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(A little music to liven up your day. Click on each play button to listen to the music)
http://asuwlink.uwyo.edu/~dwwilson/petegunn.mid Kit Menkin's Leasing News www.leasingnews.org Tuesday,
September 17, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Friday Leasing News posted www.leasingnews.org at 10:25 am PDT --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- e-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp Pictures from
the Past
---------------------------------------------------------------------------- Help
Wanted ads Thanks! As a result of your postings I am interviewing two
candidates this week! Russ Russ Munson russ@firstcorp.com Classified Ads: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm
Six Leasing Industry Help Wanted Accounting: San Jose, CA "ELA" Lease Accountant/Financial Reporting Manager to manage &
develop staff, integrate & implement new systems & manage day-to-day
accounting functions. Email: kf@administaff.com Administrative Assistant: Scottsdale, AZ Established and growing broker seeking a seasoned leasing
person to assist with credit and funding. Friendly and low key office.
Email:rick@mediacap.com "UAEL " Administrative Assistant: New York, NY Manhattan brokerage firm. We are looking for strong person
to wear many hats, from credit to funding and vendor relations. Call Phil Dushey 212-935-4370 Email:phil@globaleasing.com "NAELB", "EAEL" Administrative: Northport, NY North Shore Leasing & Funding has the need for an experienced
Admin/Documentation person, if interested please call Stephen Kelly @
631-754- 7769 ext.10 or Email: steve@nslf.com "EAEL " Asset Management: New Orleans, LA Portfolio Manager/Hibernia Bank/New Orleans/ Provides operational
support for equipment leasing services. 7+ years of exp. in commercial
equipment leasing/asset management. Email:lcallery@hibernia.com "ELA" Collector: Marshall, MN New Collection Manager position available to lead collection
efforts in small ticket group. Works with Management peers to recommend
actions on non-collectable accounts and ensure compliance to company policy.
Email:tom.landmark@themanifestgroup.com "UAEL " to
view more “help wanted ads,” go to: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm ------------------------------------------------------------------------------------- Headlines---- Commercial Money Center (Easy Money: Update) Tyco
CEO Arranged Forgiving Of Loans
Neutron
Jack Goes Down as What Comes Around Comes Around---- PayWorld
Reports Pension for GE Directors/Not Employees Deutsche
Bank Sells St. Louis Leasing Unit Tuesday-Odds
and Ends Who
is linked to your website? Shapiro
Controversy Resolved--- Bank
of the West Expands to 300 More Locations CalFirst
Bancorp Announces First Quarter Dividend ### Denotes Press Release
Commercial Money Center
(Easy Money: Update) Easy Money: Update: Advance-fee finance company's reorganization
becomes liquidation amidst Ponzi scheme accusations With creditors questioning Commercial Money Center's legitimacy
and disputing responsibility for debts, a federal judge bumped the company's
bankruptcy from reorganization to liquidation. CMC has been the subject
of a Land Line probe into owner-operator complaints about the high-interest,
and often unreliable, equipment financing offered by advance-fee finance
companies. Since CMC filed for reorganization May 30 in Fort Lauderdale's
U.S. Bankruptcy Court, some of the company's creditors claim they are
victims of a massive Ponzi scheme, according to the Miami Herald. A Ponzi
scheme is an investment swindle in which some early investors are paid
off with money put up by later ones in order to encourage more and bigger
risks. CMC's Boca Raton attorney Bradley S. Shraiberg told the newspaper
CMC leases went to companies or individuals with poor credit who were
willing to pay high interest rates. According to the news report, the
company pooled the leases and sold the income stream to investors, typically
banks and other financial institutions, then bought insurance policies
or surety bonds to pay investors if lessees didn't make payments. Investors and insurance companies now dispute responsibility
for the unpaid leases. The insurers question the legitimacy of the leases,
saying they were set up with shell companies or individuals whose signatures
were forged. The insurance and bonding companies are just trying to get
out of paying claims on the defaulted leases. ''This case is a massive fraud, a Ponzi scheme of epic proportions,''
Miami bankruptcy lawyer Howard Berlin told the Herald. These creditors
