Headlines----

11^th Time--- Official Press Release from the Federal Reserve

  Chronology of changes in the Federal Reserve's discount rate since 1958

                   Dan Ciaco Now at Delphi Capital Corp. in Chicago

                     Parker Leasing Still Advertising in USA Today

                          Two Certified Leasing Professional Graduate: Fitting and Powloski

                               Ohio Department of Taxation Meeting on Tuesday, December 18

                                Arrow Capital Expands/MarCap Vendor Finance

                                     Man in East Coast $100M Leasing Scheme Jailed                                      

                                         Mark Coffman/Joe Woodley/UAEL

More Nigerian Letters----tomorrow

#### denotes press release

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11^th Time---Here is the Official Press Release from the Federal Reserve

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The Federal Open Market Committee decided today to lower its target for the federal funds rate by 25 basis points to 1-3/4 percent. In a related action, the Board of Governors approved a 25 basis point reduction in the discount rate to 1-1/4 percent.

Economic activity remains soft, with underlying inflation likely to edge lower from relatively modest levels. To be sure, weakness in demand shows signs of abating, but those signs are preliminary and tentative. The Committee continues to believe that, against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future.

Although the necessary reallocation of resources to enhance security may restrain advances in productivity for a time, the long-term prospects for productivity growth and the economy remain favorable and should become evident once the unusual forces restraining demand abate.

In taking the discount rate action, the Federal Reserve Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Chicago and San Francisco.

Federal Reserve Press Release

http://www.federalreserve.gov/BoardDocs/Press/general/2001/20011211/default.htm

     from Associated Press

A chronology of changes in the Federal Reserve's discount rate since 1958:

2 percent (from 1.75 percent) Aug. 26

2.5 percent Oct. 24 1959

3.0 percent March 6

3.5 percent May 29

4.0 percent Sept. 11 1960

3.5 percent June 3

3 percent Aug. 12 1963

3.5 percent July 17 1964

4.0 percent Nov. 24 1965

4.5 percent Dec. 8 1967

4.0 percent April 7 1971

4.5 percent Dec. 13 1973

5 percent Jan. 15

5.5 percent Feb. 26

5.75 percent April 23

6 percent May 11

6.5 percent June 11

7 percent July 2

7.5 percent Aug. 14 1974

8 percent April 30

7.75 percent Dec. 9 1975

7.25 percent Jan. 10

6.75 percent Feb. 4

6.25 percent March 10

6 percent May 16 1976

5.25 percent Nov. 22 1977

5.75 percent Aug. 30

6 percent Oct. 25 1978

6.5 percent Jan. 6

7 percent May 11

7.25 percent June 30

7.75 percent Aug. 18

8 percent Sept. 22

8.5 percent Oct. 13

9.5 percent Nov. 1 1979

10 percent July 20

10.5 percent Aug. 16

11 percent Sept. 18

12 percent Oct. 8 1980

13 percent Feb. 15

12 percent May 28

11 percent June 12

10 percent July 25

11 percent Sept. 25

12 percent Nov. 14

13 percent Dec. 4 1981

14 percent May 5

13 percent Nov. 2

12 percent Dec. 4 1982

11.5 percent July 20

11 percent Aug. 2

10.5 percent Aug. 16

10 percent Aug. 27

9.5 percent Oct. 12

9 percent Nov. 22

8.5 percent Dec. 14 1984

9 percent April 9

8.5 percent Nov. 21

8 percent Dec. 24 1985

7.5 percent May 20 1986

7 percent March 7

6.5 percent April 21

6 percent July 11

5.5 percent Aug. 12 1987

6 percent Sept. 4 1988

6.5 percent Aug. 9 1989

7 percent Feb. 24 1990

6.5 percent Dec. 18 1991

6 percent Feb. 1

5.5 percent April 30

5 percent Sept. 13

4.5 percent Nov. 6

3.5 percent Dec. 20 1992

3 percent July 2 1994

3.5 percent May 17

4 percent Aug. 16

4.75 percent Nov. 15 1995

5.25 percent Feb. 1 1996

5 percent Jan. 31 1998

4.75 percent Oct. 15

4.50 percent Nov. 17 1999

4.75 percent - Aug. 24

5.00 percent - Nov. 16 2000

5.25 percent Feb. 2

5.50 percent March 21

6.00 percent May 16 2001

5.75 percent Jan. 3

5.50 percent Jan. 4

5 percent Jan. 31

4.5 percent March 20

4.0 percent April 18

3.5 percent May 15

3.25 percent June 27

3.0 percent Aug. 21

2.5 percent Sept. 17

2.0 percent Oct. 2

1.5 percent Nov. 6

1.25 percent Dec. 11

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Dan Ciaco Now at Delphi Capital Corp. in Chicago.

