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( Who was the masked man? ) Kit Menkin's Leasing News Www.leasingnews.org Thursday, August 1, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry ( posted daily at www.leasingnews.org and sent by e-mail by subscription with the Day in American History signature .) ------------------------------------------------------------------------------------- Headlines---- Economy sluggish in second quarter; analysts forecast 'half-speed recovery' Fed finds economy posting moderate growth in June and July eLNA August Conference Sold Out-But Opens a Few More "Seats" What you mean, we, white man? News Briefs----plus Several key QB battles shaping up/Houston Chronicle ### Denotes Press Release (Coming Monday, August 5---Special Report of Leasing Associations ) Economy sluggish in second quarter; analysts forecast 'half-speed recovery' By Jeannine Aversa, Associated Press WASHINGTON (AP) The U.S. economy downshifted into a lower gear in the second quarter, due to cautious consumers. Last year's recession also turned out to be deeper than previously thought, new government figures released Wednesday showed. The new information confirmed that the economy was sinking well before the Sept. 11 terror attacks something that some economists had suspected. While the second-quarter figures show an economy struggling to get back to full health, many economists don't believe the recovery will fizzle out, leading to the dreaded ''double-dip'' recession. The Commerce Department reported that gross domestic product grew at a rate of just 1.1 percent in the April-June quarter, down considerably from the brisk 5 percent pace posted in the first three months of the year. GDP measures the total value of goods and services produced within the United States and is considered the broadest measure of the economy's health. The second-quarter performance, weaker than the 2.2 percent growth rate that many analysts had forecast, is the most sluggish growth since the third quarter of 2001. ''It was disappointing, but I don't think the economy is headed into reverse,'' said Stuart Hoffman, chief economist for PNC Financial Services Group. ''But I think we'll have a half-speed recovery. Typically in the first year of a recovery, GDP can growth as much as 6 percent. With this one, I think it will be closer to 3 percent.'' Wall Street shrugged off the disappointing GDP report with a flurry of last-minute buying that pushed the Dow Jones industrials up 56.56 points to close at 8,736.59. The economy's struggles pose a challenge for President Bush, who has stressed that the economy's fundamentals are sound and will overcome current difficulties, including a stock market slide and eroding consumer and investor confidence from a wave of accounting scandals. ''When the American people take a look at the facts and are confident about those facts as I am, they're going to realize we've got a bright future ahead of us,'' Bush said Wednesday. Senate Majority Leader Tom Daschle, D-S.D., called for better economic leadership. ''We need it from the White House, we need it from this administration,'' he said. Treasury Secretary Paul O'Neill urged Congress to complete action on key components of the president's agenda to spur economic growth, including legislation to give Bush greater authority to negotiate trade agreements and to help subsidize terrorism insurance. ''While our recovery is continuing, we are eager to quicken its pace,'' O'Neill said. The economy dominated Wednesday's Cabinet meeting. ''There was no discussion of a double-dip,'' White House spokesman Ari Fleischer said. ''It was just the opposite. The sentiment of the group was that all the ingredients are there for more robust growth going into the fall and into the winter of 2002.'' The Federal Reserve, meanwhile, reported that economic activity remained sluggish in the current quarter, with the economy expanding only ''modestly'' in early July. Retail sales were mixed, the Fed reported. Given this, analysts predict the Fed will leave short-term interest rates alone at its next meeting on Aug. 13. Interest rates have been at a 40-year low all year, and most economists believe they will stay unchanged through the rest of 2002. Annual revisions to GDP showed that the economy contracted in three straight quarters last year, rather than just one. That puts last year's recession more in line with one rough rule of thumb for a downturn at least two consecutive quarters of declining GDP. GDP shrank at a 0.6 percent rate in the first quarter, at a 1.6 percent rate in the second and at a 0.3 percent rate in the third, which under earlier estimates had been the only quarter of shrinking GDP during the slump. Weaker spending by consumers, which accounts for two-thirds of all economic activity, and bigger cuts by business in investment were the major reasons behind the first- and second-quarter reversals. Deep cuts in business investment were key in pushing the economy into recession. Based on the revised data, the drop in economic output during the recession was 0.6 percent. That's twice as big as previously thought, but would still match the mildest recession on record, the 1969-1970 slump. The National Bureau of Economic Research, the recognized arbiter of recessions, said the economy fell into a full-blown downturn in March 2001. It hasn't declared when it ended. In the second quarter of 2002, consumer spending rose at a rate of 1.9 percent, down from a 3.1 percent growth rate in the first quarter. The belt tightening reflected a cut in spending on nondurable goods, such as food and clothes. Unseasonably