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Tuesday, November 16, 2004
Headlines---
Classified Ads-----Collector
Alert ---Harold Bishop, Inc, Summerville, Georgia
Archives---November 16, 2000—Ron Wagner Leaves Leasing
Economic Events This Week
Wells Fargo “On the Vine”
Letters---We get eMail
David G. Mayer's Business Leasing News—November edition
National City Bank Acquires Alpine Capital
Siemens Financial Services Aggressively Expands
Al Yother Named Controller at AmSouth
CIT to Present at Merrill Lynch Today
News Briefs---
Sports Briefs---
California Nuts Briefs---
"Gimme that Wine"
This Day in American History
American Football Poem
######## surrounding the article denotes it is a “press release”
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E-Mail Removal Form:
http://65.209.205.32/LeasingNews/removalform.asp
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Classified Ads-----Collector
Boston, MA.
Challenging position where my skills, professional experience, organization, leadership, strategic thinking, creativity, energy, passion, competitive nature will enable me to define opportunities and personal development.
Email: bernd.janet@verizon.net
Jacksonville, East Brunswick, FL.
13 years experience with collection, recovery, re-marketing and legal on commercial loans and leases. Expertise with distressed portfolios, Six Sigma trained. Willing to relocate.
Email: RichardB12364@aol.com
West Hartford, CT.
Credit/ Collections /Rental Management in leasing & construction fields. Looking for stable company that will appreciate my 20+ years of experience. Email: losterastringban@aol.com
Full listing of all classified ads-job wanted:
http://64.125.68.90/LeasingNews/JobPostings.htm
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Alert ---Harold Bishop, Inc, Summerville, Georgia”
Ferbish Inc
Computer Med
Power Calling
MedZip
Unfortunately we took this posting down at the request ( and threats ) of Kevin Freguson. He said he lost a lease to CIT as they found the Leasing News alert at the top of a “Google” search.
We complied. One of the difficulties was the second complaint was from a major leasing company, recently in the news for their purchase of another leasing company, and the credit officer was always going to get back to us regarding the use of his company's name used in the complaint. We did have one complaint.
The decisions goes back to our policy of wanting a signed complaint, and/or two verifications, and preferably, three, when unsigned, to post an alert. At the time, we could not reach any of the companies. named.
It appears the companies are all controlled by Mr. Ferguson, who appears to be in an internet service business ( or provider.) He confirmed he was no longer a veterinarian, nor in that profession and showed us his previous license by e-mail (expired.),He did admit he had spent time in jail and the circumstances surrounding it, but asked us for a “second chance,” as he said he was “rehabilitated.”
Regarding the lease, he said he had sold the computer system six months ago, and the customers was having a rough time and needed cash. He said it was his common practice to “re-finance” purchases he said, even if it was not his original sale. His statement was this was “not illegal” as the equipment existed. He further the Texas broker was qualified as a dealer with the leasing company. They would increase the price of the equipment and make their commission in that manner.
He met others doing the same, so he decided to become a broker to expand his sales. They did sale/leasebacks all the time, he said, and therefore his transaction with RCR Leasing was “normal” to him, including putting a 10% commission in the transaction for himself.
We now have a third complaint against Mr. Ferguson, and its circumstances bring us to re-instate the first “complaints.” The third party does not want to be named at this time, but he has a bounced check from Mr. Freguson, who has promised to make it good, plus has notified HP Financial Services he was the “real” vendor and has not been paid.
He states Mr. Ferguson is a broker, but as Ferbish has the ability to send leases into HP Financial Services, who is “easy” on the credit and “seems to take everything.” This is not the first time he has received a bounced check from Ferguson, as he had one for $20,000 that was eventually made good, but this one for less than $5,000 has been going on for six weeks, with many broker promises, and he is now concerned enough to tell HP Financial Services if he is not paid, he is going to repossess the equipment.
He does not want Leasing News to print his name as he still has hopes to get the money ( “...what bothers me is Ferguson telephone number is disconnected, but I can reach him by e-mail and he promises to pay me as soon as a deal he has in for funding is completed.” He gave us permission to quote the circumstances, and if he doesn't get a bona fide check, he will let us publish his name and address to further substantiate the complaint.
Leasing News was unable to obtain a comment from HP Financial Services or from Mr. Ferguson.
The original complaint:
“ RCR Capital Leasing is a leasing company located in New York. We were working with a vendor called Harold Bishop, Inc. They are located in Summerville, Georgia. They sell computer systems to companies across the USA. We have funded two deals for them totaling $64,000.00. We verified with the client if they received ALL their equipment and do they authorize RCR Capital Leasing to release full funds to Harold Bishop, Inc. They stated clearly yes and they were happy with their equipment.
!We sent out our monthly invoice for first payment, then second payment, which resulted 60-day default. Our collection department started calling the clients asking what was going on. Well, the clients stated they never received funds from Harold Bishop, Inc. We stated to the client, “ What do you mean? You signed lease agreements, completed a verbal and verify that you received this computer equipment which was listed on the Schedule “A”?” They stated they know they lied to RCR Capital Leasing but they needed working capital and Kevin Ferguson, owner of Harold Bishop, Inc., stated that he could achieve this. He convinced the client, what we could see, that this is all legal and he promise to release funds to them deducting 10% for his commission.
“We have requested our funds back and have been unsuccessful. The clients are asking for our assistance, which we are providing to the best we could. We have decided to complete background and criminal background checks on the owners of Harold Bishop, Inc. Well, this was a scary sight. Harold Bishop is in prison for murdering his wife. Kevin Ferguson, whom is running the operations, has a long track record. The one that was scary was that he was in prison for 12 years for burglary, which was released in 1999.
