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Kit
Menkin’s Leasing News
www.leasingnews.org Thursday,
May 23, 2002 Accurate,
fair and unbiased news for the equipment Leasing Industry
Headlines---- Commercial
Money Center, Las Vegas---Up-Date
Banks report big increase in bad loans, foreclosures
eLessors Opens Events Page---with Discounts
Treasury official calls threat of terrorist attack an 'economic wild
card'
Fraud Software Shared with Law Enforcement
MSM Capital—Bulletin Board Complaints
S&P Asgns Rtg to Central Leasing's Japanese ABS
Dell’s Latest Program for Consumers/Business
Former Financier Pleads Guilty---Vatican Involved?
Netscape—Solves Glitch, Goes for the Gusto ####
Denotes Press Release
Tomorrow---Classified Ads Survey
______________________________________________________________ Commercial
Money Center, Las Vegas---Up-Date Leasing
News is still getting e-mail and telephones on where to send payments,
get payoffs, get liens removed, find out what is happening, and
many vendors are standing in line to be paid. There
really isn't much happening these days. There are a few events in the
works, but the attorneys and FBI do not want Leasing News to comment
about them. The
officers of the corporation are in for some heavy duty lawsuits, and its
rumored jail time is in store for them. The FBI, at one time needing information
and help, says they don’t need any more. There
are several “sets” of attorneys working on this, and as one
insider told
us, “ Everything is pretty much in the hands of the lawyers now
and we all know
how quickly they like to work.” -------------------------------------------------------------------------------------------- Banks
report big increase in bad loans, foreclosures
By
Dean Calbreath SAN
DIEGO UNION-TRIBUNE STAFF WRITER Bad
loans and foreclosed properties nearly doubled for San Diego County
banks last year, as bankers found it harder to collect on their loans
in the sluggish economy. The
rise in troubled loans, which is occurring throughout the nation, does
not imply there's another banking crisis in the offing. Most banks remain
extremely profitable and have enough reserves to cover loan losses.
"Fortunately,
we're coming off 10 years of record earnings for banks, so they're in
a better position to deal with loan problems," said David Proko,
an analyst with Weiss Ratings, a financial-services evaluation firm
in Palm Beach Gardens, Fla. Instead,
the biggest impact may be a crackdown on lending. Banks are clamping
down on how much money they're lending and who they're lending it to,
which could put a damper on the economic recovery. "There's
already been a credit crunch over the past couple quarters," Proko
said. Nationwide,
nonperforming loans – meaning loans where the borrower has stopped
making payments – jumped 28 percent last year, rising from $48.8
billion in 2000 to $62.5 billion in 2001. Bad loans accounted for 9.4
percent of banks' capital and reserves at year-end, the highest level
in eight years. In
response, most large banks have slowed their lending. The top 25 banks,
including Citibank and Bank of America, clipped their loans outstanding
by more than 7 percent last year, according to federal data. Nevertheless,
problem loans continue to grow. The
Federal Deposit Insurance Corp. reported this month that there has been
a "noteworthy" rise in risky lending to construction firms
and commercial real-estate projects. The FDIC said 20 percent of construction
companies are deferring interest payments on their loans. A similar
percentage of commercial real-estate borrowers are seeking loans with
risky balloon payments. "Increases
in these two underwriting practices may indicate that . . . demand is
slowing as prospective tenants delay occupancy," the FDIC warned.
For
banks with headquarters in San Diego County, the total amount of loan
losses and nonperforming loans rose from $61 million in 2000 to $116
million in 2001, according to data collected by Weiss Ratings. Many
of the problem loans came as banks lent money to borrowers outside the
area. At San Diego National Bank, for instance, most problem loans were
tied to projects in such far-flung locales as upstate New York, Tennessee,
Kentucky and Florida. "Most
of the impact came after Sept. 11, when the hospitality business slowed
down," said president Robert Horsman, whose bank often lends to
hotels and condominium projects. "All those markets seem to be
recovering, but the market has slowed down a bit for lending opportunities."
Despite
the loan problems out of state, Horsman's bank has been increasing its
loans in San Diego. In the past six months, it has lent more than $150
million to three condominium projects in Mission Valley, Hillcrest and
Horton Plaza. Locally,
the bank with the greatest lending problems has been First National
Bank, which had more than $20 million in nonperforming loans, foreclosures
and write-offs last year. The bank recently accepted a buyout offer
from First Community Bancorp in Rancho Santa Fe. Dan
Mathis, who took over as president of First National last year, said
the main problem was that in the late 1990s, the bank embarked on a
rapid growth strategy that involved joining other banks in large syndicated
loans, typically to fund mergers and acquisitions. "It
was a cheap way to grow, since it meant we didn't need a big staff to
originate the loans," he said. "But it also meant that we
didn't know our customers, who were often located outside San Diego.
