Thursday, November 9, 2023
Today's Leasing News Headlines
Leasing News Has Confirmed Key Equipment Finance
Exiting Vendor Business
By Christopher Menkin, Publisher
New Hires/Promotions in the Leasing Business
and Related Industries
Time to Plan for 2024
By Scott Wheeler, CLFP
Leasing and Finance Industry Career Opportunities
Senior Sales Team, Attorney, Funding, IT, Credit
What NOT to Do If You Want to Be Successful
By Ken Lubin, ZRG Partners Managing Director
Bankruptcies on the Rise
By Peter N. Tamposi, Esq.
Recommended by Kit Menkin
Veteran Day Movies: Let There Be Light, Platoon,
It's Always Fair Weather, Dunkirk, DA 5 Bloods
Reviews by Leasing News' Fernando Croce
Portland, Oregon Adopt-a-Dog
News Briefs ---
"Horrifyingly awful" in trucking both long haul
and local delivery. Shipping is also very bad
Element grew Q3 net revenue 14.8% over Q3 2022
"year-over-year" to $333.8 million
Walmart’s $9 billion makeover, the rise of
the ‘super commuter’ and the revival of downtowns
Over 2 million Americans who retired during COVID
aren’t back to work as expected
79% of Accounting Students Confident
in Their Career Choice
Climate change is impacting the home insurance
industry and damaging the U.S. housing market
You May Have Missed --
Americans think the economy stinks, but wages
are up and so is spending. Economists and
Politicial strategists are baffled
Broker/Funder/Industry Lists | Features (wrilter's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months
Sales Make It Happen
"Gimme that Wine"
This Day in History
Weather, USA or specific area
######## surrounding the article denotes it is a press release, it was not written by Leasing News nor has the information been verified, but from the source noted. When an article is signed by the writer, it is considered a byline. It reflects the opinion and research of the writer.
Leasing News Has Confirmed Key Equipment Finance
Exiting Vendor Business
By Christopher Menkin, Publisher
Moving forward, Key Equipment Finance, Superior, Colorado, remains focused with its deep bank channel, energy, government and capital market expertise.
This business shift began earlier this summer in response to the financial services industry disruption due to bank failures in 2023. Along with exiting many long-standing vendor business relationships, additional layoffs were announced last week.
There are no further staff reductions planned for Key Equipment Finance, it is reported. A few of the impacted employees were reportedly encouraged to attend the ELFA annual convention in Phoenix where they could network with clients and other finance sources for new opportunities.
It is reported "some groups within several regional banks are doing uplifts from the bank side to the independent side and aligning themselves with private equity groups and are coming back in the industry as unregulated entities.
“It appears new middle market dtructured finance companies are stepping in for regional banks in a big way; that will continue throughout 2024, and likely beyond. With strong parents, and not under the thumb of bank compliance groups, they are higher rate, structured finance players and are very active in the markets right now doing deals."
It was predicted from one source, "the unsettling period has at least another 12-18 months to go, especially for large Regional banks that are not well capitalized or with abundant liquidity to help fund a large Equipment Finance Group."
New Hires/Promotions in the Leasing Business
and Related Industries
Thomas Borchert was hired as Account Executive ,Blue Street Capital, Huntington Beach, California. Previously, he was Account Executive, Blue Street Capital (November, 2021 - November, 2023); Senior Recruiting Coordinator, NCSA Next College Student Athlete (July, 2019 - November, 2021); Sales Consultant, Los Angeles Chargers (March, 2019 - July 2019); Office Manager and Sales Lead, America Home Loans (October, 2016 - March, 2019). Full Bio:
Joseph Creamons III was hired as Business Development Manager, Crossroads Equipment Lease and Finance, Rancho Cucamonga, California. He is located in Jacksonville, Florida. Previously, he was Vice President, Old Second National Bank (January, 2022 - October, 2023); Account Manager, Balboa Capital (December, 2020 - August, 2021); Business Development Manager, ENGS Commercial Finance, Co-Construction Division (Jacksonville, Florida); Vice-President, Radius Equipment Finance (September, 2017 - January, 2019). Full Bio:
Taylor Labate was hired as Executive Assistant, Rockefeller Capital Management, New York City, New York. She is located in Westbury, New York. Previously, she was Operations Manager and Executive Assistant, Everbright Financial Solutions (June, 2020 - October, 2023); Manager Risk Management, Platinum Rapid Funding Group (February, 2016 - March, 2020); Title Processing Data Entry, Appelilate Land Services (August, 2015 - February, 2016).
Nikole (Nikole B. McGalliard) Salmon was promoted to Account Manager, Optum, Eden Prairie, Minnesota. She is located in Warner Robins, Georgia. She joined Optum February, 2022, Billing Manager. Previously, she was at GE Capital/IKON Financial Services, starting August, 2004, Compliance Specialist, promoted 2006, Collections Manager Major and Municipal Accounts; Cross-Functional Team Coordinator/Supervisor, Los Capital (October, 1997 - August, 2004).
Tom Myers was hired as Business Development Manager at Crossroads Equipment Lease & Finance, Rancho Cucamonga, California. Previously, he was Managing Member, North Star Commercial Credit LLC (June, 1996 - October, 2023).
Time to Plan for 2024
By Scott Wheeler, CLFP
As we enter the final stretch of 2023, and start to plan for 2024, it is the perfect time to gather confirmation from vendors and end-users about an originator's true value. Meaningful conversations create deeper relationships. Meaningful conversations create new opportunities. Meaningful conversations improve an originator's personal value proposition. Meaningful conversations help originators become more successful professionals. Meaningful conversations provide confirmation that an originator is truly aligned with her clients.
Below are a few sample questions to ask yourself, as well As existing vendors and end-users to start to plan to succeed In 2024:
- What are my greatest strengths and why do you choose me as your financial partner?