“Kevin Ferguson of Harold Bishop, Inc. are acting as vendors and really does illegal sale-leasebacks, which the equipment is a year, 2 years old or do not even have equipment…but keep the funds from the leasing company. They operate under several different names. Now, the clients are calling because Kevin Ferguson is processing applications without the clients' permission to other leasing companies. He is committing Identity Theft with the clients and trying to pay off one debt and taking another one on.
“We have advised the clients to seek legal counsel and let D&B, as well as, all credit bureaus to put a “FRAUD ALERT” on their credit reports.
“There was no broker involved. RCR Capital Leasing requires all new vendors to fill out a complete vendor profile. We have completed our due diligence, which entitled doing credit reports, D&B reports, and bank and trade references. Everything came back with T's and I's dotted correctly. That is why we approved them as a vendor. We require site inspections of $50,000 and above with how this vendor approved. If the vendor is not as strong, then we require site inspections $25,000 and up.”
Denise Radzinsky
RCR Capital Leasing
denise@rcrcapital.com
www.RCRCAPITAL.com
“Please update the alert to include the following a/k/as:”
Ferbish Inc
Computer Med
Power Calling
MedZip
”All of the above companies are related to Harold Bishop, Inc. They may present themselves as a vendor or as a lessee.
”We uncovered concerns with Harold Bishop in 11/03. I know many people rely on getting information from the Leasing News and alerts such as this are important for everyone. Could you please consider maintaining a file where lessors could suggest that others exercise more caution or, in some cases, do not do business with certain vendors, brokers, lessees, etc? As many of us know, when we shut off a vendor they go to another lessor and start over. Since many of them are good at what they do many lessors end up losing. Although we found Harold Bishop and did not fund any of his deals, I am concerned that 8 months later more lessors are at risk. Unfortunately, we know that many of the relationships that we terminated are currently doing business with other lessors. If for example, RCR Capital Leasing checked your website for a section that lists (maybe alphabetically) alerts and found an alert on Harold Bishop, they would not have moved forward with a relationship.
”I know from the past that you honor requests to withhold information such as my name and the name of my company. If you need additional information, or if a lessor asks you for additional information regarding anything that I submit, I may be willing to provide you additional information. However, I do have to be conscious of my company's concern with being named in a defamation of character lawsuit regardless of how much proof we have. For this reason, please withhold my name and company name.
”Thank you.”
( Name With Held )
(Those wishing more information may send me an e-mail, which I will forward to the sender of this alert. kitmenkin@leasingnews.org
Leasing News does maintain an Alert section:
http://www.leasingnews.org/Conscious-Top%20Stories/alert.htm
We accept bona fide “alerts” from lessors and funders, and when requested, will “with hold name” when requested. )
Archives---November 16, 2000—Ron Wagner Leaves Leasing
Finally trapped the famous Ron Wagner down. He has a house in San Diego and one in the Desert, where he plays golf. He told me he is no longer with El Dorado Bank, parent of Commerce Security. He told me he had recommend Dave Copp, and considered himself now on a sabbatical. I wanted to reach him for a quote on a story we will run next week.
1986
Ron Wagner, Heritage Leasing Capital, San Diego, CA;
“Winner of the Low Net award.”
Ron Wagner, CLP, 1988
“Elected as Western Association of Equipment Leasing Vice President
for the coming year is Ron Wagner, DCLP, who is president of Heritage Leasing Capital in San Diego, CA. A member of the WAEL Board of Directors since 1986, he was Secretary/Treasurer in 1988.
“ With Heritage since 1978, Ron began his leasing career as an account manager. Hew as promoted to Executive Vice President of Heritage Leasing Corporation prior to forming Heritage Leasing Capital. A graduate of the University of Kansas, he also holds an MBA form the University of Missouri.”
Archive story:
“It was interested to speak to him and learn why they decided to close down Commerce Security Leasing. This is really a thumb nail of what he said, and I don't want to get it out of context. Commerce Security was one of the first to get out of the marketplace and in hindsight, was ahead of the trend that follows (or is happening today ). Downsizing or just closing is prevalent and tightening of credit in all broker relationships is happening.
“Ron said the margins weren't there, both brokers and vendors had learned the tricks of application only, telemarketers and the internet was bringing in leasing transaction with problems not covered by professionals and having relationships with lessees, brokers were expecting more and more with less and less margins and more and more problems and he could see the writing on the wall. Of course, Ron has been around longer than many with much experience in all phases of leasing.
“I think he may get bored playing golf all the time, but it is Winter in the desert, and I bet he stays there while the weather is warm and waits until Spring to see what thaws out. He didn't tell me that, and I apologize to him if I left anything out or "misquoted" him, but that was the gist of the conversation.
“And yes, I see ‘downsizing' becoming quite prevalent in the leasing industry and also see "different" times ahead, especially the first and perhaps the second quarter of next year. –
Today Wagner is out of “retirement,” in charge of the Navigator program” between US Bancorp Manifest and Pentech Financial Services.
Here is a story about the announcement of Mr. Wagner's new occupation:
http://www.leasingnews.org/Conscious-Top%20Stories/
Navigator%20Program.htm
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Economic Events This Week
Today
November 16
Producer Prices: October
Wednesday
November 17
Capacity Utilization: October
Consumer Price Index: October
Federal Budget: October
Housing Construction: October
Industrial Production: October
Thursday
November 18
Weekly Jobless Claims
Leading Indicators: October
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BALTIMORE-BASED ACCOUNT REPRESENTATIVE - In this position, you will develop and maintain relationships with lease brokers, leasing companies, equipment vendors and direct leases throughout Maryland and Virginia. Must be knowledgeable in indirect/third party transactions ranging $15K and up. |
Wells Fargo “On the Vine”
“An acquaintance of mine here in Tampa works (did)for Well Fargo, middle market. Within the last week he was given notice his entire division was being closed and 1,300 were being let go. He was given a substantial parachute that should carry him through April, unless he finds something sooner.
“This doesn't seem to be on the 'vine' yet.
“Have you heard anything?”