cool weather in the spring and fallout from the weak stock market were factors, analysts said. A pullback in spending by state and local governments also contributed to slower growth, as did the bloated U.S. trade deficit. Although companies cut back spending on new plants and other buildings in the second quarter, investment in new equipment and software rose for the first time in almost two years. That spending grew at a rate of 2.9 percent, raising hopes of a capital spending turnaround. On the Net: Commerce Department: http://www.commerce.gov/ -------------------------------------------------------------------------------------------------------- Fed finds economy posting moderate growth in June and July By Associated Press The Federal Reserve's latest report on economic conditions around the country found the economy was expanding modestly but unevenly in the June-July period. Here are excerpts from the regional assessments made by economists at the Fed's 12 regional banks. BOSTON: ''The First District economy is going through a 'bumpy' period. Manufacturing reports continue mixed with makers of defense, medical and automotive equipment and semiconductors doing better than producers of (information technology) and telecom equipment or nonmilitary aircraft. Retailers are less upbeat than they were in April and May, with sales mostly flat or down from year-earlier levels.'' NEW YORK: ''Economic growth in the Second District appears to have eased off since the last report with signs of renewed weakness in commercial real estate and employment but resilience in housing. There continue to be no signs of price pressures. The labor market has shown signs of softening. ... Retail sales have picked up since the last report, though most of the improvement was attributed to the belated arrival of hot weather.'' PHILADELPHIA: ''Business activity in the Third District edged up in July. Manufacturers reported increases in shipments and orders, but the improvement was not as extensive as it had been in the past few months. Retail sales of general merchandise were virtually steady in July and up slightly from the same month last year. Auto sales picked up a bit as manufacturers renewed incentives.'' CLEVELAND: ''Economic conditions in the Fourth District during June and the first half of July showed some improvement from the last report. Shipping activity continued to increase, reports of expansion in manufacturing have spread and improving sales figures were reported across the retail sectors. ... Most contacts believe that business activity during the second half of 2002 will be stronger than the first, although many qualified their outlook with the caveat that the stock market decline and news of accounting scandals could scare consumers into holding onto their money.'' RICHMOND: ''Economic activity in the Fifth District continued to expand at a modest pace in June and July. Manufacturing activity grew at a somewhat slower pace in the last six weeks while services firms' revenues were generally flat. In retail, sales edged higher although shopper traffic remained light. Home sales were strong in most areas as mortgage interest rates remained attractive to home buyers. ... Evidence of price inflation remained scant. On district farms, a severe drought continued to stress crops and, in some areas, farmers were culling cattle as pasture conditions deteriorated.'' ATLANTA: ''Economic activity remained sluggish in June and early July according to contacts from across the Sixth District. Merchants' sales were disappointing, but inventories remained balanced and the outlook for the third quarter is upbeat. Growth in the district's hospitality and tourism sector moderated as tourist traffic declined in parts of Florida. The factory sector remained mixed with lackluster new orders and limited spending on new technology.'' CHICAGO: ''Reports from Seventh District contacts suggested that the pace of the region's economic recovery remained slow in June and July. Reports on consumer spending became more mixed in recent weeks as sales results varied widely by retail segment. The demand for housing remained very strong while conditions in nonresidential construction and real estate were still soft. The recovery in manufacturing was uneven across industry segments. ... Crop conditions in the Midwest have varied widely but, on average, appeared substantially less positive than a year ago.'' ST. LOUIS: ''Economic activity in the district continues to recover. Manufacturers in a range of industries report plans to expand production and employment and retailers report that sales improved somewhat in June and July. ... Manufacturers in the furniture, metal, aircraft, biomedical and auto parts industries are among those who have announced plans to expand. Contacts note renewed optimism about the rest of the year. Several reports indicate that companies previously facing difficulty have been bought and reorganized.'' MINNEAPOLIS: ''The Ninth District economy appears to have expanded modestly from early June through mid-July. Agriculture, consumer spending, residential construction, tourism and manufacturing grew. Meanwhile, the energy and mining sectors were level and commercial construction contracted. From early June through mid-July, labor markets, wages and prices stabilized. However, significant price increases in insurance, plastics, steel and residential real estate were noted.'' KANSAS CITY: ''The 10th District economy maintained an upward trend in June and early July, although there were still some signs of weakness. Residential real estate activity rose in most of