- How could I personally improve to better serve your specific needs?
- Am I capturing a fair share of your business? What do I need to offer to capture a greater percentage of business from you and your team?
- How would you rank our current communication process? Do you have any recommendations of how I can improve the communication channels between our companies?
- I want to take our relationship to the next level and increase our business together. What is your vision of the next level? What must I do to facilitate that process?
- I want to better understand your business. How can I best connect with you and your team to gain a full understanding of your strengths and challenges?
A productive relationship is more than funding an occasional transaction for a vendor or end-user. It requires a deeper understanding of the wants and needs of each client. It requires an originator to become a trusted advisor. Relationships start with a conversation.
Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: email@example.com
Leasing and Finance Industry Help Wanted
What NOT to Do If You Want to Be Successful
By Ken Lubin, ZRG Partners Managing Director
Success is often defined by what you accomplish, but equally important is recognizing what to avoid. While there are numerous articles and resources on the actions and habits you should adopt to achieve success, it's crucial to understand the pitfalls and mistakes that can hinder your progress. Here's a list of things you shouldn't do if you want to be successful.
- Procrastinate: Procrastination is a silent killer of dreams. It's easy to say, "I'll do it tomorrow," but remember, tomorrow never comes. To be successful, tackle tasks head-on and prioritize your to-do list.
- Avoid Feedback: If you're dodging feedback, you're missing opportunities for growth. Constructive criticism, when given and taken in the right spirit, can be instrumental in helping you identify areas of improvement.
- Over commit: Taking on more than you can handle can lead to stress and burnout. Learn to say 'no' when necessary and prioritize tasks that align with your goals.
- Neglect Self-care: Your physical and mental health are the foundations upon which you build success. Skipping meals, sleep, or exercise can make you less productive in the long run.
- Fear Failure: Every setback is an opportunity to learn. If you're afraid to fail, you'll likely never take the risks necessary to reach the heights of success.
- Shun Networking: Building relationships is vital. You can't know everything, but you can know people who specialize in areas you don't. Networking can lead to partnerships, collaborations, and opportunities.
- Stick to Comfort Zones: Growth doesn't happen in comfort zones. Embrace new challenges, learn new skills, and step out of your familiar environment.
- Avoid Responsibility: Passing the buck and avoiding accountability can damage your reputation. Own your mistakes and learn from them.
- Stop Learning: The world is constantly evolving. Successful individuals are perpetual students, always eager to update their knowledge and skills.
- Compare Yourself to Others: Your journey is unique. Constantly comparing yourself to others can demonstrate you and cloud your vision. Focus on your path and celebrate your milestones.
- Lack Patience: Rome wasn't built in a day, and neither will your empire be. Understand that success often requires time, persistence, and patience.
- Resist Change: Change is inevitable. Those who adapt quickly and with a positive mindset often find themselves ahead of the curve.
Success is not just about the steps you take forward but also about recognizing and avoiding the pitfalls that can set you back. By steering clear of these detrimental habits and mindsets, you can navigate your way to success with greater confidence and efficiency.
Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
Bankruptcies on the Rise
By Peter N. Tamposi, Esq.
Commercial Bankruptcies have increased a staggering 41% in the first nine months of 2023 compared to a year prior, and they show no signs of slowing.
To be up front, this troubling downturn for lenders is good for my legal practice: bankruptcy law representing the debtor.
As an informed outsider looking in, I can’t help but imagine this dramatic increase is leaving many leasing and financial executives scrambling and evaluating what their teams have done to prepare for this expected increase. From my observation the answer appears to be “business as usual,” during an unprecedented period of low defaults and collections challenges.
According to leasing industry pundits, the focus has been to get as much money out as quickly as possible, streamlining the approval process, and making it easy for even marginal companies to obtain credit. Looking at my clients’ cases, it’s very clear little thought was given to what would happen when the bubble burst.
Now according to industry sources, the immediate fall back for many is to tighten lending criteria, which mitigates risk but at the expense of lost opportunities. In contrast, a growing number have adopted an emerging technology that all but eliminates risk by providing asset control and leverage. It gave them the ability to disable equipment instantly and remotely.
It appears there is a new approach with BlocBox, which gives the access to control asset usage from anywhere, anytime: https://getblokbox.com/
Peter N. Tamposi, Esq.
Tamposi Law Group
159 Main St.
Nashua, NH 03060
This is abridged as originally appeared on LinkedIn and given permission by Mr. Tamposi to post in Leasing News. = Editor.
Recommended by Kit Menkin
The first line of defense is not to be confused with a "malware" virus, as most are sent out as spam, asking you to respond or open up an attachment. Therefore, the best line of defense is to identify the spam by using a program that identifies it. Sender emails can be phony or duplicated as someone you know. Use a program like "spamarrest," as it requires the sending party to verify themselves. These “malware” are sent out by the thousands from North Korea, China, everywhere.
To get through “Spam Arrest,” they require a response, which requires a human person. You see a list of all the emails with no response. Most are spam. You decide if it really is spam or a person who does not know how to use the program.
As important, once the sender clears them, they are not questioned again; labeled a "safe sender." You can also "block" senders, as well as put on vacation or respond emails with messages as you would do on a telephone answering device.
You can try a month for free and cancel if you don't like it at any time.
Go direct to Spamarrest.com and/or view video:
Watch at Home
by Fernando Croce, Leasing News Movie Reviewer
As we pay our respects to the men and women who serve in the Armed Forces this Veterans Day, check out our list of recommendations, with titles ranging from the somber to the splashy, from the harrowing to the thrilling.