(Leasing News has not been able to verify this. If any reader has information “on” or “off the record,” please send. Also please pass to a colleague and ask them to subscribe to Leasing News as we are trying to build up our “network.” All of our “inside” information comes from our readers. Editor )
About the Company: At Dell Financial Services, we aspire to fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide. |
Letters---We get eMail
“I too was offended by the headlines congratulating Bush on his re-election and can only say one thing, some things are better left unsaid.
“ I feel no matter who won, congratulations coming from any news resource agency is indicating support for the certain individual. It is one thing to congratulate an entire team on a victory but when it comes to an individual (especially relating to a Politician), I think the congratulations can be said as an individual TO the individual as opposed to sharing your thoughts with all readers. Do you think the President reads Leasing News?? Did it ever occur to you that some individuals do not share the same "congratulatory" thoughts that you do?”
( Name withheld.)
“I too hate the Bush administration and the misery they have spread around the world and at home. Your explanation of your congratulations to \"George, Dick, Laura and Lynn\" was kind of weak. I wrote to you and you published some time ago an e-mail I sent you about a partisan pro-Bush comment you had made reminding you of balance in reporting. I was heartened that you printed it which restored my faith in your attempt at balance. However, look yourself in the mirror, remember how you voted, then understand in hindsight how we interpreted your congratulations statement.
I was going to join the others in requesting my name be removed but again the fact you published the dissenting opinions reminding us of the fact that 52,000,000 people voted anti-Bush shows an attempt at balance. May the powers to be get us through the next 4 years. You may print this if you wish.”
--
“I must apologize for the lack of respect shown by some of the members of the Leasing Profession! You are entitled to your opinions and your political beliefs. I saw no endorsement of the Bush Administration in your statements. You showed good manners and respect!
“So far the Bush Team have been good winners! Being a good winner is just as important as being a good loser! You gave praise where praise was due. I don't see that as an endorsement, just good manners and as my Mother used to say, ‘Being a Gentleman!'.”
Sincerely,
Joe Leslie
President
FCI Financial Services, Inc
--
“I can't believe that people would be so juvenile in asking you to take them off your mailing list for congratulating the President, Vice-President, and their wives. I'm sure you would have done the same for the Democrats if they won the election.
“These people have to get a grip, and realize that you show respect to whomever wins the Presidency, Republican or Democrat. I think this display of ignorance is one of the reasons out world is in the shape it's in! What an example to show our kids....the apple doesn't fall far from the tree!”
Keep up the good work
BARB SPANGLER"
BSPANGLER@emarquettebank.com
(You are correct, that is the bottom line, we would have done the same if the other party had won the election. Thank you. Editor)
--
“As I am still a faithful daily follower of Leasing News I read Michael Fleming's letter to the Star Ledger that you printed the other day. I also saw that you reprinted something that I had written to Leasing News a while back.
“I just wanted to add something to my comments. During most of my 22 year career in this industry I have had to, at some point, convince a lender to buy my transactions whether that be to collect a broker commission or clear my warehouse line. During that time I have had to defend my vendor relationships on countless occasions. Who in this business, that has spent any time as a third party, has not gotten a response from a funding source that states, "We have funded 5 transactions for this vendor. We cannot do any more until we get a complete vendor profile". This response, by the way, generally comes on your sixth approval. Since we knew this was coming we simply got in the habit of checking the vendor out, up front. I have also had lenders and funding sources send any computer related invoice to their "collateral evaluation" department and then receive a response that the equipment on my invoice was 15% higher than the manufacturer's suggested retail price, so why was the vendor pumping up the price. Knowing that this was going to take place, we simply got in the habit of verifying the pricing before the funding source had the chance to call it to our attention.
“I know that most of the readers who spent any time as third party originators have had this identical experience. One of the first things we were taught was to be wary of "Blue Sky" transactions.
“While I cannot totally excuse the individuals who bought this service, there is no way that I will ever believe that some of the major leasing companies who funded these transactions did not figure out that this was a total scam.
“In the past, when I have put together transactions involving service contracts, I never fully fund the vendor for the entire amount of the contract. I fund the vendor one year of service in advance and hold back the amounts in the subsequent years. I use the economic benefit that this provides to "buy down" the rate for the customer while mitigating the inherent risk in financing the unsecured portion of the transaction.
“I was taught that you put these deals together this way. I was also taught that if a leasing company did not structure service contract transactions this way, then the leasing company could be liable to provide the service if the vendor were to "disappear" with all the advance service contract money.
“Were the leasing companies so anxious to book this volume that they overlooked the red flags that are taught to every rookie doing vendor business? Were the Norvergence customers so anxious to save a few dollars that they didn't check into the quality and stability of the vendor for something as important as telephone service? “This whole situation truly epitomizes the old saying "If it sounds to good to be true, then it probably is".
“Kit, I think Leasing News should have some fun with this and start a pool. I think you should take bets on when the Norvergence people will resurface with a new company and which one of the banks and/or leasing companies involved in this will be the first to buy business from them. Let me know if you decide to do that. I am definitely in for a piece of that action because, in this business, history seems to repeat itself far more often.”
Bob Rodi, CLP
President
LeaseNOW, Inc.
drlease@leasenow.com
www.leasenow.com
1-800-321-LEASE (5327) x101
--
“Couldn't help but think of your son two evenings ago when I was attending a dinner at a small resort on the beach here in Kuwait. Shortly before I arrived, a Dutch army soldier staying at the resort was walking on the beach, and spotted a “mine” bobbing in the water offshore. Anyway, all kinds of excitement complete with a big “BOOM” that interrupted dinner when the Kuwait authorities destroyed the mine.
“Again, if your son ever gets into Kuwait City – have him give me a call and I'll have him and his buddies over for a good American meal, etc.….”
Johnnie
W. R. Johnnie Johnson, CLP
Senior Advisor - Strategic Projects
The International Leasing & Investment Co.
