LeasingNews

May 11, 2001

Headlines---

"Home Page"---What to Do!

Dell Ventures Top Managers Resign

"Don't Leave Home Without It--Plastic Card Takes Over Sierra Cities: Reaction

General Electric Announces New Officers:

GE Capital Services/GE Medical Systems Asia/GE Americas

Denrich--Redux

JDR Capital--Revisited

Canada unemployment rate holds steady

Microsoft Up-Grade Strategy--NewsFactor Network Story

The List Revised--on Monday

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Wow!!! YOu've Got to See the New Web Site!

If you have not visited http://www.uael.org/, you should, as there

is a world of difference (pun--go there and you will get it. )

It is current,informative,and they have a job posting board---free

http://www.uael.org/media/online/jobboard/

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"Home Page" Yes, It Has Hit the Leasing Industry

We received the virus 5:35 am 5/10/2001.

Thanks for the warning.

Ken Sullivan

21st Century Leasing

<kens@21stcenturyleasing.com

Kit,

Thanks for alerting me to homepage virus.

I can't FIGURE HOW IT HAPPENED. McAfee caught

it and I did not open it so I don't know how it

got forwarded. I ran an additional scan this

morning and showed no infected files. I however

am not the computer guru you are.

I attended the Advisory meeting in Scottsdale.

Ken did a great job as moderator. I look forward

to seeing you next week.

Regards, Bob B

Bob Baker

Baker@wildwoodfinancial.com

( Bob Rodi is the computer guru. I am still the student. Nevertheless, I don't

think it was the matter of keeping McAfee current. I got a virus on a laptop

that McAfee did not stop, so that is why I changed to PC-cillin. I keep it

current. I think it is the best anti-virus program. I know people who run

three or four, and they tell me PC-cillin gets them all.

You had not control of this. McAfee did not protect you and the virus did

its work right under your nose. And I bet you still have the worm in

your registry. I will give instructions for those who are brave to

do this themselves.

Yes, I am looking forward to seeing you in New Orleans, and especially getting

a copy of your video tape. editor )

+ + +

I got it from Bob Baker as well and someone else in the industry.

Fortunately, I had read your email yesterday morning and knew enough to

delete it. Thanks Kit, I would have been crippled. I hope that we can take

the time to chat in New Orleans.

Joe Bonanno

attyjgb@aol.com

(781) 391-7800

www.leasingissues.com

Home Page is really aimed at Microsoft Outlook users of e-mail. If you have opened

this, you may run "uninstaller" and it may clean your registry. You definitely

should have an up-dated anti-virus program ( meaning the latest download pattern,

as most issue weekly and you should up-date weekly ). I recommend www.microtrend.com

If you are semi-skilled and running windows, click on "start," click on "run,"

type: REGEDIT, click on "Edit", click on "Find" and then type in:

run.vbs and/or reload.vbs If you find any of these, remove them. Remove

every reference you find with the letter VBS. When you finish this, you may

re-boot your machine and it will be fine. editor

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National Association of Equipment Leasing Brokers-----

NAELB's New Orleans Conference is only six days away!

For those of you already registered . . . Please be aware that the dress is

business casual. Therefore, all neckties will be cut in half!

For those of you, not yet registered . . . Please be aware that there is

still time. Visit us online at www.naelb.org/meeting%20promo.pdf for meeting

details and a registration form.

See you in New Orleans!

Buzz Thomas

bthomas@clemonsmgmt.com

( members of all association attend at the NAELB member price )

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"Needs to Eat"

While I am sensitive to the sales rep that "needs to eat" let's remember the

adage - "you can't price a bad loan good." Maybe what he's trying to say is

that during strict credit times the emphasis shifts from rate to cash flow.

Frank Latourell

fml@ravefinancial.com

Director

Rave Financial Services, Inc.

36940 Metro Ct

Sterling Heights MI 48312

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Where Do I Buy the Book and the Video Tape

In Thursday's issue was the reference to a video tape series by Bob Baker and a book by Barry

Marks.

Have you seen these and just between you and I; can you give me a candid evaluation. I'm always looking to increase my knowledge of the business.

Thanks

Harold E. Bailey

North Texas Credit Co.

14850 Quorum Drive, Suite 380

Dallas, TX 75240

972-458-6821 Ext. 134

972-851-9999 Fax

harold@ntexas.com

Leasing News has reviewed this book. It is worth the money. It is current.

Power Tools for Successful Leasing by James M. Johnson, PH.d Barry S. Marks Leasing Power tools

Press 43W690 Willow Creek Court Elburn, Illinois 60119 Phone: 630.365.9004 Fax: 630-365.5602

E-mail: phdleasing@hotmail.com or bsm@blik.com This is a wise investment: $79.95 plus $5.00 for

handling Check, money order or credit card number (MasterCard/Visa or American Express) with

expiration date. Be sure to include name, address and telephone number, with

area code or e-mail or fax or call.

