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Day in American History

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Leasing News
www.leasingnews.org Tuesday, November 23,2004
Independent, unbiased and fair news about the Leasing Industry

Headlines---

Alert ---Redux: Harold Bishop, Inc, Summerville, Georgia
    Classified Ads---Doc. Mgr./Finance/Legal
        Archives---Nov. 22,2000---"Others Award" Goes to Kit Menkin
            Citigroup to Sell Transport Finance Unit for $4.4B
                SBA---Not the bargain that it once was?
            Forecasting Quality; An Executive Guide
        ELA List Serve "Tight Ship"
    Wines for Thanksgiving----Our Recommendations
World Leasing Yearbook 2005 Available Jan. 1
    Power Tools for Leasing for Xmas, Hanukah Presents
        Leaf Financial Names Four New Regional Sales Directors
            CIT Brian J. Dunlap Exec. VP Sales Specialty Finance Business
                XeC Releases Online Training Platform for Leasing
            News Briefs---
        Sports 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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Alert ---Redux: Harold Bishop, Inc, Summerville, Georgia

Kevin Ferguson, sole proprietor
Ferbish Inc
Computer Med
Power Calling
MedZip

This complaint is amended. Our second printing was on November 16,2004, as we received a third complaint against Mr. Ferguson and his various companies. This person stated Mr. Ferguson presented himself as a “lease broker” who was using his “dealership” to place leases.

The circumstances brought us to re-instate the first “complaints.” The third party did not want to be named at that time, but he had a bounced check from Mr. Ferguson, who has promised to make it good, on a number of occasions, he told us. The original seller of the equipment also said he had notified HP Financial Services he was the “real” vendor and had not been paid.

He was told a fifth or six time that he would get his check, and each time, a specific day. Since this has been going on for over a month, he wanted to further substantiate this by printing his name for those who would like to contact him to verify the complaint or learn more about what had happened..

"Mr. Ferguson assured me two weeks ago ( now six weeks ago from the date of this e-mail )that this would be resolved. He gave me a tel. number to contact him and this has been disconnected; his old number 706 857 2472 is no longer in service. He has a number of 706 346 9067 but he is not answering it.

“You should leave the original notice on the bulletin board because he will try and con somebody else. he bounced a check for $3087.50.

“Philip Reilly
reillyp@optonline.net
845 406 3126”

E-mails to by Leasing News to Mr. Ferguson have not been answered, nor any telephone calls to previous telephone numbers we had for his companies. The original “Alert:”

http://www.leasingnews.org/Conscious-Top%20Stories/Harold_Bishop.htm

[Headlines]

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Classified Ads---Doc. Mgr./Finance/Legal

Documentation Manager: New York, NY.
10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic. Email: dln1031@nyc.rr.com

Finance: Chicago, IL
Experienced in big ticket origination, syndication, valuation and workout.
Twenty five years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and outbound transactions. Email:pal108381@comcast.net
Transaction Summary | Website: www.tlgattorneycpa.com

Finance: Austin, TX.
20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management. Email: texmartin@juno.com

Finance: Lyndhurst, NJ
CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people. Email:joemcdev@aol.com

Finance: San Jose, CA.
15+ years sourcing debt, managing cash and receivables and other treasury functions. Strong background in credit, contract administration and bankruptcy litigation experience. MBA Finance.
Email: raycis@comcast.net

Legal: Los Angeles, CA
Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to relocate. Email:sandidq@msn.com

All 79 Classified Job Wanted ads at:
http://64.125.68.90/LeasingNews/JobPosting.htm

to post your free ad, please go to:
http://64.125.68.90/LeasingNews/PostingForm.asp

[Headlines]

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Archives---November 22,2000---"Others Award" Goes to Kit Menkin

“The kettle will go out after Thanksgiving and the bells will be ringing by many volunteers, such as myself.

“It meant a lot to me to receive the Salvation Army "Others" Award. It is a high honor. I have been awarded the San Francisco District Award, "Silver Tambourine" several years ago for organization of the Santa Clara County Board . I have been active in all phases of Salvation Army work for thirty years as a volunteer.

“For my two year service as chairman of the San Jose Salvation Army Adult Rehabilitation Center Advisory Board, the Northern California District granted the "Others" Award. Our area takes in Santa Clara, Santa Cruz, San Benito and Monterey Counties, where we run a six month "free" rehabilitation program, solely supported by our Salvation Army Thrift Stores. I ended my term, increasing donations and sales at the thrift stores, increasing automobiles donation sales, developing and maintaining http://www.salvationthrift.com, activating a Speaker's Bureau program, implementing many programs along with a great board of advisors, active in the committee system to accomplish our goals.”

[Headlines]

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Citigroup to Sell Transport Finance Unit for $4.4B

Citigroup Inc. announced that it has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion.

The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto.

Citigroup stated the reason for the cash sale was to divest itself of a business doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit.

