement is their greatest cause of money anxiety.

The study shows that the percentage of people with money anxiety over retirement fluctuated in the last decade from a low of 52 percent during the last economic boom in 2004 to a high of 66 percent during the aftermath of the Great Recession in 2010. The fluctuation in the level of worry over retirement mirrors the pattern of the Money Anxiety Index (, which reached a low of 57.3 in April of 2004 and increased to a high of 96.2 in November of 2010. The Money Anxiety Index average for the past 50 years stands at 70.7 index points.

About Money Anxiety Index
The Money Anxiety Index ( measures various economic indicators and factors associated with consumers' level of financial worry and stress. The index is updated in the beginning of each calendar month. It consists of monthly measurement for over 50 years, and spans from January 1959 to date. Historically, the Money Anxiety Index fluctuated from a high of 135.3 during the recession of the early 1980s, to a low of 38.7 in the mid-1960s. The 50-year average is 70.7 (July 1980 = 100). The Money Anxiety Index Is highly predictive. It predicted the arrival of the Great Recession over a year prior to the official declaration of the recession in December of 2007.

About the Money Anxiety Book
Money Anxiety ( is a behavioral finance book showing how financial anxiety impacts consumer financial behavior and the economy. The book demonstrates how we really make our financial decisions, and reveals what truly drives our decisions to save money and to buy products and services. Money Anxiety is available in paperback and eBook formats in all major online booksellers such as Amazon, Barnes and Noble, Google Play and iTunes store. The book is highly beneficial to business and financial people by helping them understand how and why consumers buy.

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


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

IASB completes reform of financial instruments accounting

The International Accounting Standards Board (IASB) today completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9 Financial Instruments.  The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting.  The new Standard will come into effect on 1 January 2018 with early application permitted.

Classification and Measurement

Classification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 introduces a logical approach for the classification of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held.  This single, principle-based approach replaces existing rule-based requirements that are generally considered to be overly complex and difficult to apply.  The new model also results in a single impairment model being applied to all financial instruments, thereby removing a source of complexity associated with previous accounting requirements.


During the financial crisis, the delayed recognition of credit losses on loans (and other financial instruments) was identified as a weakness in existing accounting standards. As part of IFRS 9, the IASB has introduced a new, expected-loss impairment model that will require more timely recognition of expected credit losses. Specifically, the new Standard requires entities to account for expected credit losses from when financial instruments are first recognized and to recognize full lifetime expected losses on a more timely basis.  The IASB has already announced its intention to create a transition resource group to support stakeholders in the transition to the new impairment requirements.

Hedge accounting

IFRS 9 introduces a substantially-reformed model for hedge accounting, with enhanced disclosures about risk management activity.  The new model represents a significant overhaul of hedge accounting that aligns the accounting treatment with risk management activities, enabling entities to better reflect these activities in their financial statements.  In addition, as a result of these changes, users of the financial statements will be provided with better information about risk management and the effect of hedge accounting on the financial statements.

Own credit

IFRS 9 also removes the volatility in profit or loss that was caused by changes in the credit risk of liabilities elected to be measured at fair value.  This change in accounting means that gains caused by the deterioration of an entity’s own credit risk on such liabilities are no longer recognized in profit or loss. Early application of this improvement to financial reporting, prior to any other changes in the accounting for financial instruments, is permitted by IFRS 9.

Hans Hoogervorst, Chairman of the IASB commented:

The reforms introduced by IFRS 9 are much needed improvements to the reporting of financial instruments and are consistent with requests from the G20, the Financial Stability Board and others for a forward-looking approach to loan-loss provisioning.

The new Standard will enhance investor confidence in banks’ balance sheets and the financial system as a whole.

A Project Summary providing an overview of the new Standard is available:

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


Labrador Retriever Blend
Carlsbad, California  Adopt-a-Dog

I don't have a name yet
so you can name me.

My age is 1 YEAR.
My weight is 51.8 lbs.
I'm in the Northern Region shelter

County of San Diego Animal Services
Northern Region
2481 Palomar Airport Road
Carlsbad, CA 92011-1531

Hours at all County shelters are:
Tuesday through Saturday 9:30 a.m. to 5:30 p.m.
Closed Sundays, Mondays and Holidays


Adopt a Pet



Fernando's View
By Fernando F. Croce

New releases offer a double-bill of provocative drama ("Venus in Fur") and thrilling animation ("How to Train Your Dragon 2"), while haunting sci-fi ("Under the Skin"), breathless action ("The Raid 2") and an overlooked master ("The Essential Jacques Demy") come to DVD.