Let There Be Light (1946): Legendary director John Huston (“The Maltese Falcon”) contributed several important documentaries to the World War II effort, but none as striking as this controversial chronicle of the lingering trauma of returning veterans. Taking place in a medical facility, it records the therapeutic struggles of a group of U.S. service members recently back from overseas combat. Various medical procedures are depicted, including hypnosis, to help the servicemen be ready to reenter civilian life. With an impassioned empathy that belies the film’s neutral surfaces, Huston patiently and unsentimentally offers a moving snapshot of troubled men working toward a breakthrough. Originally commissioned by the War Department but suppressed soon after its release, the film was re-release in the early 1980s and remains a valuable report on post-traumatic stress disorder.
It's Always Fair Weather (1955): A musical seems like an unlikely choice of genre for Veterans Day, but that’s just the case with this tuneful MGM satire, which plays like a cynical companion piece to “Singin’ in the Rain.” It starts with the end of World War II, as three G.I.s resume their lives in New York City. Originally best friends, the men go their separate ways. Ted (Gene Kelly) gets involved with crooked prizefighting, Doug (Dan Dailey) ditches his artistic aspirations for advertising, and wannabe restaurateur Angie (Michael Kidd) runs a burger joint. Their ten-year anniversary reunion begins on a sour note, but their friendship is rekindled as they face gangsters and a comely executive (Cyd Charisse). Directed by Kelly and Stanley Donen, this is one of the most underrated ‘50s musicals.
Platoon (1986): There’s no shortage of films depicting the Vietnam War, but few are as powerful as Oliver Stone’s Oscar-winning drama, which is largely based on his own experiences in the U.S. Army. The director’s stand-in is Chris Taylor (Charlie Sheen), a young volunteer who’s sent to Vietnam in 1967, where he comes face to face with the horrors of the jungle battleground. As his idealism crumbles before the daily struggle to remain alive, Chris finds himself suspended between two different sergeants—the brutal, increasingly deranged Barnes (Tom Berenger) and the more compassionate Elias (Willem Dafoe). At once realistic and hallucinatory, Stone’s film aims relentlessly for visceral impact and offers an unforgettably harrowing lament for humanity amid combat. Others in the cast include future stars Johnny Depp and Forest Whitaker.
Dunkirk(2017): Never less than ambitious, Christopher Nolan followed the futuristic vision of “Interstellar” with a journey into the past with this absorbing and intense WWII drama. Set in 1940 on the French beaches of Dunkirk, the kaleidoscopic narrative weaves together several strands to give an immersive British view of the conflict. On land, there’s a group of soldiers commanded by Bolton (Kenneth Branagh), under German fire during the evacuation. By sea, there’s a boat sailed by a mariner named Dawson (Mark Rylance). By air, a trio of pilots—including Farrier (Tom Hardy)—race to provide support. Experimenting with parallel stories, Nolan serves up an intricate, bravura mosaic of suspense and drama which should rivet fans of purely visual storytelling from beginning to end.
Da 5 Bloods (2020): After the Oscar-winning “BlackKklansman,” Spike Lee goes to the battlefield with this sprawling, exuberant take on the Vietnam War through an African-American lens. Switching back and forth between the 1970s and present-day, the film follows a group of soldiers known as Da Bloods, who fought in Vietnam and returned decades later to honor a dead friend and search for hidden loot. They are Paul (a ferocious Delroy Lindo), Otis (Clarke Peters), Eddie (Norm Lewis), and Melvin (Isiah Whitlock Jr.), vets determined to honor their late squad leader (Chadwick Boseman, in a brilliantly intense turn). Their journey is filled with raw nerves, buried guilt, and conflicting politics. Striving to situate the Black perspective in the spectrum of Vietnam War movies, Lee is in fine, incendiary form.
Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.
Portland, Oregon Adopt-a-Dog
3 years old
This beautiful lady is Nova – she is a 3 year-old husky mix and weighs around 55lbs. True to her breed, she is a chatty gal – some of her favorite topics include astronomy, physics, and cream cheese. However, she also knows how to settle and is a very gentle dog, which we were so excited to discover about her. She loves a good walk, but really likes a good human hang-out too. In true husky style, we anticipate her wanting to hang out with her humans and do her own thing too!
She is ready to start her next voyage! So far, Nova has shown to be mildly uninterested in making canine friends and kitties make her nervous – she would thrive in a mellow home without cats where she can be the center of your universe! Nova would join your family fully vaccinated, spayed, and microchipped for an adoption fee of $450. If she is your shining star, send a dog adoption application our way to meet this stellar gal!
The Pixie Project
510 N.E. Martin Luther King Blvd.
Portland, OR 9723
This Day in History
1646 - The Massachusetts Bay Colony passed a law making it a capital offense to deny that the Bible was the Word of God. Any person convicted of the offense was liable to the death penalty.
1791 - General Arthur St. Clair, governor of Northwest Territory, was badly defeated by a large Indian army. Miami Indian Chief Little Turtle led the powerful force of Miami, Wyandot, Iroquois, Shawnee, Delaware, Ojibwa and Potawatomi that inflicted the greatest defeat ever suffered by the U.S. Army at the hands of North American Indians. Some 623 regulars were killed and 258 wounded on the banks of the Wabash River near present day Fort Wayne, Indiana. The staggering defeat moved Congress to authorize a larger army in 1792.