"The acquisition makes a lot of sense for us. The transportation finance sector is one that we know well and have the capabilities to grow," said Mike Neal, President and CEO of GE Commercial Finance. "This acquisition enhances our financing capabilities in this segment and broadens our relationships with truck manufacturers and dealers.

The business will remain based in Dallas, Texas and we look forward to integrating with CTFSG's highly-experienced team."

CTFSG finances approximately 196,000 heavy and medium duty commercial trucks and trailers through a variety of customer channels, including truck and trailer dealers, commercial fleets and truck owners/operators. CTFSG has approximately 600 employees and serves more than 49,000 customers throughout North America.

Citigroup will recognize an after-tax gain of about $90 million from the transaction, which is subject to regulatory approvals. The sale is expected to close as early as the end of this year.

[Headlines]

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SBA---Not the bargain that it once was?

by Bob Rodi, CLP

(Under the bill passed by Congress, the maximum federal guarantee would be raised from $1 million to $1.5 million. In the SBA Express loan program credit available would be expanded from $250,000 to $350,000. The bill also establishes a graduated maximum fee scale for both lenders and borrowers. It makes other changes that

make other financial alternatives, such as leasing, look more attractive.

( Our street fighter Bob Rodi tells us the real inside, not just the "spin.")

Earlier in the year I had written to you regarding information that came out of the IFA (international franchise association) meeting in Las Vegas. There were pretty strong indications that the SBA was changing their program and the gist of the statements, by more than one lender, was that they (the lenders) may pull out of the market if the SBA got out of the guaranty business.

http://www.leasingnews.org/archives/October%202004/10-04-04.htm#sba

As I understand it that is exactly what has happened here. The “guarantee”, has been replaced by something akin to a “user fee”. I am guessing that these fees were all formerly classified as “loan guarantee fees”. They have been increasing steadily over the past year. Some recent competitive information I came by, from two very prominent “Preferred SBA Lenders”, detailed some very significant changes in their franchise programs as detailed below:

LTV for a start up was decreased to 70%. It appears that this is the limit for the first and second franchise location even if those transactions are RE secured.

The “loan guarantee fees” range from .86 to 2.75. This is a significant increase and obviously scaled toward the perceived risk in a transaction The rate that was quoted is floating indexed to prime at “prime plus 2.75%”

An 80% LTV would be extended to operators on their 3 rd location with a minimum of 3 years in business.

Terms are extended to 7 years (84 months)

This would mean that an average to good applicant, would have a monthly payment of approximately $2270.00 for an 84 month loan of $140K. This takes into account the current prime + 2.75 rate, as well as a middle of the road user fee of 1.5% of cost. This would put the all in rate for an SBA loan at approximately 9.00%-9.5% floating, with rates going up. I believe that you will see the “user fees” applied in an arbitrary fashion by lenders, despite the fact that there is allegedly some type of “sliding scale” mechanism that specifies how these are to be assessed. This loan would be RE secured by the applicant. I can offer virtually the same loan structure to a qualified franchise applicant at or below 10%. While we all expect rates to go up, I do not think that funding sources who may be tied to treasuries, LIBOR, or some combination of indexes will move to increase rates as fast as banks do. In addition, even if the differential is 150bps between cash flow financing and SBA financing, there are a lot of people that would rather not go through the trouble of doing an RE secured transaction for that kind of transaction. The difference between 9.25 and 10.75 is about $100 per month for $140K. That is not going to deter an applicant that is looking at an overall investment of $200K if the latter offers a more streamlined, user friendly process that gets their location open months sooner.

Another recent report that I came across detailed that SBA loan application volume dropped from approximately $69MM to $53MM in October when the new fee structure took effect. Many critics of the changes are blaming this drop in volume on the changes in the SBA program.

In my opinion, the SBA does not appear to be the bargain that it once was. The new SBA regulations also prohibit the use of “Piggy Back” loans. This was a loan structure where a bank would do a fully secured senior loan in first position and then “piggy back” a junior SBA loan secured by a second position and the SBA guarantee. This is no longer allowed.

SBA loans are definitely not the “no brainer” loans that they used to be for banks. With the amount of risk to the SBA lender increasing dramatically, I think that we will see many lenders re-thinking their strategy with respect to these loans. There is no doubt that it will get tougher to qualify for an SBA loan while, at the same time, they will become more expensive. I think that this bodes well for those of us that have developed excellent risk management strategies in specialty finance areas such as franchise finance, medical practice finance, and other “cash flow” based lending products. While I don't think that the playing field will ever be leveled with respect to rate, I do think that two things may happen. The better credit applicant may think twice about using RE secured, floating rate SBA loans when the rate differential closes to within 100 bps and a cash flow lender can extend a fixed rate that will provide protection in a rising rate environment. Secondly, conventional cash flow lenders and leasing companies may begin to secure weaker transactions with real estate, which may make their rates more competitive.