In Theaters:

Venus in Fur (Sundance Selects): Ever the provocateur, Oscar-winning filmmaker Roman Polanski ("Chinatown") paints a wickedly mesmerizing portrait of role-playing and desire in this two-character black comedy. Taking place in an empty theater amid the scenery of an upcoming production, the story chronicles the power plays between Thomas (Mathieu Amalric), a successful theatrical director, and Vanda (Emmanuelle Seigner), the struggling actress who's hoping to score the lead role in his new release. Things get off to a shaky start when Vanda arrives late for the audition, but in no time she proves herself to be more than an equal match to Thomas, shrewdly using every tool in her arsenal of charm and manipulation. Putting the claustrophobic setting to their advantage, Polanski and his terrific actors create a dark, playful, unpredictable view of human relationships. With subtitles.

How to Train Your Dragon 2 (Paramount Pictures): A sequel to the 2010 hit, this animated adventure joyously matches the original in colorful excitement and heart. Last seen, meek young Viking Hiccup (voiced by Jay Baruchel) and his trusty dragon Toothless had successfully forged a truce between humans and fire-breathing beasts. This peace is threatened, however, when one of the pair's voyages leads them to Drago (Djimon Hounsou), a man determined to rule the world with a race of enslaved dragons. Can Hiccup and Toothless keep the land from plunging back into war? Featuring gorgeous, soaring visuals and a voice cast that also includes Cate Blanchett and Gerard Butler, the movie is easily one of the most satisfying spectacles to come out of the DreamWorks animation department in years.

Netflix Tip: An effortlessly charismatic screen presence, James Garner (1928-2014) left behind decades of wonderful performances for both films and TV. So check out Netflix in tribute to this beloved actor, whose work included "Maverick" (1957), "The Great Escape" (1963), "Support Your Local Sheriff" (1969), "The Rockford Files" (1974), and "Space Cowboys" (2000).


Under the Skin (A24): Making his first film in ten years, British filmmaker Jonathan Glazer ("Sexy Beast") serves up an unforgettable slice of science-fiction with this challenging mood piece. The story takes place in Scotland, where an alien creature takes the form of a beautiful young woman (played by Scarlett Johansson) in order to lure men to their doom. An outline of the plot may sound like a silly retread of other sirens-from-outer-space thrillers, but that doesn't do justice to the astonishing atmosphere created by Glazer, where a wintry, unvarnished naturalism is combined with a most extreme stylization. The result is a mixture of dread and wonder that's uncannily attuned to the strange new emotions of Johansson's interplanetary seductress. Bringing to mind such classic as "2001: A Space Odyssey" and "The Man Who Fell to Earth," this is one of the year's best releases.

The Raid 2 (Sony): Topping the original action hit "The Raid" in sheer visceral thrills is a mighty challenge, but director Gareth Evans and star Iko Uwais are more than up to it in this jaw-dropping sequel. Indonesian martial-arts champion Uwais returns as Rama, a fearless cop last seen triumphantly fighting his way to the top of a high-rise hideout swarming with criminals. Turns out that was just the beginning, however, as he must now dive even deeper into the Jakarta underworld, posing as a brutal hood in order to infiltrate a network of gangsters. Trying to earn the trust of a kingpin's son (Arifin Putra) while struggling to keep his family out of harm's way, Rama finds himself caught in the middle of a deadly gambit. A rip-roaring extravaganza, the movie will have even the most hardened action buffs rubbing their eyes in disbelief. With subtitles

The Essential Jacques Demy (Criterion): Though overlooked today in comparison to such other French New Wave directors like Jean-Luc Godard and Francois Truffaut, Jacques Demy left us a rich and lovely collection of films. This first-rate Criterion set offers six of Demy's best features, starting with his 1961 debut "Lola," starring the ravishing young Anouk Aimee. His best-known film, the all-sung romance "The Umbrellas of Cherbourg" (1964), is also included, as well as the wonderful 1967 follow-up "The Young Girls of Rochefort," both of them featuring Catherine Deneuve at her most breathtakingly beautiful. Add to that Jeanne Moreau in the 1963 drama "Bay of Angels," the mischievous fairy-tale "Donkey Skin" (1970) and the melodic "Une Chambre en Ville" (1982), and you have a feast of Demy's trademark, heartbreaking charm. With subtitles.



Leasing Conferences--National and International
ELFA Early Bird to Expire Next Week


September 4-6
2014 Eastern Regional Meeting
Lord Baltimore Hotel
Baltimore, MD

Registration/Schedule Available


September 10-12
Canadian Finance and Leasing Association
The Fairmont Chateau Whistler
Whistler, British Columbia

Registration now Open, Program Available


September 18-20

Hyatt Regency San Antonio Riverwalk
123 Losoya Street
San Antonio, Texas  78205
United States

Event Schedule

Event Registration 


September 19 - 20, 2014
Tianjin, China
Sudhir Amembal:
The First Global Leasing Industry Competitiveness Forum
For More Information:

Qualified leasing professionals from outside of China will not be charged any registration fees. They are, however, expected to pay for all their travel expenses including accommodations and meals at the venue.

From the Chinese side, the speakers will include prominent leasing company executives and supportive governmental representatives; from the international side, the speakers will be drawn from senior executives from leading leasing companies and others who have played a vital role in leasing's international growth.

