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Administration Manager

Five Point Capital, a well established and growth oriented commercial equipment financing company, is seeking an Administration Manager to lead its Funding and Documentation departments. Seeking those with 5+ years management experience and skilled at leading, mentoring and retaining employees. Small ticket funding experience a plus. Proven ability to maintain and enhance lessor/funder relationships.

Location: San Diego, CA. Send resume and salary history to:

Monday, November 21, 2005


Archives-"Republic Leasing of South Carolina Sold"
    Classified Ads----Senior Management
Leasing firm in Fresno investigated
--EFG subject of lawsuits, fraud inquiry
    Funder List
        Loan/Lease Broker Statutes
            Classified Ads---Help Wanted
Looking Ahead for Leasing in 2006--by Ron Caruso
    Leasing Partners Capital now in Indiana
        News Briefs---
You May Have Missed---
    Sports Briefs---
        "Gimme that Wine"
Today's Event in History
    This Day in American History
        American Baseball Poem

######## surrounding the article denotes it is a "press release"

Archives-November 21, 2001

"Republic Leasing of South Carolina Sold

"As reported by Leasing News, Republic Leasing of South Carolina has been for sale for several years. We recently reported about Netbank being the number one suitor. What happened is Netbank wanted to get into the commercial end, as they have been very successful in their growth of consumer customers. So they bought the mortgage company that owns Republic Leasing of South Carolina.

"Dwight Galloway then receives the best Christmas present ever, as he states his current boss becomes the CEO, and they want him to continue what he is doing, at a lower cost of funds, and a great competitive advantage in the marketplace."



Classified Ads----Senior Management

Atlanta, GA.
Experienced leasing exec looking for next challenge. Various asset types, deal sizes and channels. Turn-around or expansion opportunity.

Baltimore, MD .
25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)

Denver, CO .
Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/Southwest and Ca markets.

Hope, NJ.
25 years in optimizing call center operations, collections, billing, and back end revenue generation. Experienced in $7 + billion dollar portfolios. Verifiable achievements.

Irvine, CA .
Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager.

Jacksonville, FL.
15+yrs Collections/Customer Service Expert. InfoLease, CARMS,managed staffs excess 100 VERY successfully - will relocate WITHIN Florida for right position ~ SIMPLY THE BEST

Lawton, OK.
Twenty years, I have been the President of Cash Financial Services. I sold my loan portfolio. Resume.

Long Island, NY.
Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future.

New York, NY, NJ, Ct Tri-State
Top Exec. middle and big ticket, top skills treasury,funding, ops,transaction detail, syndication, ready to max profit, help build quality operation. right now!

Orange County, CA.
25+ years experience large ticket equipment finance companies and commercial banking. Operations, documentation, legal, credit, workouts, portfolio management. $2+Billion portfolio. Seeking CFO, COO or similar.

Philadelphia, PA.
27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries.

Portfolio Management Consultant;
25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise.

Salt Lake City, UT.
GM in Sales, Marketing & Operations for Several technology captives. Seeking new adventure in Western States. Consultant of full time.

San Francisco, CA.
25 years experience w/global leasing company, sales,marketing,business dev., P&L responsibility, asset mgmt, brokering and re-marketing. Interested in joining an est. firm with a future.

Sausalito, Ca .
Sr. Corp. officer, presently serving as consultant, fin. service background, M&A, fund raising, great workout expertise, references

Syracuse, N.Y.
Int. equip. leasing exec. 25 yrs global P&L sr. mngt., including corporate turnarounds, strategic planning, new biz dev., structure finance, contract neg., vendor leasing specialist.

Wilmington, DE.
Over 15 years experience managing Credit, Risk Management and Fraud operations for large Financial Institution. Proven Results. Anywhere between NYC and DC for right opportunity.

For a full listing of all "job wanted" ads, please go to:

To place a free "job wanted" ad, please go to:



Leasing firm in Fresno investigated

EFG subject of lawsuits, fraud inquiry.

By Sanford Nax / The Fresno Bee

A Fresno (California) leasing business that Inc. magazine recently named one of the fastest-growing private businesses is being investigated for alleged fraud and has been sued for supposedly not paying commissions and for taking deposits without performing services.

In October, Inc. magazine named EFG Leasing the 48th fastest-growing private company in the United States with a 1,449% increase in sales from 2001 to 2004.

But 2005 has been a brutal year for the company, said President Kenneth Wheeler, 61. A serious illness that keeps him away from the office most of the day, combined with the effects of two thefts and a former employee who cheated the business, plus significant changes in his industry, have crimped purse strings this year and contributed to business woes, he said.

"If you put it all together in a lump, it hasn't been a great year even though last year was a great year," Wheeler said.

EFG, which provides leasing programs for businesses, reportedly had $14 million in sales in 2004. That will dwindle to about $5 million this year, Wheeler said.

"This just changed everything," he said of a blood disease that he said keeps him from working many hours.

Fresno police say they have an open investigation into alleged fraud. Investigators would not elaborate, but a South Carolina man, William Crawford, said he filed a case after he sent EFG a $15,000 down payment in January for construction financing he never received.

"They said they had funding available. We sent them a check for a deposit, and the funding was nonexistent," he said. The down-payment check, he said, was cashed in February.

Wheeler contended the deal is still in process. Crawford was trying to finance an assisted-living center.

"But it's a real estate transaction and his is a fairly new business. It doesn't happen overnight," Wheeler said, claiming he's talked to police investigators.

EFG, also known as Equipment Financing Group, also has been sued by businesses and individuals who allege the company failed to pay commissions or down payments. In February, a judgment for $179,750 was levied against EFG for defaulting on payment obligations.

The judgment stemmed from a complaint filed by Enterprise Funding Group of Michigan, which sued EFG after EFG's lessees defaulted on payments to Enterprise.

Wheeler blamed the woes on the lessees and a former employee who he said conspired to commit fraud with employees of other businesses involved in the deals.

EFG also was sued by a Montclair-based churro maker, which claims it paid EFG an $18,000 down payment on financing it never received. California Churros was seeking financing to equip a new manufacturing plant.

"EFG has breached each and every contract . by continuously failing to provide financing to plaintiff, even after promises to have funds available by July 14, 2005," says a complaint filed Sept. 15 in Fresno County Superior Court.