Here is Joe Bonnano's correct website address: http://www.leasingissues.com/

I have not seen the video, but it was commissioned especially for the National Association of

Equipment Leasing Brokers for debut at the New Orleans Conference. It is six video's, as I

understand it, and it basically was done at cost by Bob Baker, who has taught hundreds of

brokers, and perhaps thousands of leasing salesmen, plus has written over twenty-five million, at

least, in leasing himself. So he knows what he is talking about. I am told it is only

available at the New Orleans’s Conference at this time. $199. Sounds like quite a bargain

compared to the video's and other things at Equipment Leasing Association and United

Association of Equipment Leasing. editor

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Dell, Too.

Gateway having serious problems, as well as the Great Dell. Not only

changes in credit procedures, but here:

Dell Ventures Top Managers Resign, to Leave by August

AUSTIN, Texas -- The men who co-manage Dell Computer's

near billion-dollar startup investment program resigned

and plan to retire this summer, the company said.

Earlier this week, the company announced plans to

eliminate as many as 4,000 jobs. A spokesperson

for the company said that the two are leaving to

"spend more time with their families and communities."

Thomas Meredith, formerly Dell's chief financial

officer, and Alex Smith plan to step down as co-managing

directors of Dell Ventures at the end of August.

Before joining Dell Ventures in April of last year,

Mr. Meredith had been CFO of the computer maker

for more than seven years. The fund-management

positions will be filled by Kevin Natner, Dell's

treasurer of Dell, and Stephen Bailey, from Dell

Ventures. Mr. Nater will also remain company treasurer.

Dell Ventures' portfolio includes BlueArc, Lane15,

Mobilian, PartMiner, and Xacct Technologies. Dell

Ventures was founded in 1999.

http://www.dell.com/

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################################################################

Ferdinando Beccalli Named Executive Vice President, GE Capital Services; Naren Gursahaney Named

President, GE Medical Systems-Asia; Gerry Podesta Named Vice President, GE Plastics-Americas

FAIRFIELD, Conn.--(BUSINESS WIRE)--May 11, 2000--The General Electric Company today announced

that Ferdinando "Nani" Beccalli has been named Executive Vice President of GE Capital Services

and Naren Gursahaney has been named President and CEO of GE Medical Systems-Asia.

In addition, Gerry Podesta has been named Vice President and General Manager of GE

Plastics-Americas. The appointments become effective June 1.

Beccalli, 51, succeeds William A. Woodburn, who yesterday was named President and CEO of GE

Specialty Materials. Beccalli will join the Office of the CEO at GE Capital in Stamford, Conn.

where he will have oversight responsibilities for GE Capital's Equipment Management businesses,

which include Americom, Fleet Services, Penske Truck Leasing, Rail Services and TIP/Modular

Space. Beccalli will report to Denis J. Nayden, Chairman and CEO of GE Capital.

Gursahaney, 40, who has been CIO and General Manager of e-Business for GE Medical Systems,

replaces Yoshiaki Fujimori, who yesterday was named President and CEO of GE Plastics. Gursahaney

will report to Joseph M. Hogan, President and CEO of GE Medical Systems.

Podesta, 41, who is currently general manager of e-Business for GE Plastics, will succeed

Beccalli as Vice President and General Manager of GE Plastics-Americas.

In making the announcement today, GE President and Chairman-elect Jeffrey R. Immelt said: "Nani,

Naren and Gerry are first-rate GE leaders. They bring global experience, great operational

skills and a passion for quality and serving customers to their new positions."

Beccalli has been at GE Plastics since 1977, when he joined the Strategic Planning group at the

Company's European headquarters in Bergen op Zoom, the Netherlands. In 1981, Beccalli joined GE

Plastics' global headquarters in Pittsfield, Mass. where he held management positions in

Specialty Plastics, NORYL resin, LEXAN resin and Marketing divisions. In 1987, Beccalli returned to Bergen op Zoom as Director of Marketing, and in 1990, became Managing Director of SPE. From

1993 to 1996, Beccalli served as President of GE Plastics Japan Ltd. He was appointed to his

current position in January 1997.

Beccalli earned a master's degree in chemical engineering from the Polytechnic of Torino in

Italy and has completed graduate work in business administration at Xavier University in

Cincinnati, Ohio.

Gursahaney joined GE in April 1993 as Manager, Corporate Business Development in Fairfield,

Conn. He joined GE Power Systems in 1994 as CIO and General Manager of the Decision Support

group and held several General Manager posts in the global parts sector. In 1997, he returned to

GE's Fairfield headquarters as Corporate Staff Executive. In 1999, Gursahaney was named Vice

President of Asia Service for GE Medical Systems-Asia. He was appointed to his current post in

October 2000.