aren't your run-of-the-mill man-on-the-street investors; they're insurance
and surety companies with claims totaling more than $400 million. Berlin
represents Illinois Union, an insurer that issued bonds totaling more
than $100 million. Shraiberg told the bankruptcy court CMC operated successful
until a South Florida company defaulted on a $30 million lease in August
2000, prompting CMC to file claims with its insurance companies, according
to the Herald. However, the insurance companies refused to pay on the
defaulted lease, and CMC has filed lawsuits against five of its insurers. RLI Insurance, which issued surety bonds totaling $54 million,
told the newspaper its investigation discovered many of the leases were
fraudulent or fictitious. The insurance company filed its own federal
lawsuit against CMC in southern California, where CMC had operations until
March 2002. RLI's attorney, Russell S. Bogue III, told the bankruptcy
court CMC filed bankruptcy in Fort Lauderdale to avoid the rulings of
the federal court in California, according to the newspaper. However,
Shraiberg says CMC filed in South Florida to be close to the party that
had defaulted on the $30 million lease. The bankruptcy judge is expected to issue his decision any
day now whether CMC's liquidation should be overseen in Florida or California.
The court approved the employment of Las Vegas Auction Inc. as the auctioneer. --René Tankersley, feature editor Landline Magazine The Official Publication of the Owner-Operator Independent Drivers Association -------------------------------------------------------------------------------- Tyco CEO Arranged Forgiving Of Loans NEW YORK, -- More than 40 Tyco International Ltd. employees
received loans from the company worth tens of millions of dollars that
were later forgiven at former chief executive L. Dennis Kozlowski's direction,
raising fresh questions about how money flowed so freely to favored workers
without public disclosure. A filing the company is to make this morning with the Securities
and Exchange Commission is to include the names of Tyco employees whose
loans were forgiven, a person familiar with the matter said. The list
includes as many as 15 senior managers, the person said. The filing will closely track a lawsuit Tyco filed against
Kozlowski last week alleging that he enlisted numerous Tyco employees,
including former chief financial officer Mark H. Swartz and former general
counsel Mark A. Belnick, in a scheme to circumvent Tyco's board of directors
and steal hundreds of millions of dollars from the company by abusing
loan programs and making unauthorized cash and stock awards. Kozlowski,
Swartz and Belnick were indicted on several criminal counts last week.
All three pleaded not guilty. In its lawsuit, Tyco alleged that Kozlowski directed an executive
in the human resources department to secure confidentiality agreements
from the 40 or so employees indicating that they would forfeit the benefit
if they ever spoke publicly about having their loans forgiven. The Tyco lawsuit included a list of 42 employees who received
the loans, intended to help them relocate to Boca Raton, Fla., but it
did not give their full names. The loans were first reported by the New
York Times. According to the suit filed by Tyco, Kozlowksi falsely informed
the human resources official that the company's board had approved the
loan forgiveness and the additional payment of taxes associated with the
loans. When the official requested documentation of the approval, Kozlowski
provided a letter saying "a decision has been made to forgive the
relocation loans for those individuals . . . whose efforts were instrumental"
to completing an initial public offering of stock in Tyco's TyCom unit. "He never gave that memo to the board," a source
close to Tyco said. "If you listen carefully you notice that he never
said the board approved the loan forgiveness, and [the human resources
official] never went to the board and checked." The forgiven loans adds to a picture painted by New York
prosecutors and Securities and Exchange Commission officials of a company
dominated by Kozlowski, with a board that failed to catch scores of instances
in which the former chief executive, along with Swartz and to a lesser
degree Belnick, took out enormous loans to purchase homes, jewelry, yachts
and other luxury items only to later have those loans largely forgiven. The criminal indictments returned last week described Kozlowski
as "the boss" and Swartz as the "chief operating officer"
of a discreet criminal enterprise at Tyco. According to the indictments,
Kozlowski controlled the flow of information to the board by having the