the district and manufacturing activity continued to improve. In addition, retail sales remained steady and energy activity held previous gains. On the negative side, vehicle sales were weak prior to the reintroduction of incentives and commercial real estate markets continued to soften. In the farm economy, drought conditions damaged pastures and spring crops in the western parts of the district.'' DALLAS: ''Eleventh District economic activity grew very slowly in June and the first half of July. Caution is percolating through the economy with respondents expressing concern about the stock market, recent corporate scandals and terrorism. Several contacts said their firms have customers who are interested in doing business are financially ready to do deals but need more confidence to go forward. Manufacturing and service sector activity was expanding slowly. Retail sales were weak and construction and real estate activity remained soft.'' SAN FRANCISCO: ''Reports from 12th District contacts suggested that economic activity continued to expand at a moderate pace in most of the region in June through mid-July. Respondents reported little change in prices for most consumer goods and services though most noted further increases in housing prices. In labor markets, contacts noted little upward pressure on wages, but higher costs for health care and other insurance.'' On the Net: Federal Reserve: http://www.federalreserve.gov ------------------------------------------------------------------------------------------------------------ eLNA August Conference Sold Out—But Opens a Few More “Seats” eLNA wishes to thank an elite group of executives from the equipment leasing industry scheduled to meet August 28-30 at the Ritz-Carlton hotel in Atlanta. Conference Details http://www.elessors.com/ Keynote Speaker Fudemberg, Jay | Founder & CEO | Pure Markets Special Guest Speaker Bakos, Mitch | Director | McCue Systems Roundtable Speakers Bob Bernabucci | President | UPS Capital David Kuncio | Managing Director | CitiCapital J. William Kell | COO | Fleet Capital Leasing Dan McKew | President | SunTrust Leasing Corporation Larry Smircich | Managing Director | Malvern Hill Assoc. Lisa Cole | Director, Enterprise Services | NACo Robert C. Neptune | President | ORIX Public Finance LLC John Beville | SVP | SunTrust Leasing Corporation Randy Bushman | President | KOCH Financial Services Susan Carol | CEO | Susan Carol Associates PR Stein Laxo | President | Seismiq, Inc Mike Grossman | CEO | LiveCapital John McCue | President | McCue Systems John Kruse | EVP, Strategic Sales | CapitalStream Close Ad Window Breakout Session Speakers Bakos, Mitch | Director | McCue Systems Bergeson, Todd | Product Mgr | Microsoft Bus Solu Bronstein, Scott | Director | Experian Carol, Susan | CEO | Susan Carol Associates PR Friedman, Mike | VP | Cornerstone Software, Inc. Garretson, Michael J. | SVP & GM | MicroBilt Grossman, Mike | CEO | LiveCapital Hall, Kirk | CTO | Vision Commerce LLP Kruse, John | EVP | CapitalStream Laxo, Stein | President | Seismiq, Inc McCue, John | President | McCue Systems Nasri, William P. | VP | De Lage Landen Financial Sanders, Ken | COO | Seismiq, Inc Semon, John O. | CEO | Lessors.com, Inc. Taylor, David | Director | APAK Group plc Taylor, Jeffrey | Founder | ExecutiveCaliber Walker, Townsend | CEO | APERIMUS Watts, Reid | Managing GP | Progeny Ventures Winzler, Holly A. | President | Helios Marketing The eLNA Annual Networking Conference is a high profile equipment leasing event reflecting eLNA's signature style of elegance and a "professionally intimate networking culture". Providing the CEO/Presidents of the 100 largest leasing companies in the U.S. complimentary attendee registration makes this conference the hottest networking event in the industry. After all, wouldn't you enjoy access to these executives? From the beautiful Ritz-Carlton, Buckhead hotel in Atlanta, eLNA has perfected the art of networking hospitality, refined to embrace a standard that today's business executives find particularly appealing. While this event embodies a "Technology" spirit and theme, it also uses interactive showcase forums to introduce traditional business resources designed to cut costs, add incremental revenue and strengthen customer relationships. ------------------------------------------------------------------------------------------------------------ What you mean, we, white man? I have known Jerry Egan (sic) for several years and find him to be above reproach. In my opinion, Jerry (sic) is simply referencing his title at NAELB proudly as a matter of listing his many credentials, which he should be very proud of. Personally, I believe that using his NAELB credentials can be a testimony for new and non-member Brokers to become members of at least one organization. The Broker community can use all of the positive press it can get and if Jerry (sic) can successfully train people to do this business the right way, then everybody wins, including the people who have nothing else to do but gripe about such petty and triviel (sic) stuff like this. Bruce Larsen summitfunding@msn.com Summit Funding Corp. Burnsville, MN Phone: (952) 890-5092 Fax: (952) 890-5103 -- I am surprised that Gerry Egan signed on for the Pawnee web site and promotion of this leasing company , especially since Gary took an obvious shot at the "expensive" leasing conference. Since they didn't pick on any one in particular I wonder how Gerry feels about that comment. It would be fun to ask him "Whas up wit dat"? Does he feel that NAELB education programs are "overpriced", so he felt the need to collaborate