P.O. Box 3716, Safat, 13038, Kuwait
Phone: (965) 246-9000 FAX: (965) 246-3190
Direct: (965) 244-0368 Mobile: (965) 942-6529
E-Mail: johnson@ilic.net Website: www.ilic.net
(Sorry, Johnnie, he has left. I didn't know it until today. I thought they were going back the same way they came around South American, but he tells me they are going through the China seas:
“We are traveling thru Thailand, now on our way to Singapore some very cool maneuvering.... Thailand was great.... now we are on our way to Singapore. .. then off to Brunei and then Hawaii...
What a blast!
Go navy!
love Dash”
---
“Please don't take my comments as complaining as I think you do a great job reporting some pretty tough issues
“It's just my opinion and only a comment, and I don't mean to complain but is it really necessary to print the entire financial statements and comments of every bank or finance company that ever did a lease or sold equipment? We seem to see a lot of that lately.
“I for one, find them cumbersome, boring and unnecessary information, and I don't spend more then a moment scrolling past them. If I ever need to get them, they're pretty easy to find. This being said, I appreciate all the good work and interesting comments and information that appears in the Leasing News. Keep it up.”
Bob Robichaud
Lease Financing Officer
PFF Bank & Trust
E-mail: bob.robichaud@pffb.com
(Constructive criticism is always welcome. Actually this complaint has been around a while, as we used to print more of the financial statements. I would prefer to do so, but the majority of the readers seem to feel the way you do.
The context is they usually follow a press release from the company, who emphasize what they want to...or not at all, such as NetBank, who for quite a while never mentioned their leasing company, and then when they did, way down in the release. We sometimes highlight these and bring them forward at the top. As to the financial statements, they are really quite important.
The CIT one showed their write-offs and problems with NorVergence and the Telecom Industry; Leasecomm had more problems then they were putting in their release, but it was in their financial statement; many community banks gave glowing reports, except for their leasing portfolio ( which we as readers should want to know more about then their real estate, credit card, or other investments. Often the footnotes really give a new interpretation to the numbers.
I am from the old school and read financial statements. In fact, being an ex-director of several community banks, and about seven leasing companies, I know how to read these statements.
Now I am not a credit analysis like Kathy Robb or George Alpi at Bank of the West, but if you look at these public statements, often they contradict the press release or underscore the reasons why the company is down playing them or putting a spin to events.
When I can find a URL to the financial statement, I try to use it, unless there is a specific point to make. I realize a lot of readers are not interested, but to understand their own company ( if they are privy to financial statements) or for investment purposes, these statements sometimes read better than a novel. editor )
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|
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David G. Mayer's Business Leasing News—November edition
1.Jobs Act Reduces Tax-Exempt Leasing, But Offers Potential Alternative Structures
2.Credit Analysts Search for Hidden Financial Risk
3.Congress Doles Out $138 Billion in Tax Benefits in Jobs Creation Act of 2004
4.Case & Comment: Jobs Creation Act Ends Sutherland Lumber Aircraft Deductions
5.Leasing 101: What is a "Debt-Equity Ratio"?
6.BLN Briefs: Merrill's Positive Deal Trends Review; Aircraft Brokers and Air Carriers Beware of DOT
7.Reader Feedback; Recent Publications; Training Offered
8.About Patton Boggs LLP and My Law Practice
http://www.pattonboggs.com/Newsletters/Bln/Release/
bln_2004_11.htm
 |
#### Press Release ######################
National City Bank Acquires Alpine Capital Corporation
CINCINNATI——National City Bank, a subsidiary of National City Corporation, announced that it acquired Alpine Capital Corporation, an equipment leasing organization. Alpine Capital will continue to be managed by Michael Morris, who will report to Vince Rinaldi, president and CEO of the National City leasing entity, National City Commercial Capital.
“Alpine Capital has a consistent track record of providing unique, customized vendor-finance programs,” said Rinaldi. “The addition of Alpine enables the National City equipment leasing business to further build momentum and continue to grow.” Alpine Capital Corporation, founded in 1996 by Michael Morris, is one of the largest worldwide lessors of VSAT small component satellite systems and other related ground satellite equipment. Alpine originates, on an annual basis, $50 million in domestic and $10 million in international leases. Alpine will continued to be headquartered in the Chicago area in Deerfield, Ill.
The majority of Alpine's business is dedicated to a private-label vendor-finance program with Hughes Network Systems (HNS). HNS, a wholly owned subsidiary of The DIRECTV Group, Inc., is the world's leading provider of broadband satellite network solutions for businesses, governments and consumers, with more than 750,000 systems ordered or shipped to customers in 85 countries.
National City Commercial Capital acts as a financing agent between the manufacturer or vendor of equipment and the small businesses, corporations and municipalities using the equipment. Upon the close of the acquisition of Alpine Capital, the National City leasing entities will have $1.2 billion in annual originations, $3.2 billion in assets under management and more than 30,000 commercial accounts.
About National City Commercial Capital
National City Commercial Capital is a national, high-growth, multi-channeled equipment finance company that provides a broad array of products and services to both new and existing customers and markets. It is one of the largest bank-affiliated leasing companies in the country. National City Commercial Capital is a wholly-owned subsidiary of National City Corporation (NYSE: NCC) and is based in Cincinnati.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at NationalCity.com.
MEDIA CONTACT:
Chris Kemper
513-579-2248
Christopher.Kemper@ProvidentBank.com
### Press Release #######################
Siemens Financial Services Aggressively Expands Lending Capabilities; Company Will Offer Increased Commercial Finance
and Asset-Based Lending Services
ISELIN, N.J.------Siemens Financial Services, Inc. (SFS), the U.S. financial services arm of Siemens AG, today announced the further expansion of its lending capabilities in the areas of leasing and asset-based lending. As part of the new offerings, SFS will expand its existing mid- to large-ticket equipment financing and asset-based lending facilities to customers throughout North America. In addition, SFS will expand its presence abroad by providing international financing and long-term forfeiting capabilities to customers across the European Union.