Being in that position, when you find out that the loans are having
problems, there's really nothing you can do but sit back and wait for
the problems to be resolved." Mathis
said that in the past six months, the bank has eliminated nearly all
its syndicated loans. "I think we've seen a rather dramatic improvement,"
he said. Nevertheless,
First Community Chairman John Eggemeyer said he will encourage tighter
lending practices after his buyout is complete. "We
have to make sure that all our loans going forward are made from a very
precise, well-disciplined credit culture – which is something I
don't think exists universally within the banking industry," he
said. "Then we have to bring that sense of discipline to the borrower.
It's not a function of becoming stingier. It's just a matter of becoming
more disciplined." Eggemeyer
said his philosophy is to "aggressively work with companies to
either have them resolve their problems or find another place to do
their banking. We have to show them we're very impatient to resolve
problem loans. People pay more attention to you when they know you're
going to call them every day and ask what's happening with their payments."
Eggemeyer
has a track record of turning banks around. When he took over Rancho
Santa Fe National Bank in 1994, it too had a high number of problem
loans, left over from the banking crisis of the early 1990s. Today,
it has one of the cleanest portfolios in San Diego, according to Weiss
Ratings. Dean
Calbreath: (619) 293-1891; dean.calbreath@uniontrib.com _________________________________________________________________ eLessors
Opens Events Page---with Discounts http://www.lessors.com/events.html __________________________________________________________________ Treasury
official calls threat of terrorist attack an 'economic wild card' By
Jeannine Aversa WASHINGTON
(AP) America's recovery from last year's recession is gaining strength
by the day but the threat of another terrorist attack is the big ''economic
wild card'' facing the country, a top Treasury official said Wednesday.
''We
do believe the economy is strong and growing stronger,'' said Deputy
Treasury Secretary Ken Dam. Factories are boosting production, consumers
are continuing to spend and are helping along the recovery and inflation
is tame, he noted. ''Terrorism,
however, remains an economic wild card,'' Dam said in remarks to the
World Economic Forum at the U.S. Chamber of Commerce. ''Unfortunately,
we are almost certain to be attacked again,'' he said. Dam's
remarks follow a string of recent warning by top Bush administration
officials. Vice President Dick Cheney said last weekend the prospects
of a future terrorist attack in this country are ''almost a certainty.''
FBI
Director Robert Mueller this week said that suicide bombers like those
who have attacked public places in Israel will hit the United States
eventually. And, Defense Secretary Donald H. Rumsfeld said terrorists
inevitably will acquire weapons of mass destruction from countries like
Iraq, Iran or North Korea. A
key component to President Bush's war on terrorism is separating terrorists
from their money. That
effort is being overseen by the Treasury Department, which has ordered
U.S. banks to freeze financial assets belonging to people, groups and
businesess that the government believes support terrorists activities.
The United Nations has its own list of targeted entities including many
the U.S. has identified whose assets should be frozen. ''Frankly,
there's been a little falling off in the alacrity which with some countries
have been following the U.N. list,'' Dam said. He
believed part of the problem was that some countries don't have the
proper legal framework in place to take such blocking action. ''I would
just say that many countries still lack the legal basis for going forward,''
Dam said. Roughly
$116 million linked to terrorists has been blocked worldwide since the
Sept. 11 attacks, an amount that Dam recently referred to as disappointing.
In
related matters, Dam said Treasury in around a month will release a
revamped anti-money laundering strategy. The report may address the
problem of laundering dirty money through the sales of counterfeited
merchandise, he said. Efforts to cut terrorists off from their money
also probably will be included, officials say. Dam
also urged Congress to pass a federal backup plan for terrorism insurance,
something that has stalled on Capitol Hill. ''This
unprecedented gap in coverage has serious adverse consequences for our
economy. More specifically, it makes it more difficult to finance commercial
construction and more difficult to sell commercial real estate,'' he
said. However,
a recent survey by the Federal Reserve found that lack of terrorism
insurance wasn't having much effect on companies' ability to obtain
bank financing for big commercial projects such as stadiums and large
shopping malls. On
the Net: Treasury
Department: http://www.ustreas.gov ______________________________________________________________ FRAUD
SOFTWARE SHARED WITH LAW ENFORCEMENT The
Western Payments Alliance (WesPay), one of the nation’s largest
regional payments organizations, and Thomson Financial Publishing (TFP,
a sister company of Bank Technology News) announced recently that law
enforcement agencies will now have access to "FraudBAN," an
anti-fraud information network for the nation’ds financial institutions.
The
decision, designed to accelerate the war on financial fraud in the wake
of Sept. 11, enables law enforcement officials to use the FraudBAN database
as a routine part of their investigations and to check reported fraud
against an online repository of 7,000 cases involving more than 25,000
bogus checks and other check fraud.. Until
now, FraudBAN was accessible to law enforcement officials only when
contacted by financial institutions. WesPay
and TFP, a unit of Thomson Corp., decided to open the service
to law enforcement following a successful pilot program involving
the U.S. Secret Service and the Anaheim (CA) Police Department. Leasing
News Bulletin Board Complaints---MSM Capital, Irvine, California
“Platinum Equipment Card” Most
of the complaints are settled with our help before reaching the Leasing
News Bulletin Board. Most come from the “end user.,” Vendors
also contact us when
they have not been paid. When using a browser, our Bulletin Board Complaint
comes up very high in most search engines. Also when seeking information
about a leasing company, Leasing News is high on the searches because
the browsers work by how many hits. No
one else reports the complaints and it appears we are the only place to
go when a lessee or vendor has a problem with a leasing company. We
didn’t plan it that way. It just happened. We
also get “alerts” about brokers, vendors, and funders from
readers, who are quite
diligent and are interested in protecting their livelihood. Perhaps
several want
to close a sale by pointing out the poor history of their competitor.