More Information about the Conference free to those attending from outside China:
China Forum PDF


October 9 -10
Eurostars Grand Marina
Barcelona, Spain

Booking of rooms at the Grand Marina is to be done by filling in a Hotel Reservation Form, which can be downloaded from the Annual Convention website at:

Last year's event was a resounding success with more than 500 participants from across Europe as well from Australia, Canada, China, Morocco, South Korea and the USA.

Registration/Further Information:

October 19-21
2014 53rd Annual Convention
Manchester Grand Hyatt
San Diego, CA

Early Bird Registration Now Open


Cosmopolitan, Las Vegas, Nevada

 It will bring together critical decision makers concerning credit and collections
from all facets of financial services.



November 5-7
34th Annual AGLF Fall Conference
Loews Ventana Canyon
Tucson, Arizona

November 6 - 8
2014 Western Regional Meeting
Hyatt Regency Irvine
Irvine, CA


November 11-13

The 2014 Middle East Leasing Summit to be held November 11-13 at the JW Marriott Marquis Hotel Dubai is reported to be strongly supported by leading leasing companies and international leasing association. 

This summit will gather regional government officials, vendor representatives, national organizations and industry leaders to interpret the air finance from the aspect of market situation, regulatory, growth point and second hand aircraft to better understand Middle East air finance market.

The conference promises "Deep insight into Middle East leasing market climate with introduction of Islamic Finance’s application and banks’ involvement. There is no doubt that this summit will provide a premier platform for its delegates to establish strategic cooperative partnerships, expand business. We firmly believe that your outstanding industrial background and broad knowledge would contribute significantly to the quality and scope of this

For more information, please visit the official website at

November 12 - 14
Commercial Finance Association
70th Annual Convention
Washington Marriott Wardman Park
Washington, D.C.


November 16 -17
NJ Expo Regional
Teaneck, New Jersey
(Sunday evening- All Day Monday)


November 18 - 21, 2014
Istanbul, Turkey
The Third Annual Operating Lease Conference

"Three prominent and qualified speakers have been added to the agenda.
They are: Stephan van Beek, Senior Director Sales & Marketing Development - EMEA, Oracle Financing, an expert on software leasing; Arnaldo Rodriguez, President – International Division, CSI Leasing, who is the epitome of having successfully globalized the product; and, Esteban Gaviria, CEO, Leasing Bancolombia, who leads the most successful bank-held operating leasing company in Latin America. I will chair the conference and also teach a two-day seminar preceding the conference."
          Sudhir Amembal

For More Information:

CFA Related Conferences

CFA Network Calendar

ELFA ---2014 Schedule of Conferences, Workshops
and e-Learning Opportunities




News Briefs----

Michigan shows greatest drop in unemployment benefit claims in nation

Feds propose phasing out older crude-oil train tank cars

There's a budding business in loans for marijuana startups

GM profits down 80 percent, due to recall costs




--You May Have Missed It

Apple faces class-action lawsuit over work breaks


SparkPeople--Live Healthier and Longer

9 Foods that are Good for Your Gut
What to Eat for a Healthy Digestive System


Baseball Poem

   Stop Action
Slowly as in an underwater dance
the shortstop dips to take the ball
on a low hop, swings back his arm, balancing
without thought, all muscles intending
the diagonal to the first baseman's glove.

As the ball leaves his hand, the action stops —
and, watching, we feel a curious poignancy,
a catch in the throat. It is not this play only.
Whenever the sweet drive is stopped
and held, our breath wells up like the rush
of sadness or longing we sometimes feel
without remembering the cause of it.
The absolute moment gathers the surge
and muscle of the past, complete,
yet hurling itself forward — arrested
here between its birth and perishing.

Written by Conrad Hilberry, published in
“Line Drives,” 100 Contemporary Baseball
Poems edited by Brooke Horvath and Tim Wales,
published by Southern Illinois University Press



Sports Briefs----

Bank Of America Sale Book For Los Angeles Clippers Fouls Out

Closing In on Tour Victory, Leader Wins the Day

Photos: San Francisco 49ers begin training camp


John Kenny 
Receivables Management

• End of Lease Negotiations & Enforcement
• Fraud Investigations
• Credit Investigations • Asset Searches 
• Skip-tracing • Third-party Commercial Collections | ph 315-866-1167|

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)


California Nuts Briefs---

Rick Perry scores 1,200 Schwab jobs for Texas

22 Habits of Wealthy SF Bay Area Locals


“Gimme that Wine”