Wheeler claimed the deal with California Churros is still active and said the equipment was for a plant in Mexico, which complicated matters. He said the lender wants to make sure it has first rights to the equipment if problems arise.

"And Mexico has some strange laws," he said.

But Timothy Logoluso, the Fresno lawyer who filed the lawsuit on behalf of California Churros, said the equipment to be financed was destined for a plant in Southern California. And last May, according to court files, EFG notified California Churros that financing was approved.

EFG also has been sued by a broker in Chicago who claims his company is owed almost $7,000 in unpaid commissions. The broker, Richard Asplund of Optima Commercial Finance, was in Fresno arguing his case Nov. 1 in front of Jeff Bird, a small-claims court judge.

"I've tried to call him going on 40 times," said Asplund, who requested a default judgment. "I never got him on the phone."

Bird said he would rule later.

Wheeler does not deny that people have had trouble reaching him, a result, he said, of lengthy absences from the office. "I know they have trouble getting hold of me," he said.

Wheeler said many of the complaints are coming from people who don't realize how long it can take to find financing. "I can understand people being upset," he said, "but they have to be realistic."

A large transaction can take months to conclude, he said, because many lenders have gone out of business, and because applications are carefully scrutinized.

"They are not going to sign off arbitrarily, no matter how good the deal looks," he said.

Wheeler said EFG also was the victim of two thefts that hurt the company financially. The first was a burglary in which $280,000 worth of laptop computers were taken from the office on West Shaw Avenue in December 2004.

The other happened around the same time, Wheeler said, when someone got the routing numbers off some EFG checks and forged checks worth thousands of dollars.

"All these things happening at once caused a problem. We had to take our cash flow to replace that equipment to stay in business," he said.

The reporter can be reached at or (559) 441-6495.



Funder List

( for funders specializing in "Story Credits, " please click here
for "super brokers," who primarily broker leases, click here )

There is no advertising fee or charge for a listing. They are “free.”Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list.

To qualify for this list, the company must be a "funder" and not a broker or superbroker, along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. The company may "broker" or sell off its portfolio from time to time, but the definition is for a company or financial institution where 50% or more of its business is from actually "funding" transactions themselves. This category includes "Captives," who's primary premise is to finance their equipment or equipment related parties. We reserve the right to not list a company who does not meet these qualifications.

We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers is very much encouraged.

( To apply to be listed, please fill in this form and fax to 408.374.3843)
Funder Form

A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
| D -"Private label Program" | E - Also "in house" salesmen

In Business Since
Leasing Association
Equipment Restrictions

TCF Equipment Finance
11100 Wayzata Blvd., Ste 800
Minnetonka, MN 55305
800-247-4018 - Fax
Kathie Shuman, ext 22
Patty Weaver, ext 24

$10,000 +
Please Contact Rep.
Balboa Capital Corporation
John Bunce (503) 223-4379
Curt Lysne (949) 399-6395
US except: Alaska, Arkansas & Louisiana
$5,000 - $250,000
See comments

NetBank Business Finance
Rich Viola
800-669-0222 ext. 8225
Fax 800-669-8102

the contiguous US minus VT
$5,000 to $1,000,000
Please visit out website for this information.
Commonwealth Capital Corp.
Rich Baker
United States

$10,000 - $750,000 per schedule

IT and Medical - Please contact
SunBridge Capital
Vickie Rocco
Chris Gregory
866-798-3699 - Fax

$20,000 - $500,000

Average Transaction
$75,000 - $100,00

Please see our website for detailed information on the types of equipement we fund.
Butler Capital Corporation - Lessor & Broker Financing Services Division (independent)
Mitch Larkin, Director, Lessor & Broker Financing Services Division
National (U.S.) lender
$25,000 - $1Million
(typically $100,000 - $350,000)
post-production, mining, aircraft, vessels, gaming, ATMs, tanning

Madison Capital
1997 (formed by merger of Harbor Leasing, started 1983, & Fox Valley Leasing, started 1974)
Nancy Pistorio, VP 410-653-6269 ext. 125 or Allen Levine, COO 410-653-6269 ext. 117

U.S., Canada, Puerto Rico
$5,000 to $450,000, Vehicles: Unlimited
Tanning beds, owner operators, HVAC, restaurant hoods, boats
Pioneer Capital Corporation
(A wholly-owned subsidiary of IFC Credit Corporation)
John Boettingheimer VP/General Manager
50 U.S. States
$5,000 minimum (no maximum)
ATM , aircraft, energy management, livestock, tanning, copiers, vending, website development.
For more visit our website.
ICB Leasing Corp.,
2004 (Our parent, Independence Community Bank, was established
in 1850.)
Ira Romoff at 212-209-9177,
e-mail: or
Jean Cutting at 212-209-9178
$75,000 to $5 million
No aircarft or marine vessels
American Bank Leasing Corp.
Jeff Schubert
$20,000 - $150,000
Generally hard assets but call if vendor program
Dolsen Leasing Company
Joanie Dolsen,
11 Western State
$10,000.00 - $250,000.00
None. We fund in case by case basis.

Allco Leasing, a division of LEAF Financial Corporation
Brad Christensen
Tel.: 800.929.9041
Fax: 503-684-9617

$100,000 to $2,000,000
Aircraft, marine, sun tanning, owner/ operator
BWC Equipment Leasing,
a division of
Bank of Walnut Creek
Paul Knowlton,
888.278.1079 x253
Northern California
$5K - $500K
Centennial Bank
4605 Harrison Blvd. Suite 1
Ogden, Utah 84403
phone: 801-475-7000
fax 801-475-0853
Kent Moyes
Larry Grant
5 in leasing department
(50 in bank division)
48 States

$15,000 - 1.8 million

$100,000 - 1.8 million

Aircraft, marine, over the road trucks and trailers, restaurants

(A) Pioneer Capital originates all it's paper from brokers - 100%. Pioneer is a full service funding company that holds 100% of its transactions internally. We have over $150 million in small ticket leasing lines. We offer "A", "B" and in some circumstances "C+" credit coverage. We also offer franchise, medical, and new business leasing programs. Accepts Broker Business - to apply for to Private Label Program - Pioneer offers private label documents and discounting programs to eligible brokers.