internal audit committee report to him first, ensuring that directors
would not learn of abuses in two loan programs. The indictment also suggested that as many as three Tyco
directors received payments from Kozlowski intended to buy their silence. Tyco's own lawsuit named only one director, Frank Walsh,
who allegedly received an improper payment. Tyco alleged that in July
2001 Kozlowski directed that Walsh, who chaired the compensation committee
in the late 1990s, be awarded a $20 million bonus for helping arrange
Tyco's acquisition of CIT Group Inc., a financial services company. In its lawsuit, Tyco said the board learned of the payment
to Walsh in January of this year, after reading about it in a proxy statement,
and immediately demanded that Walsh return the money. The suit says Walsh
refused, walking out of a board meeting with a dismissive "adios"
when asked to give back the $20 million. Officials close to Tyco say an internal investigation conducted
by David Boies and the staff of Boies, Schiller & Flexner LLP concluded
that there was little the board could have done to stop the alleged theft. "One of the things that came out of the review is that
where you have the chief executive, the chief financial officer and the
chief counsel of a company not fulfilling their duties, the board is really
at a severe disadvantage in terms of access to information," an official
close to Tyco said. "If one or two of those officials acted improperly,
the board might have been able to catch it. With all three acting improperly,
it becomes much, much harder." But prosecutors in the Manhattan district attorney's office
say that other executives and more than one director took part in the
alleged criminal enterprise and thus have not ruled out charging the company
itself, an official familiar with the investigation said. Corporate governance experts today largely sympathized with
Tyco's board, saying there was little the directors could do if senior
executives colluded to keep them in the dark. "The allegations are that these guys engaged in a really
aggressive coverup," said Thomas Joo, a corporate governance expert
at the University of California at Davis law school. "It's really
hard to do much about that. These guys had chutzpah that not many people
have." Still, Joo said it would be wrong to exonerate the board
before more is known about what they knew. In the meantime, Joo said,
the audacity of the alleged theft at Tyco helps illustrate the degree
to which corporate boards lost power in the booming 1990s. "Really in the last decade and a half the reality has
been that companies are run by managers and directors are along for the
ride, to rubber stamp management decisions and to have meetings once in
a while," Joo said. He said that recent attempts by Congress and
stock markets to improve corporate governance standards would help but
that aggressive prosecutions were perhaps the best approach. Ann Yerger, director of research at the Council of Institutional
Investors, also said the Tyco board may not have been in a position to
catch the alleged fraud. "If these people are lying to you, what are you supposed
to do?" she asked. But Yerger said if there had been better protections
for whistle-blowers, lower-level Tyco employees might have gone to the
board with information about potentially improper payments. And, she said,
the Tyco experience probably will generate a great deal of healthy boardroom
anxiety. "Clearly there will be a lot of soul searching among
compensation committees and boards of directors about how you avoid a
situation like this, how you avoid getting snookered." __________________________________________________________________ Neutron Jack Goes Down as What Comes Around Comes Around---- "In fact, my favorite team, the Red Sox, has played
162 home games over the past two years, and I've attended just one." He says for PR spin. ---However, he does give the tickets he doesn't use to friends
and those who do him favors, it is reported, even if he does not use them
himself personally. By RICH HARRIS, Associated Press Writer HARTFORD, Conn. (AP) - The Securities and Exchange Commission
( news - web sites) has opened
an informal investigation into former General Electric Co. chief Jack
Welch's retirement perks. Welch, stung by public criticism over the extent of the lavish
package — which included use of a Manhattan apartment and corporate planes,
asked GE to take back many of the benefits late last week. GE's board
of directors agreed to do so Thursday. The company received notice of the SEC inquiry the next day
and is cooperating, said GE spokesman Gary Sheffer. ( A big Red Sox fan?.