"Today's announcement reflects the continued growth and expansion of SFS as one of the premier financial solutions providers for companies around the globe," said SFS President and CEO Bill Zadrozny. "Not only will the new services further increase our footprint in the U.S., but they will also create opportunities to strengthen our international market share and presence. We are committed to meeting the complex needs of our customers by offering customized solutions, competitive rates, and personalized attention, and these new offerings allow us to accomplish all three."
SFS will expand into the global marketplace through a new suite of lending, leasing and long-term trade finance capabilities. The new offerings will be part of the company's Commercial Business Finance group, formerly called Capital Markets, and will be geared towards delivering a broad array of customized finance and leasing solutions to a highly diverse customer base. SFS in the US will hold global responsibilities for these new offerings.
In addition to its traditional working capital lines of credit for manufacturers and distributors, asset-based lending offerings have been expanded to include increased underwriting capabilities and debtor-in-possession financing. Additionally, SFS will make a push into the healthcare market to provide healthcare institutions with asset-based financing products.
To support the company's expansion, SFS plans to significantly increase the size of its sales force supporting these new products. The company is also seeking loan and leasing portfolios to further expand its global presence.
About Siemens Financial Services
With about 1,500 employees and an international network of financing companies coordinated by Siemens Financial Services GmbH, Munich, Siemens Financial Services offers a broad range of financial solutions. This covers services from sales and investment financing to treasury services, fund management and insurance brokerage. Key customers of our companies are internationally active industrial and services companies as well as public-sector operators. For further information about SFS see www.sfs.siemens.com.
Siemens Financial Services, Inc. is one of Siemens' operating companies in the United States. The people of Siemens Financial Services, Inc. build relationships to deliver customized commercial financing solutions. SFS is led by industry veterans who work to ensure quick, quality financing. With expertise in Asset-Based Lending, Equipment Financing, Commercial Trade Finance and Vendor Financing, each transaction is tailored to fit the specific borrowing needs of the client.
About Siemens
Siemens AG (NYSE:SI) is one of the largest global electronics and engineering companies with reported worldwide sales of $80.5 billion in fiscal 2003. Founded more than 150 years ago, the company is a leader in the areas of Automation and Control, Information and Communications, Lighting, Medical, Power and Transportation. With its U.S. corporate headquarters in New York City, Siemens in the USA has sales of $16.6 billion and employs 70,000 people throughout all 50 states and Puerto Rico. Eleven of Siemens' worldwide businesses are based in the United States. With its global headquarters in Munich, Siemens AG and its subsidiaries employ 423,000 people in 192 countries. For more information on Siemens in the United States: www.usa.siemens.com.
Siemens Financial Services, Inc. Brian Galloway, 732-476-3498 brian.galloway@siemens.com or Press Contact: Weber Shandwick Jeff Dahncke, 212-445-8217 jdahncke@webershandwick.com
### Press Release #####################
Al Yother Named Controller at AmSouth Bancorporation
BIRMINGHAM, Ala)----AmSouth Bancorporation (NYSE:ASO) has named Alton E. "Al" Yother executive vice president and controller, and in that role he will serve as the bank's principal accounting officer. Yother joins AmSouth after 24 years at SouthTrust Corp., where he most recently served as treasurer and controller.
"We are extremely pleased that Al is joining AmSouth," said Beth Mooney, AmSouth's chief financial officer. "He has demonstrated throughout his banking career that he has outstanding management and analytical skills, and he will be an excellent leader for our finance and accounting area."
During his career at SouthTrust, Yother had responsibility for management accounting, mergers and acquisitions, tax, asset/liability management, investor relations, financial accounting and strategic planning.
Yother graduated from the University of Alabama with a bachelor's degree in finance. He is a member of the board of directors of Hibbett Sporting Goods, Inc., and serves on the Dean's Executive Advisory Board for the Samford University School of Business.
About AmSouth
AmSouth is a regional bank holding company with $50 billion in assets, more than 670 branch banking offices and over 1,200 ATMs. AmSouth operates in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia. AmSouth is a leader among regional banks in the Southeast in several key business segments, including consumer and commercial banking, small business banking, mortgage lending, equipment leasing, annuity and mutual fund sales, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site,
www.amsouth.com.
AmSouth Bancorporation, Birmingham News media:
Rick Swagler,
205-801-0105 or
Investment community:
List Underwood,
205-801-0265
#### Press Release #####################
CIT to Present at Merrill Lynch Banking &
Financial Services Conference
LIVINGSTON, N.J., / -- CIT Group Inc. (NYSE: CIT) announced that Glenn A. Votek, Executive Vice President and Treasurer, will present an overview of CIT's businesses at the 2004 Merrill Lynch Banking & Financial Services Conference today, November 16, 2004 at the St. Regis Hotel in New York. CIT's presentation is scheduled to begin at 1:00 p.m. EST and will be followed by a brief question and answer session.
To view the presentation and listen to a live Web cast of the session, log on to CIT's Investor Relations Web site at http://ir.cit.com approximately fifteen minutes prior to register, download and install any necessary audio software. An audio replay of the presentation will be available shortly following the event and archived on http://ir.cit.com for a period of seven days, ending on November 23, 2004 at 11:59 p.m. EST. A copy of the presentation slides will also be accessible on CIT's Web site.
SOURCE CIT Group Inc.