For example, LeaseNOW, Inc. is considering a merger/acquisition with a mortgage company that is currently licensed in 36 states. This is a strategic “build it or buy it” decision for us that will greatly extend our ability to structure loans in the franchise industry and plug the holes that will be left by the changes in the SBA programs. I believe that many companies, who were formerly tied to the small ticket, app only leasing business will evolve in this manner as that type of volume grows increasingly elusive.

Bob Rodi, CLP
President
LeaseNOW, Inc.
drlease@leasenow.com
www.leasenow.com
1-800-321-LEASE (5327) x101

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***announcement****************************************

Forecasting Quality; An Executive Guide to Company Evaluation

Forecasting Quality is a study that identifies key measures and useful indicators helpful in successfully managing an equipment leasing and finance business - measures that can be used to improve the financial quality of the industry.

Lessors can use Forecasting Quality to evaluate their own financial health, which of possible acquisition to targets, and continue to make good business decisions. The study isolates tools helpful in achieving success and is based on an analysis and review of the trends and signals that occurred in The Perfect Storms Study.

These tools are separated into two categories. The first category consists of filters that can be used to assess the internal preparedness of the company for dealing with ongoing events. The second category is more specific in nature and relates to industry benchmarking.

Price: $10.00 - Donors Save $10.00!

http://www.leasefoundation.org/store/index.cfm?f
useaction=product.display&product_id=335

[Headlines]

***Announcement****************************************

ELA List Serve "Tight Ship"

In an effort to not only protect the association, but members who participate in the Equipment Leasing Association List Serve, ELA Legal Counsel Edward Groobert often reminds those who join:

"The rules for participation in ELA discussion groups state that subscribers will not post messages ‘which encourage or facilitate agreements or other conduct which may violate the antitrust laws, such as agreements with respect to prices or interest rates; profit margins'....'ELA has a long-standing antitrust compliance program, and participation in any email discussion group is fully subject to that program.' The complete text of the participation rules is available on the ELA website.

"The ELA antitrust compliance program states, in part, that areas to be avoided in ELA activities include price fixing or other agreements which tend to control or establish prices, and that price fixing can include an understanding or consensus on a specific price, price range, minimum or maximum price, profit margin, or on a pricing formula or system. It adds: "Actions that fall short of direct price fixing also may be found to violate the antitrust laws if they are used to encourage price uniformity or to limit price competition. For example, the exchange of information between competitors on the prices that they charge should usually be avoided, particularly when the information relates to current or future prices and includes details about the business of identifiable competitors. The same is true with respect to exchanges of information about the methods of determining prices."

Edward Groobert
Legal Counsel, ELA
EGroobert@dykema.com

"ELALeaseTalk is a list for professionals in the equipment leasing
industry to share views and comments, post questions and answers, and stay
connected to industry buzz.

"This is purposely a rather broad topical area covering the leasing and
finance industry in general. We may split topics out from the
discussions here as needed.

"This list was created for you, the users. Please feel free to
participate. It is only through active use that a "virtual community"
will evolve. The list is "self-moderated" - you are responsible for what you post. It is a free member service to employees of ELA member companies.

"All subscribers can post comments or questions to engage in electronic conversation on leasing-related issues. Every inquiry will automatically be received by all subscribers. Respondents can direct answers to you alone or post their email response to all ELALeaseTalk subscribers.

"Messages posted can range from basic concepts to specific questions about industry issues. Subscribers should ensure comments are fact-based as ELA will not edit communications. Those subscribers posting email messages are not anonymous as their return email address always will be posted. Subscribers posting defamatory, illegal or otherwise inappropriate messages may be blocked from the list server.

"ELALeaseTalk should not be used as a means of offering to buy or sell equipment, lease-related transactions or any other property, transaction or interest. Such activity is inappropriate, may violate applicable law, and may result in the loss of participation privileges.

"Comments transmitted by subscribers are not edited by the Equipment Leasing Association of America and the Association does not affirm these statements or certify the accuracy of views contained within their comments. Subscribers are advised to consult with counsel before instituting actions based on information posted on ELALeaseTalk."

Amy Holmes
aholmes@ELAMAIL.COM

The concern of Mr. Groobert was discussing rates and charges by leasing companies, and other legal liabilities of what appears on the ELA listserve.

Ken Wheeler, President of Equipment Leasing Group, Fresno, California
is reportedly getting ready for a suit against the National Association
of Equipment Leasing Brokers and those who participated in what
he calls “slander,” plus acts of “restraint of trade” and violation
of the Federal Rico Act.

Both the Eastern Association of Equipment Lessors and United
Association of Equipment Leasing also have list serve forum's
for their members.