(B) BWC Equipment Leasing only funds deals in Northern California. Sub-broker accepted only is disclosed up-front. Broker must sign "Representation and Warranty" broker agreement.

(C) Dolsen Leasing, see our Broker Application at . While we do not require brokers to be licensed, we do a background check on all prospective brokers. While we have both inside and outside sales people, we are always open to expanding our broker network.

(D) TFC Equipment Finance is a wholly owned subsidiary of TCF National Bank (TCF). TCF is a subsidiary of TCF Financial Corporation.
TCF Financial Corporation (TCF) is a $12 billion national financial services holding company. TCF trades on the NYSE under the symbol TCB.

(E) NetBank Business Finance accepts sub-brokered transactions only from a select, pre-approved group of broker/lessors. NBF is a wholly owned subsidiary of NetBank, Inc. and will occasionally accept lease and loan referrals from other NetBank companies.

(F) Madison Capital - Broker should be in business at least 2 years. Private Label program requires six months positive experience working with them; and only after the 6 month term we offer the brokers or discounter a contract that allows them to put their name on it, primarily for marketing purposes. We originate business through both direct sales and indirect sales. However, we offer broker protection and are extremely vigilant about it. One clarification. We do offer financing to restaurants, but not for their exhaust hoods, an item we are frequently asked about.

(G) ICB Leasing - Business is conducted only with approved brokers. In addition, Brokers must not only be approved by ICB but licensed where appropriate. We will permit use of ICB Leasing Corp. lease docs in approved originators name and purchase/take assignment of lease.

(H) Balboa Capital:
A - Accepts broker business
B - request appropriate state licenses be obtained.
C - No sub broker allowed without written consent.
D - Broker can be listed as Lessor, receive advance payments, and assign to Balboa. Balboa pays the vendor.
E - Balboa has a large internal sales force that solicits directly to the end user. Broker customers are excluded from any calling list and our Broker Agreement specifically states your accounts will not be solicited while a customer of Balboa.

Restricted Equipment:
All roof top equipment     Amusement Park/Carnival Artwork 
ATM's Aircraft  Auto phone dialers
Used copier and computers Canopy's Portable Bldg.
Energy management Fencing Fixtures
Water coolers Invasive medical Livestock
Molds Environmental hazardous Pay phones
Satellite dishes Signs Spray booths (EPA certificate is required)
Truck scales Underground tanks School buses

(I) BUTLER CAPITAL - For nearly three decades, Butler has purchased loans and leases - individually or in portfolios - from lessors and brokers nationally.  Butler 's inclusion in the 2005 edition of the "Monitor 100" underscores the firm's commitment to funding deals quickly, structuring deals professionally, and avoiding the limitations of app-only credit scoring.  As a direct lender with wholesale lines of credit ready to be tapped for our broker/lessor clients, we pride ourselves on common-sense, individualized credit decisions on a wide variety of equipment.  We invite no-obligation calls!  Butler does not require brokers be licensed except those in states that require such licensing.  We welcome both opportunities to fund brokers' transactions under our name or create private-label programs to enable brokers to market their own services more broadly.  Although Butler has in-house sales personnel, we do not solicit the customers of our broker/lessor clients; rather, we work to preserve and enhance a broker's relationship with his/her customer. 

(J) American Bank Leasing provides fast responses and high touch service for small ticket transactions. Our online system provides "almost instant" approvals up to $100,000 and the ability for you and your vendor to view transaction status. Our experienced staff is empowered to use a common sense approach to lending. Private label program reserved for our top producing partners.

(K) Allco Leasing was purchased in April 2005 by LEAF Financial Corporation, a wholly-owned subsidiary of Resource America Corporation (NASDAQ: REXI). Allco Leasing provides a middle market leasing product for LEAF. We are not collateral oriented and are industry generalists. Allco specializes in rapid responses to difficult to understand credits operating within the "A- to B+" arena. Startups are considered with experienced management and strong guarantors.

(L) SunBridge Capital is a direct funding source. We specialize in commercial equipment such as construction equipment, work trucks, titled vehicles and more. Because we understand the value of the assets we fund, we are able to approve a wider range of customers than most other lenders, and deliver approvals in one business day or less.

We are committed to providing unprecedented sales tools to the Broker community. We give you the flexibility and control that you need to best serve your customers and to realize your business goals. This includes our on-line broker financing application at . Approvals are delivered as parameters, which allows our brokers to structure the most appropriate deal for their customers and increases their likelihood of closing.

*We are in the process of developing our private label program. Some documents can be customized for our regular brokers.

**We work direct with vendors who prefer to do business with a direct funding source; and those with whom we have a long standing relationship. We will never attempt to develop a vendor relationship as a result of information obtained from one of our brokers.

(M) Centennial Bank - Prompt service, quick review, new & use equipment. No outside sales force - "Brokers Preferred." Brokers must be approved.  

(N) Commonwealth Capital Corporation does not directly originate, we do not compete with Lessors. We only buy deals from Lessors.



Loan/Lease Broker Statutes

 These statues not only apply to all leasing brokers, but to all discounters and lessors who are not licensed elsewhere ( many states do not require this for
banks: however, bank subsidiaries may be required to have such
a license. Some states allow licenses real estate brokers or mortgage companies to engage in financing. )

In all the states we are aware anyone anyone in the loop who is not a dirrect employee of a licensed entity requires a license. There are some provisions regarding what is known as a "true lease," that means all the IRS and accounting standards as a true lease, really a "rent," may not be required to have a licenses, such as a rental yard, but it is safe to have one if you are receiving renumeration for involvement in a lease finance situation ( and if you don't know what that is not, you need a license.)

Arizona: All "advance fee loan brokers" must register annually with the state.

Arizona Revised Statutes, sec. 06-1303-1310 (1996)

Arkansas: All brokers of "a loan of money, a credit card or a line of credit" may not assess or collect an advance fee. In addition, all brokers must register with the Securities Commissioner, post a surety bond of $25.000 and have a net worth of $25,000.