with Pawnee on this project? It doesn't seem Kosher to me that Gerry Egan would endorse a program from a funding source that undermined the educational objectives of his own association. ( name with held---editor’s choice, not reader ) I would imagine that a Bob Baker or a Bob Teichman would have a problem with something like this. Their comments regarding sales training at "expensive" leasing conferences also extends to "expensive" paid trainers who usually appear at those conferences as they have chosen that venue to solicit business and give potential customers a "taste" of their programs. ( name with held—editor’s choice, not reader ) --- ( Leasing News asked Mr. Baker for a comment: I was very surprised at Gerry Egan’s involvement in this Pawnee presentatioins as it was not Association business, even though I have great respect for Gerry and Pawnee. I received several calls regarding his involvement and possible conflicts of interest as I know you did. Why he was involved is a question for him alone to answer. On a separate note, I spoke with Gerry a couple of weeks ago regarding my involved as Director of Education for NAELB. Since I produced their video training series a couple of years ago I have had little involvement with their education issues. I have talked to several of the NAELB officers regarding education. I offered to attend a Board meeting, at my expense, to share some insight but the offer was rejected. I was advised by Gerry that no Education Committee or body any longer existed that the education responsibilities were spread through the various other committees. I concluded that my input was no longer needed. I still continue to get numerous calls regarding the video series and e-mails from NAELB members, which I am always glad to answer or to respond to: Respectfully, Bob Baker, CLP President Wildwood Financial 800-373-3581 cc: Gerry Egan --- Leasing News asked Bob Teichman: It is not unusual for funders to provide training for their brokers. Sometimes the funder brings in a professional trainer; sometimes the funder uses internal staff or volunteer speakers. In any case, this training is often the best way for a funder to teach the broker the funder's methods and policies; giving brokers company-specific training, rather than industry-specific training. Pawnee, of course, is offering company-specific training. It was unfortunate that Gary chose to minimize those sources of industry-specific training, such as industry conferences, that offer brokers and lessors far wider and more comprehensive education from workshops, panel discussions and classes than they can get from any one limited 35-minute sales presentation. An industry conference, such as UAEL's Annual Conference and Exposition in San Diego in October, offers attendees a wide selection of educational events combined with the opportunity to network with funders, industry experts and peers. Contrary to Souverein's opinion, it is the least costly method for brokers and lessors to get "focused industry-specific training." Bob Teichman, CLP Teichman Financial Training 3030 Bridgeway, Suite 213 Sausalito, CA 94965 Tel: 415-331-6445 Fax: 415-331-6451 e-mail: BoTei@aol.com "Providing education and training to the equipment leasing and financing industry." ( Leasing News asked Jeffrey Taylor for a comment ( by the way, he is the most expensive lease trainer, $4,000 a day. His website reaches worldwide circles, and his newsletter is subscribed by 14,000 readers---the largest in the leasing industry: ) I logged onto Pawnee Leasing website. 1. In order to listen to Gerry you have to give your name, and e-mail address. I did not like that. If a service is free than freedom goes along with it. I can only assume that either Gerry or Pawnee is looking for potential brokers. Requiring an e-mail address each and every time one logs in is annoying, disrespectful and unprofessional. Especially, if it has to do with education. 2. Gerry's picture is poor. He does not present himself at his best. I've seen him in person. 3. There are 7 speeches. The shortest is 2 minutes and the longest is 18 minutes. The frequency he used to record the speech is cheap and unprofessional. It produces a lot of reverb and is difficult to listen to. Control panel for backing up, fast forwarding does not exist. 4. His speech is monotone and uninviting. 5. The last speech pushes his own credentials, his personal successes and his Presidency of NAELB which has nothing to do with the other 6 speeches. Is he trying to sell something? If he is trying to sell something, what is he selling? His own company or Pawnee? Food for thought! Jeffrey Taylor ExecutiveCaliber - Global Lease Training 2144 South 1150 East Bountiful, UT 84010 USA (801) 299-9332 (801) 299-9932 (fax) Member of Profnet also http://www.executivecaliber.ws/sys-tmpl/door/ ( you can sign up for his newsletter and you can download a free sales presentation at: http://executivecaliber.ws/sys-tmpl/nss-folder/downloadarena/ --- Gary H. Souverein Takes Umbrage: Gents, I'm both surprised and don't understand the concerns being raised. This audio training feature on Pawnee's website has absolutely NOTHING to do with the NAELB. I solicited our audio project to be completed by the best mind that I knew in the industry for a) the type of end product we desired and b) who I felt was an industry expert that would instill a positive image for Pawnee (i.e. Gerry Egan). I asked Gerry to be engaged in this project because of my 10 years of doing business with Gerry Egan and his firm TecSource. It had nothing to do with industry association matters or Gerry's involvement in