There also
does not appear to be a universal place to go to make a “legitimate”
complaint. As
an “omsbudsman,” Leasing News generally receives about six
or more complaints a week. Leasing News does not automatically post
them. We always obtain the “other side’s” story. Sometimes
they are “civil disputes”, meaning the issues need to be settled
in a court of law. Most of them form a pattern. It happened with Unicapital,
United Capital, Metrolease, Terminal Leasing, SDI Capital, just to name
a few. They fall into a pattern. Leasing
News also only consider complaints where there can be a resolution or
posting on the Bulletin Board. It is not unusual to consult on Advisory
Board on such issues. Here
are some recent ones where money was returned (We are leaving out the name
of the company who returned the “advance rents” or “deposit”:
as the matter was settled and therefore does not appear in the Bulletin
Board). “Yes,
this was resolved. They finally sent a check and it didn't bounce!
I would
not recommend these guys to anyone!!!! After all the run-around they
gave
us, they only responded when contacted by you. “Thanks
again for all your help.” “Kit,
I did get a check for the full amount less $250. I assume it was for doc
fees although his contract limited doc fees to $200. I figured these guys
to be crooks anyway and was not ready to do battle for $50 so I'll just scratch
them off my lease list and get on with life. “If
this kind of reporting is what you like to do, you have my permission to
print this.” Marc
Wilaby mwilaby@attbi.com “We
finally received the check from ******. It was a cashiers check
so it should clear without any problems. Thanks again for your help
and for the service you provide to people like us. “Thank
You, “ Greg
Vass “I
spoke to who I needed to speak with this morning. Although they still feel
that we should retain the commitment for his next transaction, I got them
to agree to issue a full refund to the customer. We are not in the business
to retain deposits; we don't do business like that. Please email me
your fax number so I can fax you over a copy of the refund check as
soon as
it is issued. It will be cut today.” Name
With Held Leasing
News has a lot of these “compliments, “ but we don’t
publish them, as
there are settled issues. Both parties have resolved their dispute.
Most often
the “advance rental” is returned. There
are also complaints where the lessee has said he was not longer interested,
due to the time length or for other reasons; however, a commitment letter
specifically was in place stating that if the lessee backed out, they
would lose the “commitment fee.” While
there may have been other “extenuating circumstances,” we
have told the applicant
its purpose and it does not appear they are entitled to the money back. The
situation is not common, but it does happen. There are also companies who
obtain a commitment fee that is not returnable whether the lease is turned
down or goes forward. Leasing News considers that a “civil dispute.” The
great majority of the complaints concern “advance rentals”
or “deposits” not being
returned after they have been promised a lease, perhaps have even signed
lease documents, but the vendor has not been paid and the leasing company
will not return the money. These are not brokers, but leasing companies
who may have their own lines of credit/warehouse leases, or sell them
off on a recourse or non-recourse basis. We
have a pretty high batting average for settling these complaints, which
often takes
weeks to settle. Sometimes they take over a month. We also are not
always successful. Case in point, as Rod Serling would say: “MSM
Capital, Irvine, California” http://www.msmcapital.com/about.html All
these complaints were discussed with Mike Cingari, president of MSM
Capital. He acknowledged receiving them, the faxes, and there were several
conversations about them. In the last one, he said, “ Who asked
you? “ “You are ruining the leasing industry?” “I
talked to ***** and no one can control you,
and no one likes what your write.” When
asked if Mr. Cingari, former president of Colonial Pacific Leasing, formerly
with Pitney-Bowes, had anything he wanted to say, he told us
“no.” Asked if he wanted us to say he had “no comment,”
he specifically told Leasing News not to state that. He requested we
print he was “not available.” The
first complaint, we were able to resolve:
Last July I was put in touch with MSM Capital
Corporation to get a lease for a new machine for my small company.
I negotiated
with John Power (949-453-7500 X7517) for a lease that was to be approximately
$650 a month. I sent them a check for $1500 and they sent the
paperwork to be signed. The paperwork said the lease would be over
$800 a month.
I called and cancelled and asked for my money back. I was told it would
be sent immediately. Well, it's been MANY months and I haven't seen
a
check. Both my wife and I have called and called with no response.
We even
left a message for Michael Cingari (X7510) who is listed as their President
and
CEO with no response. In the last conversation with John Power, he
said
he would send us the check the last week in December 2001. Can you
help us? Robert
Latonie
7 Old Road
East Granby
CT Yes,
this was resolved. They finally sent a check and it didn't bounce!
I would
not recommend these guys to anyone!!!! After all the run-around they
gave
us, they only responded when contacted by you. Thanks
again for all your help. Yes,
you most certainly may quote me! Mr.