) The perks came to light as part of legal papers filed in
a divorce case by Welch's wife, Janet. She claims the $35,000 a month
in support she is currently receiving does not provide the same lifestyle
to which she was previously accustomed. (Barry Bonds wife got more!!!) GE paid for all expenses at the Manhattan apartment, including
food, wine, cook and wait staff, laundry, and furnishings, the divorce
papers said. In addition, the company provided for Welch's travel expenses,
entertainment, private car and driver, and computer equipment, the documents
said. On Monday, The Wall Street Journal ran a column by Welch
in which he said the perks had been "grossly misrepresented"
in the divorce case. "For the record, I've always paid for my personal meals,
don't have a cook, have no personal tickets to cultural and sporting events
and rarely use GE or NBC seats for such events," Welch wrote. "In
fact, my favorite team, the Red Sox, has played 162 home games over the
past two years, and I've attended just one." But Welch said that in an era of alleged abuses by senior
managers at such companies as Tyco International, Adelphia Communications
and ImClone, he was giving up the perks because "perception matters."
(The IRS and Securities Exchange Commission investigations had nothing to do with
it---yeah, right?) "In this environment, I don't want a great company with
the highest integrity dragged into a public fight because of my divorce
proceedings," he wrote. "I care too much for GE and its people."
(Those he didn't fire or cause to be dismissed.) Welch, who retired just over a year ago, wrote that he agreed
in 1996 to extend his tenure at GE through 2000 and opted to take a package
of benefits extending into his retirement instead of taking a "special
one-time payment of tens of millions of dollars." (as a favor to
shareholders, not personally, no doubt). But he said he had since asked the GE board to eliminate
everything from his contract "except the traditional office and administrative
support given for decades to all retired GE chairmen and vice chairmen." GE said the terms of Welch's compensation were contained
in its proxy statement, filed with the SEC in March 1997. That document
does not list specific perks but said the compensation was justified to
ensure that "Mr. Welch's skill and experience would be available
to the company in the future." SEC spokesman John Heine in Washington would neither confirm
nor deny that the agency was investigating. The Welches disclosed their plans to divorce in March, shortly
after Harvard Business Review editor Suzy Wetlaufer revealed she had become
romantically involved with Welch while working on a story about him. (He
was married at the time of the affair. She liked his quotes a lot.) More to be revealed in divorce proceedings. --------------------------------------------------------------------------------------------------- PayWorld Reports Pension for GE Directors/Not Employees The GE Pension Plan added $1.5 billion to GE's earnings in
2001. GE has not contributed to the GE Pension Fund since 1987. For years, longtime General Electric CEO Jack Welch was ranked
as one of the most highly compensated CEOs in corporate America. When
he retired last year, he left GE with $250 million in exercisable stock
options and another $228 million in stock as of Dec. 31, 2001. [1] You
might think with a net worth approaching half a billion dollars, Welch's
retirement would be secure. Yet like most CEOs, Welch also is entitled to a generous
retirement package in addition to the large amounts of equity compensation
he has accumulated over the years. Welch stands to receive a pension benefit
of nearly $10 million every year for the rest of his life. [2] That's
more than the vast majority of CEOs receive in cash compensation in a
year while they are working! In an increasingly common practice, GE created a second retirement
system reserved for executives only. Known as the GE Supplementary Pension
Plan and the GE Excess Benefit Plan, these plans pay GE executives extra
benefits not given to regular workers. GE's pension liability for benefits
promised to GE executives totals $1.13 billion. [3] This dual system doesn't stop with GE's defined-benefit pension
plans. GE executives can contribute up to 50 percent of their salary to
a deferred compensation account similar to a 401(k) plan. But unlike workers'
401(k) accounts, which are exposed to financial market risk, GE pays executives
a guaranteed rate of return. In 2000, this interest rate was 12 percent.