the NAELB Board. The coincidence that Gerry Egan is the current NAELB president is just that, coincidence. In my 10 years of attending nearly EVERY industry conference (NAELB, UAEL, EAEL, etc) it was my opinion that Gerry's presentation and conveyance of how to sell lease business is consistent with our firms philosophies. I am surprised and disappointed that Pawnee's brilliant idea of free, readily-accessible industry specific training, hasn't been praised by industry veterans like yourselves. The audio feature by the way is available to ANYONE; not just approved Pawnee brokers per se. Surely, the unique value of the audio training concept that can be delivered at no cost to literally hundreds of leasing salespersons and support staff whom will NEVER have the opportunity to attend an industry conference as the typical broker office cannot afford to bring every one of their staff to these events due to various factors (cost being the most significant)to be exposed to this training opportunity. Additionally, I don't understand how even a remote connection to the NAELB by Gerry is a conflict here. Pawnee is a sponsor of the NAELB and has invested tremendous time and money in supporting the mission of that association over many years. Our involvement is for the betterment of Pawnee and for the benefit of the brokers that choose to be involved in this association. In my opinion, the NAELB is extremely fortunate to have an individual such as Gerry Egan at the helm in 2002. In fact, as a member I would EXPECT Gerry to be getting his face in front of literally every broker he possibly can to promote the association as that would be my expectation of his role to increase membership and association involvement...something that would ultimately benefit Pawnee. Too, aside from the very basic marketing strategy benefit of using an expert individual vs. an anonymous voice for Pawnee, the NAELB might be thrilled that it gets a free plug 24 hours a day to over 600 brokers that conduct business with Pawnee and to many more visitors on our website each day. Conflict of interest then to NAELB matters, I would think not. To date, except for Bob's, I have not heard of one concern. Kit, I would encourage you to direct the possibly small number of individuals having concerns about what Pawnee Leasing Corporation does to me directly or by suggesting that they provide us constructive feedback in the e-mail response area of the audio feature vs. communicating anonymously with Leasing News. By contrast I have received over 100 extremely complimentary remarks about the audio concept and the of the content itself. Kit, I would also encourage you to post some of the positive remarks you have received at Leasing News about this matter as I believe they are much more relevant and representative of Pawnee's continuing hard work, vision and commitment to the leasing industry. You are welcome to post this memo in its entirety in response to "you be the judge" from a couple days ago in Leasing News. Regards, Gary H. Souverein Pawnee Leasing Corporation Vice President - Marketing Manager 125 South Howes, 10th Floor Fort Collins, CO 80521 (800) 864-4266 ext. 222 (970) 482-2666 Facsimile Private e-fax (413) 845-8524 Gary@PawneeLeasing.com (You originally asked me to publish it, and it was outright advertising. I also ran this by the Leasing News Advisory Board, what you had submitted, and received 100% response: it was “advertising.” The site is self-serving. It is an advertisement for Pawnee Leasing. What happened was simply several readers who wrote in about the remarks on your website and Gerry Egan’s position as president of the National Association of Equipment Leasing Brokers. One reader said he didn’t think Mike Fleming or Bob Fisher would fall into this trap. The appearance of a conflict or endorsement of a leasing company turned it into a “news story.” I am sure the good feedback you are getting are from brokers who send you business. They want to please you. As a side note, perhaps this is getting your name out to others who are not aware of your company. It is “publicity,” what you originally had requested. Please don’t tell your brokers to write in a campaign, as we are not going to tally votes. My original intention was to let the readers judge. It obviously drew many to your site. By the way, we print everyone’s viewpoint. Pawnee about a year ago criticized us for doing so. To date, I received one positive message to Leasing News, which we printed above, plus we will print your e-mail in full. We don’t say just because we disagree with you, we won’t print what you have to say. Or you are in the minority, so we won’t print what you have to say. We want to be fair ( and accurate ). You don’t have to be part of the “in crowd” to get your opinion heard...or to give us some “insider news.” We print criticism about ourselves. We always strive to be “fair and accurate.” We care about every reader, no caste system here. Yes, we are provocative. That is one of our jobs. We also want to be informative, and entertaining, too. Kemosabe. ***) P.S. All four “sales trainers” will be appearing as speakers at the San Diego United Association of Equipment Leasing Conference Bob Baker,CLP Gerry Egan, CLP Jeffrey Taylor ( who will be taking his CLP exam at the conference ) Bob Teichman, CLP In addition, there will be many workshops, two being moderated by Leasing News----Top Gun Salesmen ( to qualify from this panel your W2 had to show more than $250,000 in income ) Top Gun Sales Manager ( learn what they look for and how they hold on to Top Gun Salesmen ).
also: LAST CHANCE FOR ACE EARLY BIRD!