Cingari was not available. ---- ---
(This
one we got $1,000 back, but that is all to date:)
Leon
M. Padell, Filterfresh, Tampa Seeks
$7,392 as “amount past due.” This started in August, 2001,
when he applied for a $143,190.80 loan. MSM deposited the check on
August 27,2001 and then told them the next day the “bank had turned
down the loan.” On October9,2001, MSM sent another quote on a
smaller dollar amount, $20,112.29, but Leon Padell, president of FilterFish,
said he did not like the rate, plus where was his $7,392 deposit. “We
have been calling them frequently, but 9 out of 10 calls we get their
answering machine...When I did get to talk to someone out there, they
usually say that they are “looking into it.!” “
On April 4,2002, we sent this information to the Attorney General, Department
of Justice, Consumer Complaint Dept., but havening heard back form anyone
at this time. “On
or about April 10, we received a $1,000 check dated April 4 from MSM
without any letter or not or whatever. On the stub of the check, their
(sic) is an indication “REFUND PYMT# 1” In
his six page fax, he produced the original sales letter from Robert
A. Pardini, the commitment letter, copy of the check deposited by MSM,
copy of complaint to the California attorney general, and “refund
payment #1” from MSM Capital. Mr.
Cingari was not available. ---- --------
(Some
money was returned here ) Steven
Kaiser, President, County Paving Company, Concord, Calif. “I
made the deal with the equipment agency, they fronted me the machine,
and Rob Pardini with MSM asked me to FED EX overnight a check for the
first and last lease payments of $2792.08 on 1/15/92 to expedite the
lease. After waiting impatiently for three weeks, I get a call from
the dealer on 2/04/02. Saying they had gotten a call form MSM stating
we were turned down. “Then
I got the call from an MSM agent. I didn’t know coldly(sic) saying
we were turned down. I asked her to send our check back ASAP.=, so
we could use it elsewhere. She said she would apply for a new check
but it did not arrive. We called our bank and discovered that MSM had
cashed our check the first of the week. The equipment dealer was ready
to take the paver back but they were suspicious of MSM and waited for
us to apply elsewhere (we were approved the first week and funded the
second week). After many calls to Rob Pardini, I was told to speak with
the boss, Mike Cingari. He
apologized, telling me he was in a money crisis, and would not run out
of us, and sent us $700. I received one more $700 check. I am still
owed $1,392.08 and not happy. Mr.
Cingari was not available. ---- (
We have not been successful on this one) Please
remember, that I'm still hoping to get $1,440 back.... We've
been through a very nasty and unprofessional experience with MSM Capital,
which is not over, as we are yet to receive two month payment with a
$100 fee back (total of $1,440), which was promised to us by one of
the leasing agents, namely John Power. Let
me explain what happened in detail.
I contacted MSM Capital on behalf of my friend (undisclosed) who needed
to obtain a lease for the equipment. I was given something like a credit
card for the equipment purchase. When I called I was put through to
a leasing agent, John Power. Within the next couple of hours I provided
him with a leasing application and receipt for the equipment. The next
day (!) I received a platinum express agreement with the name of the
equipment, monthly payment amount and request for the first and last
month payment plus $100 dollars. All the paperwork was completed and
FedExed to MSM Capital promptly on April 22. John Power confirmed the
receipt of the paperwork on April 19th and said that the check is going
to be mailed the same date. On Tuesday, after the check was supposedly
mailed, the vendor contacted me with the question about the location
of the paperwork, as the machinery was about to be put in production.
After that I think I can write volumes on different explanations that
were produced by MSM Capital employee John Power, (including his trip
to Las Vegas, his secretary's surgery, his own sickness and two extra
weeks that it took him to figure out if the paperwork was fedexed or
sent via regular mail), (I'm surprised that he did not give birth during
that time!), and as you will see later that the paperwork had never
been sent out!
Finally, yesterday, May 20, the vendor, who called John Power directly,
informed me (not MSM capital! And one month later, after the agreement
was signed on our part), that MSM was not interested in the deal at
all! I called John Power, whom I could reach ONLY if I pretended to
be a new applicant for the lease, who told me that he is not really
sure what happened, but the deal did not go through, promising that
the check for the first and last month of the lease would be refunded
and sent overnight. Hoping to hear from John Power of MSM Capital about
the refund of our money I called him today, May 21, again. This time
the story was slightly different - he only submitted the request to
his comptroller (which could be done only on Tuesdays and Thursdays!)
I tried to call the comptroller – she was not in the office at
all, so I left a message… When I asked John why I was not informed
earlier on the status of the "deal" his only response was
that there had been a lot of "miscommunication"... I was concerned
about the refund, so I asked if it is going to be the same run-around
as with the “deal”, because then, I told him, I’m considering
contacting the attorney. His response was very quick: “Do not call
me again!” And he hung up. IS THAT NORMAL BUSINESS PRACTICE??? At
this point, we are still hanging out in the air by $1,440. At this point
I feel like I don't need any explanations - I just need to get the money
back and catch up for a month that was lost in obtaining the lease for
the equipment that by now has been built and awaiting shipment. My question
is: is MSM Capital in business of providing their clients with funding,
or are they is business of obtaining THEIR funding from the clients?