Dan Ciaco, Manager of the Private Label Recourse Program for American Express Business

Finance, is now at Delphi Capital Corp.

“ Sorry, Kit, no story here,” he told me. “ I just had a great opportunity.    I left on

my own two feet.  My wife likes Chicago, better, too.

“Yes, it was difficult to leave,” he responded.  “ I was there eight to ten years, had

a number of friends, but I know the owners here very well, excellent company, great

reputation. In fact, I am excited to be here.”

As soon as Dan Ciaco gets an e-mail, will print it for all his friends to wish him congratulations.

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Parker Leasing Still Advertising-----

Ad in USA Today 12/11/01--Business Opportunities Section

EQUIPMENT LEASING

START YOUR OWN BUSINESS

IN LEASING OR AS A LOAN BROKER

WORK FROM YOUR HOME FULL OR PART TIME

MR. PARKER 800-577-6577

OVER 30 YEARS IN BUSINESS

http://www.leasingnews.org/bulletin_board.htm

Full story on our Bulletin Board.  Here is the story in a nut shell

“As I told you the Austrian soccer club FC Tirol has announced to receive 15 Million Dollar from Parker Leasing. The truth is that the club did not get at least one dollar so far.

“On the other hand the clubs president, Mr. Martin Kerscher, transferred

already 650.000 dollar to a bank account in Florida ? as a deposit ? as he announced. Strange!!!??? But I guess now he awake and he is trying to get the money back. The chance for success is very little. Kerscher get a lot of pressure because he is manager with Nike sports responsible for Austria, Slowenia and Croatia.

“I would say he is currently pretty helpless. Kerscher cooperates with an

English consulter who built up the contact to Parker Leasing. His name

is Ian Hethrington. Kerschers last comment to Hethrington: Ian, pull your socks up, because shit is boiling here.

“And: The Austrian soccer league is thinking about taking them away the

license.”

Greetings,

Walter Unterweger

NEWS

Leasing News has requested a response from Parker Leasing many, many times.

____________________________________________________________________________

Two Certified Leasing Professional Graduate: Fitting and Powloski

Financial Pacific Leasing, LLC annually hosts a CLP Academy Class in support of the CLP educational program.

  I know there are some who have criticized the program and the designation but from one who has studied and taken the exam I know first hand what it means to pass.

 Two individuals chose to take the exam after this year's academy and I would like to share their successes with the leasing industry.  Brita Powloski

(now known as Brita Powloski, CLP) from Financial Pacific Leasing, LLC and Chris Fitting (now known as Chris Fitting, CLP) from Alpine Leasing

have both passed the CLP exam!

 Please include this in your next publication to show our support and hopefully encourage others in the industry to take the challenge.

Thanks and have a wonderful, family filled holiday season.

Shannon Green, CLP

VP, Operations

888-239-8339

shannong@finpac.com

( Leasing News, as well as every equipment leasing association, fully

supports the Certified Lease Program. For those not familiar with

the program, here is a previous e-mail printed in Leasing News: )

The certification program

was started by a group a leasing professionals who were members of WAEL, now

UAEL.  Last year, UAEL relinquished all rights to the program and the CLP

Foundation was established as a non-profit corporation.  EAEL, NAELB and

UAEL now lend their support to the Foundation and the CLP Program.  There

are currently 220 Certified Lease Professionals (CLP's) in our industry.

The CLP is recognized in our industry as an individual with high ethical

standards who has been tested on and passed an exam covering every important

aspect of our industry.

For your review, attached is a list of topics covered on the exam and sample

questions to assist you in your studies.  I have also attached an

Application for you to complete when you are ready to make the commitment to

becoming a CLP.  The cost of the exam at this time is $550.00.

There are several good books to help you with your review in preparation for

the exam.  One of these is the Leasing Professionals' Handbook, which was

written by a group of CLP's.  Each chapter is followed by a group of

questions that quiz you on the materials you have just read and also

questions on related topics not necessarily covered in the chapter.  The

handbook is $54.50 including shipping.  The second book is brand new.  It is

entitled Power Tools for Successful Leasing.  This book was written by Barry

Marks, Esq. and James Johnson, Ph.D. This book is $84.50, including

shipping.  You should also be proficient with either the 17B or 19B

calculators to comfortably complete the problem solving section.

If you are interested in either book, please let me know and I'll fax you an

invoice.

You also may want to take advantage of our new Mentor Program designed for

prospective CLP's who would like assistance in a few areas to prepare for

the exam.  This is explained more fully on our web site --

www.clpfoundation.org.

 You will also find on our site, the Body of Knowledge which covers every

topic that will be included in the exam.  It too is an excellent review

tool.

Please give me a call or E-mail me if you have any further questions.

Thank you once again for your interest in the CLP Program.