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Books and material include:

"Indirect Leasing Strategy,"
    "Winning Leases with TValue 5.0,"
        "Marketing the Equipment Lease,"
            "The Guide Book of Leasing,"
"Documentation & Forms,"
    "The Guide to Government Leasing,"
        "Operating Leases: The Complete Guide,"
            "International Leasing: The complete guide"

Compiled by former banker, broker, lessor, president of United Association of Equipment Leasing, and active in the leasing business for almost thirty years.

[Headlines]

Wines for Thanksgiving----

by Kit Menkin

Actually the best wine to go with turkey and stuffing is a cold beer. If your food is more on the sweet side with cranberry's and sweet potatoes, then a sweet type beer such as Gordon Biersch Marazen or one of my favorites, a French beer ( don't remember the name, but it had a female on the label—wonderful with pate.) Any good, cold beer, and the larger the glass, the better ( not bottles or cans—sorry, it inhibits the “fizz” and the bouquet of the beverage.)

The next best is Champagne, cold. Again, it is extra dry ( sweeter if that is the flavor of the table—never Brut with fowl. )

•  brut: bone dry to almost dry; less than 1.5 percent sugar
• extra sec or extra dry: slightly sweeter; 1.2 to 2 percent sugar
• sec: medium sweet; 1.7 to 3.5 percent sugar (dessert wine)
• demi-sec: extra sweet; 3.3 to 5 percent sugar (dessert wine)
• doux: very sweet; over 5 percent sugar (dessert wine)

I would not recommend the others, especially brut. You can
also find Champagne Rose extra dry ( don't think this is a cheap
version, as some of the best Champagne Rose are also often
more expensive than the Chardonnay based ones.)
If you don't like any of the above, then go to German white
wine. Ask the wine man at your store about which ones
he thinks are best. I personally think German wines are
much underrated here in the United States. We are used
to the cheap ones, but get a good one, and you'll start
to explore others. German wines are very under estimated
here.

Zinfindel, Pinor Noir, Merlot and even Cabernet Sauvignon
are wasted on a Thanksgiving dinner. Never Chardonnay, even
a cheap one that is well over oaked. You might have one before as a cocktail, but never-never with the main meal. They have conflicting flavors for such a meal.

Now that I have given you my advice, since we are having Thanksgiving with Sue's parents and other relatives at her brother's house in Laguna Beach, California, he requested to bring his favorite wine ( our house white wine ) 2003 Rombauer Chardonnay Carneros ( very “oaky” and very flavorful, a real California type vintage,) 2002 Louis Jadot Macon Villages ( Sue's favorite Chardonnay) very dry, and 2001 Willamette Valley Pinot Noir. This is mostly for the appetizers before, but I am sure some will bring to the table. (And yes, if the ladies want ice cubes in their white wine, there is nothing wrong with this for a wine consumed as a “cocktail” before dinner.)

While I do recommend a good beer with turkey, it is a good idea to have different wines available for guests as everyone has different tastes. Just because I don't recommend a Cabernet Sauvignon does not mean someone else
will enjoy it with their bird. Remember, there is no right or wrong with wine: If you like it, that is what counts .

Don't forget non-alcoholic beverages, too.

http://www.bevmo.com/productlist.asp?area=beer

[Headlines]

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World Leasing Yearbook 2005 Available Jan. 1

The World Leasing Yearbook is acknowledged as the standard source book for the asset funding and leasing industry. The new 26th edition will provide an unrivalled and valuable reference for all players in the market. It will feature over 100 authoritative articles by leading industry experts on global leasing and a comprehensive and unique directory of over 4,400 companies active in the sector. The extensive introductory section will provide an informed discussion of current trends and debates in the marketplace. There will be a special report on the leasing software and IT market. A unique ranking of the top 50 leasing markets by size worldwide will complete this essential guide.

The Yearbook will feature profiles on leasing in the following regions: Africa – Argentina - Australia - Austria - Bangladesh - Belgium - Bolivia - Brazil - Canada - Chile – China - Colombia –Costa Rica - Czech Republic - Denmark - Ecuador – Egypt - Estonia - Finland - France - Germany - Greece - Hong Kong - Hungary – India - Indonesia - Ireland - Italy - Japan – Kazakhstan - Korea - Kuwait - Luxembourg - Malaysia - Mexico - Netherlands - New Zealand - Nigeria - Norway - Pakistan - Peru - Poland – Romania - Russia – Serbia - Singapore - Spain - Sri Lanka - Sweden - Switzerland - Turkey – Ukraine - United Kingdom - United States of America – Uzbekistan - Venezuela.

The World Leasing Yearbook includes the most comprehensive directory on the leasing industry in the world. Lists over 4,400 companies providing leasing services worldwide: general leasing companies, specialist leasing companies (vehicles, computers, aircraft, information technology, capital equipment, shipping, real estate, etc.), investment bankers, consultants, brokers, lawyers and accountants.