Helen
Shvedkova Mr.
Cingari was not available. ---- ----
(
nor this one) From:
Benny Hall I
was referred to you to have my deposit of $700.00 refunded. This deposit
was made with MSM Capital on June 21,2001. I have talked to several
representatives at MSM Capital including the owner Mike Cingari. I
was told to put my request in writing and fax it to them which I have
done twice and I have confirmations that they received it both times.
This has gone on too long and I want my funds returned ASAP. A check
can be mailed to Benny F. Hall & Sons, P O Box 62, Hallwood, VA
23359. If you have any questions, you can call me at 757-824-5551.
Thank you for your assistance in this matter. --- On
March 22, 2002 I Emailed you concerning a refund on a deposit I made
with MSM Capital for $700.00 on June 21, 2001 to activate a line of
credit. I was having trouble getting the refund and I still am. The
same day that I Emailed you I got a call from John Powers at MSM Capital.
He was very understanding (so I thought) and said the buck stopped right
there with him and he would help me. The last time I talked to him
was about a month ago and he was going to find my original papers that
stated I was entitled to this refund. I explained that I had the cancelled
check and could fax that to him. He told me that he would get back
with me and I haven't heard a thing. I have left two messages for him
to call me back, but I have not heard from him. If you could help me
again in trying to get this $700.00 back I would appreciate it. Thank
you very much. Benny
Hall Karen
Hall (May
20, 2002) No,
it is not settled. I thought it would be settled after I Emailed you
the first time and they called back the same day. Is there anything
you can do
to get them moving on it again? Or do you have any suggestions for
us so that we can maybe get some results? Any help would be appreciated.
Thank you. Benny
Hall Mr.
Cingari was not available. ---- ----
Leasing
News has some others, but the parties did not want us to quote them,
hoping that they may see some money soon. Pleases
send to a colleague. We are trying to build our readership. We
are free. No banners, no advertising, real “insider” news
as our
readers contribute the best stories, little b.s., and we are trying
to survive. We need your help to spread the word. Delivered
daily-----by e-mail with “A Day in American History.” An
exclusive, compiled and written only for those who receive Leasing
News by e-mail. -------------------------------------------------------------------------- Lease
Training for Lease Professionals---- Jeffery
Taylor, Founder of ExecutiveCaliber - Global Lease Training, back
from Kuwait---comments
on Kuwait, of course, Merrill-Lynch, Arthur Anderson, and more: http://www.americanleasing.com/Newsletters/Fw%20Lease%20Accounting%20Tax%20and%20Politics.htm Daily
Interest Rates--- http://www.monitordaily.com/daily_int.shtm _______________________________________________________ ################
###################################### S&P
Asgns Rtg to Central Leasing's Ser 7 Japanese ABS TOKYO-Standard
& Poor's-- --Standard Poor's
has assigned its triple-'A' rating to Central Leasing Asset-Backed Trust
Certificate Series 7 JPY14.7 billion certificates. The
transaction is backed by a pool of lease receivables originated by Central
Leasing Co. Ltd. Standard
& Poor's rating addresses the full and timely payment of interest
and the ultimate full repayment of principal by the legal maturity date
of May 2008. The
aggregate JPY14.7 billion trust certificates are backed by a pool of
about JPY17.1 billion of lease receivables originated by Central Leasing
and entrusted to a trust created with Norinchukin Trust & Banking
Co. Ltd. The
rating is based on: --
Overcollateralization of approximately JPY2.4 billion of eligible
receivables to cover defaults and prepayments; --
An adequate reserve, initially funded to cover three months of interest
payments and transaction costs; --
Rigorous early amortization events that will convert principal redemption
to a pass-through structure under certain adverse circumstances;
and --
Strong servicing abilities, including the existence of Sumisho Lease
Co. Ltd. as a backup servicer. Copyright
2002, Standard & Poor's Ratings Services CONTACT:
Standard
& Poor's Kazutoshi
Murakami, Tokyo (81) 3-3593-8673 Hiromi
Saito, Tokyo (81) 3-3593-8786
Dell
Preferred Account and Home Install Programs Further Simplify Customer
Experience AUSTIN,
Texas)-- --In an effort to make the buying and setting up of personal
computers in the home easier than ever, Dell today announced two programs
catered to its growing number of U.S. consumer customers. The
Dell Preferred Account(a), managed by Dell Financial Services L.P. (DFS),
in conjunction with credit processing capabilities from Fiserv Inc.,
enables qualified customers to establish and use a revolving line of
credit to buy anything from desktop and notebook computers to software,
digital cameras, service and scanners. Under the new program, just in
time for Father's Day and graduation, qualified customers can be approved
for up to $5,000 to be used for all purchases from Dell, including repeat
purchases at any time. For more information or to apply visit www.dell4me.com/dellpreferredaccount. "The
Dell Preferred Account provides a level of customer convenience never
seen before in a DFS financial offering," DFS President Michael
Watt said. "Customers benefit because there is no minimum purchase