Cindy

Cindy Spurdle, Executive Director

CLP Foundation

PH: 610/687-0213

FAX: 610/687-4111

Email: cynthia.w.spurdle@verizon.net

  Ohio Department of Taxation Meeting on Tuesday, December 18

  At 11:30 AM Eastern/8:30 AM Pacific on Thursday, December 13, ELA will host a leasing industry conference call to assemble the transition issues and ongoing concerns anticipated from the new accelerated sales tax on leases in Ohio.   This is to prepare for a meeting at the Ohio Department of Taxation in Columbus on Tuesday, December 18.  To participate in the conference call and/or attend the meeting, please reply to my email address above, dbrown@elamail.com .  Indicate if you will join the call and/or meeting.  Also, include your name and company.

  The conference call is an opportunity to insure industry concerns relating to the accelerated tax are on the meeting agenda next week.  Such issues include effective date relative to delivery of equipment or lease start date, early terminations and lease restructures, personal property taxes, exemptions and other concerns raised during the conference call. 

  PriceWaterhouseCoopers has provided the following attachments to assist in understanding this new statute.  The first attachment is a summary of the sales tax provision and the second attachment is the code sections as they are to be written per House Bill 405.

Dennis Brown

DBROWN@ELAMAIL.COM

  This is the link for summary of sales tax

http://www.leasingnews.org/articles.doc/Summary%20of%20HB%20405%20Sales%20Tax%20Provisions.doc

This is the link for HB405 Code Sections

http://www.leasingnews.org/articles.doc/HB405%20Code%20Sections.doc

Leasing News is Available by e-mail.  Free.  Either join by going to www.leasingnews.org

or contacting kitmenkin@leasingnews.org

              __________________________________________________________________________

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Arrow Capital Expands Into New Equipment Leasing Markets With Acquisition

Acquires Key Personnel and Vendor Equipment Leasing Programs of MarCap  

Vendor Finance 

SAN JOSE, Calif / -- Arrow Capital Corporation announced today that it has acquired certain assets of MarCap Vendor Finance, including key sales and operations personnel and vendor equipment leasing programs. The objective of the acquisition is to extend Arrow's leasing programs into the industrial equipment and entertainment production markets.

According to Steve Trollope, CEO and president of Arrow Capital, "The MarCap acquisition broadens and diversifies Arrow's customer base, better positioning the company to achieve its long-term growth and profitability goals. As a result of the acquisition we will be expanding our programs in the industrial and high technology areas, and expect to originate about $90 million in equipment financing during our next fiscal year starting April 2002."

Arrow offers custom-tailored leasing programs to manufacturers in a broad range of industries, including networking and telecommunications, high technology, web and application hosting, industrial and machine tools, and entertainment (film, video, television and music production).

"The high-technology downturn has been very challenging for us, but Arrow has been in business since 1988 and has weathered several economic cycles," said Trollope. "Unlike many other Silicon Valley companies, Arrow is profitable, stable and is continuing its expansion into new markets. We've recently moved our headquarters into a new building and expect to add employees as we develop our new programs."

In addition to Arrow's U.S. headquarters in San Jose, the company now has offices in San Ramon, Los Angeles, Bel Air and San Diego, California; New Jersey and South Carolina.

About Arrow Capital  

Founded in 1988, Arrow Capital is a financial services company that creates innovative, customized equipment leasing programs that enable its customers to increase revenue, maximize profitability and grow market share. Arrow sets itself apart with its financial program flexibility, broad funding capabilities, long-term company stability and deep industry experience. Arrow has headquarters in San Jose, Calif. and sales offices in several other California locations and the East Coast.

Arrow can be contacted at 6910 Santa Teresa Blvd., 2nd Floor, San Jose, Calif., 95119-1339; phone 408-961-8900; fax 408-961-8957; www.arrowcapital.net.

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Man in $100M East Coast Leasing Scheme Jailed

by The Associated Press

NEWARK, N.J. (AP) - A member of the family whose now-defunct brokerage cheated its customers of more than $100 million was sentenced Monday to more than 5 years in federal prison and ordered to pay $10 million in restitution.

Peter Goettlich had pleaded guilty in February to a role in the scheme, becoming the third brother to admit wrongdoing at First Interregional Equity Corp. of Millburn.

His brothers, Richard and David Goettlich, had already pleaded guilty and agreed to testify against him. David Goettlich was sentenced Monday to 46 months in federal prison. Richard Goettlich is scheduled to be sentenced Feb. 11.

Charges against their father, firm founder Herbert Goettlich, are pending. He is in his 80s and has Alzheimer's disease. He was found incompetent to stand trial by a court-appointed psychiatrist and awaits a ruling by U.S. District Judge William G. Bassler.