1798 - Congress agreed to pay a yearly tribute to Tripoli, considering it the only way to protect U.S. shipping. The US has no appreciable Navy at this time. This is the most expedient and assured way to protect American shipping in the Mediterranean. Thus, the part of the Marine Corps hymn, “…to the shores of Tripoli…”
1856 - James Buchanan was elected President. Stephen A. Douglas coveted the Democratic nomination in 1856 but his reputation had been badly tarnished by ongoing violence in Kansas. In his place, the Democrats turned to James Buchanan, who had been the minister to Britain from 1853 to 1856 and was not linked to the Kansas issue. The Republicans ran their first presidential campaign in 1856, choosing noted Western explorer John C. Frémont, “The Pathfinder." Frémont had no political record (regarded as a plus), but held abolitionist views (a negative in the eyes of many moderates). The Republicans ran a campaign calling for repeal of the hated Kansas-Nebraska Act, opposition to the extension of slavery into the territories and support for internal improvement projects. They also took every opportunity to blame the Democrats for the horrors of “Bleeding Kansas." Buchanan emerged the victor, but failed to gain a majority of the popular vote. In fact, a shift of a small number of votes in several states would have tipped the electoral tally to the Republicans. Mirroring the sectional feelings of the day, the Democrats were strong in the South, the Republicans in the North. The election in 1856 brought a weak President to leadership in a badly divided nation.
1873 - Dentist John Beers of San Francisco patents the gold crown
1898 - The first church to bear the Pentecostal Holiness name was organized at Goldsboro, NC, under the leadership of Methodist evangelist Ambrose Blackman Crumpler, 35.
1864 - Battle of Johnsonville, Tennessee. In the summer of 1864, Sherman captured Atlanta, and by November, he was planning his march across Georgia. Meanwhile, the defeated Confederates hoped that destroying his line would draw Sherman out of the Deep South. Nobody was better at raiding than Confederate Gen. Nathan Bedford Forrest, but Union pursuit had kept him in Mississippi during the Atlanta campaign. Johnsonville was an important transfer point from boats on the Tennessee River to a rail line that connected with Nashville to the east. When Sherman sent part of his army back to Nashville to protect his supply lines, Forrest hoped to apply pressure to that force. Forrest began moving part of his force to Johnsonville on October 16, but most of his men were not in place until early November. Incredibly, the Union forces, which numbered about 2,000, seem to have been completely unaware of the Confederates just across the river. Forrest brought up artillery and began a barrage at 2 p.m. on November 5. The attack was devastating. One observer noted, "The wharf for nearly one mile up and down the river presented one solid sheet of flame." More than $6 million worth of supplies were destroyed, along with four gunboats, 14 transports, and 20 barges. General George Thomas, commander of the Union force at Nashville, had to divert troops to protect Johnsonville. After the raid, Forrest's reputation grew, but the raid did not deter Sherman from embarking on the March to the Sea, his devastating expedition across Georgia.
1879 - Birthday of Will Rogers (d. 1935) at Oologah, Indian Territory (now Oklahoma). American writer, actor, humorist and grassroots philosopher, he was killed in an airplane crash with aviator Wiley Post near Point Barrow, AK, August 15, 1935. “My forefathers,” he said, “didn't come over on the Mayflower, but they met the boat.”
1879 - African-American T. Elkins patents the refrigerating apparatus.
1884 - Grover Cleveland was elected President of the United States and Thomas A. Hendricks was elected Vice-President. The electoral vote was: Cleveland, 219; James G. Blaine, Republican of Maine, 182. The popular vote was: Cleveland 4,911,017; Blaine 4,848,334. In congressional elections, the Republicans gained five seats in the Senate to gain a 43-34 majority. In the House, the Republicans gained 22 seats, but the Democrats held a 183-140 majority. Robert M. La Follette, Republican of Wisconsin, was elected to his first term in the House of Representatives. A celebrated presidential campaign slogan aimed at Grover Cleveland was, “Ma, Ma, where's my Pa?”---a reference to Cleveland's admission that he fathered a child out of wedlock. To this query the Democrats would reply, “Gone to the White House, ha, ha, ha.”
1889 - After a formal meeting of representatives from all National League chapters, the Brotherhood issued a "manifesto" in which it claimed that "players have been bought, sold and exchanged as though they were sheep instead of American citizens." This led to a declaration of war between the Brotherhood and Major League officials which soon exploded into the formation of the Players League. The Brotherhood of Professional Baseball Players represented the first serious effort to organize a labor union consisting of baseball players. It was launched in 1885 with the aim of raising player salaries in recognition of the growing popularity of professional baseball and the growth in revenues generated by the game. It also aimed to combat the reserve clause which restricted player movement and helped to keep salaries down. The organization gained official recognition when NL owners first met with the Brotherhood's representatives in 1887. However, relations between the two soon became difficult as owners were unwilling to make significant concessions. The impasse led to the creation of the Players League in 1890, which included many of the most famous stars of the time and which was owned and operated by the players themselves.
1897 - The first Library of Congress building opened its doors to the public. Previously, the Library had been housed in the Congressional Reading Room in the U.S. Capitol.
1906 - Birthday of Robert Bernard “Bob” Considine (d. 1975), sportswriter and author, at Washington, DC. Considine parlayed some early success as a tennis player and a job as a federal government clerk into a career as a sportswriter. He covered baseball starting in 1933 and soon became a columnist for the Hearst newspapers. He branched out into politics and national affairs and served as a war correspondent during World War II. He wrote or coauthored more than 25 books, including the screenplay for “Pride of the Yankees,” the film biography of Lou Gehrig.
1916 - Birthday of Walter Leland Cronkite, Jr., (d. 2009), St. Joseph, MO. Journalist, war correspondent, former anchor for “CBS Evening News.” During the heyday of CBS News in the 1960s and 1970s, he was often cited as "the most trusted man in America" after being so named in an opinion poll. In mid-February 1968, Cronkite journeyed to Vietnam to cover the aftermath of the Tet Offensive. Upon return, Cronkite wrote an editorial report based on that trip. On February 27, 1968, Cronkite closed that editorial report: “We have been too often disappointed by the optimism of the American leaders, both in Vietnam and Washington, to have faith any longer in the silver linings they find in the darkest clouds…” Following Cronkite's editorial report, President Lyndon Johnson is claimed by some to have said, "If I've lost Cronkite, I've lost Middle America.”