required and they can take advantage of special offers created for Dell
Preferred Account customers." For
qualified customers the new Dell Preferred Account provides instant
approval and customers only need to go through the approval process
once. Home
PC Install Means No Hassle Set-Up Customers
buying desktop and notebook computers from Dell also can benefit from
the new Home PC Installation Program. For $119, an experienced IT professional(b)
will go to a customer's home to set up a computer, Internet service
and e-mail, and three computer accessories. Part of the one-hour set-up
includes an informal orientation session. For $139, customers can have
the same service during evening and weekend hours. For more information
visit www.dell4me.com/pcinstall. "Our
customers ask for programs like the Dell Preferred Account and Home
Install programs," said John Hamlin, vice president and general
manager of Dell's U.S. consumer business. "Customer feedback is
essential in making better products, and in this case, making the buying
and setting up process even easier than before." About
Dell Dell
Computer Corporation (Nasdaq:DELL), the world's most preferred computer
systems company, is a premier provider of products and services required
for customers worldwide to build their information-technology and Internet
infrastructures. The company's revenue for the past four quarters totaled
$31.2 billion. Dell, through its direct business model, designs, manufactures
and customizes products and services to customer requirements, and offers
an extensive selection of software and peripherals. Information on Dell
and its products can be obtained at www.dell.com. About
Dell Financial Services L.P. Dell
Financial Services is a joint venture between CIT Group Inc. and Dell
Computer Corporation. The fourth-largest U.S. information technology
leasing supplier based on 1999 revenue, DFS was named one of Austin's
50 Fastest Growing Private Companies in 2001. The company provides an
array of services ranging from simple hardware leases to complex technology
finance agreements, and has surpassed more than $9 billion in finance
transactions since its inception in 1997. Additional information on
DFS is available at www.dellfinancialservices.com. Customers can receive
a monthly financing price when they shop online at www.dell.com or call
1-800-BUY-DELL. About
Fiserv Fiserv
Inc. (Nasdaq:FISV) is an independent, full-service provider of integrated
data processing and information management systems to the financial
industry, serving approximately 13,000 financial service providers worldwide.
Fiserv can be found on the Internet at www.fiserv.com. Dell
is a trademark of Dell Computer Corporation. Dell
disclaims any proprietary interest in the marks and names of others. (a)
The Dell Preferred Account is issued by CIT Online Bank in cooperation
with Dell Financial Services. (b)
Service provided via third-party contract with customer. Customer will
be contacted within 24 hours of system shipment to schedule installation
within three to five days. Third-party provider will arrive at the customer
site at a mutually agreed upon date between 8 a.m.- 6 p.m. Monday through
Friday local customer time. Service between 8 a.m. - 6 p.m. Saturday
and 6 p.m. - 8 p.m. Monday through Friday is available for an additional
fee. Availability varies. Other conditions apply. CONTACT:
Dell
Computer Corp., Austin Media
Contacts: Bob
Kaufman, 512/723-5494 Bob-Kaufman@dell.com
or Laura
Thomas, 512/725-3334 Laura-Thomas@dell.com SOURCE:
Dell Computer Corp. ______________________________________________________________ Former
Financier Pleads Guilty---Vatican Involved? By
DIANE SCARPONI, Associated Press Writer NEW
HAVEN, Conn. (AP) - Martin Frankel, the financier accused of looting
insurance companies of more than $200 million and using it to live like
an outlaw Hugh Hefner, pleaded guilty Wednesday to pulling off one of
the most brazen swindles Wall Street has ever seen. Frankel,
47, could get up to 150 years in prison and $6.5 million in fines at
sentencing next year, though federal prosecutors said they will probably
give him a break if he helps recover the missing money. Defense
attorney Jeremiah Donovan admitted the government had a "ton of
evidence" against Frankel. "I
sure hope he's a free man one day," Donovan said. A
pale and gaunt Frankel politely answered "yes" or "no"
as he was led through the plea bargain by the judge. Originally charged
with 36 counts, he admitted to 24 charges of fraud, racketeering, conspiracy
and other offenses. Prosecutors
set the total loss in the fraud at $208 million. To date, the government
has recovered $70 million to $80 million, including $30 million Frankel
told authorities was hidden in a Swiss bank account. "The
book is not closed in this case," U.S. Attorney John Danaher said
afterward. "Those involved in it should not rest, because we won't." The
case went public on May 5, 1999, when firefighters went to Frankel's
Greenwich estate and found a blazing file cabinet and two fireplaces
stuffed with burning documents. Among
the papers, authorities said, was a to-do list with "launder money"
listed at No. 1. Also discovered was an astrological chart intended
to answer the question, "Will I go to prison?" Four
months later, after an international manhunt, Frankel was captured at
a hotel in Hamburg, Germany, with nine fake passports and 547 diamonds.