The Goettlich family was accused of siphoning some $20 million from its business operations from 1988-97 to support a posh lifestyle through ``a massive and long-running fraud'' against their customers, Assistant U.S. Attorney Amy S. Winkelman said.

The schemes included selling customers investments in fictitious office equipment leases, the brothers have admitted.

Richard, who had been company president, pleaded guilty in 1998 along with two employees and agreed to cooperate with prosecutors. Peter was the lead trader, while David was a broker.

That led to the March 2000 indictment of the father, along with David, a broker, and Peter, the firm's lead trader. David Goettlich, of Florham Park, pleaded guilty in February.

Peter Goettlich, of Livingston, pleaded guilty to three charges, conspiracy to commit securities fraud, conspiracy to commit tax evasion and tax evasion. On the last count, he admitted that he got more than $600,000 in income in 1993, but did not report a substantial amount, resulting in about $260,000 in unpaid tax.

First Interregional dealt in municipal and government bonds, and its affiliate, First Interregional Advisors Corp., sold the office equipment leases.

Some of the 1,750 investors in equipment leases were ``close family friends'' of the Goettlichs, and some invested millions of dollars, believing they were buying the rights to the revenue stream from leases for office equipment such as copiers, authorities have said.

To maintain the illusion that clients were getting revenue from these leases, they sold more fictitious leases and made payments with that money, Richard Goettlich has admitted.

The brokerage was shuttered in March 1997 after the FBI learned of massive shredding, and raided its offices. The Securities and Exchange Commission filed civil charges and had company accounts frozen.

Almost all of 3,000 to 4,000 bond customers of First Interregional Equity Corp. have been fully compensated.

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For Internet Equipment Leasing News, go to: http://www.elessors.com/

Appointment of Joe Woodley as CEO United Association of Equipment Leasing

I was sorry to see that you were "threatened" in the same manner. I would

like to assure you that the Leasing News was not being used by me to further

any personal vendetta or for any other "improper purpose" as claimed by Mr.

Alpers. *

The statements that I made are strictly my opinion and I will stand by them.

Before the dialogue was halted there were two other postings that shared my

basic point of view.

The fact that there has been no comment from the board is the story.

Certainly more than another general testimonial from a personal friend

(Andrew Thorn posted today). This is not about personal references.

It is about a group of leasing's elite taking over a trade association,

making decisions behind closed doors and refusing to

account for themselves when questioned. I have been involved in several

not-for-profits over the years. They are held to a higher standard of responsibility. The silence of the board is some  indication that they are not proud of what they have done.

They should be pressed and you have the only forum to do this.

I ask you to please not be bullied into backing away from the issue.

Mark Coffman

mark@chartercapital.com

*Andrew Alper, Esq., Frandzel, Robins, Bloom & Csato, who have been

retained by Westover Financial.  Leasing News was told the regular attorney

Victor Harris, Esq., also the UAEL Standards and Ethics Committee Chairman,

believed there was a conflict of interest to represent Westover on this complaint to Mr. Coffman and Leasing News, thus the reason for his firm’s name appearing on the fax, utilized by Mr. Alper.

Leasing News has tried since November 30^th to obtain a reaction or comment

from the UAEL sitting officers, chief executive officer, managing director,

 membership director, and Mr. Harris. It is not our position that the board

is “ashamed” of the procedure or appointment.  In our reporting, they were

very proud and looking forward to “new leadership.”

Mr. Coffman has the right to “free speech,” whether he is or isn’t a member of

the association.  He is entitled to his opinion.  Joe Woodley is now a “pubic

figure,” perhaps he was before, but he definitely is now. He and Westover

have entered the public arena.

Leasing News has printed the story of the appointment from an interview with

president Chuck Brazier and Managing Director Joanie Dalton, plus the

many e-mails of congratulations.  It was complimented by officers

of UAEL, as were the series of support. To date, there has been no “official” comment

or reaction to these three e-mails printed on November 30^th 

The “no comment” will not make the story go away.  The issue is not whether Mr. Woodley

is a popular person, a great guy, a golfer of renown---please read the following:

I, too, am a fan of Joe Woodley...who isn't? But I agree with Mr. Coffman,

that a membership company should not be running a trade organization. Yes,

it's probably more cost efficient, it's easy because he knows the

organization and its members, but there should be a separation.

 I don't  believe, no matter what you say, that anybody can be completely objective

if it comes down to an issue that involves the UAEL and something that

would affect Mr. Woodley's company. The UAEL should take the time and money

and hire an outside CEO.

 This has absolutely nothing to do with Joe  Woodley's ability, I would make the comment if any member organization  became CEO.

Sincerely,

Deborah J. Monosson

President

BOSTON FINANCIAL & EQUITY CORPORATION     

20 Overland Street

Boston Massachusetts 02215

617-267-2900

617-437-7601 Fax