[4] GE has been less generous with its workers' retirement plan:
The company has not contributed to the GE Pension Fund since 1987. When
asked if GE would increase pension benefits for retirees, Welch told workers,
"All the cash stays in the pension fund." [5] The company's
pension plan has built up a surplus of almost $15 billion, or almost 50
percent more than GE is willing to pay retirees. These pension surpluses
contribute to GE's bottom line, adding almost $1.5 billion to GE's income
in 2001. [6] This pension income helps GE executives make their earnings
targets, which in turn boosts their compensation packages. Unlike his predecessor, GE's new CEO Jeffrey Immelt may feel
more obligated to look out for the retirement security of GE workers.
His retired father worked for GE for 38 years. When Immelt called his
dad to tell him about the promotion, his father first congratulated him
and then told him, "Now you can do something about the pension."
[7] [1] 2002 GE Proxy Statement. [2] "In Post-Enron World, G.E. Increases the Financial
Information in Its Annual Report," The New York Times, March 9, 2002. [3] "For Regular Retirees, the Risks Are Greater,"
The Wall Street Journal, June 20, 2001. [4] "For Executives, Nest Egg Is Wrapped in a Security
Blanket ," The New York Times, March 5, 2002. [5] "General Electric Stock Split Approved, Protest
Held," Bloomberg News, April 26, 2000. [6] 2001 GE Annual Report. [7] "A Talk With Jeff Immelt," Business Week, Jan.
28, 2002. __________________________________________________________________ Deutsche Bank Sells St. Louis Leasing Unit BERLIN (AP) -- Germany's Deutsche Bank said Monday it is
selling a part of its leasing business in the United States to a division
of General Electric Co. for about $2.9 billion. Germany's biggest bank said it was selling almost all the
business of St. Louis-based Deutsche Financial Services to GE Commercial
Finance. Deutsche Financial Services has 1,200 employees serving companies
in North America and Europe. GE Commercial Finance, which is based in Stamford, Conn.,
is buying the businesses through its Vendor Financial Services unit. The value of the deal includes debt repayments. The sale,
which needs regulatory approval, is expected to close in the fourth quarter
of this year. Deutsche Bank chief executive Josef Ackermann said that "this
is an important further step in our strategy to focus on core businesses." German banks have been struggling with a slowing economy,
weak financial markets and what analysts say are excessively high overheads. Deutsche Bank has been shedding peripheral businesses with
thousands of employees as part of a drive to boost profits. The sale announced Monday excludes some of Deutsche's U.S.
housing and consumer finance business. -------------------------------------------------------------------------------------- eMail Software Program Thursday we sent out a test, and those that responded, said
it was fine. However, the next day, over 1200 came back as undeliverable,
and we received a series of multiple deliveries: Kit: Today I got your "test" mail program, along
with three newsletters. Just thought
you'd like to know. Regards, Bruce Larsen summitfunding@msn.com Summit Funding Corp. -- five times---this is a new mail program!!! Robert Addison raddison4@msn.com -- your e-mail hit me 5 times this morning, one will do it buddy
thanks Jim Denhard jim_jrd@msn.com . five times---this is a new mail program!!! To: kitmenkin@leasingnews.org your e-mail hit me 5 times this morning, one will do it buddy
thanks Something is wrong with your email server, I got your Friday
message today 6 times For the past week or so I have received 2 emails
from you on the same subjects. Hope you get this straightened out. -- I have not received leasing news past couple of days. my email is i am an independent lease broker. the name is KMSRFinancial Services. i hope
everything is o.k. I look forward
to your leasing news.