He was returned to the United States last year. A
short, skinny figure with thick Woody Allen-ish eyeglasses, Frankel
began cultivating his image as a brilliant money manager as he worked
out of his parents' home in Toledo, Ohio. Authorities said he dropped
such names as Lee Iacocca and Walter Cronkite to dupe investors across
the country. Frankel
was accused of gaining control of small insurance companies in Arkansas,
Mississippi, Missouri, Oklahoma and Tennessee and stealing cash from
the company reserves. The FBI (news - web sites) said he put the money
in banks around the world. He
ran the scam from a two-mansion compound in Greenwich that he turned
into a warren of offices with more than 80 computers and wide-screen
televisions tuned to financial news channels. BMWs and limousines came
and went at all hours, and armed bodyguards were posted outside. Floodlights,
a 6-foot fence and surveillance cameras made the estate look like a
fortress. Authorities
said Frankel spent money on private planes, luxury cars, expensive wines
and gifts for women he met through personals ads and other means. The
6-foot, 135-pound Frankel had a bevy of women living in one of the mansions.
Some were former lovers who, once relegated to ex-girlfriend status,
stayed on to work at the securities brokerage Frankel ran out of the
other mansion. One
woman who was drawn to Frankel through a personal ad, Frances Burge,
hanged herself at the compound in 1997 at age 22. Frankel told police
he had decided not to have sex with her because she was overweight. Three
others charged in the indictment are awaiting trial: aides Mona Kim
and Sonia Howe, and accountant Gary Atnip. Another aide, German national
Kaethe Schuchter, is wanted by the FBI. Emilio
Colagiovanni, an Italian monsignor with Vatican (news - web sites) connections,
is also accused of trying to use his connections to launder stolen insurance
company money through a bogus charity Frankel set up. He is charged
with fraud and conspiracy and is living with a cousin in Ohio while
he awaits trial. Insurance
regulators from several states are seeking more than $600 million in
damages from Frankel in civil cases, and have also sued the Vatican,
alleging the church was involved in Frankel's schemes. The Vatican has
denied that. __________________________________________________________________ Netscape—Solves
Glitch, Goes for the Gusto Once
the leader of all browsers, over 80% of the internet users, Microsoft
Explorer now
holds this position. Personally I prefer Opera.com, the fastest browser
( no frames), but
here is Netscape’s hope to get back in browser leadership. Netscape
Launches Preview Release of Netscape 7.0 Browser, Unveils Redesigned
Netscape.com
Latest
Browser Release Allows Users to Get The Most From Their Time Online
with Efficient Browsing and Email, AOLŽ Instant MessengerTM,
Radio@Netscape and Much (Newstream)
-- Netscape Communications, a subsidiary of America Online, Inc. (NYSE:
AOL), today announced the Preview Release of Netscape 7.0, the latest
version of Netscape's browser software, designed to allow consumers
to get the most from their time online. In addition, Netscape announced
the redesign of its popular Netscape.com web site, featuring richer
graphics and a streamlined design throughout the site that showcases
best-of-the-Web content from AOL Time Warner online properties and other
leading content partners. With
the Preview Release of the Netscape 7.0 browser, Netscape has taken
web browsing and communications to a new level of convenience, efficiency
and Web standards compliance. Netscape 7.0 is optimized for the activities
people most frequently engage in on the Web -- browsing, searching,
communicating, downloading, shopping, and listening to music. Along
with an unmatched level of customization and convenience, Netscape 7.0
delivers enhanced performance and stability with a fine-tuned Netscape
Gecko browser engine that speeds the most common online activities.
Netscape
7.0 Preview Release offers consumers a faster, more convenient experience
through features such as "Quick Launch," which speeds the
start-up time for the browser and allows consumers to get online faster
than ever. Within Navigator, timesaving new features such as Tabbed
Browsing, Click-to-Search and Download Manager make the online experience
more efficient and enjoyable than ever before. More powerful Netscape
Mail enables consumers to efficiently organize and manage all their
online communications, with enhancements such as Quick Search and simplified
Mail Filters. AOL Instant Messenger (AIM), the number one instant messenger
with more than 150 million registered users, is available through Netscape
7.0, meaning online friends, family and co-workers are always just one
click away. Netscape 7.0 also features the new Radio@Netscape accessible
right from the toolbar, so Web music fans can easily select and play
stations that match their tastes. The
Preview Release of Netscape 7.0 is available for free download at: www.netscape.com/browsers.
For additional information on Netscape 7.0 key features and enhancements,
please refer to the fact sheet at the end of this text. "The
Netscape 7.0 browser, together with the redesigned Netscape.com, creates
real value for consumers by putting the tools, services and content
consumers most often use right at their fingertips, in a fully integrated
way," said Joel Davidson, executive vice president of AOL's Web
Properties Group. "By providing a true one-stop home on the Web,
Netscape is offering a new level of convenience, efficiency and utility."