The World Leasing Yearbook is the only annually-updated reference book on leasing. Thoroughly revised and updated each year, it is internationally acclaimed as the standard reference book on the subject.

THE 2004 EDITION IS ALSO AVAILABLE WITH A 50% DISCOUNT

http://www.euromoneyplc.com/default.asp?page=4&productID=2898&VS=

[Headlines]

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Power Tools for Leasing for Christmas, Hanukah Presents

This book is strongly recommended not only for entrepreneurs, salesmen, but all those involved in equipment leasing as it serves as a current primer, refresher, and well-written, easy to understand manual about equipment leasing.

Leasing News asked the publisher if they also offers discounts to large companies who wish to purchase for specific departments.

“1-4 copies $79.95 each
5-9 copies $72 each
10-25 $64 each
26-50 $56 each
51 -100 $48 each

Over 100 we wash your car for a year and give back rubs to those interested.”
James

[Headlines]

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

LEAF FINANCIAL CORPORATION NAMES
FOUR NEW REGIONAL SALES DIRECTORS

PHILADELPHIA, PA. – – LEAF Financial Corp. (“LEAF”) announces an expansion of its leasing sales team. LEAF has been joined by four new Regional Directors of Sales who will work with Jim Messina, LEAF's Vice President of Leasing Sales to enhance LEAF's vendor leasing sales effort. As Regional Directors these individuals will manage LEAF's expansive field sales organization as well as recruit new members to the team. The Regional Directors are:

John Baker - Northeast Regional Director of Sales, (Pennsylvania, New York, New Jersey, Delaware, Rhode Island, Massachusetts, Connecticut, Maine, Vermont, New Hampshire, West Virginia and Ohio). John has built sales teams and managed originations throughout his 16 years in the small ticket vendor direct industry for AT&T Capital, Newcourt, ABB Business Finance and most recently with Canon Financial.

Dan Hathcoat - Southern Regional Director of Sales, (Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Tennessee, Kentucky and Alabama). Dan joins LEAF with 18 years of commercial leasing and sales management experience most recently with American Express Business Finance as National Sales Manager for Technology, Industrial.

Frank Scharff - Midwest Regional Director of Sales, (Illinois, Indiana, Michigan, Wisconsin, Minnesota, Nebraska, Iowa, and the Dakota's). Frank has over 15 years of leasing sales experience focused in technology vendor programs with Inacomp and CRS Financial.

Larry Derrett - Central Regional Director of Sales, ( Texas, Louisiana, Mississippi, Arkansas, Missouri, Oklahoma, Kansas, Colorado, and New Mexico). Larry has been involved in the commercial finance industry with banks and captive finance programs and was the founder of HVAC Capital.

Mr. Messina shared, “As we build LEAF, I am excited to have this team's cumulative experience and industry knowledge as well as their access to diverse vendor networks. This team joining LEAF is a tremendous endorsement of the quality of the management of LEAF and their vision for building a National Leasing Company.”

LEAF Financial Corporation is a commercial leasing company headquartered in Philadelphia, PA. LEAF's business model is to reach the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions.

LEAF is a wholly owned subsidiary of Resource America Inc. (NASDAQ:REXI) which is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the equipment leasing, financial services energy and real estate industries.

For more information please visit our websites at www.resourceamerica.com, or www.leaf-financial.com.

Carol Luber
Director of Administration
LEAF Financial Corporation
215-717-3362
fax: 215-640-6340

[Headlines]

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

CIT Names Brian J. Dunlap Executive Vice President of Sales For Specialty Finance Business

NEW YORK, -- CIT Specialty Finance, an

operating group of CIT Group Inc. (NYSE: CIT), and a leading direct and indirect provider of global financing solutions for commercial and consumer customers of manufacturers, distributors, dealers and brokers, announced the appointment of Brian J. Dunlap to the position of Executive Vice President of Sales, Global Vendor Finance.

In his newly created role, Dunlap will be responsible for identifying opportunities and developing growth strategies for the business unit. He will report to Jeff Simon, President, Global Vendor Finance.

"Our growth strategy has increased the need for experienced global business development talent," said Simon. "With his expertise, Brian will fill a critical executive role as we work together to extend our leadership in the global marketplace."

Dunlap joins CIT with 23 years of lending and leasing experience, having held executive level business development positions with Lucent Technologies, General Electric Capital Corporation, AT&T, and Bell Laboratories.

About CIT Specialty Finance

CIT Specialty Finance is a global direct and indirect provider of lending and leasing solutions to consumers and commercial customers of manufacturers, distributors, dealers and brokers. Its five business segments include Consumer, International, Major Vendor Partners, Small and Mid-Ticket Financing, and Small Business Lending.

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based

lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 5,800 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com.

[Headlines]

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

XeC Releases Online Training Technology Platform for Leasing

(Irwin, PA) XeC has launched a turnkey solution for authoring, digitizing and delivering online training for the leasing industry. The service package includes the specifications, procedures, and technology to create the ‘platform' for hosting an online school for all employees.