TOP GUN - ANNUAL FALL CONFERENCE & EXPOSITION United Association of Equipment Leasing October 3-6, 2002 Sheraton Hotel & Marina – San Diego 1380 Harbor Island Drive San Diego, CA 92101 Tel: 619-692-2200 Fax: 619-692-2363 www.sheraton.com/sandiegomarina LAST CHANCE FOR EARLY BIRD REGISTRATION! REGISTER ONLINE WWW.UAEL.ORG OR CALL US 510-444-9235 BOOK YOUR STAY NOW – CALL 877-734-2726 Don't forget to mention UAEL group rate – Room Block Is Limited!!! Spouse Program Available – First Time Spouse Desk on Site! Register for the Golf Tournament at Steele Canyon Golf and Country Club (27 hole Championship Course) See you in Sunny San Diego! Azin News Briefs---- GE to expense stock options FAIRFIELD, Conn. (AP) General Electric Co. will start counting employee stock options as expenses in its earnings reports. --- Treasury says it will raise $40 billion in new debt in auctions WASHINGTON (AP) The Treasury Department said Wednesday it will raise $40 billion in new debt through two auctions next week. --- AOL unveils new software, Google-based searches NEW YORK (AP) America Online Inc. unveiled a test version of its upcoming AOL 8.0 software Wednesday, along with new search capabilities based on the popular Google search engine. --- Senate confirms two Bush nominees to Federal Reserve WASHINGTON (AP) The Senate on Wednesday confirmed President Bush's two latest nominees to the Federal Reserve Board, Princeton economist Ben Bernanke and Donald Kohn, a longtime staff aide at the central bank. --- Jury enters $65 million judgment against firm founded by Calif. gubernatorial candidate LOS ANGELES (AP) A jury in a fraud lawsuit on Wednesday awarded a businessman $65 million in punitive damages from the investment firm co-founded by gubernatorial candidate Bill Simon. --- Nearly half of Japan's population use Internet TOKYO (AP) Nearly half of Japan's population of 120 million now use the Internet via computers, cell phones or other devices to surf, go shopping or chat, according to a government survey. -- Wells Fargo to buy Nelson Cap Management SAN FRANCISCO (Dow Jones/AP) Wells Fargo & Co. said Wednesday it agreed to acquire Nelson Capital Management Inc., a Palo Alto, Calif., private investment advisery firm geared toward high net-worth clients in California's Silicon Valley. -- Several
key QB battles shaping up By
JOHN MCCLAIN
No
fewer than 10 teams could have the kind of quarterback controversy that
can divide a locker room. The biggest distractions could be in San Diego,
Pittsburgh, Dallas, Chicago, Tampa and New York. The
Chargers have veteran Doug Flutie trying to hold off Austin's Drew Brees.
In Buffalo, Flutie and Rob Johnson were involved in one of the most
bitter quarterback controversies in NFL history. If
new coach Marty Schottenheimer replaces Flutie with Brees, the Chargers
better hope Flutie reacts more professionally than he did with the Bills.
Those who witnessed up close the Flutie-Johnson competition say Flutie
did things behind the scenes to circumvent and distract Johnson. Publicly,
Johnson and Flutie took shots at each other. Perhaps
Flutie will like and respect Brees, a second-round pick last year, more
than he did Johnson. Since
he was drafted by the Steelers, Kordell Stewart has been at the center
of controversy. Last season, he played better than any time during his
career but threw three interceptions in the AFC Championship Game loss
to the Patriots. When
the Steelers signed Charlie Batch in the offseason, they set up what
is sure to become a heated controversy. Batch, who grew up in Pittsburgh
and was a second-round pick by Detroit, passed up other offers after
he was no longer wanted by the Lions. Batch
is a class act who is destined to become a fan favorite. Having a backup
quarterback like Batch is going to cause trouble for Stewart, who still
has fragile confidence despite everything he has been through with the
Steelers. The
Cowboys reported to camp with Quincy Carter as the starter. As a rookie
last season, Carter started slowly, was heavily criticized, then suffered
a wrist injury and got some valuable pine time. When he returned, Carter
had a 3-3 record as a starter and flashed. Still,
in the offseason, owner Jerry Jones pulled quite a coup by signing free
agent Chad Hutchinson, a 6-5, 236-pound four-year veteran of minor-league
baseball. Hutchinson, who was an outstanding quarterback prospect at
Stanford before pitching in the St. Louis Cardinals' minor-league system,
should need time to regain the form and display the form he showed at
Stanford. The
first time Carter throws an interception, watch for fans and some members
of the media to howl for Hutchinson. Bears
quarterback Jim Miller was the target of criticism last season even
though Chicago won the NFC Central. He was injured when the Bears pulled
out two miraculous victories. Chicago's
offense was ultraconservative under coordinator John Shoop, who was
ripped more than Miller, a journeyman who knows his limitations. In
the offseason, they signed veteran Chris Chandler. The
well-traveled Chandler has been to the Super Bowl. He has great size,
arm strength and intelligence. Chandler will look much better than Miller
in practice. When Miller and the offense struggle, fans and media will
demand Chandler. The
Buccaneers should have an old-fashioned controversy between Brad Johnson
and Rob Johnson. Rob Johnson left Buffalo hoping controversy was behind
him, but it is inevitable because he is mobile and fits coach Jon Gruden's
system better than the 6-5 Brad Johnson. When
the Jets drafted Chad Pennington in the first round three years ago,
they expected him to eventually replace Vinny Testaverde. Now, Testaverde's
nearing the end of the line, and Pennington is ready to be promoted.