1918 - Birthday of Art Carney (d. 2003), Mount Vernon, NY.
An actor, he won an Oscar for “Harry and Tonto” and six Emmys for “The Honeymooners” as Ralph Kramden’s (Jackie Gleason) sidekick, Ed Norton.
1919 - Birthday of bass player Joe Benjamin (d. 1974), Atlantic, City, NJ
1920 - Women voted nationally for the first time, enabled by the 19th Amendment which prohibits any United States citizen from being denied the right to vote on the basis of sex.
1922 - Birthday of pianist Ralph Sutton (d. 2001), Hamburg, MO.
1924 - Calvin Coolidge was elected to the top office of the United States. Coolidge was already in the office as President having to complete Warren G. Harding's term (Harding died in office). The electoral vote was Coolidge 382; John W. Davis, Democratic candidate, 13. The popular vote was Coolidge 15,725,016; Davis 8,385,503, La Follette, 4,822,856. The huge Republican victory in the presidential election was anticipated. The Democrats had torn themselves apart in a struggle for the nomination. Gov. Alfred E. Smith of New York represented the East and the big cities, and William G. McAdoo of Tennessee, the southern and western parts of the country. The eventual nominee was John W. Davis, an able man but almost unknown to the voters. The Republicans, on the other hand, could point with pride to Calvin Coolidge and a record of prosperity. The Democrats tried to make much of the scandals of the Harding administration but failed to stir the electorate. In fact, despite a strong third party in the field, only about half of those eligible to vote did so.
1924 - The first woman governor was Nellie Taylor Ross, Wyoming, elected to fill the unexpired term of her late husband, William Bradley Ross. From 1933 to 1935, she served as Director of the Mint, the first woman to do so.
1926 - Birthday of percussionist Carlos “Patato” Valdez (d. 2007), Havana, Cuba
1927 - A great Vermont flood occurred. Tropical rains deluged the Green Mountain area of Vermont causing the worst flood in the history of the state. Torrential rains, up to 15 inches in the higher elevations, sent streams on a rampage devastating the Winooski Valley. Flooding claimed 200 lives and caused $40 million damage. The town of Vernon reported 84 deaths. Flooding left up to eight to ten feet of water in downtown Montpelier. (2nd-4th)
1928 - Arnold Rothstein, New York's most notorious gambler, is shot and killed during a poker game at the Park Central Hotel in Manhattan. After finding Rothstein bleeding profusely at the service entrance of the hotel, police followed his trail of blood back to a suite where a group of men were playing cards. Reportedly, Rothstein had nothing good in his final hand. In the 1920's, Rothstein began purchasing nightclubs, racehorses, and brothels. He had such a formidable presence in the criminal underworld that he was reportedly once paid half a million dollars to mediate a gang war. As Rothstein's fortune grew to an estimated $50 million, he became a high-level loan shark, liberally padding the pockets of police and judges to evade the law. He is fabled to have carried around $200,000 in pocket money at all times. Rothstein's luck finally ran out in 1928 when he encountered an unprecedented losing streak. At a poker game in September with "Hump" McManus, "Nigger Nate" Raymond, and "Titanic" Thompson, Rothstein lost a cool $320,000 and then refused to pay on the grounds that the game had been rigged. Two months later, McManus invited Rothstein to play what would be his final poker game. Police were never able to identify Rothstein's murderer. Asked who had shot him before dying, Rothstein reportedly put his finger to his lips and kept the gangsters' code of silence. Rothstein was widely reputed to have organized corruption in professional athletics, including conspiring to fix the 1919 World Series.
1928 - Birthday of drummer Larry Bunker (d. 2005), Long Beach, CA.
1935 - The so-called Yankee Hurricane hit Miami with winds of 95 mph. It was unusual in that it moved into the area from the northeast
1936 - Future U.S. Senate Chaplain Rev. Peter Marshall, 34, married Catherine Wood, 22. Following Peter's premature death at age 46, Catherine immortalized his name through her 1951 best-selling biography, "A Man Called Peter."
1939 - The Packard Motor Car Company, Detroit, publicly exhibited the first air-conditioned car at the 40th Automobile Show, Chicago, IL. Air in the car was cooled to the temperature desired, dehumidified, filtered, and circulated. The refrigerating coils were located behind the rear seat in an air duct, with heating coils into another compartment of the same duct. The capacity of the unit was equivalent to 1.5 tons of ice in 24 hours when the car was driven at 60 miles per hour, or 2 tons at 80 miles per hour. The invention was first offered to the Ford Motor Company, invented by the Greenberg Brothers. It was a sweltering August day when the three Greenberg Brothers entered the posh Dearborn, Michigan offices of the notoriously anti- Semitic carmaker, Henry Ford. "Mr. Ford," announced Hyman Greenberg, the eldest of the three, "we have a remarkable invention that will revolutionize the automobile industry."