North Coast plays host to 20 Cuban sommeliers

Wine collector set for sentencing on fraud charges

In Clarksburg, saving the chenin blanc

Wines way out west

Meet the Latest Wine Celebrity - the Vineyard

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in History

     1609 - The English ship, Sea Venture, en route to Virginia, is deliberately driven ashore during a storm at Bermuda to prevent its sinking; the survivors go on to found a new colony there.
      1651 - African slaves in America arrived for the first time at the Spanish colony of St. Augustine, FL. They belonged to King Phillip II of Spain. The first slaves in the English colonies in America were introduced in Jamestown, VA, in August, 1619 by a Dutch man-of-war that sold 20 kidnapped Africans to the planter colonists. They were treated as indentured servants, since slavery was not legalized in Virginia for several decades. Forms of slavery were also practiced among Native American peoples from ancient times.
    1729 - North Carolina becomes royal colony. As Jews were being banished in Europe from many cities for practicing their religion, they began migrating to the New World along with many other Christian faiths who no longer wanted to follow either the Church of England or the Vatican. Although few in number, Jewish immigrants were strong contributors to the religious life of America, according to historians. The first permanent Hebrew congregation to the colonies was formed in 1729 in New York City; the next year the members constructed a synagogue on Mill Street that was described as a “solid, neat, stone Temple. “ The congregation later added the first school for Jewish children. Around this time, Jewish communities were also developing Charleston, S.C., Newport, R.I., and Philadelphia, PA.   By the time of the American Revolution, there were between 2000 and 3000 Jews in the colonies, mostly merchants and traders. An act of Parliament in 1740 allowed Jews to be naturalized, and in the colonies they found more political and religious freedom than anywhere else in the world.
    1750 – Henry Knox, America’s first Secretary of War was born in Boston.  When the American Revolutionary War broke out in 1775, he befriended General George Washington, and quickly rose to become the chief artillery officer of the Continental Army. He accompanied Washington on most of his campaigns, and had some involvement in many major actions of the war. He established training centers for artillerymen and manufacturing facilities for weaponry that were valuable assets to the fledgling nation.  Following the adoption of the United States Constitution, he became President Washington's Secretary of War.
    1755 - British governor Charles Lawrence and the Nova Scotia Council order the deportation of the Acadians. Thousands of Acadians are sent to the British Colonies in America, France and England. Some later move to Louisiana.  The word Cajun is a prostitution of the word Acadians.
  1805 - Aaron Burr reportedly visited New Orleans with plans to establish a new country, with New Orleans as the capital city.
     1814 - Battle of Niagara Falls (Lundy's Lane).  Reinforcements arrive near Niagara Falls for General Riall's British and Canadian forces and a bloody, all-night battle with Jacob Brown's Americans commences at 18.00; the Americans retreat to Fort Erie.
    1850 - Gold is discovered in the Rogue River in Oregon, extending the quest for gold up the Pacific coast. 
    1851-New Mission Toll Road opened. First toll station at Third and Stevenson. The planked roadway ran from Clay and Kearny, out Third to Mission, and then along Mission to Corbett Road. It bridged the marsh between Sixth and Eighth St. Tolls were 25 cents for riders on horseback, 75 cents for two-horse wagons an one dollar for a four-horse team.
    1861 – Congress passes the Crittenden-Johnson Resolution, stating that the war is being fought to preserve the Union and not to end slavery.  Could this have been the first attempt by Congress to spin a story?
      1863 - The first monument to commemorate the Civil War was a plain brownstone shaft designed by Nelson Augustus Moore was dedicated, two years before the end of the war, at a cost of $4350. It was “erected to commemorate the death of those who perished in suppressing the Southern Rebellion” and eventually carried the names of 16 men. It is still standing.
    1866 - Congress passes legislation authorizing the rank of General of the Army. Lieutenant General Ulysses S. Grant becomes the first to be promoted to this rank.
      1866 - David G Farragut became the first Rear Admiral in US Navy
    1868 - Territory of Wyoming created.
    1874 - "The Maple Leaf Forever," one of Canada’s most famous patriotic songs, was said to have been performed for the first time during the laying of the foundation stone for the Christian Baptist Church in Newmarket, Ontario. The song's composer, Alexander Muir, conducted a choir of schoolchildren. But "The Maple Leaf Forever" likely had its first public performance years earlier. An early sheet music edition of the song in 1871 said it had been "sung with great applause by J.F. Hardy, Esquire, in his popular entertainments." (sounds very much like “My Country ‘Tis of Thee“).