Arkansas Code Annotate sec. 23-39-401 (1995)

California: No person shall engage in the business of a finance lender or broker without obtaining a license from the Commissioner. California Financial Code, Division 9, Chapters 1 and 3

Connecticut: Brokers of "unsecured loans" may not assess or collect an advance fee. Connecticut General Statues, sec. 369-616 (1997)

Florida: Brokers of a "loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature" may not assess or collect an advance fee. Florida Statues, Chapter 687.14 (1992)

Georgia: A broker of "loans of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee unless such fee is for "actual services necessary to apply for the loan."

Official Code of Georgia Annotated, sec. 7- 7-1 (1992)

 Idaho: No fee may be collected unless a loan is actually made.

Idaho Code, sec. 26-2501 (1992)

Illinois: Code , 815 ILCS 175/15-5.03

Under the Act, a "loan broker" means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. 815ILCS 175/15-5- 15(a)

Specifically excluded from the application of the Act, however, are (1) any bank .regulated by any service loans for the Federal National Mortgage Association. (3) any insurance producer or company authorized to do business in [Illinois], (4) any person arranging financing for the sale of the person's product, (note that this exception does not apply to any person selling someone else's product and only applies to "the" person's product, implying the exception is for the owner of the product arranging for financing), (5) any person authorized to conduct business under the Residential Mortgage License Act of 1987 and (6) any person authorized to do business in [Illinois] and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate.

"In the event that the Act is violated by the broker, the Secretary of State is empowered by the statute to make investigations and examinations, suspend or evoke the broker's approval, subpoena witnesses, compel the production of books and records, order depositions and obtain temporary restraining orders and injunctions against the broker. In the vent that a violate is found, the Secretary of State may impose a fine in the amount of $10,000 for each violation and the broker shall be liable to any person damaged in the amount of tactual damages plus attorneys fees."

This appears as standard language on most states.

Indiana: Brokers of loans of  "money or property" must register with the Securities Commissioner, maintain a $25,000.00 bond and may not assess or collect an advance fee "except a bona fide third party fee." Indiana Code, sec. 23-2-5-1 (1992)

Iowa: A broker of loans of "money or property" may not assess or collect an advance fee except for a "bona fide third-party fee" and a broker must obtain a bond or establish a trust account and file required documents with the Commissioner or Insurance.

Iowa Code, sec. 535C (19920

Kentucky: Brokers of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee. Kentucky Revised Statutes Annotated, sec. 367.380 (1992)

Louisiana: A broker of loans of "money or property.whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000. A broker may not collect an advance fee but may collect an "advance expense deposit for commercial loans" only for actual expenses incurred in obtaining the loan. Louisiana Revised Statutes Annotated, sec. 9:3574 (1993); Louisiana Revised Statutes Annotated, Sec. 51:1910 (1992)

Mississippi: A broker or loans of money may not assess or collect an advance fee and can be fined up to $5,000 for each violation. Mississippi Code Annotated, sec. 81- 19-17 (1997)

 Missouri: A broker of loans of "money or property" may not assess or collect an advance fee. Missouri Revised Statues, sec. 367 300 (19920

Nebraska: A broker of loans of money may not assess or collect an advance fee. Nebraska Revised Statutes, sec. 45-189 (1993)

New Jersey: Brokers of "loans of money" may not assess or collect an advance fee.

New Jersey Rev. Statutes, sec. 17:10B (1992)

New Mexico:
New Mexico currently requires Brokers/Lessors to register for Licensing under the NM Mortgage loan Company or Loan Broker Act with the Financial Institutions Division of the State of New Mexico.B anks with Brick and Mortar within the State of New Mexico are exempt.

Prior to licensing applicants must submit the Following:

Articles of Incorporation
Listing of all principals (including management)
A full financial Package (to meet their minimum requirements of liquidity)
Personal financial statements on all principals
Disclosure of all current or past suits (civil or criminal)
Attach a corporate surety bond
Include a $400.00 registration fee renewable yearly

North Carolina: A broker of "loans of money or property.whether such agreement is styled as a loan, a lease or otherwise" must obtain a surety bond or establish a trust account in the amount of $25,000 and obtain a license. North Carolina General Statutes, sec. 66-106 (1992)

 North Dakota: Brokers may not accept an advance fee unless the broker is licensed.

North Dakota Century Code, 13-04. 1-09.1 (1993)

South Carolina: A broker of "a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature" may not assess or collect an advance fee. South Carolina Code Annotated, sec. 34-36-10 91992)



Classified Ads---Help Wanted

Administration Manager

Five Point Capital, a well established and growth oriented commercial equipment financing company, is seeking an Administration Manager to lead its Funding and Documentation departments. Seeking those with 5+ years management experience and skilled at leading, mentoring and retaining employees. Small ticket funding experience a plus. Proven ability to maintain and enhance lessor/funder relationships.

Location: San Diego, CA. Send resume and salary history to:

Documentation Manager

Equipment Leasing
Documentation Manager
Walnut Creek, CA

Manage all aspects of the lease documentation unit. Requires a BA/BS; 7+ years of leasing and contract experience; Click here for detailed description & resume submission info.

These ads were designed by Maria-Martinez Wong. Let her construct and design your ad with the goal to keep your costs down.



Looking Ahead for Leasing in 2006

By: Ron Caruso

This year has presented many challenges to the U.S. economy. They have ranged from natural disasters, to continued increases in borrowing costs, to financing the war in Iraq. The economy has taken on these challenges and overcome them. Corporate treasuries, filled and in some cases overflowing with liquid assets, attest to the health of American business. Can this continue? The answer is a resounding probably!

The outlook for next year from this vantage point is continued growth. This is not the torrential growth of the late 90's leading to a disastrous downturn, but rather a sustained growth with a modest upturn. This is both good news and bad news for the leasing industry. The good news is that much like this year, equipment financing volume can be expected to increase-modestly. The bad news is that many equipment financing opportunities from the higher rated credits will be lost to the alternative of self-financing. Even the vendor finance side of the market will be impacted, with some vendor-manufacturers seeking to initiate or expand their captive funding capabilities.

For both the direct and vendor sides of the equipment financing market, competition will be divided into two camps: those with only a vanilla flavor and those with a rainbow of options, combining many diverse financing capabilities and/or other valuable services such as the Six Sigma program that GE offers to some of its customers, to separate themselves from the pure rate-driven arena.