“Other than the GE's of the world, most leasing companies cannot afford the typical full scale eLearning solution,” stated John Voytko, President of XeC, “They simply are too time-consuming to create and too costly for a small number of students. Ours is a simpler alternative using standard tools for creation and a private label hosting solution.”

Michael Pochan, CEO of XeC, added, “I teach as an adjunct at Carnegie Mellon's Graduate Business School and have lived the online, distance experience. I had 12 students 800 miles away who I never met. But it worked.”

XeC can implement the entire process and host it. A user can create 100% of their own sessions, or they can blend their company-specific sessions with XeC's existing online session topics. They can also simply access XeC's complete curriculum, the lowest cost alternative.

Voytko added, “ When you remove the cost of travel and lost working time, online provides significant savings.”

Companies interested in learning more about the service can contact John Voytko at 724-861-9953 or mail to: info@xec1.com. URL: http://www.xec1.com .

XeC is a digitally experienced education and training group specializing in the creation and hosting of online leasing schools.

Sites of Reference:

http://www.xec1.com
CONTACT:
John Voytko
XeC, Inc.
Phone Number: 724-861-9953
Fax Number: 603-658-4847
E-mail: jvoytko@xec1.com

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

[Headlines]

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News Briefs---

Dollar Gets a Rest on BOJ Worry, Holidays
http://www.washingtonpost.com/wp-dyn/articles/A6331-2004Nov23.html

Dollar expected to fall further
http://www.usatoday.com/money/world/2004-11-22-dollar-2-usat_x.htm

Gold Hits 16-Year High; Asian Shares Gain
http://www.washingtonpost.com/wp-dyn/articles/A6322-2004Nov23.html

Krispy Kreme earnings fall sharply
http://hosted.ap.org/dynamic/stories/E/EARNS_KRISPY_KREME?SITE=
CADIU&SECTION=HOME&TEMPLATE=DEFAULT

Auto Deals Entering Annual Funk
http://www.absnet.net/include/showfreearticle.asp?file=/headlines/1.htm

Technical Analysis: Bulls Try Again
http://www.internetnews.com/bus-news/article.php/3439331

USA Today Poll: Many say U.S. deeply divided
http://www.usatoday.com/news/nation/2004-11-22-poll_x.htm

[Headlines]

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Sports Briefs---

Brady and Patriots Shut Down Chiefs
http://www.nytimes.com/aponline/sports/AP-FBN-Patriots-Chiefs.html

Report: Fan In White Hat Has Criminal History
http://www.clickondetroit.com/sports/3938054/detail.html

Two Fans Sue Pacers Over Brawl
http://www.local6.com/sports/3938959/detail.html

Benson rips Saints after 34-13 loss to Broncos
http://www.2theadvocate.com/stories/112204/spo_saints001.shtml

Injured Garcia will have MRI today
http://www.zwire.com/site/news.cfm?newsid=13413077&BRD=
1698&PAG=461&dept_id=21848&rfi=6

[Headlines]

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“Gimme that Wine”

World's largest wine bottle goes under hammer
http://www.wineint.com/story.asp?sectioncode=1&storyCode=1589

Wineries get tax break after Civil War era tariff is eliminated
http://www.napanews.com/templates/index.cfm?template=story_f
ull&id=013C3B92-D924-4F0D-9893-103083771B18

Unsung wine country's sea air, ridge-top views Rustic rules in California Santa Cruz Mountains
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2004/10/31/TRGJH9GPSR1.DTL

How a $1.36 billion deal left America's top wine family without a winery| http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/20041121/
NEWS/411210303/1033/NEWS01

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This Day in American History