    1890- In his last minor league appearance, 23-year old Cy Young strikes out 18 batters en route to a tossing no-hitter in a Tri-State contest against McKeesport (PA). The right-hander will amass a record 511 victories during his 22-year Hall of Fame career. 
    1891-Heat wave at Los Angeles with 103 on the 24th and 100 on the 25th. Peak during heat wave was 109
    1894 – Birthday of actor Walter Brennan, in Lynn, MA.  He served as a private with the 101st Field Artillery Regiment in France during World War I. During the 1920s, he made a fortune in the real estate market, but he lost most of his money during the Great Depression.  Finding himself broke, he began taking extra parts in 1929 and then bit parts in as many films as he could, then proceeded to record one of the industry’s most versatile careers in both movies and television.  Film historians and critics have long regarded Brennan as one of the finest character actors in motion picture history.  He was the first actor to win three Academy Awards: “Come and Get It” (1936), “Kentucky” (1938), and “The Westerner” (1940) and remains the only person to have won three Best Supporting Actor awards.  Brennan died on September 21, 1974 of emphysema in Oxnard, CA.
    1897 - Birthday of guitarist Sylvester Weaver, Louisville, KY,,508077,00.html
    1898 - Puerto Rico was invaded by U.S. Forces led by Major General Nelson A. Miles. The landing was made at Guanica, on the southern coast. Resistance was minimal.
    1899 - Birthday of coronet player Johnny Wiggs, New Orleans, LA,,509639,00.html
    1903 - Castle on top of Telegraph Hill, San Francisco burns down.\
    1906 - Johnny “Rabbit” Hodges Birthday
    1907 - Birthday of guitarist Slim Green, Bryant, TX
    1908 - Birthday of Pianist Henry Brown, Troy, NT
    1914 – Birthday of Woody Strode in Los Angeles.  Strode, Kenny Washington and Jackie Robinson starred on the 1939 UCLA Bruins football team.  With Ray Bartlett, there were four African-Americans playing for the Bruins, when only a few dozen at all played on other college football teams. They played eventual conference and national champion USC to a 0–0 tie with the 1940 Rose Bowl on the line. It was the first UCLA–USC rivalry football game with national implications.  Strode and Washington were two of the first African-Americans to play in major college programs and later the modern National Football League, playing for the Los Angeles Rams in 1946. No black men had played in the NFL from 1933 to 1946.  Strode died of lung cancer on December 31, 1994.
    1915 – Birthday of Joseph P. Kennedy, Jr., first-born of the Kennedy clan and brother of President Kennedy.  After graduating from Harvard in 1938, he left before his final year of law school to begin officer and flight training in the U.S. Navy. Kennedy had completed 25 combat missions and was eligible to return home. He instead volunteered for an Operation Aphrodite missionOperation Aphrodite (US Army Air Forces) & Operation Anvil (US Navy) made use of unmanned, explosive-laden bombers that were deliberately crashed into their targets under radio control. These aircraft could not take off safely on their own, so a crew of two would take off and fly to 2,000 feet before activating the remote control system, arming the detonators and parachuting from the aircraft.  On the fatal mission, on August 12, 1944, the explosive detonated prematurely and destroyed the plane, killing Kennedy and his co-pilot instantly.
    1916 - African-American Garrett T. Morgan, inventor of the gas mask, rescues six from gas-filled tunnel in Cleveland, Ohio.
    1918 - Annette Abbot Adams became the first woman District Attorney, serving as U.S. district attorney in the Northern California District from July 25, 1918 to June 26, 1920.
    1918 - Race riot in Chester Pennsylvania (3 blacks and 2 whites killed)
    1925 - Station 2XAG in Schenectady, NY became the first radio station in the U.S. to broadcast with a 50,000-watt transmitter. The station, soon known as WGY Radio, was owned by the General Electric Company. Today, WGY still broadcasts with its original call letters and is still using 50,000 watts of power.
    1930 - Birthday of Maureen Forrester, one of the world's leading contraltos, in Montreal, Canada. She has appeared with top orchestras and choirs in Europe and North America under such renowned conductors as Sir Thomas Beecham, Leonard Bernstein and Herbert von Karajan. In 1971, Forrester was awarded the Molson Prize by the Canada Council for outstanding cultural achievement.
    1930 - Birthday of singer Annie Ross, Mitcham, UK
    1934 - Birthday of trumpeter Don Ellis, Los Angeles, CA. Died December 17, 1978
    1934 - The first president to visit Hawaii while in office was Franklin Delano Roosevelt at Hilo. He was officially welcomed by Governor Joseph Poindexter on board the cruiser U.S.S. Houston. Hawaii was then a territory of the United States.
    1936 - Today in History salutes Federal Theatre Project (FTP) of the
Works Progress Administration (WPA).
    1936 - 115 acre Orchard Beach opens in The Bronx, part of Pelham Bay Park.
    1936-Today in History salutes Federal Theatre Project (FTP) of the Works Progress Administration (WPA).
    1941 – Birthday of Emmitt Till.  Till was an African-American boy who was murdered in Mississippi at the age of 14 after reportedly flirting with a white woman. Several nights later, on August 28, 1955, the woman’s husband and his half-brother went to Till's great-uncle's house. They took the boy away to a barn, where they beat him and gouged out one of his eyes, before shooting him through the head and disposing of his body in the Tallahatchie River, weighting it with a 70-pound cotton gin fan tied around his neck with barbed wire. Three days later, Till's body was discovered and retrieved from the river.  "When an all-white, all-male jury acquitted Bryant and Milam of kidnapping and murder in September, the verdict shocked observers across the country and around the world. And when, mere months later, the men openly admitted to Look magazine that they had, in fact, mutilated and murdered Till, the outcry was so intense — and the reaction of Till’s devastated family so dignified — that it lit a spark that helped ignite the modern civil rights movement".
    1942 - Capitol Records first number one hit made it to the top this day. It was one of their first six records released on July 1. The new company's hit was "Cow Cow Boogie", by Ella Mae Morse and Freddy Slack.
    1943 - The SS Leonard Roy Harmon was launched in Quincy, MA, the first warship named for an African-American.
    1944 – The first jet fighter used in combat was a German Messerschmitt 262.  Near the end of the war,  Germany was not only producing rockets to bomb England, but building them to bomb the US , larger and stronger tanks, working on an atomic bomb, to be put on the rockets, and were now in production of jet air craft.
    1945 - The Allies were able to break out of the Normandy beachhead. Having made a spectacularly successful landing on D-Day (June 5), Allied forces then secured and extended their position by landing more than a million men and 60,000 tons of supplies. Despite early success with Operation Overlord, the Allies were pinned down, and a breakout was necessary if France was to be retaken. Sustained air bombardment (carpet bombing) created gaps in the German lines, and on this date Allied forces penetrated the lines and outflanked and bypassed German units. The German forces were incredulous at the speed with which the Allies shook loose from them and advanced over the French countryside. Leading the advance was General George S. Patton, who not only shocked the Allied command at his divisions’ abilities, but overwhelmed the German high command and all the strategy and might that they could throw at Patton's tanks and infantry.
    1946 - The first bikini is shown at a Paris fashion show.
    1946 - Singer Dean Martin and comedian Jerry Lewis staged their first show as a team at Club 500 in Atlantic City, NJ. Actually, the two had met while performing -- separately -- at the Glass Hat in New York City and decided to try an ad-lib act -- together. Reportedly it was their wives who did not get along, who eventually broke up the partnership.