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News Briefs----
Fannie Mae Misses SEC Filing Deadline
http://www.washingtonpost.com/wp-dyn/articles/
A52228-2004Nov15.html
Interest rates on Treasury bills rise to highest level in more than three years
http://www.signonsandiego.com/news/business/
20041115-1625-treasurybills.html
The Dollar Is Down, but Should Anyone Care?
http://www.nytimes.com/2004/11/16/business/16dollar.html?oref=login
Fed Says Banks Ease Loan Standards
http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?
feed=OBR&Date=20041115&ID=4096708
American Express sues credit card cos.
http://www.boston.com/business/articles/2004/11/15/
american_express_is_suing_visa_mastercard/
Ex-Boeing Financial Chief Pleads Guilty to
http://www.nytimes.com/2004/11/16/business/16boeing.html?
pagewanted=all Felony
Yahoo doubles free e-mail storage limits/Google Experiments with 1gig
http://www.boston.com/business/technology/articles/
2004/11/15/yahoo_doubles_free_e_mail_storage_limits/
SBC to offer Net TV, phone service
http://www.usatoday.com/money/industries/telecom/
2004-11-16-sbc-nettv-netphone_x.htm
Safire to Retire from 'NYT' Op-Ed Column
http://www.editorandpublisher.com/eandp/news/
article_display.jsp?vnu_content_id=1000719411
Backing Bush has won you nothing, Chirac tells Britain
http://www.timesonline.co.uk/article/0,,2-1360889,00.html
Famous fired folk talk of success in aftermath
http://www.usatoday.com/money/books/reviews/
2004-11-14-fired-book_x.htm
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Sports Briefs---
Cowboys humbled by Eagles, 49-21
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/
111604dnspocowlede.5f5b1de3.html
With Owens Starring, Eagles Carve Up Cowboys
http://www.nytimes.com/2004/11/16/sports/football/16eagles.html
Giants Say It Is Time to Start Manning
http://www.nytimes.com/2004/11/16/sports/football/16giants.html
Garcia says game plan predictable, lacks winning formula
http://www.cleveland.com/browns/plaindealer/index.ssf?/base/
sports/1100514667315470.xml
Brady's overall game gets better and better
http://www.boston.com/sports/football/patriots/articles/
2004/11/16/a_hike_in_his_play/
49ers Become Bottom Feeders
http://www.mercurynews.com/mld/mercurynews/sports/football/nfl/
san_francisco_49ers/10185368.htm
Bonds captures fourth consecutive NL MVP
http://www.mercurynews.com/mld/mercurynews/sports/baseball/
mlb/san_francisco_giants/10191803.htm
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California Nuts Briefs----
Crowds are still wild about Arnold Schwarzenegger keeps campaigning as consummate politician after year in office
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/
2004/11/14/MNGF69RDT11.DTL
Governor ends first year
http://www.mercurynews.com/mld/mercurynews/news/local/states/
california/northern_california/10185285.htm?1c
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“Gimme that Wine”
Italy is still the largest exporter with 12.47m cases, with Australia second (12.17m), France third (5.51m) and Chile fourth (3.2m). Spain increases their share 16%
http://www.just-drinks.com/news_detail.asp?art=25254
Masters of Wine Awards Now Include Several Women
http://www.jancisrobinson.com/winenews/2004/winenews1108.html
Washington Wine Commission Uncorks New Branding Campaign
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/
www/story/11-15-2004/0002456587&EDATE =
Days of wine and quarter slots
Indian casino keeps sleepy Alexander Valley up at night
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/
2004/11/14/TRGEG9P6VF1.DTL
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This Day in American History
1620- Fifteen pilgrims lead by Captain Myles Standish, William Bradford, Stephen Hopkins and Edward Tiley discovered corn on the future site of Provincetown, MA. They named the place “Corn Hill.” This vegetable would become a staple for the settlers. The Indians also taught them how to make pop corn, a very popular item even way back then.
1747- Knowles Riot in Boston; hundreds of sailors, laborers & free blacks rise up against British Navy Press Gangs, temporarily forcing an end to impressment in the Royal Navy. Many believe this gave rise to the American Revolution, although there were several such acts of rebellion, none as dramatic as this as it was a “mob act,” mostly poor whites and black, and not planned such as the Boston Tea Party.
http://www.kellscraft.com/bostonillustrated/bostonillustrated01a.html
http://63.147.65.175/books/chap186.htm
http://www.psupress.org/Justataste/samplechapters/
justatastePencak.html
http://www.eco.utexas.edu/facstaff/Cleaver/HydraArticletable.pdf
1776- Fort Washington on Manhattan Island fell to the British, who took about 2,000 prisoners. Colonial troops were on retreat and the war looked bleak as the weather.
1776- The first salute to a U.S. Flag ( Grand Union Ensign also known as the Continental Union flag ) was a volley of 11 guns fired by Fort Orange on St. Eustatius, Dutch West Indies, Leeward Islands today, in 1776. The salute was in response to a volley fired from the “Andrea Doria” commanded by Isaih Robinson. It was saluted by Johannes de Graeff, governor of the colony. The brig was captained by Nicholas Biddle, who had been sent to St. Eustatius to transport arms and ammunition for the American Leasing Army. This was an important event as St. Eustatius was a very important trading center and a supply base for the colonies.
1777- the second Continental Congress adopted the Articles of Confederation and Perpetual Union. Submitted to the states for ratification two days later. March 1, 1781 they were adopted. Although ultimately supplanted by the United States Constitution, the Articles of Confederation provided stability during the Revolutionary War years and attempted to define “states rights” and “federal authority.”
http://memory.loc.gov/ammem/today/nov15.html
1873- birthday of William Christopher (W.C.) Handy, American composer, bandleader, “Father of the Blues,” W.C. Handy was born at Florence, AL. He died at New York, NY, Mar 28,1958. If you can't have but one jazz CD in your collection, let me recommend Louis Armstrong Plays W.C.Handy.
http://www.amazon.com/exec/obidos/tg/stores/detail/-/music/B000002ADP/reviews/107-7460879-4591723
http://www2.una.edu/library/handy/
1892-the University of Chicago won its first football victory. The preceding October 22, they played to a 0-0 tie with Northwestern in its first ever football game and this was their first win for Coach Amos Alonzo Stagg 10-4 against Illinois at Chicago. A founding member of the Big 10, Chicago eliminated its football program for many years, but now competes against the likes of New York University, Emory and Washington University at St. Louis. This Saturday it is the traditional rival game as football fans will switch from channel to channel in perhaps the most heated college game of the year.