    1718 - English pirate Edward Teach -- known as "Blackbeard" -- was captured off the Outer Banks of North Carolina near Ocracoke, taken to England and hanged.
    1749- birthday of Edward Rutledge, youngest signer of the Declaration of Independence, governor of South Carolina, born at Charleston, SC. Died there Jan 23,1800. Ironically he was against independence, but was a recognized leader at the first Continental Congress and was the deciding vote to have South Carolina join the Union. http://www.edwardrutledge.com/
    1800-Birthday of Edward Rutledge, singer of the Declaration of Independence, governor of South Carolina, born at Charleston, SC. Died there Jan 23, 1800.
http://www.colonialhall.com/rutledge/rutledge.php
    1804- birthday of Franklin Pierce, the fourteenth president of the US was born at Hillsboro, NH. Term of office: Mar 4,1853—Mar 3, 1857. Not nominated until the 49th ballot at the Democratic party convention in 1852, he was refused his party's nomination in 1856 for a second term. Pierce died at Concord, NH, Oct 8,1869. ( lower half of: http://memory.loc.gov/ammem/today/nov23.html
    1835- Henry Burdon of Troy, NY, received a patent for a horseshoe manufacturing machine. His machine produced a completed horseshoe from a rod of iron that was fed into it. It produced shoes more rapidly and uniformly than the rational method of hand production on a forge.
    1852-- Just past midnight, a sharp jolt causes Lake Merced to drop 30' (9m)
http://www.outsidelands.org/lake-merced.html
http://www.sfgenealogy.com/sf/history/hgoe31.htm
http://www.lakemerced.org/homepage.html
    1859- Birthday of legendary outlaw of western US. Probably named Henry McCarty at birth (New York, NY), he was better known as William H. Bonney
a.k.a. “Billy the Kid.”. He was a ruthless killer, a failure at everything legal, he escaped from jail at age 21 while under sentence of hanging. Recaptured at Stinking Springs, NM, and returned to jail, he again escaped, only to be shot through the heart by pursuing Lincoln County Sheriff Pat Garrett at Fort Sumner, NM, during the night of July 14,1881. His last words, answered by two shots, reportedly were “Who is there?”
    1863-The historic Battle of Chattanooga begins.
http://www2.cr.nps.gov/abpp/battles/tn024.ht
http://www.aotc.net/Chattanooga.htm
http://www.collectorsnet.com/cwtimes/chattano.htm
http://memory.loc.gov/ammem/today/nov23.html
    1889- Louis Glas invented and this day installed a coin-operated phonograph player in the Palais Royale, San Francisco, Ca. There were many such machines
made, generally called “coin graphs.” The first widely successful “jukebox”
manufacture was the Rudolph Wurlitzer Company of North Tonawanda, NY.
Its most popular model was made of curved plastic tubes containing a fluid with a low boiling point. Small heaters kept the fluid bubbling. Wurlitzer sold 56,246 of the Model 1015 in 1946 at $750 each. In reality, the juke boxes never became as widely distributed until the 1950's with the invention of the 45rpm record. http://www.knowmadz.org/library/ref/soundcap.htm
    1897-Jazz pianist Willie “ the Lion” Smith Birthday
http://www.redhotjazz.com/thelion.html
    1912- Trombonist Tyree Glenn born Corsicana, Texas.
http://www.harlem.org/people/glenn.html http://www.jazzmanrecords.com/tyreeglenn.html
    1914- Emmett Littleton Ashford, born at Los Angeles, CA, was the first black to officiate at a major league baseball game. Ashford began his pro career calling games in the minors in 1951 and went to the majors in 1966. He was noted for his flamboyant style when calling strikes and outs as well as for his dapper dress which included cuff-links with his uniform. He died Mar 1,1980, at Marina del Hey, CA.
http://www.tvtome.com/tvtome/servlet/PersonDetail/personid-308006
    1925- birthday of composer Johnny Mandel.
http://www.ascap.com/filmtv/mandel.html
http://www.thegoldenglobes.com/welcome.html?nominee/mandel_johnny.html
http://encyclopedia.thefreedictionary.com/Johnny%20Mandel
    1936- the illustrated magazine “Life” debuted on this day.
http://www.otal.umd.edu/~vg/amst205.F97/vj22/history.html
http://www.life.com/Life/covers/1936/cv112336.html
http://www.life.com/Life/aboutlife/lifefaqs01.html
    1940-the first US Army general who rose from a draftee was Keith L. Ware, who was drafted on No­vember 23, 1940. He attended Officer's Candi­date School, Fort Benning, GA, and rose to commander of the 1st Infantry Division in Viet­nam, becoming brigadier general on November 28, 1967. He, his staff of three, and four heli­copter crewmen were killed on September 13, 1968, when his helicopter was shot down about 60 miles north of Saigon during the battle of Locmnh. He was the fourth general killed in the Vietnam War.
http://www.arlingtoncemetery.net/klware.htm
http://distantcousin.com/Military/MedalofHonor/WWII/5/006.html
    1943-The US Second Marine Division took control of the Gilbert Islands after fierce fighting on the heavily fortified Tarawa Atoll in the 76-hour battle the Marines beat back a “death charge” in which the Japanese ran directly at the American guns. American troops sustained 3,500 killed and wounded. The Japanese suffered 5,000 killed and 17 wounded and captured. ( The Gilbert Islands are the westernmost of the Polynesians, midway between Australia and Hawaii and today are part of the nation of Kirbati.