(We have no way to reach readers directly to let them know
to contact: dul@mail-abuse.org in order to receive Leasing News. (We have asked our e-mail internet consultant to look into
this, as this new software program was to be a solution to the old one,
which I don’t want to bore you, but if a company lists you are Spam, they
arbitrarily put you on a list, without notifying you, and some want a
fee for “protection.” )In the meantime, we are looking at a third software program,
which may have other features, such as accessing your mail from any computer,
making changes from another computer (for
consultants who cannot come in right away), and maybe this is the answer, requiring new DNS registration
( takes up to 48 hours to take effect.) In the meantime, readers have telephoned and sent e-mails
that they thought we have taken them off the list...We have not. We are actively
trying to solve the e-mail delivery. Believe me, this has not been any fun. editor
) Fred St. Laurent contacted his carrier: In a recent online
chat with your technical support team I was told that you were blocking the address below because of anti Spam policies... This is NOT Spam!!! This is an industry related newsletter that is extremely
important to me and if you continue to block this address I will not only cancel
the RR service at home but will cancel my business class account at the
office. I am very serious about this and have considered offers lately
from DSL providers... this could be the straw that "breaks the
camels back" Please respond as soon as possible Regards, Mr. Fred St Laurent 888-416-1422 Managing Director - Recruiting Bradbury and Williamson, Inc. Financial Services Division 4550 River Green Parkway - Suite 120 Duluth, Georgia 30096 321-952-1422 Fax 321-952-5643 fstlaurent@cfl.rr.com www.bwresults.com www.fredstlaurent.com _____ RE: the aviation industry comments from the LT group of the
Equipment Leasing Association. With considerable experience in commercial aviation financing
in my 29 years in the business, I predict that it's not about to get
better, but worse. In my opinion,
US Air's Ch. 11 will have quite a domino effect. My reasoning is as follows: 1) US Air has already rejected some 70 airframes, 150+engines,
etc. which are being placed on the market by the Lessors/Leinholders. 2) I predict that the remaining debt or leases on their books
will be negotiated down to around 60% based on current collateral
values and the lessors will have to accept that diminishment of their assets
(leases or loans). 3) This will result in US Air being able to operate on roughly
35% of the debt service they had previously. This will provide such a huge advantage over the other Big 6, that it is likely all but Southwest
will file 11 or flirt seriously with the idea while negotiating with their lessors/lienholders. 4) That will result another round of airframes and engines
being dumped on the market, further hurting values and recoveries among the
banks and lessors holding billions in such debt/leases. 5) If we go to war with Iraq, this will make the situation
worse. (Although I personally support President Bush's proactive stance against
Iraq). I am generally an optimist in all business matters, but I
am also a realist. I cannot see any other result unfolding. Gary Millhollon Gary.Millhollon@fcgusa.com President First Capital Group, Inc. Who is linked to your website? Go to any search engine
or 37.com or Copernic, and type in link: followed by your website. Such as link:www.leasingnews.org The search engine will tell you how many links are to your
site as recognized by their search. At
Leasing News, we found: http://www.leasingpress.com/leasing_websites.htm http://www.leasingsolutionsllc.com/links/index.shtml http://executivecaliber.ws/sys-tmpl/newslinks/ Shapiro Controversy Resolved--- Richard Shapiro—San Diego “Top Gun”: Conference, October
3-5 United Association
of Equipment Leasing Leasing News had printed the e-mail that Richard Shapiro
has left the leasing sales field to---- “I have ended my Leasing career. “My Wife & I sold our Home in Anaheim and we have moved
to Marina Del Rey with our 19 month.old son named Westin. “We made great money on the sell of our home and we had good
savings already so we have changed gears and along with 9/11 have
put life more in prospective, Linda will be going back to school in Feb toward
a LVN License and I’ve started a street Vending Business selling
coffee and juices, I start my first location 9/16/02 in front of the West Los
Angeles Courthouse. “Saddleback Financial really took the wind out of my sail,
they still owe me for my last (5) deals, over $425,000 of business and a