1899-Birthday of Mary Margaret McBride, who from 1934 to 1954 conducted a radio show of astonishing and human interest facts and in 1940 was voted the most popular woman in radio. She was one of the first big radio stars who tried to move to the new media of television where she was declared a big flop. It was the same night Milton Berle became the permanent host of "Texaco Star Theatre," and NBC showcased McBride in the timeslot right after Berle. Early TV's biggest success was a performer who'd never done well on radio--Milton Berle, a vaudevillian. His popularity on TV showed the uncertainty of predicting how radio stars would likely fare on television. "We all knew one thing that wouldn't work," recalled George Burns, also a vaudevillian, about moving from radio to TV: "standing in front of a microphone and reading from a script. Unfortunately, that's what we were best at." She died in 1976.
http://web.cnjnet.com/~mweinber/Mcbride.html
1907- Oklahoma became the 46 th state. The word, Oklahoma, is a combination of two Choctaw words meaning red people. Then, why Sooner? Many, many Oklahoma homesteaders thought sooner was better than later, better to stake their homesteads first, before it was legal to do so.
1914- the Federal reserve banks were formally opened. The Federal Reserve Act, approved on December 23, 19113, was an “ act to provide for the establishment of Federal Reserve Banks, to furnish an elastic currency...to establish a more effective supervision of banking in the United States. “ The 12 regional district banks were under the supervision of a seven-member Board of Governors.
1918- In NY City, the United Lutheran Church was organized by a merger of three general Lutheran bodies in the U.S. and Canada. (In 1962, the ULC became one of the branches of Lutheranism which formed the Lutheran Church in America.)
1920- the postage meter was officially set at Stamford, CT, by the Pitney-Bowes Postage Meter Company. Although the idea of metered mail originated in 1900, when the American Postage Meter Company was organized in Chicago, it was not until September 1, 1920, that the Post Office Department approved it. About $2 million was spent on research and development of the machine. Today they have a near monopoly on this device. You cannot purchase the meter, you must “rent” it.
1931 -- Singer Bob Gibson birthday, born New York City died September 27, 1996, Portland, Oregon
http://www.mp3.com/Bob-Gibson/artists/1656/biography.html http://www.musicweb.uk.net/encyclopaedia/g/G33.HTM
http://www.provide.net/~cfh/gibson.html
1937- Bob Crosby records “ South Rampart St. Parade,” LA, Decca 15038
1945, Woody Herman waxes “Wildroot,” Columbia 36949.
1940, Cornell University played Dartmouth College in football and came away with a victory. But the winning touchdown was cored on a fifth-down play, given to Cornell by referee's error. After the game, Cornell did the honorable thing, surrendering the triumph.
1947---Top Hits
I Wish I Didn't Love You So - Vaughn Monroe
Near You - The Francis Craig Orchestra (vocal: Bob Lamm)
You Do - Dinah Shore
I'll Hold You in My Heart (Till I Can Hold You in My Arms) - Eddy Arnold
1952- "Our Goodly Heritage" debuted over CBS television. This Sunday morning Bible study program, hosted by William Rush Baer of New York University, aired a little over five years.
1952- birthday of Glenn Burke, baseball player born at Oakland, CA. Burke spent four season in the majors (1976-79) with the Los Angeles Dodges and the Oakland Athletics. He was the first former baseball player the cause of whose death was acknowledged as AIDS. Died at San Leandro, CA, May 30, 1995.
1952 -- John Clellon Holmes article, "This is the Beat Generation", appears in NY Times Magazine. His novel, Go, often call the first published "Beat" novel, which presented characters based on Kerouac, Ginsberg and Neal Cassady in 1952, five years before Kerouac would turn the same cast of characters into legends with ' On The Road .' also appears this fall. Also during this month, Jack Kerouac works as student brakeman for railroad in California & his Book of Dreams project is begun here in Los Gatos, Ca ( He and Cassady would die deaths related to alcoholism.)
http://www.txt.de/spress/beatland/homes_of/the_beat/
margin/holmes/info.htm
http://www.litkicks.com/BeatPages/page.jsp?what=NealCassady
1955---Top Hits
Sixteen Tons - Tennessee Ernie Ford
Autumn Leaves - Roger Williams
Only You - The Platters
Love, Love, Love - Webb Pierce
1956-Elvis Presley's film debut, "Love Me Tender," opens in New York. Despite critical reaction, it takes in nearly $4 million in just two months.
1958 - Golfers enjoying an autumn day got a surprise when over six inches of snow fell on Tucson, Arizona.
1959 - The Rodgers and Hammerstein musical ``The Sound of Music'' opened on Broadway, originally staring Theodore Bikel and Mary Martin. The show played 1,443 performances (the second longest running musical at that time.) In 1965, it was released as a movie starring Julie Andrews and Christopher Plummer. It is based on an original true story from the book, first made into a German film, very popular in Europe. Maria von Trapp's book, The Story of the Trapp Family Singers was published in 1949 and shortly after Hollywood approached Maria with an offer to buy the book title. They wanted to buy the title but create their own story. Maria refused to sell the title without the whole story and produced the film herself in Germany.
http://www.trappfamily.com/history.html
http://www.prigsbee.com/Musicals/shows/soundofmusic.htm
http://www.amazon.com/exec/obidos/ASIN/B00000AG6Y/
103-0205572-2897419
http://www.amazon.com/exec/obidos/ASIN/B00000AG6Y/
103-0205572-2897419
1959 -- Beat author Jack Kerouac appears on the Steve Allen Show in Hollywood. After the show he has dinner with sex kitten Mamie Van Doren.