"Netscape
7.0 enables consumers to get the most from their time online with new
features that let them manage the breadth of their activities on the
Web. Users are doing more of their daily tasks and communications online
and Netscape 7.0 efficiently allows them to manage the activities they
most frequently engage in," said Laura Yecies, vice president of
Netscape's Client Product Division. Netscape.com
Redesign Netscape.com,
which currently attracts 20 million unique visitors per month, has been
enhanced to provide consumers with easy access to the best content on
the Web, as well as improved navigation throughout the site and one-click
access to the tools and services they use most, such as Search, Webmail,
AIM, Radio@Netscape and MapQuest. The
redesigned Netscape.com features compelling content from across the
AOL Time Warner online universe as well as other best-of-the-Web partners
such as CBS MarketWatch.com. Leading news, business and entertainment
coverage from CNN.com, Time.com and Entertainment Weekly is prominently
displayed at the top of the Netscape.com homepage, while interactive
features such as instant messaging and polls bring visitors even closer
to the subject at hand. Netscape.com makes it easy for visitors who
are enjoying celebrity news to find out about the latest movies and
then purchase tickets through a link to Moviefone.com. Moreover, they
can invite friends by sending an instant message with AIM or ICQ, and
get directions to the theater using MapQuest. Within
the new Netscape.com site, ten new content areas (News, Sports, Money,
Music, Entertainment, Love & Personals, Movies, Fun, Games, and
Celebrity) have replaced the previous channel lineup for improved navigation
and faster, more intuitive access to the content areas and editorial
offerings that Netscape visitors most often seek. In addition to providing
a rewarding user experience, these new content areas increase efficiency
and drive more traffic through shared editorial programming and prevalent
links directly to other popular AOL Time Warner web sites. Additionally,
the new and improved Toolbar featured across the top of the Netscape.com
site allows quick and easy access to the tools and services that visitors
use most, including the new and improved Netscape Search, Webmail, AIM,
Radio@Netscape and MapQuest. Netscape
Search An
enhanced Netscape Search powered by Google features a number of product
upgrades including a streamlined design and integration of relevant
editorial content from AOL Time Warner properties. Powered
by Google's industry-leading search technology, Netscape Search offers
users easy access to highly-relevant search results from multiple locations
both on the Internet and directly from Netscape browsers. Netscape Search
has been reengineered to provide relevant editorial results from leading
AOL Time Warner properties including Time and CNN. Visually
redesigned to incorporate the new Netscape.com look and feel, Netscape
Search is also integrated into the Preview Release of Netscape 7.0,
taking advantage of the browser's new Click-to-Search feature and its
popular "My Sidebar" search tab. With Click-to-Search, users
can initiate a search from any web page by simply highlighting and clicking
on the desired text, making it unnecessary to open a separate search
engine. Radio@Netscape
and Netscape Music With
Netscape 7.0 and the redesigned Netscape.com, there are more opportunities
than ever for music fans to discover, experience and buy music on the
Web. Radio@Netscape
is Netscape's first integrated radio product that gives Web music fans
a convenient way to find their favorite music anytime online right from
the toolbar at Netscape.com and Netscape 7.0 Preview Release. Radio@Netscape
features over 175 stations spanning all genres and eras - from Pop to
Classical and Disco to Awesome 80s to Hip Hop, as well as exclusive
programming including more than 40 Celebrity DJs stations. Radio@Netscape
and Netscape.com's redesigned Music area (http://music.netscape.com) enable music fans to watch
world premiere videos, hear First Listen singles from top artists before
they are available anywhere else, tune in to Listening Parties and stay
on top of the latest music news, peruse hot photo galleries, participate
in polls, and much more. "We
are very excited to introduce Radio@Netscape, our first fully integrated
Web radio product, and a completely redesigned Music area on Netscape.com,"
said Kevin Conroy, SVP and General Manager of AOL Music. "Now,
with one-click access to top quality audio programming as well as the
latest music information, new releases, video debuts, listening parties
and so much more, consumers on the Web know they can go to Netscape
for a comprehensive music experience. This marks an important step in
the extension of AOL Music's integrated approach to music programming,
products and services across AOL's family of brands." As
the leading provider of Internet tools, services and content for the
web at large audience, Netscape recently reached a landmark 52 million
registered users, up more than 35 percent from the same period last
year. Among the top ten most visited Web sites and top five portals
worldwide, Netscape currently reaches 17 percent of the U.S. online
audience. About
Netscape Netscape
Communications is a leading provider of tools and services wherever
people go on the Internet. Netscape pioneered the development of world-class
Web browsers and offers a full range of convenient web applications.
Netscape.com is one of the most visited sites on the Internet with more
than 52 million registered users. A subsidiary of AOL Inc. and part
of the AOL Web Properties group, Netscape is based in Mountain View,
California. Additional information on Netscape is available on the Internet
at http://home.netscape.com, by sending e-mail to info@netscape.com or by calling 650-254-1900.
About
AOL Web Properties AOL
Web Properties is an online network featuring some of the most popular
brands on the Internet, including Netscape, CompuServe, AOLŽ Instant
MessengerTM, ICQ, MapQuest and Moviefone. The AOL Web Properties
network reaches the widest audience on the Internet representing more
than 60 percent of Internet audience at work or home. Netscape
and Netscape logo are registered trademarks of Netscape Communication
Corporation in the United States and other countries. Netscape
7.0 Preview Release key features and enhancements include: ***Fast,
Efficient Browsing
***Powerful,
Feature-Rich Email and Integrated AIM
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for AOL Time Warner --------------------------------------------------------------------------------------------------------- To
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