Ford looked skeptical, but their threats to offer it to the competition kept his interest piqued. Hi Greenberg continued, "We would like to demonstrate it to you in person." After a little cajoling, they brought Mr. Ford outside and asked him to enter a black car that was parked in front of the building. Norman Greenberg, the middle brother, opened the door of the car. "Please step inside, Mr. Ford." "What!" shouted the tycoon, "are you crazy? It must be one hundred degrees in that car!" "It is," smiled the youngest brother, Max, "but sit down, Mr. Ford, and push the white button." Intrigued, Ford pushed the button. All of a sudden, a whoosh of freezing air started blowing from vents all around the car, and within seconds the automobile was not only comfortable, it was quite cool! "This is amazing!" exclaimed Ford. "How much do you want for the patent?" Norman spoke up. "The price is one million dollars." Then he paused, "And there is something else. We want the name 'Greenberg Brothers Air Conditioning' to be stamped right next to the Ford logo." "Money is no problem," retorted Ford, "but no way will I have a Jewish name next to my logo on my cars!" They haggled back and forth for a while and finally they settled. One and one half million dollars, and the name Greenberg would be left off. However, the first names of the Greenberg brothers would be forever emblazoned upon the console of every Ford air conditioning system. And that is why today, whenever you enter a Ford vehicle you will see those three names clearly defined on the air-conditioning control panel: Max-Hi-Norm
1946 - Birthday of Laura Bush, born Laura Lane Welch, Midland, TX. Former First Lady, wife of President George W. Bush, she attended Southern Methodist University in Dallas, Texas, where she earned a Bachelor of Science degree in education in 1968. After college, she worked as a teacher at Longfellow Elementary School in the Dallas Independent School District until 1969 and then moved to Houston, Texas, where she taught at John F. Kennedy Elementary School in the Houston Independent School District until 1972. Later, she enrolled at the University of Texas at Austin and earned a Master of Library Science degree in 1973. Afterward, she worked at the Houston Public Library, Kashmere Gardens Branch until she moved back to Austin in 1974. She worked as a librarian at Dawson Elementary School until 1977, when she met George Walker Bush at the home of mutual friends. They married in November, 1977 and made their home in Midland. In 1981, George and Laura Bush became the proud parents of twin girls, who are named Barbara and Jenna, after their grandmothers.
1946 - UNESCO, the United Nations Educational, Scientific and Cultural Organization formed.
1949 - “One Man's Family” premiered on TV and is the longest-running uninterrupted dramatic serial in the history of American radio. This series occurred at the same time as the popular radio drama of the same name. In the first season, the cast included Bert Lytell as Henry Barbour, a wealthy San Francisco stockbroker and Majorie Gateson as his wife, Fanny. Also included were Eva Maria Saint and Tony Randall. The second time the show came to TV it was a 15-minute serial and had an entirely new cast. It debuted as a radio series on April 29, 1932 in Los Angeles, Seattle and San Francisco, moving to the full West Coast NBC network the following month and ended in 1959.
1950 - *POYNTER, JAMES I., Medal of Honor
Rank and organization: Sergeant, U.S. Marine Corps Reserve, Company A, 1st Battalion, 7th Marines, 1st Marine Division (Rein.). Place and date: Near Sudong, Korea, 4 November 1950. Entered service at: Downey, Calif. Born: 1 December 1916, Bloomington, Ill. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a squad leader in a rifle platoon of Company A, in action against enemy aggressor forces during the defense of Hill 532, south of Sudong, Korea. When a vastly outnumbering, well-concealed hostile force launched a sudden, vicious counterattack against his platoon's hasty defensive position, Sgt. Poynter displayed superb skill and courage in leading his squad and directing its fire against the onrushing enemy. With his ranks critically depleted by casualties and being critically wounded himself, as the onslaught gained momentum and the hostile force surrounded his position, he seized his bayonet and engaged in bitter hand-to-hand combat as the breakthrough continued. Observing 3 machineguns closing in at a distance of 25 yards, he dashed from his position and, grasping hand grenades from fallen marines as he ran, charged the emplacements in rapid succession, killing the crews of 2 and putting the other out of action before he fell, mortally wounded. By his self-sacrificing and valiant conduct, Sgt. Poynter inspired the remaining members of his squad to heroic endeavor in bearing down upon and repelling the disorganized enemy, thereby enabling the platoon to move out of the trap to a more favorable tactical position. His indomitable fighting spirit, fortitude, and great personal valor maintained in the face of overwhelming odds sustain and enhance the finest traditions of the U.S. Naval Service. He gallantly gave his life for his country.
1951 - Top Hits
“Because of You” - Tony Bennett
“I Get Ideas” - Tony Martin
“Down Yonder” - Del Wood
“Slow Poke” - Pee Wee King
1952 - America said, “I Like Ike.” The Dwight D. Eisenhower/Richard M. Nixon ticket won a sweeping (55%-44%) victory over Democrat Adlai E. Stevenson and running mate John J. Sparkman. Eisenhower became the 34th President of the U.S. The electoral vote was Eisenhower, 442-89. The popular vote was Eisenhower, 36,938,285; Stevenson 27,312,217; Vincent Hallinan, Progressive, 140,138. The Republicans gained one Senate seat for a 48-47 majority with one seat going to a minor party. In the House, they gained 22 seats for a 221-211 majority, one seating to a minority party. On Election Day, 1952, UNIVAC, the world's first commercially available electronic computer, predicted a landslide for Eisenhower. In a test televised by CBS, the computer used early returns from key states to predict the election, based on voting patterns from 1944 and 1948. However, the computer's predictions were radically different from polls taken by Gallup and Roper, which predicted a close race, and the computer's programmers made adjustments so that the computer's first broadcast prediction corresponded more closely to the polls. Only an hour after the polls had closed with less than ten percent of the votes had been counted, the CBS TV Network, which employed the computer, was able to predict Eisenhower's landslide victory, trumping human experts who had predicted a close race. Ironically, the computer's original prediction of 438 electoral votes for Eisenhower and 93 for Stevenson was only off by four votes. The nation watched with interest as a Republican administration took over the reins of government for the first time in 24 years. The most explosive internal problem was Joseph R. McCarthy. Republican of Wisconsin, charging Soviet espionage activities in the U.S. The administration’s most outstanding success was a peace agreement in Korea. Pres. Eisenhower announced the agreement to a relieved country, but warned, “We have won armistice on a single battleground, but not peace in the world.”
1953 - Hulan Jack elected first Black Borough President of Manhattan, NYC.
1953 - “How to Marry a Millionaire” premiered, starring Marilyn Monroe, Betty Grable and Lauren Bacall. One of the most popular films with the most beautiful women, it is about three women whose goal in life was to marry a rich man. The ending: love triumphs over all, and to the surprise of all, the richest man of the group.