    1946 - Operation Crossroads: An atomic bomb is detonated underwater in the lagoon of Bikini Atoll.
      1947 - The National Security Act of 1947 was passed by Congress. The act unified the armed forces, including the newly formed US Air Force, the Navy and War Department to form US Department of Defense, creating the cabinet position of Secretary of Defense. It also established the National Security Council and the Central Intelligence Agency. The act was signed on July 26 by President Truman, who nominated Secretary of the Navy James V. Forrestal as the first Secretary of Defense. Forrestal was confirmed by Congress on July 27.
    1948 - Birthday of guitarist/songwriter Steve Goodman, Chicago, IL
Died, 1984.
    1952 - Puerto Rico became a Commonwealth of the United States. Residents of Puerto Rico possess all the rights of U.S. citizens except that of voting in federal elections.
   1953- GUILLEN, AMBROSIO Medal of Honor
Rank and organization: Staff Sergeant, U.S. Marine Corps, Company F, 2d Battalion, 7th Marines, 1st Marine Division (Rein.). Place and date: Near Songuch-on, Korea, 25 July 1953. Entered service at: El Paso, Tex. Born: 7 December 1929, La Junta, Colo. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a platoon sergeant of Company F in action against enemy aggressor forces. Participating in the defense of an outpost forward of the main line of resistance, S/Sgt. Guillen maneuvered his platoon over unfamiliar terrain in the face of hostile fire and placed his men in fighting positions. With his unit pinned down when the outpost was attacked under cover of darkness by an estimated force of 2 enemy battalions supported by mortar and artillery fire, he deliberately exposed himself to the heavy barrage and attacks to direct his men in defending their positions and personally supervise the treatment and evacuation of the wounded. Inspired by his leadership, the platoon quickly rallied and engaged the enemy in fierce hand-to-hand combat. Although critically wounded during the course of the battle, S/Sgt. Guillen refused medical aid and continued to direct his men throughout the remainder of the engagement until the enemy was defeated and thrown into disorderly retreat. Succumbing to his wounds within a few hours, S/Sgt. Guillen, by his outstanding courage and indomitable fighting spirit, was directly responsible for the success of his platoon in repelling a numerically superior enemy force. His personal valor reflects the highest credit upon himself and enhances the finest traditions of the U.S. Naval Service. He gallantly gave his life for his country.
    1954 – Birthday of Chicago Bears RB and Pro Football Hall of Famer Walter Payton, in Columbia, MS.   Payton holds numerous NFL records including rushing yards gained in one game [275] and career [16,726]; at his death he also had the most touchdowns scored [110].  “Sweetness” was one of the most beloved athletes to have played in Chicago.  He died Nov 1, 1999 of liver cancer.
    1958---Top Hits
“Hard Headed Woman” - Elvis Presley
“Poor Little Fool” - Ricky Nelson
“Little Star” - The Elegants
“Alone with You” - Faron Young
    1956 - Forty-five miles south of Nantucket Island, the Italian ocean liner SS Andrea Doria collides with the MS Stockholm in heavy fog and sinks the next day, killing 51.
    1958---Top Hits
“Hard Headed Woman” - Elvis Presley
“Poor Little Fool” - Ricky Nelson
“Little Star” - The Elegants
“Alone with You” - Faron Young
    1960-The Ventures "Walk Don't Run" enters the US Pop chart and introduces the instrumental Surf sound to Rock 'n' Roll. The song will peak at #2 a month later. 
    1960-Elvis Presley's "It's Now or Never" debuted on Billboard's Pop music chart. The song was adapted from the Italian tune "O Sole Mio", written in 1899. 
    1961-Roger Maris hits home runs 37, 38, 39 and 40 in a double header.
      1961 New York Yankees’ right fielder Roger Maris, on his way to 61 HRs, hits home runs 37, 38, 39 and 40 in a double header
    1961 – President Kennedy declares that any attack on Berlin is an attack on NATO.
     1962 - The Elvis Presley film ``Kid Galahad'' premieres.
    1964 - Beatles' "A Hard Day's Night" album goes #1 & stays #1 for 14 weeks
    1964 - Race riot in Rochester NY
    1965 - Bob Dylan, backed by the Paul Butterfield Blues Band, horrified the audience at the Newport Folk Festival with his new electric sound. He was booed off stage after three tunes but returned with his acoustic guitar to play two songs -- "It's All Over Now, Baby Blue” and "Mr. Tambourine Man", signaling a major change in folk and rock music.