Will there be enough equipment financing business for everyone? Probably not. Look for continued consolidation and unfortunately look for the less competitive leasing companies to explore "credits with a story", to keep their portfolios from eroding. If, as seems probable, the Fed continues to keep a tight grip on inflation and the economy by ratcheting up money costs, at some point this will begin to create delinquency and collection problems. The current money cost scenario, with 10-year Treasuries costing only a few basis points more than T-Bills, if history is any benchmark, cannot continue indefinitely. The largesse of certain foreign beneficiaries of our consumer markets, has enabled lenders to extend long term borrowing at very low rates. When long term rates begin to move upward, lessees historically have turned to the leasing industry to lock in fixed long term leasing costs. Will history repeat itself? Once again the answer is a resounding probably, only this time the predominant demand for lease financing will be derived from the less creditworthy. Structured financing will be the flavor du jour for many of these opportunities. However, those who forget the basic maxim of lending, i.e., protecting one's principal, will find themselves reliving another part of history, and not a very favorable part at all. Stay tuned and Happy Thanksgiving to all!!


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

Leasing Partners Capital Inc. expands operations in Indiana

WAYNE, NJ., - Steven K. Brown has been named Market Development Manager at the firms Clarksville, Indiana, location. Brown, a seasoned entrepreneur and sales executive has owned and operated businesses in the Media and Apparel industries, as well as managed large sales operations in the financial services arena.

"I've started, operated, and grown businesses throughout my career, availability of economical financing has always been the key element to growth for me. I'm very pleased to now be able to offer growing businesses in the Midwest the financial services that will help them grow and succeed! Says Brown.

"The Midwestern United States has been a solid contributor to our growth this year - overall we've seen a doubling of lease originations and revenue so far in 2005. We expect to see continued growth. I'm pleased to have Steve with his experience and successful track record join the Leasing Partners Team" says Duane E. Rouba, managing partner at Leasing Partners Capital's Northern New Jersey Headquarters.

About Leasing Partners Capital Inc.

Leasing Partners Capital Inc. is a leading equipment and technology leasing company based in Northern New Jersey. The company operates 21 field offices throughout the United States.

Leasing Partners Capital has been offering financial and operating lease products to businesses and vendors in the Commercial, and Government Market sectors for more than 20 years.

The firm is known as a leader in the vendor leasing program arena as a result of excellent marketing execution, outstanding responsiveness and client service levels.


Robert T. Mayer
Director, Vendor Development
Leasing Partners Capital Inc.
1211 Hamburg Turnpike - Suite 306
Wayne, NJ 07470
973-709-9286 fax


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

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Sports Briefs----

Perfect 10-0: Colts win shootout with Bengals

Redskins Suffer Second Straight Late Loss, Fall 2 Games Back

Rams wilt vs. Warner and Arizona

No contest as Chargers rout Bills

Cowboys top penalty-prone Lions

Giants Can Put Record Day in Their Memory Banks

Hawks hold on, win ugly

Slow start, late fade dooms Falcons

Patriots 24, Saints 17

Belichick's father dies of heart failure

49ers Present Hall of Fame Ring to Young

Harris College Poll USC (88) 11-0 2,800



"Gimme that Wine"

As reported here, the fire in Vallejo, California, in a wine storage warehouse destroyed $100 million worth of wine. The fire, later declared an arson, affected nearly 100 wineries. It is suspected a wine broker in Sausalito had confiscated several million dollars from high end collectors and stored the wine here. The fire damaged any accountability of his records.

One of my favorite vintners, Delia Viader, lost her 2003 production.

91/Wine Spectator, 2003 Viader, $85, 3,644 cases made Aromas of dill and cedar turn firm and austere on the palate, where they join earthy currant, blackberry and mineral nuances.
Cabernet Sauvignon and Cabernet Franc. Best 2007 through 2012


"...regarding the 2003 vintage we only have 366 magnums left that are always hand labeled and therefore were safely stored at the winery and 50 cases we always keep for library, so our magnum offering will go directly to mailing list and from our tasting room - there will be no release of 2003 other than our second label "DARE" (DARETempranillo and DARECab Franc) going to distribution outside the winery unfortunately.

"The 2004 is awesome though,

Take care"


If you want to know if you got a value for your wine, or what the wine price is today, go to Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1998 Viader



Today's Top Event in History

    1969-The "internet" began when the first computer network was ARPANET, a data communications net­work developed by J.C.R. Lieklider, Robert Taylor, and other researchers for the Depart­ment of Defense's Advanced Research Projects Agency. The first ARPANET link was put into service on November 21, 1969. It connected a computer in the computer science department at the University of California at Los Angeles with a laboratory computer at the Stanford Re­search Institute, Stanford, CA. Over the next decade, ARPANET grew to include many gov­ernment and university computers. In 1973, Dr. Vinton Cerf and Robert E. Kahn were commis­sioned by the federal government to create a national computer network for military, govern­mental, and institutional use. The network was based on ARPANET sites and employed pack­et-switching, flow-control, and fault-tolerance techniques developed by ARPANET. Historians consider this world wide network the origin of the Internet.