1954 - Florence Henderson, who was all of 20 years old, joined with Ezio Pinza and Walter Slezak in "Fanny." The show lit up Broadway 888 times.
1954 - Philadelphia A's move to Kansas City. In 1901, the Western League had been renamed the American League and declared itself the second Major League. New franchises in the east were created and some franchises were eliminated in the West. Philadelphia had a new franchise created to compete with the National League’s Phillies. Former catcher Connie Mack was recruited to manage the club. Mack, in turn, persuaded Phillies minority owner Ben Shibe and others to invest in the team called the Philadelphia Athletics. Mack himself bought a 25 percent interest. In the early years, the A’s established themselves as one of the dominant teams in the new league, winning the A.L. pennant six times (1902, 1905, 1910, 1911, 1913 and 1914), and winning the World Series in 1910, 1911 and 1913. They won over 100 games in 1910 and 1911, and 99 games in 1914. In 1909, the A's moved into the Majors' first concrete-and-steel ballpark, named Shibe Park. Lean years followed but a ‘second dynasty’ emerged in 1927-33 when, in 1927 and 1928, the Athletics finished second to the Yankees, then won pennants in 1929, 1930 and 1931, winning the World Series in 1929 and 1930. In each of the three years, the A's won over 100 games. The Depression took its toll and many of the ‘dynasty’ players were sold off to reduce expense in an era of low attendance. This continued to decimate A’s teams and finally forced the sale to Arnold Johnson, who moved the team to KC. They have been the Oakland A’s since new owner Charlie Finley moved them there in 1968.
1956 - The top six songs on the pop and R&B charts are identical: Elvis Presley's "Jailhouse Rock," the Everly Brothers' "Wake Up Little Susie," Sam Cooke's "You Send Me," the Rays' "Silhouettes," Rickie Nelson's "Be-Bop Baby" and Jimmie Rodgers' "Honeycomb."
1958 - African-American Shirley Verrett, world renowned opera singer, makes her debut in New York City.
1958 - No. 1 Billboard Pop Hit: “It's Only Make Believe,'' Conway Twitty.
1959 – Cubs SS Ernie Banks won his second consecutive MVP award on the strength of his 45 home runs and 143 RBI.
1959 - Top Hits
“Mack the Knife” - Bobby Darin
“Mr. Blue” - The Fleetwoods
“Put Your Head on My Shoulder” - Paul Anka
“The Three Bells” - The Browns
1959 - After 17-year-old gang member Salvador Agron fatally stabbed two teens in New York, radio station WCBS banned the Bobby Darin hit "Mack the Knife."
1961 - Bob Dylan makes his debut at the Carnegie Chapter Hall in New York City. Most of the fifty people in attendance are his friends who paid two bucks to get in. Dylan was paid twenty dollars for the night.
1963 - The Beatles appear at the Royal Command Performances at the Prince of Wales Theatre in London. In attendance are the Queen Mother, Princess Margaret and Lord Snowden. It was here that John Lennon made his now famous announcement: "For our last number, I'd like to ask for your help. The people in the cheaper seats clap your hands and the rest of you, if you'd just rattle your jewelry. We'd like to sing a song called Twist and Shout."
1967 - Smokey Robinson and the Miracles' "I Second That Emotion" is released.
1967 - Top Hits
“To Sir with Love” - Lulu
“Soul Man” - Sam & Dave
“It Must Be Him” - Vikki Carr
“You Mean the World to Me” - David Houston
1968 - Shirley Chisholm became the first black woman elected to the House of Representatives.
1970 - King Peter II of Yugoslavia became the first European king to be buried in the United Sates. His Serbian name was Petar Karadjordjevic. He became King on October 11, 1934. He left Yugoslavia in 1941 after it was invaded by Germany and headed the exiled Yugoslav government during World War II. After 1945, when Yugoslavia became a republic, he lived in New York City.
1972 - "I Can See Clearly Now" by Johnny Nash topped the charts and stayed there for 4 weeks.
1973 - The Chicago Bears set a National Football League record by holding the Green Bay Packers to a minus 12 passing yards.
1973 - The De Franco Family enjoyed their biggest hit when "Heartbeat - It's a Lovebeat" topped out at #3 on the Billboard chart.
1975 - Top Hits
“Island Girl” - Elton John
“Lyin' Eyes” - The Eagles
“They Just Can't Stop It” (“Games People Play”) - Spinners
(“Turn Out the Lights And”) “Love Me Tonight” - Don Williams
1975 – The Orioles’ Jim Palmer won his second consecutive Cy Young award after pacing the AL in wins (23), shutouts (10), and ERA (2.09).
1976 - Major League baseball held its first draft of players who had declared themselves free agents. 24 players from 13 clubs were available for selection. Reggie Jackson eventually signed the most lucrative contract in this group, $2.9 million over five years, to play with the New York Yankees.
1978 - "You Needed Me" by Anne Murray topped the charts and stayed there for a week.
1979 - 500 Iranians seized the US Embassy in Teheran, taking some 90 hostages, of whom about 60 were Americans. They vowed to hold the hostages until the former Shah, Mohammed Reza Pahlavi, who was in the US for medical treatments, was returned to Iran for trial. The Shad died July 27, 1980, in an Egyptian military hospital near Cairo. The remaining 52 American hostages were released and left Teheran on January 20, 1981, after 444 days of captivity.
1980 - Republican Ronald Reagan won the White House defeating President Jimmy Carter. Reagan was the 40th President of the U.S., carrying 44 states winning by a landslide (489 electoral votes to Carter's 49). The popular vote was Reagan, 42,797,153; Carter 34, 424,100, John Anderson, independent candidate 5,533,927. In congressional elections, the Republicans picked up 12 Senate seats for a 53-46 majority, with one independent seat. In the House, the Democrats lost 33 seats but kept a majority of 242-192, with one seat going to an independent. On January 20, as Ronald Reagan was being inaugurated, Iran released the 52 captives seized at the U.S. embassy in Teheran, in Nov. 1979, thus ending the Iranian hostage crisis.