1959 - The most severe November cold wave in U.S. history was in progress. A weather observing station located 14 miles northeast of Lincoln MT reported a reading of 53 degrees below zero, which established an all-time record low temperature for the nation for the month of November. Their high that day was one degree above zero
1962- Wilt Chamberlain of NBA San Francisco Warriors scores 73 points vs NY
1963---Top Hits
Deep Purple - Nino Tempo & April Stevens
Washington Square - The Village Stompers
I'm Leaving It Up to You - Dale & Grace
Love's Gonna Live Here - Buck Owens
1965- 1st public announcement about Walt Disney World
1968-B.J. Thomas' "Hooked On A Feeling" is released.
1969-News reports charged a U.S. infantry unit with massacre at My Lai 4, a village in the Songmy district in South Vietnam , on Maryc 16, 1968. More than 450 villagers including many women and babies were said to have been slain. Pending an investigation, Lt. William L. Calley, Jr. in charge of the U.S. unit at the time, was kept on active duty beyond his official tour. He later would receive several months in jail in one of the many military cover-ups about the war in Viet Nam.
1971---Top Hits
Gypsys, Tramps & Thieves - Cher
Theme from Shaft - Isaac Hayes
Imagine - John Lennon Plastic Ono Band
Lead Me On - Conway Twitty & Loretta Lynn
1973- 30th manned US space flight launched with three astronauts, G.P. Carr, W.R. Page and E.G. -*Gibson who spent 84 days on the space station. Space walks totaled 22 hours. Returned to Earth on Feb 8,1974.
1973- President Nixon authorizes construction of the Alaskan pipeline
1974 - NBC-TV began a two-night showing of the award-winning film, "The Godfather", starring Marlon Brando. The film was the highest price paid for a shown on television movie when NBC paid Paramount Pictures $10 million to show it.
1974-John Lennon enjoys his first Number One hit with "Whatever Gets You thru the Night." Helping out on piano and vocals is Elton John.
1974-Stevie Wonder's "Boogie On Reggae Woman" is released.
1975 - Chicago Bear Walter Payton rushed for 105 yards in a game against the San Francisco 49ers, for his first game of 100 plus yards. He would reach this feat over 50 times throughout his career, adding two 200-yard games, as well.
1977-The Canadian trio Rush receive three gold records for "2112," " All the World's a Stage" and "A Farewell to Kings." The group, which started out as a Led Zeppelin-inspired power trio, opted for a more experimental progressive direction on those LPs and found itself a sizable audience.
1979---Top Hits
Heartache Tonight - Eagles
Dim All the Lights - Donna Summer
Still - Commodores
You Decorated My Life - Kenny Rogers
1983- Oriole Cal Ripken is named the American League's MVP becoming the first player to win the Rookie of the Year and Most Valuable Player Award in consecutive years.
1984- Dr. Anna L. Fisher, was the first astronaut who was a mother. she was a member of the crew of Space Shuttle “Discovery” mission that lifted off Cape Canaveral, FL. She participated in the world's first satellite retrieval and repair operation.
1987---Top Hits
I Think We're Alone Now - Tiffany
Mony Mony "Live" - Billy Idol
(I've Had) The Time of My Life - Bill Medley & Jennifer Warnes
Maybe Your Baby's Got the Blues - The Judds
1987 - High winds and heavy snow created blizzard conditions across parts of eastern Colorado. Wind gusts reached 68 mph at Pueblo, and snowfall totals ranged up to 37 inches at Echo Lake. In Wyoming, the temperature dipped to 14 degrees below zero at Laramie. Strong thunderstorms in Louisiana drenched Alexandria with 16.65 inches of rain in thirty hours, with an unofficial total of 21.21 inches north of Olla. Flash flooding in Louisiana caused five to six million dollars damage.
1989 - Severe thunderstorms produced 22 tornadoes from Virginia to New York. Winds gusted to 80 mph caused a wall at the Coldenham School in Newburgh, NY to collapse, killing 9 children Snow and gusty winds invaded the north central U.S. Winds gusting to 40 mph produced wind chill readings as cold as 25 degrees below zero, and blizzard conditions were reported in Nebraska during the late morning hours. High winds around a powerful low pressure system produced squalls in the Great Lakes Region. Winds gusted to 63 mph at Whitefish Point MI, and snowfall totals in Michigan ranged up to 19 inches at Hart, north of Muskegon
1992- for the first time since 1563, the Roman Catholic Church issued a new universal catechism, which addressed modern-day issues
1994---Top Hits
I ll Make Love To You- Boyz II Men
Here Comes The Hotstepper (From "Ready To Wear")- Ini Kamoze
All I Wanna Do- Sheryl Crow
Another Night- Real McCoy
1999---Top Hits
Smooth- Santana Featuring Rob Thomas
Back At One- Brian McKnight
Mambo No. 5 (A Little Bit Of...)- Lou Bega
I Need To Know- Marc Anthony
2001 -Yankee right hander Roger Clemens (20-3, 3.51 ERA) wins the Cy Young Award for an unprecedented sixth time (Red Sox -1986, '87, '91 and Blue Jays -1997, '98). The 'Rocket' becomes the first Pinstripper to win the award since 1978 when Ron Guidry copped the honor.
2003---Top Hits
Baby Boy- Beyonce Featuring Sean Paul
Stand Up- Ludacris Featuring Shawnna
Holidae In- Chingy Featuring Ludacris & Snoop Dogg
Damn!- YoungBloodZ Featuring Lil Jon
Nick Ferguson: The Poet Has Found a Home
By Doug Collins
DenverBroncos.com
The poet has found himself
And now finally knows peace
For where once the soul of a traveler lived
There exists a spirit at ease
One mile above the ocean
In the land where the Broncos roam
The poet can finally rest
For, at last, he has found a home.
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