This Day in American History

    1729-Birthday of Josiah Bartlett (also the name of the "president" in the TV series, "West Wing." President of New Hampshire, Signer of the Declaration of Independence.
    1784 -- James Armistead is cited by French General Lafayette for his valuable service to the American forces in the Revolutionary War. Born into slavery 24 years earlier, had worked as a double agent for the Americans while employed as a servant of British General Cornwallis.
    1785-Birthday of William Beaumont, US Army surgeon whose contribution to classic medical literature and world fame resulted from another man's shotgun wound. When Canadian fur trapper Alexis St. Martin received an apparently mortal wound June 6,1822---a nearly point-blank blast to the abdomen---Dr. Beaumont began observing his stomach and digestive processes through an opening in his abdominal wall. His findings were published in 1833 in" Experiments and Observations on the Gastric Juice and the Physiology of Digestion. St. Martin returned to Canada in 1834 and resisted Beaumont's efforts to have him return for further study. He outlived his doctor by 20 years and was buried at a depth of eight feet to discourage any attempt at posthumous examination. Beaumont, born at Lebanon, CT, died April 25, 1853 at St. Louis, Mo.
    1789- North Carolina becomes the12th state to ratify the Constitution.
    1800- Congress met at Philadelphia from 1790 to 1800, when the north wing of the new Capitol at Wash­ington, DC, was completed. The House and the Senate had been scheduled to meet in the new building Nov 17, 1800, but a quo­rum wasn't achieved until Nov 21, 1800. Primary reason was the poor travel and highways became a priority with the new congress.
    1800-formation of the Society of the Sacred Heart, a Roman Catholic religious order of women pledged to the education of girls. Founded by Madeleine Sophie Barat, it was brought to the U.S. at New Orleans in 1818 by Rose Philippine Duchesne.
    1801 -- "Federal Bonfire Number Two", a mysterious fire swept the offices of the Department of Treasury, destroying books and papers, after Republicans demanded proof that the expenditures of Timothy Pickering, the recently replaced Federalist Secretary of War, could be properly accounted for. Most records in War Department custody were destroyed by fire, November 8, 1800. Many of the remaining Revolutionary War records were lost during the War of 1812. As a result there were, until 1873, few records for the period before 1789 in War Department custody. In 1873 Secretary of War William Belknap purchased for the Federal Government the papers of Timothy Pickering, who between 1777 and 1785 had been a member of the Board of War, Adjutant General of the Continental Army, and Quartermaster General; the papers of Samuel Hodgdon, Commissary General of Military Stores for several years during the war; miscellaneous contemporary papers; and some minor groups of records and single record items.
    1820 -- Thirteen-year-old Henry Wadsworth Longfellow's first poem, "The Battle of Lovell's Pond" is published in the Portland, Maine, Gazette.
    1824-The first Jewish congregation in the Reform movement was the Reform Society of Israe ites, organized by dis­sident members of Congregation Beth Elohim of Charleston, SC, an Orthodox synagogue that had been founded by Sephardic Jews in 1750. The group was formed after the trustees of the synagogue refused a request to modernize the prayer service. Its leader was Isaac Harby, a teacher and journalist. The society disbanded in 1833, but many of its members rejoined the synagogue after the arrival of Rabbi Gustav Poznanski, who approved radical alterations in the service.
    1835-Birthday of Henrietta Howland Robinson Green, better known as Hetty Green, reported to have been the richest woman in America, was born at New Bedford, MA. She inherited a large fortune from her father and invested it so shrewdly that she was considered the greatest woman financier in the world. She was an able financier who man­aged her own wealth, which was estimated to have been in excess of $185 million in today's money. At one point in time, Hetty Green held the mortgages on 60 churches. Died at New York, NY, July 3, 1916.
    1852- Union Institute was chartered by the Methodists in Randolph County, NC. Renamed Trinity College in 1859, the campus moved to Durham in 1892. Tobacco magnate James B. Duke endowed the school with $40 million in 1924, upon which its name was changed to Duke University.
    1861-Confederate President Jefferson Davis names Judah Benjamin the secretary of war. A Sephardic Jew from South Carolina, Judah Benjamin was an exception to the rule in the Protestant South. As a young man, he moved to New Orleans and lived in a largely Jewish community. He married the daughter of a wealthy Catholic couple, but the marriage was distant--Natalie Benjamin moved to Paris soon after the birth of their daughter and the couple spent little of their fifty-plus-year marriage together. Benjamin practiced law and bought a sugar plantation near New Orleans. He became a representative in the Louisiana state legislature in 1842, and he was elected to the U.S. Senate in 1852. While there, he became a close friend of Jefferson Davis, who was then a Mississippi senator. Benjamin resigned during the secession crisis of 1860 and 1861, even before Louisiana officially left the Union. Davis selected Benjamin as the Confederacy's first attorney general, and he quickly became the president's most trusted advisor. After the Battle of First Bull Run, Secretary of War Leroy Walker resigned amid criticism that the Confederate army did not pursue the defeated Yankees. Davis appointed Benjamin to the position. Although Benjamin had no military experience, his appointment allowed Davis to dominate Confederate military affairs. Placing his trusted friend in the position of secretary of war ensured that Davis would not be challenged on important military decisions. Benjamin efficiently managed the day-to-day work of the war department, but he began to quarrel with some of the top generals who resented taking orders from a non-military bureaucrat. Benjamin also drew unfair criticism because of his religion--many openly questioned his loyalty because of his Jewish faith. When Roanoke Island fell to the Yankees in March 1862, criticism of Benjamin peaked. Many censured him for not sending men and supplies to the island's garrison. Furthermore, the war was going badly for the Confederates in the West. Davis recognized that the storm of complaints was crippling Benjamin's ability to perform his duty, so he appointed Benjamin secretary of state when Robert M. T. Hunter resigned that position. As the outlook for the Confederacy grew bleaker in 1863 and 1864, Benjamin floated the idea that the South could obtain foreign recognition only by promising emancipation. This radical concept fell on deaf ears until the last weeks of the war. When the Confederacy finally collapsed, Benjamin fled with the rest of the Confederate government to Danville, Virginia. When President Lincoln was assassinated, it was discovered that Benjamin had ties to the Surratt family, which was implicated in the conspiracy. Fearing capture and prosecution, Benjamin fled the country. He settled in England and practiced law there, often visiting his wife and daughter in Paris. During the rest of his life, Benjamin rarely spoke of his service to the Confederacy. He died in Paris in 1884.
    1865-Shaw University founded, oldest black university in the South.
    1871 - The cigar lighter was patented by M.F. Gale of New York City.
    1877- Thomas Edison announced his invention of the phonograph, Menlo Park, NJ.
    1902- Phoebe Jane Fairgrave Omlie birthday, aviator, used an inheritance at age 17 to buy her own plane and then sold stunt flying to a movie studio to justify the expense. Her mother supported her endeavors. Her diminutive size handicapped her. She and her husband did barn-storming, which included walking on wings and other death-defying acts that were the mainstays of early aviation exhibitions. She was the first woman to get a federal pilot's license. With Amelia Earhart she painted markers on roofs throughout the country that guided pilots to the nearest airport (long before radar and plane-to-ground radios); headed and coordinated a project to train 5,000 airport ground personnel. She also opened a school for the training of women instructors after the Civilian Pilot Training schools fired all women instructors.
    1904 --Coleman Hawkins Birthday
    1905- Frederick Charles (Freddie) Lindstrom, Baseball Hall of Fame third baseman and outfielder born at Chi­cago, IL. Lindstrom played for the New York Giants in the 1920s and 1930s. In the 1924 World Series, a ground ball hit a pebble and bounced over his head, allowing the run that gave the championship to the Washington Sen­ators. Inducted into the Hall of Fame in 1976. Died at Chicago, Oct 4, 1981.
    1908- birthday of Paul Rapier Richards, baseball player, manager and executive born at Waxahachie, TX. Richards was a catcher with marginal ability, but an innovative man­ager and executive. He invented the oversized catcher's mitt to handle knuckleball pitchers and the "Iron Mike" pitching machine. Died at Waxahachie, May 4,1986.
    1920 - Birthday of Stan 'The Man' (Stanley Frank) Musial (Baseball Hall of Famer, born Donora, PA.: SL Cardinals outfielder, first baseman [World Series: 1942, 1943, 1944, 1946/all-star: 1943, 1944,     1946-1963/Baseball Writers' Award: 1946, 1948]; topped .300 mark 18 times, won seven N.L. batting titles with his famed corkscrew stance and ringing line drives; 3-time MVP played in 24 All-Star games; nicknamed 'The Man' by Dodger fans for the havoc he wrought at Ebbets Field)
    1925-Birthday of guitarist Sal Salvador, born Monson, MA.
    1934- The New York Yankees paid the San Francisco Seals $25,000 and four players for Joe DiMaggio. Despite DiMaggio's 61-game hitting streak in 1933 and his .341 batting average in 1934, the Yankees kept him with the Seals for 1935. He hit .398.