lot of commissions and they’re not the only company that got me,
American Medical Capital which was owned by Tony Ricco filed for BK a
couple of months ago and I had (1) deal in funding with them for $86,000,
I will never see any of these commissions, over $16,000.” The original reaction was he should not appear in the “Top
Gun” Sales Panel was he was no longer in the leasing business, but the consensus
appears to have changed: UAEL President Bob
Fisher Sorry, I have been on the road. You have put together a solid group. It is your panel(s), you run it! If Richard wants to be on it--- fine! Bob robert fisher , CLP From “Top Gun” Conference Chair John Kruse: Go for it. I was
out on Friday so I did not get a chance to respond. I think it is great that we all have varying opinions and are
able to voice them. It's a bit
comical that it gets blown so far out of proportion. . I don't think this
is life and death so lets let it play out. It will be great either way. Looking forward to a great conference! JFK JFK@CapitalStream.com UAEL CEO Joe Woodley As Staff at UAEL, I support President Bob Fishers' position
to have you run your panel as you see fit. Keep up the good work, and hope to see you in San Diego. Joe Woodley, CLP P.S. To learn more on how to attend one of the many workshops, see the exhibits, and “ get involved, “ go to: www.uael.org -- An opinion from someone outside the industry. Thanks, Bob Teichman, for your vote of confidence. Kit, as a few of your readership may remember, I've put together many a WAEL conference panel, and have
sat on many as well. What they may
not know is that there were those that I was passionate about and those that I agreed to undertake, sometimes after
having been asked only because no one else who wanted to do it, merely
as a way to payback the great value I received from my industry (at the
time), my Association, and my many good friends and associates in the
industry. Sometimes I thought that what I had to say was very important,
and sometimes I thought I was wasting people's time, and in fact, probably
would not have attended my own workshops had I had the choice. If I were asked today to speak about leasing, I would no
longer feel competent about the subject. If I were asked to share some of my leasing experiences from the 70s, 80s and 90s, I'd think that most
of what I had to say would be redundant to the experiences of today, and probably
not nearly as relevant or dramatic (our frauds being only in the tens
of millions back then). On the other
hand, if I were asked to explain how my leasing experiences have helped me become a better recruiter, or
how I think employers (companies within the leasing industry included)
could be more effective in selecting and hiring the right people for their
firm, I might consider this to be of value. I don't know Rich Shapiro, so I really can't assess the value
of what he might be able to contribute to a workshop or seminar panel.
My point here, however, is that no matter what industry we are in, we can
all learn from the experiences of others, whether of our own industry or
not. And the fact is, that there are many in my industry (both then and now)
to whom I wouldn't want to waste my time listening. If being in the industry were a criteria for speaking to that industry, there are many, many
good, informative and enjoyable speaker that (we as) leasing people
would not have had the privilege, the enjoyment and the laughs from having
heard over the years. ========================= Hal T. Horowitz Account Executive Search West 340 North Westlake Blvd., Suite 200 Westlake Village, CA 91336 Phone: 805-496-6811 ext. 231 Fax: 805-496-9431 Cell: 818-730-0645 hal.horowitz@searchwest.com http://horowitz.searchwest.com "It is my mission to collaborate with my clients in
order to further their success by identifying professionals of uncommon ability
to whom my clients might not otherwise have access and who will make a valuable
contribution to my clients' goals." To find superior people You must first define superior
performance. please send to a friend to help built our readership. ################ ############################################## Bank of the West Debuts in Southern California; Branch Network
Expands to Nearly 300 Locations (Parent of Bank of
the West Leasing) SAN FRANCISCO----Bank of the West introduced its brand across
Southern California as the San Francisco-based bank completed its integration
of United California Bank ("UCB"). More than 100 former UCB
locations around the state have become Bank of the West branches -- 74
in Southern California, 22 in Northern California and 12 in Central California
-- doubling the bank's California presence. Bank of the West now operates