And everyone knows how New York fans and media love any kind of controversy.
Other
teams that figure to have quarterback controversies are the Lions (Mike
McMahon and Joey Harrington), Bengals (Jon Kitna and Gus Frerotte),
Ravens (Chris Redman and Jeff Blake) and Seattle (Trent Dilfer and Matt
Hasselbeck). Around
the league Weighty
issue The
Cowboys have 19 players on their training-camp roster who weigh at least
300 pounds. The
projected starting offensive line has tackles Solomon Page (6-5, 325)
and Flozell Adams (6-7, 357), guards Larry Allen (6-3, 335) and Kelvin
Garmon (6-2, 350) and rookie center Andre Gurode (6-4, 326). Backup
tackles are Aaron Gibson (6-6, 410) and Char-ron Dorsey (6-6, 388).
Of
the 92 players on the roster, 67 have been in the league two or fewer
years. Only five players have at least 10 years of experience. Dom
and Tom --
For two years, Jaguars defensive tackle Gary Walker's coordinator
was Dom Capers. Now Capers is Walker's head coach with the Texans.
"I
don't think he's changed any," Walker said after practice last
week. "As far as I was concerned, he was my head coach in Jacksonville
because he was the guy I was with every day." Tom
Coughlin was
and still is the Jaguars' head coach, but he spends most of his time
with the offense. Asked
about some differences between Capers and Coughlin, Walker said, "Coach
Capers is an easy coach to play for because you always know what to
expect. When coach Capers tells you something you did wrong, he does
it positively. When coach Coughlin did it, it tended to be more (negative).
"Both
of them are perfectionists. And they're demanding." Manning
vs. Carr --
Texans center Steve McKinney started at guard for Indianapolis
for four years and watched quarterback Peyton Manning develop
into one of the NFL's best. He is playing center for the first time
and is developing a good relationship with quarterback David Carr.
"When
Peyton was a rookie, he studied film until 10 at night," McKinney
said. "After the coaches left, he'd still be studying film. "David
and I have talked a little about what Peyton was like as a rookie. Peyton
worked hard and didn't try to be the leader or spokesman. He earned
that role. "David
and Peyton have the same type of character. I like David's demeanor.
He's a smart, mature kid with great talent. He's going to be a special
player." Asked
if he has informed Carr that it is tradition for quarterbacks to take
good care of his linemen, treating them to dinners and gifts, McKinney
laughed and said, "Yeah, he's aware of it." When
it was pointed out to McKinney that perhaps he might need a new shotgun,
he said, "I wouldn't mind that. Guns are like money -- you can
always use more." When
Carr heard McKinney's response, he said, "Spoken like a true Texan,
huh? Well, I'll get him whatever he wants as long as he keeps (pass
rushers) off my back." Manning
vs. Leaf --
In 1998, Peyton Manning and Ryan Leaf were the two-best
quarterbacks in the draft. A lot of NFL scouts thought Leaf was better
than Manning, but it was Manning who became a Pro Bowl quarterback.
When
Leaf retired from the Seahawks on Friday, he officially became the biggest
bust in NFL history. No one comes close. Tony Mandarich was another
monster bust with the Packers, but at least he started a couple of seasons
for the Colts. Leaf
threw 14 touchdown passes, or four more than former running back Walter
Payton. Manning has thrown 111. And just imagine: Leaf and Manning
each got $11 million signing bonuses. Old
quarterbacks --
In Houston, old quarterbacks never die; they just become members of
the media. It
has been so long since Gifford Nielsen played for the Oilers,
many Houstonians don't realize his first name is actually "Backup."
Nielsen
backed up Dan Pastorini, Kenny Stabler, Archie Manning and, at
one point, Oliver Luck. When Warren Moon was signed in
1984, Nielsen quit while he was still behind, so to speak. During
the season, Nielsen and Pastorini are going to do a Saturday night show
on Channel 11 called The Quarterbacks." "Make
sure you point out that Pastorini's the backup this time," Nielsen
said. This
time, perhaps Pastorini can keep Nielsen out of trouble. Luck,
executive director of the Harris County-Houston Sports Authority, has
been doing Super Bowls for a television network in Germany for years.