    1934 - Cole Porter's "Anything Goes" opened at the Alvin Theatre in New York City. The show ran for 420 performances.
    1934-The New York Yankees paid the San Francisco Seals $25,000 and four players for Joe DiMaggio. Despite DiMaggio's 61-game hitting streak in 1933 and his .3451 batting average in 1934, the Yankees kept him with the Seals for 1935. He hit .9398.
    1940-Birthday of piano player Dr. John ( Malcom John Rebennack), New Orleans, LA ( also known as "The Night Tripper.")
    1942-The Alcan Highway opens, Alaska
( lower half of: )
    1944---Top Hits
The Trolley Song - Judy Garland
I'll Walk Alone - Dinah Shore
Together - Helen Forrest & Dick Haymes
Smoke on the Water - Red Foley
    1948- The Sunday morning religious program "Lamp Unto My Feet" first aired over CBS television. It became one of TV's longest running network shows, and aired through January 1979.
    1948-Birthday of drummer Alphonse Mouzon, Charleston, SC
    1952---Top Hits
You Belong to Me - Jo Stafford
Glow Worm - The Mills Brothers
Because You're Mine - Mario Lanza
Jambalaya (On the Bayou) - Hank Williams
    1953--- "Rags to Riches" by Tony Bennett topped the charts and stayed there for 8 weeks.
    1955 - The first lady of the American stage, Helen Hayes, was honored for her many remarkable years in show business, as the Fulton Theatre in New York City was renamed the Helen Hayes Theatre
    1956- Don Newcombe of the Brook­lyn Dodgers won the first Cy Young award, given to the most outstanding pitcher in the major leagues. He added the National League Most Valuable Player Award to his trophy case as well
    1959 - Following his firing from WABC Radio in New York the day before, Alan Freed refused "on principle" to sign a statement that he never received money or gifts (payola) for plugging records. Incidentally, few may remember, but Freed left WABC while he was on the air. He was replaced in mid-record by Fred Robbins, who later became a nationally-known entertainment reporter for Mutual Radio.
    1960- "Stay" by Maurice Williams & the Zodiacs topped the charts and stayed there for a week.
    1960---Top Hits
Stay - Maurice Williams & The Zodiacs
Are You Lonesome To-night? - Elvis Presley
Last Date - Floyd Cramer
Wings of a Dove - Ferlin Husky
    1964 - The Verrazano Narrows Bridge opened. Actually, the upper deck was opened to traffic on this day. The bridge, linking Brooklyn and Staten Island, was the world's longest suspension bridge at 4,260 ft. 1980 - The largest TV audience ever, an estimated 82 million people, watched as Sue Ellen's sister, Kristin Shepard, shot J.R. Ewing on "Dallas". The jilted mistress was seen holding the smoking gun after a summer of viewers asking that haunting question, "Who Shot J.R.?" Eighty percent of all viewers watched the show.
    1966-Birthday of Troy Kenneth Aikman , football player, star Dallas quarterback now sportscaster, West Covina, CA.
    1967-Gen. William Westmoreland, commander of U.S. Military Assistance Command Vietnam, tells U.S. news reporters: "I am absolutely certain that whereas in 1965 the enemy was winning, today he is certainly losing." Having been reassured by the general, most Americans were stunned when the communists launched a massive offensive during the Vietnamese Tet New Year holiday on January 30, 1968. During this offensive, communist forces struck 36 of 44 provincial capitals, 5 of 6 autonomous cities, 64 of 242 district capitals and about 50 hamlets. At one point during the initial attack on Saigon, communist's troops actually penetrated the ground floor of the U.S. Embassy.
    1968 -- A portrait of Frederick Douglass appears on the cover of Life magazine. The cover story, "Search for a Black Past," is the first in a four-part series of stories in which the magazine examines African-Americans, a review of 50 years of struggle, with interviews of Jesse Jackson, Julian Bond, Eldridge Cleaver, Dick Gregory, & others.
    1968---Top Hits
Hey Jude - The Beatles
Those Were the Days - Mary Hopkin
Love Child - Diana Ross & The Supremes
I Walk Alone - Marty Robbins
    1969-The "internet" began when the first computer network was ARPANET, a data communications net­work developed by J.C.R. Lieklider, Robert Taylor, and other researchers for the Depart­ment of Defense's Advanced Research Projects Agency. The first ARPANET link was put into service on November 21, 1969. It connected a computer in the computer science department at the University of California at Los Angeles with a laboratory computer at the Stanford Re­search Institute, Stanford, CA. Over the next decade, ARPANET grew to include many gov­ernment and university computers. In 1973, Dr. Vinton Cerf and Robert E. Kahn were commis­sioned by the federal government to create a national computer network for military, govern­mental, and institutional use. The network was based on ARPANET sites and employed pack­et-switching, flow-control, and fault-tolerance techniques developed by ARPANET. Historians consider this world wide network the origin of the Internet.
    1970- "I Think I Love You" by the Partridge Family topped the charts and stayed there for 3 weeks.
    1976---Top Hits
Tonight's the Night (Gonna Be Alright) - Rod Stewart
The Wreck of the Edmond Fitzgerald - Gordon Lightfoot
Love So Right - Bee Gees
Somebody Somewhere (Don't Know What He's Missin' Tonight) - Loretta Lynn
    1981 - Olivia Newton-John started the first of 10 weeks at the top of the pop music charts when "Physical" became the music world's top tune.
    1982- After a strike that commenced on September 23, the NFL resumed play with the seven intervening weeks of the season having been canceled.
    1984---Top Hits
Wake Me Up Before You Go-Go - Wham!
Purple Rain - Prince & The Revolution
I Feel for You - Chaka Khan
Give Me One More Chance - Exile
    1986-National Security Council member Oliver North and his secretary, Fawn Hall, begin shredding documents that would have exposed their participation in a range of illegal activities regarding the sale of arms to Iran and the diversion of the proceeds to a rebel Nicaraguan group. On November 25, North was fired but Hall continued to sneak documents to him by stuffing them in her skirt and boots. The Iran-Contra scandal, as it came to be known, became an embarrassment and a sticky legal problem for the Reagan administration.Only six years earlier, Iran had become an enemy of the United States after taking hostages at the U.S. embassy in Tehran. At the time, President Reagan had repeatedly insisted that the United States would never deal with terrorists. When the revelation surfaced that his top officials at the National Security Council had begun selling arms to Iran, it was a public relations disaster.
During the televised Iran-Contra hearings, the public learned that the money received for the arms was sent to support the Contras in Nicaragua, despite Congress' Boland Amendment, which expressly prohibited U.S. assistance to the Contras. Though the communist Sandinistas had been legitimately elected in Nicaragua, the Reagan administration sought to oust them by supporting the Contras, an anti-Communist group. During the Iran-Contra hearings, North claimed that the entire Reagan administration had known about the illegal plan. After admitting that he had lied to Congress, he was convicted of shredding documents, obstruction of justice, and illegally receiving a security fence for his own residence. He received a light sentence of a fine and probation. A year later in July 1990, an appellate court voted 2-1 to overturn his conviction based on the possibility that some of the evidence may have come from testimony that Congress had immunized in their own hearings on the matter. President Reagan and Vice President George Bush maintained that they had no knowledge of the scheme. In fact, when Reagan was deposed, he claimed to have little memory of anything that happened in the White House in the mid-1980s.
    1987 -- Cuban prisoners at a detention center in Oakdale, Louisiana riot & take control when the US announces reactivation of a 1984 agreement allowing Cuba to take back 2,000 "undesirables" in the U.S. A federal prison in Atlanta was commandeered two days later. The Oakdale standoff ended 29 November with release of hostages; the Atlanta crisis was resolved 4 December after the government agreed to grant a fair review of each Cuban's case.
    1987- "Mony Mony" by Billy Idol topped the charts and stayed there for a week.
    1992- "I Will Always Love You" by Whitney Houston topped the charts and stayed there for 14 weeks.
    1995 - The Beatles' "Anthology I" sold 450,000 copies in its first day of release. According to Capitol Records, it was the most single-day sales ever for an album. Yeah, yeah, yeah...
    1995-The first entirely computer-animated movie " Toy Story," 81 minutes long, was re­leased Walt Disney Pictures, Burbank, CA. It was produced at Pixar Corporation and directed by former Dis­ney animator John Lasseter. The plot involves the adventures of two dolls, a cowboy and a space hero, who are rivals for the attention of a young boy. Toy Story was one of the year's top-grossing films, earning close to $300 mil­lion worldwide in its first 12 months of release.
    1995- The Dow-Jones Index of 30 major industrial stocks topped the 5,000 mark for the first time.
    1996- CompuServe announced it would shut down its family-oriented service, WOW!, just eight months after it was launched. The company had tried to enter the family market and enhance its computer presence earlier in the year, but it backed off after investing some $70 million in the high-profile launch. The service attracted only about 100,000 subscribers during its short life.
    2002 -In an effort to appeal more to women and families, Major League Baseball announces a partnership with 5-year-old Women's Pro Softball League recently renamed National Pro Fastpitch. MLB will provide sponsorship support along with giving the softball players a presence at big league events.