   1966-In San Francisco, the Rolling Stones perform their last U.S. concert with Brian Jones.
    1966---Top Hits
“Hanky Panky” - Tommy James & The Shondells
“Wild Thing” - The Troggs
“Lil’ Red Riding Hood” - Sam the Sham & The Pharoahs
“Think of Me” - Buck Owens
    1966 - Trivia for followers of Al Davis:  Named commissioner of the American Football League just three and a half months earlier, he resigned this day and returned to his previous position, president of the general partner of the Oakland Raiders. Davis resigned two weeks after NFL commissioner Pete Rozelle announced a merger between the AFL and NFL.
    1966 –Supremes with Diana Ross release "You Can't Hurry Love"
    1966 - New York Yankee manager Casey Stengel elected to Baseball Hall of Fame.  Prior to taking the helm of the Yankees in 1949, Stengel was widely regarded as a clown.  He did however hit the first World Series homer in Yankee Stadium.  He had largely unsuccessful stints managing the Boston Braves and Brooklyn Dodgers.  After leading the PCL Oakland Oaks to successive league championships, the Yankees hired him after failing to reach the World Series under Bucky Harris in 1948.  Stengel went on to manage the Yankees through 1960, winning either the World Series or American League pennant every year but 1954 and 1959.  The Yankees under Stengel won the World Series in five successive years (1949-53), a feat unequalled in Major League history, and a total of seven.  Fired after the Yanks lost the 1960 Series to the Pirates on Bill Mazeroski’s walk-off HR in game 7…they didn’t call them walk-offs then…Stengel was heard to say, “I’ll never make the mistake of being 70 again.” He was the first manager of the newly-formed New York Mets, leading them through mostly mediocre seasons before retiring late in the 1965 season.  Casey died of cancer in Glendale, CA on September 29, 1975.
    1967 - Construction begins on San Francisco Muni Metro (Market Street subway
    1969 – President Nixon declares the Nixon Doctrine, stating that the United States now expects its Asian allies to take care of their own military defense. This is the start of the "Vietnamization" of the war.
     1969 - Toronto native Neil Young joined Crosby, Stills and Nash for the first time at a concert at the Fillmore East in New York. Young and Stephen Stills had worked together previously in Buffalo Springfield. Crosby, Stills, Nash and Young's second appearance was at the Woodstock Festival a month later. The quartet broke up in 1971.
   1970-Chicago's "25 or 6 to 4" is released.
    1970-The Carpenters "Close To You" topped the Billboard Pop chart and became the first of many US hits for the brother and sister team. The song itself had been written in 1963 by Hal David and Burt Bacharach and was first offered to Herb Alpert, who said he didn't feel comfortable singing 'so they sprinkled moon dust in your hair' 
    1971-The Beach Boys make a return with the release of their album "Surf's Up." It hits #29 which is their highest charting at this time.
    1972 - The US admits that Blacks were used for 40 years as “guinea pigs” in the Tuskegee Syphilis Experiment.
   1974---Top Hits
“Rock Your Baby” - George McCrae
“Annie’s Song” - John Denver
“Rock and Roll Heaven” - The Righteous Brothers
“Maria Laveau” - Bobby Bare
    1975 - The musical "A Chorus Line" opened at the Shubert Theatre in New York after a two-month run at a small theatre in the New York Shakespeare Festival complex in the East Village. "A Chorus Line" became Broadway's longest-running show, finally closing on April 28th, 1990, after 6,137 performances. More than six-and-a-half million people paid 150 million dollars to see the show during its Broadway run. Productions of "A Chorus Line” were also mounted in more than 20 countries.
    1978 – Louise Brown, the first test tube baby is born.
   1979-Tropical Storm Claudette produced phenomenal rainfall totals in southeast Texas. 30-40 inches fell in 24 hours around Alvin. Freeport reported a total of 30 inches. Total damage from flooding was over $400 million
    1980- AC\DC releases "Back In Black," their first album with Brian Johnson as lead singer.
    1980-Kiss introduces their new drummer, Eric Carr, at a concert at the Palladium in New York City. Carr, who wears fox make-up, replaces Peter Criss, who was made up as a cat.
   1981-Air Supply becomes the first Australian band to top the Billboard Pop chart when "The One That You Love" reaches number one. They would go on to place seven consecutive singles in the top five.