    1946---Top Hits
Rumors are Flying - Frank Sinatra
Ole Buttermilk Sky - The Kay Kyser Orchestra (vocal: Mike Douglas & The
Campus Kids)
The Whole World is Singing My Song - The Les Brown Orchestra (vocal: Doris Day)
Divorce Me C.O.D. - Merle Travis
    1947- E. L. Sukenik of Jerusalem's Hebrew University first received word of the existence of the Dead Sea Scrolls. The documents, dating between 200 BC and AD 70, had been accidentally discovered the previous winter (1946_47) by two Bedouin shepherds in the vicinity of Qumran.
    1948 - Dr. Frank G. Back of New York City patented the Zoom lens, which was first used by NBC television in April of 1947. It was not mass produced until 1959 when it became very popular with usage on a 35mm camera.
http://www.cameraquest.com/ekzoom.htm
    1954---Top Hits
I Need You Now - Eddie Fisher
Mr. Sandman - The Chordettes
Teach Me Tonight - The De Castro Sisters
More and More - Webb Pierce
    1962---Top Hits
Big Girls Don't Cry - The 4 Seasons
Return to Sender - Elvis Presley
Next Door to an Angel - Neil Sedaka
I've Been Everywhere - Hank Snow
    1963 –President John F. Kennedy, Jr.'s body lay in repose in East Room of White House.
http://www.multied.com/Sixties/Funeralrites.html
http://www.fiftiesweb.com/kennedy/kennedy-assassination-23.htm
http://www.mdw.army.mil/fs-m01.htm
    1963-First episode of “Dr. Who” premiered on British TV with William Hartnell as the first doctor. Traveling through time and space in the TARDIS (an acronym for Time and Relative Dimen­sions in Space), the doctor and his companions found themselves in mortal combat with creatures such as the Daleks. “Dr. Who” didn't air in the US until Sept 29, 1975.
    1966- Elvis Presley's 22nd film, "Spinout," premieres in Los Angeles. The movie is another box-office success and critical disaster for Elvis.
    1968- It's the end of an era: Rolling Stone reports San Francisco's Family Dog has lost its license to operate out of the Avalon Ballroom, site of the marathon dance concerts featuring the Grateful Dead, Jefferson Airplane, Moby Grape, Quicksilver Messenger Service and other psychedelic groups.
    1970---Top Hits
I Think I Love You - The Partridge Family
The Tears of a Clown - Smokey Robinson & The Miracles
Gypsy Woman - Brian Hyland
Fifteen Years Ago - Conway Twitty
    1975 -- Minnesota quarterback Fran Tarkenton becomes the NFL's all-time completions leader when he completes his 2,840th pass in the Vikings' 28-13 victory over San Diego.
http://www.tarkentonsports.com/
    1978---Top Hits
MacArthur Park - Donna Summer
Double Vision - Foreigner
How Much I Feel - Ambrosia
Sleeping Single in a Double Bed - Barbara Mandrell
    1984- Quarterback Doug Flutie of Boston College ( my cousin on my mother's
side) passed for 472 yards and led the Eagles to a 47-45 upset of the Miami University Hurricanes. Flutie won the game with a desperation “Hail Mary” touchdown pass that end Gerald Phelan caught in the end zone.
    1986---Top Hits
Human - Human League
You Give Love a Bad Name - Bon Jovi
Word Up - Cameo
You're Still New to Me - Marie Osmond with Paul Davis
    1987 - Box office sales began for the spectacular musical, The Phantom of The Opera. Phantom took in a record-setting amount of $920,272 in seventeen hours. The incoming hit from London made a Broadway record in advance sales of over $12 million two months before its grand opening the following January.
    1988- Wayne Gretzky scores his 600th NHL goal
http://www.upperdeck.com/athletes/waynegretzky/profile.aspx
    1989 - Low pressure tracking across the Carolinas brought heavy rain to parts of the Southern Atlantic Coast Region for Thanksgiving Day, and blanketed the Middle Atlantic Coast States and southern New England with heavy snow. The storm produced up to nine inches of snow over Long Island NY, and up to 14 inches over Cape Cod MA, at Yarmouth. Totals of 4.7 inches at New York City and 6.0 inches at Newark NJ were records for Thanksgiving Day, the 8.0 inch total at Providence RI was a record for any given day in November, and the 6.5 inch total at Strasburg CT was a record for the month of November as a whole.
    1994---Top Hits
I ll Make Love To You- Boyz II Men
Here Comes The Hotstepper (From "Ready To Wear")- Ini Kamoze
On Bended Knee- Boyz II Men
Another Night- Real McCoy

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American Football Poem

In 1996. The Ravens, a team that formerly played in Cleveland, Ohio, moved into Baltimore's Memorial Stadium and began to play in the 1996 season. "This is a new beginning and a new era for us," the Baltimore Ravens owner Art Modell told fans at the team's naming ceremony.

The name Ravens was inspired by the poetry of the famous former Baltimore resident Edgar Allan Poe. Ravens can be taught to speak. Poe's raven is thought to have been inspired by the raven Grip in Barnaby Rudge by Charles Dickens. Dickens' bird has many words and comic turns, including the popping of a champagne cork, but Poe felt that Dickens did not make enough of the bird's dramatic qualities.

The full 18 verse poem:

http://www.americanpoems.com/poets/poe/theraven.shtml

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