American Football Poem

Robert William Service -

Carry On

It's easy to fight when everything's right,
    And you're mad with the thrill and the glory;
It's easy to cheer when victory's near,
    And wallow in fields that are gory.
It's a different song when everything's wrong,
    When you're feeling infernally mortal;
When it's ten against one, and hope there is none,
    Buck up, little soldier, and chortle:

Carry on! Carry on!There isn't much punch in your blow.
You're glaring and staring and hitting out blind;
You're muddy and bloody, but never you mind.
Carry on! Carry on!
You haven't the ghost of a show.
It's looking like death, but while you've a breath,
Carry on, my son! Carry on!

And so in the strife of the battle of life
    It's easy to fight when you're winning;
It's easy to slave, and starve and be brave,
    When the dawn of success is beginning.
But the man who can meet despair and defeat
    With a cheer, there's the man of God's choosing;
The man who can fight to Heaven's own height
    Is the man who can fight when he's losing.

Carry on! Carry on!
Things never were looming so black.
But show that you haven't a cowardly streak,
And though you're unlucky you never are weak.
Carry on! Carry on!
Brace up for another attack.
It's looking like hell, but -- you never can tell:
Carry on, old man! Carry on!

There are some who drift out in the deserts of doubt,
    And some who in brutishness wallow;
There are others, I know, who in piety go
    Because of a Heaven to follow.
But to labour with zest, and to give of your best,
    For the sweetness and joy of the giving;
To help folks along with a hand and a song;
    Why, there's the real sunshine of living.

Carry on! Carry on!
Fight the good fight and true;
Believe in your mission, greet life with a cheer;
There's big work to do, and that's why you are here.
Carry on! Carry on!
Let the world be the better for you;
And at last when you die, let this be your cry:
Carry on, my soul! Carry on!