1980 - Japan's all-time HR hitter, Sadaharu Oh, retires from professional baseball. The Tokyo Yomiuri Giants' first baseman hit a record 868 home runs in his 22-year playing career.
1980 – Steve Carlton of the Philadelphia Phillies won his second consecutive Cy Young Award. He posted a 24-9 record with a 2.34 ERA and a league-leading 286 strikeouts. He joined Sandy Koufax, Tom Seaver and Jim Palmer as the only three-time Cy Young Award winners to that point.
1981 - “The Fall Guy” premiered on TV. An hour-long adventure series, the story centered around a Hollywood stuntman, Colt Seavers, played by Lee Majors, who also moonlighted as a bounty-hunter, catching bail-jumpers. It also starred Douglas Barr, Heather Thomas, Jo Ann Pflug, Markie Post and Negra Volz. Lee Majors also sang the theme song for the show.
1983 - Top Hits
“All Night Long” (“All Night”) - Lionel Richie
“One Thing Leads to Another” - The Fixx
“Telefone” (“Long Distance Love Affair”) - Sheena Easton
“Islands in the Stream” - Kenny Rogers with Dolly Parton
1983 - The temperature at Billings, MT soars to 77, a new record for the data and month
1984 - Seattle sets an NFL record by returning four interceptions for touchdowns in a 45-0 victory over Kansas City. Dave Brown scores twice while Kenny Easley and Keith Simpson also return interceptions for touchdowns. All of the scores are longer than 50 yards.
1987 - The NBA announces four new franchises; Charlotte (Hornets) and Miami (Heat) for 1988 and Minneapolis (Timberwolves) and Orlando (Magic) for 1989.
1987 - Thirty-two cities in the eastern and south central U.S. reported record high temperatures for the date. Highs of 74 degrees at Portland ME and 86 degrees at Fort Smith, AR equaled November records. It was the fourth day of record warmth for Beckley, WV, Memphis, TN and Paducah, KY. A cold front ushered much colder air into the north central U.S. Gale force winds lashed all five Great Lakes.
1989 - Snow and high winds plagued parts of Colorado and Wyoming. Winds gusted to 71 mph near Wheatland, WY, and reached 80 mph west of Fort Collins, CO. Up to five inches of snow blanketed Yellowstone Park, WY closing many roads. Snow also blanketed northern Minnesota, with seven inches reported at Baudette.
1991 - The Ronald Reagan Presidential Library & Museum was dedicated by five American presidents (the first gathering of five U.S. presidents). Reagan, President George Bush, and former presidents Jimmy Carter, Gerald R. Ford and Richard M. Nixon attended the ceremonies in Simi Valley, California.
1991 - Top Hits
“Romantic” - Karyn White
“Cream” - Prince & The N.P.G.
“Can't Stop This Thing We Started” - Bryan Adams
“Anymore” - Travis Tritt
1991 - Bobby "Blue" Bland, Booker T. & The M.G.s, Johnny Cash, Jimi Hendrix, The Isley Brothers, Sam & Dave and The Yardbirds are elected to the Rock and Roll Hall of Fame.
1992 - Elton John and his songwriting partner Bernie Taupin sign a $39 million publishing contract with Warner-Chappell music -- the largest music publishing firm.
1993 - The NBA Board of Governors accepted a recommendation from the Expansion Committee to award a franchise to a Toronto group headed by John Bitlove, Jr. The team, later named the Raptors, began play in the 1995-96 season.
1997 - After an 18-month delay, Capitol Records releases The Beach Boys' "The Pet Sounds Sessions," a 4-CD boxed set which details the creation of The Beach Boys' album "Pet Sounds." Overseen by producer Brian Wilson, the collection allows the listener to hear a capella vocals from the master tapes and alternate mixes of the songs.
2001 - In Game 7 of a classic World Series, Arizona rallies for two runs in the bottom of the ninth, defeating the Yankees and their usually unbeatable closer, Mariano Rivera, 3-2. The four-year old Diamondbacks, the youngest franchise to win a Fall Classic, end New York's string of three consecutive World Championships. This was also the first World Series to have been played in November, delayed out of deference to those who lost their lives on 9/11.
2002 - Colorado Rockies right-hander Jason Jennings (16-6, 4.52) becomes first member of the Rockies to be selected by the BBWAA as the National League Rookie of the Year. The 24-year old right-hander receives 27 first-place votes from the 32 writers participating in the balloting.
2003 - Miami-Dade County Commissioners approved a plan committing $73 million in tax money toward a new Major League ballpark for the Marlins. The World Champions, who have agreed to change their name to the Miami Marlins if the city builds the ballpark, want to begin playing in the $325 million new park in 2007, but still doesn't have a plan for raising $137 million needed as part of their commitment.
2008 - Democrat Barack Obama was elected the first black President of the United States, defeating Republican John McCain; Democrats gained seats in the Senate and House.
2013 - A successor to the SR-71 Blackbird is being built by Lockheed Martin. The company's Advanced Development Programs, known by the alias Skunk Works, has taken on the challenge to build the SR-72, capable of flying at Mach 6 with expected delivery in 2023.
2013 - A private collection of 1,500 works of art plundered by the Nazi's and discovered in a Munich apartment in 2012, has an estimated worth of $1 billion; lost works include paintings by Matisse, Paul Klee, Marc Chagall and Picasso.
2014 - Tim Scott becomes the first African-American Senator in the south since the Reconstruction.
World Series Champions
2001 - Arizona Diamondbacks.
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