Moon has done television for the Seahawks. Andre
Ware didn't
play for the Oilers after winning the Heisman Trophy at the University
of Houston. This time, he left UH for the Texans, where he will be the
analyst on KILT (610 AM). Dumb
move --
Saints quarterback Aaron Brooks better think twice about holding
out with a year left on his contract. The natives are restless in New
Orleans after last season's monumental collapse. Brooks
tied a team record with 26 touchdown passes, but he struggled down the
stretch as much as anyone. He is not endearing himself to Saints fans
who are going to take it out on him if he struggles again. Waiting
game --
There are two reasons so many veteran free agents are still unsigned.
One, they don't want to accept the minimum salary with no signing bonus.
Two, they don't want to sweat this early in camp. They know from experience
how much work in camp it takes for them to get ready to play. It
is only a matter of time before such players as defensive tackle Sam
Adams, running back Jamal Anderson, running back Ricky
Watters, receiver Antonio Freeman, offensive tackle John
Fina and safety Eric Brown accept offers. Owning
up --
Defensive tackle Sam Adams, the Houston native who is being pursued
by several teams, resides in Seattle in the off season. He recently
bought a semi-pro expansion team -- the East Side Hawks -- for $60,000.
They play in Redmond, the Seattle suburb where Microsoft is based. Lacking
a back --
In his first two years with the Cardinals, running back Thomas Jones,
a former No. 1 pick, was handed the starting job. He surrendered the
job both years. With Michael Pittman signing with the Bucs, the
Cardinals are left with Jones as the starter. No other back on the roster
has an NFL carry. The Cardinals better get another back. Bad
company --
When the NFL suspended Saints cornerback Dale Carter indefinitely
for another violation of the league's substance-abuse policy, he joined
defensive tackle Leon Lett as the only five-time losers in history.
... The Bills are well-stocked with large running backs. They tried
to deal Shawn Bryson before the draft but didn't get what they
wanted. They would like to get a third-round pick for him. The Saints
are interested. ... Packers tight end coach Jeff Jagodzinski on
tight end Bubba Franks, who caught a lot of short touchdown passes
in his second season: "He made it (Pro Bowl) on all those touchdowns
he had. Were they one and two yards? Yeah. But let me tell you this.
When they start giving you more points for farther out, let me know
and we'll have to change our thinking." ... Antuan Edwards,
a first-round pick in 1999, has the inside track to the strong safety
job vacated when LeRoy Butler retired from the Packers. John
McClain covers the NFL for the Chronicle. His NFL Notebook appears on
Sundays. *** Kemosabe (or any of the other various spellings) *is*
a real word. It's from the language of the Potowatomie Indians. The
Potowatomie Indians lived in and around Michigan. (The Lone Ranger originated
at WXYZ in Detroit.) One of the shows' producers, Jim Jewell, had a
father-in-law who ran a boy's camp named "Camp Kee-mo-sah-bee." _____________________________________________________________ +++++++++++++++++++++++++++++++++++++++++++++++++ How to Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org. If you change your e-mail address, please don’t forget to notify me. If mail comes back more than a few times, we will delete the mailing address ( usually every five days .) If you would like to be deleted, the list is kept under your first and last name or how you asked to be listed ( not your URL ). Either use the contact form or e-mail directly. Changes are made daily, including additions, corrections, and removal when the right information is provided. There is a trend for Spam programs for workstations and networks. In addition, some companies block their employees from receiving news from us. If you have stopped receiving Leasing News, it may be due to being blacklisted. You can correct this by using another e-mail address. If a “Spam” issue, on your workstation, you will need to “delete us” from your filter. Most programs allow you to make exceptions to what the program considers “Spam.” If done by your carrier, you will need to contact your carrier or the “relay carrier” to allow our e-mail. It is our experience, once named, we cannot contact you , meaning we can’t tell you that our mail is being rejected. Your carrier will make changes when contacted by the subscriber, not by us. If we are being block, go to www.leasingnews.org. Each edition is normally posted to the website ( www.leasingnews.org ) at 12pm, PDT. The e-mail is sent out very early in the morning. ++++++++++++++++ ++++++++++++++++++++++++++++++++++ Policy Statement Policy Statement---Nothing is sent out that is not "fair." Always unbiased reporting. Fairness always. If it is questionable, we will ask the writer's permission to quote them. We will print information without attribution, but feel as long as we do not name the person who sent it, we can use the information. Any information we think is suspicious, we try to have if substantiated first by at least two reliable people. We will not purposely send out "negative" news. We prefer "positive" news. We have no "axe" to grind or are not paid or seek or accept any remuneration for product or promotion. We do not Spam anyone. To be added to the mailing list, you must request it. We do not send anything about our company or personal e-mail or jokes to the leasing news list. We do not share our mailing list with anyone. We try not to send more than one report a day, if at that, unless an "alert." We follow Internet Netiquette at all times. Our sole purpose is to provide communication to improve our profession. We reserve the right to deny sending the newsletter when requested. We reserve the right to edit or delete an opinion that is not in good taste or is outright derogatory. Leasingnews.org
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