    1981 - Walter Payton signed a contract to play with the Chicago Bears of the NFL on this, his 27th birthday. The famed running back earned almost $2 million over three years. “Sweetness,” as he was nicknamed (because of his disposition), became the highest-paid player in the National Football League.
    1982---Top Hits
“Eye of the Tiger” - Survivor
“Rosanna” - Toto
“Hurts So Good” - John Cougar
“Take Me Down” - Alabama
    1985 - Spokeswoman for movie star Rock Hudson confirmed he had AIDS
    1987-Beckley, WV equals all-time high of 91, established the previous day. It marked the fourth straight day with 90 readings after it was reached just 2 times in the previous 25 years
    1987 - Sixteen cities in the eastern U.S. reported record high temperatures for the date. Beckley, WV, equaled their all-time record high of 91 degrees, established just the previous day. It marked their fourth day in a row of 90 degree heat, after hitting 90 degrees just twice in the previous 25 years of records. The water temperature of Lake Erie at Buffalo, NY, reached 79 degrees, the warmest reading in 52 years of records. 
    1990 - Roseanne Barr sings the National Anthem at San Diego Padre game.  Sports fans go nuts as she screeched more than sang and grabbed her crotch at the end.
     1990---Top Hits
“She ain’t Worth It” - Glenn Medeiros featuring Bobby Brown
“Hold On” - En Vogue
“Cradle of Love” - Billy Idol
“The Dance” - Garth Brooks
    1990 - US Ambassador tells Iraq, “US won't take sides in Iraq-Kuwait dispute.”   Six months later, the US sent missiles into Iraq in a war that lasted all of six weeks.
    1997 - "Air Force One", with Harrison Ford. Rebel Russian hijackers capture the plane. It earned $37.13 million the first weekend.
    1997 - Dr. John D. Gearhart and a team of researchers at the John Hopkins University, Baltimore, MD, announced they had cultured human stem cells in a laboratory, using tissue taken from aborted human embryos. Stem cells are the basic, unspecialized cells from which all other cells in the body develop during the growth of a baby in the womb.
    1999 - Lance Armstrong rode to victory in the Tour de France, capping an amazing comeback from cancer. He was only the second American to win cycling's showcase race.
    1999-- Nolan Ryan, Robin Yount, George Brett, Nestor Chylak, Orlando Cepeda, Frank Selee and 'Smokey' Joe Williams are enshrined in the Hall of Fame.
    2000---Top Hits
“It’s Gonna Be Me” - N Sync 
“Bent”- matchbox twenty 
“Everything You Want”- Vertical Horizon 
“Try Again”- Aaliyah 
    2001 - E. Stanley O'Neil to become Merrill Lynch & Co chief executive, first African American to lead a major Wall Street securities firm.
     2004-- Paul Molitor, a member 3000 hit club, and Dennis Eckersley, who appeared in the most games of any Hall of Fame pitcher (1,071 games) are inducted into the Hall of Fame. Long time Bay Area (A's and Giants ) broadcaster Lon Simmons wins the Ford C. Frick Award and the J.G. Taylor Spink Award is won by New York Times' Murray Chass enabling both to become members of the Hall for their outstanding reporting of the national pastime.
    2005---Top Hits
“We Belong Together” - Mariah Carey 
“Pon de Replay”- Rihanna 
“SRP/Def Jam” | 004809* | IDJMG
“Hollaback Girl”- Gwen Stefani 
“Don't Cha”- The Pussycat Dolls Featuring Busta Rhymes
    2010 - The Hall of Fame honors John Fogerty, for his classic song “Centerfield”. At the induction ceremonies, the Rock and Roll Hall of Famer performs his 1985 hit, and then donates his baseball bat shaped-guitar to the Cooperstown museum
    2010 - WikiLeaks publishes classified documents about the War in Afghanistan, one of the largest leaks in U.S. military history.



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   Bulletin Board Complaint: $3,982.80
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Regents Capital Sues Balboa for $36,454 Attorney Fees
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   by Christopher Menkin
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   Turns $4.6 Million Profit for 1st Quarter, 2014
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re: Evergreen Clause
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   $20,543.22 Bulletin Board Complaint
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   ---Order One for Father’s Day
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  ---Automatic Evergreen Payment---PPR
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   The use of “Equipment Finance Agreements”
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