295 branches in California, Oregon, New Mexico, Nevada, Washington state
and Idaho. "Southern Californians now have a banking choice that
offers the best of both worlds -- a bank with significant financial strength
and an extensive branch network, plus friendly, personal service and customer
satisfaction as its number one priority," said Don J. McGrath, President
and Chief Executive Officer of Bank of the West. "Research shows
that people are tired of impersonal service," McGrath added. "They
want bankers who really care about their financial needs, and relationship-oriented
service is the hallmark of Bank of the West." The bank is simultaneously launching a multimillion-dollar
print, broadcast and outdoor advertising campaign to establish its brand
in Southern California. A shorter campaign will run in Northern California. Investing for Growth In conjunction with its Southern California debut today,
Bank of the West also opened two new Southern California branches in the
rapidly growing Santa Clarita Valley communities of Valencia and Porter
Ranch. New branches are also slated to open in Oxnard and Ventura in the
fourth quarter. "Bank of the West is committed to fully serving all
our communities," said McGrath. "We have a strong presence in
other Western markets, and Southern California is now among the strongest
regional economies in the U.S." Bank of the West will maintain administrative and processing
centers in Los Angeles as well as branches. In June, Bank of the West reported net income of $86.0 million
for the quarter ended June 30, 2002, an increase of $50.5 million, or
142% over the same quarter 2001. Bank of the West and its parent companies
acquired United California Bank in a $2.4 billion transaction that concluded
in March. The April-June quarter was the first full quarter for which
combined performance was reported. Bank of the West currently has $25 billion in assets, making
it the third largest commercial bank headquartered in the state. The bank
has $15 billion in deposits in California. Bank of the West has proven strengths in several primary
lines of business: -- Regional Banking
-- full retail and small-business deposit, credit and investment services emphasizing personalized customer service, and a unique 18-branch system in California with specialized domestic and international products and services for individuals and companies in predominantly Asian American communities -- Consumer Credit
-- auto loans, leases and home equity credit in California and the West; recreational vehicle and marine loans nationwide -- Commercial Banking
-- lending and deposit services for middle-market companies, including agriculture, commercial real estate, and international trade. Nationwide SBA lending, equipment leasing and loans to faith-based institutions -- Wealth Management
-- trust and investment services, investment management, including proprietary Eureka Funds, and a 401(k) plan sales program. Part of a Global Enterprise Bank of the West (www.bankofthewest.com) is part of BancWest
Corporation, a bank holding company wholly owned by Paris-based BNP Paribas. About BancWest BancWest Corporation (www.bancwest.com), with assets of $34
billion, has offices in San Francisco and Honolulu, Hawaii. Its principal
subsidiaries are: -- Bank of the West,
with 295 branches in California, Oregon, New Mexico, Nevada, Washington state and Idaho. -- First Hawaiian
Bank, with 56 branches in Hawaii, three in Guam and two in Saipan. About BNP Paribas BNP Paribas (www.bnpparibas.com), headquartered in Paris,
is France's largest publicly traded banking group and 7th largest in the
world. With assets of $825 billion, it has one of the world's most extensive
international networks, with offices in 87 countries. CONTACT: Bank of the West John Stafford, 415/765-4850 Bob Wolff, 213/896-7488 SOURCE: Bank of the West ############## ############################# CalFirst Bancorp Announces First Quarter Dividend SANTA ANA, Calif.----The board of directors of California
First National Bancorp (Nasdaq:CFNB) declares a quarterly cash dividend
in the amount of $0.04 per share. The dividend will be payable on Oct. 11, 2002 to all stockholders
of record at the close of business on Sept. 27, 2002. California First National Bancorp is a diversified financial
services company with two primary businesses -- leasing of high technology
capital assets to businesses and organizations nationwide, and banking
through a FDIC-insured national bank. CONTACT: California First National Bancorp, Santa Ana S. Leslie Jewett, 800/496-4640 ljewett@CalFirstBancorp.com -------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
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