Prior to joining GE, Gursahaney worked as a senior associate with Booz, Allen & Hamilton and as

an engineer with Westinghouse. He earned a bachelor's of science degree in mechanical

engineering from Pennsylvania State University and received his MBA from the University of

Virginia.

Podesta joined GE Plastics in 1983 as a Technical Marketing Specialist. In 1993 he was named

Automotive Sales Manager for the Americas operation. In 1996, he became Marketing Manager for

the consumer and electronics market. In 1997, Podesta was named Managing Director of GE Plastics Southeast Asia. He has been responsible for GE Plastics' e-business activity since 1999.

Podesta earned a bachelor's of science degree in plastics engineering from the University of

Lowell.

GE (NYSE: GE), with 2000 revenues of $130 billion, is a diversified technology, services and

manufacturing company with a commitment to achieving customer success. GE operates in more than

100 countries and employs 313,000 people worldwide. For more information, visit the company's

Web site at http://www.ge.com.

CONTACT:

General Electric Company, Fairfield

Gary Sheffer, 203/373-3476

KEYWORD: CONNECTICUT

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Denrich--Redux

I must respond to an attack on Denrich posted yesterday by "Name With Held," who claims,

"...Sadly, I was with AT&T Capital/Eaton when we purchased a huge amount of leases from Denrich

.... What a pile of junk."

1. Denrich, and the wonderful group of people there, wrote the book on how to properly do clean

small-ticket leasing.

2. Eaton, and later the "Eaton side" of AT&T Capital, wrote the book on sleaziness. Company

policy was to pile on volume,and then cover over last year's bad decisions with more garbage

this year. Those of us who were active in small-ticket in the eighties and nineties regularly

saw Eaton gobble up credits that any self-respecting broker would be embarrassed to present to a

funding source.

3. While I applaud your policy of respecting a writer's request for anonymity, and I understand

that there are times when the request is reasonable, those who would use that anonymity to issue

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Plastic Card Takes Over Sierra Cities

American Express Business Finance ( formerly Sierra Cities )

"Now that SierraCities is American Express, will they honor the reps and warranties on deals

that went bad where fraud and misrepresentations have occured? or will they continue to

stonewall or dodge any effort to have them live up to their promises?"

Name With Held

( a prominent funder )

+ + +

Concerning the following statement. Please tell me why this person needs to withhold his name.

If he works for the new AMEX Business Finance I assume he wants to be there and should be proud

that he can attach his name to it. If he doesn't work for them I don't see why he won't put his

name on. One of the reasons businesses and people fail is because they don't take responsibility

and they don't speak their minds. You can't move ahead and succeed if you are afraid of who you

are and what you think.

And you can put my name on this.

The meeting for Amex/First Sierra is over and the official name on the

business cards issued is "American Express Business Finance (A Division of

American Express Small Business Services does not appear on the business

card). Depping did not attend as you might guess. The sales reps were quite

impressed with the Amex personnel and approach to doing business. Looks like

they will be a real force in the leasing and debt consolidation markets.

name with held

Sincerely,

Deborah J. Monosson

President

BOSTON FINANCIAL & EQUITY CORPORATION

20 Overland Street

Boston Massachusetts 02215

617-267-2900

617-437-7601

Visit us at www.bfec.com

+ + +

I have to reiterate my comments of several months ago regarding American

Express. As you may recall I related the story about the Fair-isaac Client

Advisory board meeting where several of the participants rated AMEX as their

biggest competitor. I think that the anonymous writer is correct regarding

the potential threat that AMEX poses. I would however like to point out

that some of their strongest assets may also be their biggest weaknesses.

AMEX is ultimately responsible to its shareholders. They have had an

enormous advantage in that they have so many card carrying business owners

since they started down this road. Rockford Industries was a great

marketing organization. That company was started by some of the best pure

sales people I ever knew in this business. Rockford couldn't make it work

with the AMEX brand and, personally, I don't think the Sierra Cities sales

force would make a good patch on Rockford's proverbial behind.

What did they accomplish with this much ballyhooed automation model at

Sierra Cities? Nothing to speak of. I think they had a lot of people

buffaloed into thinking that they were a hugely successful Internet

marketing company. A lot of people who were in a position to know told me

it was nothing but a big drain on the company's resources. I guess I'm just

a little unclear regarding what the Sierra Cities automation model could be

bringing to the AMEX table. How much more automated can you get than having

the ability to swipe your Amex card and purchase right at the point of sale?

The customer is already approved, the vendor gets paid on the spot, and

there are no documents to sign unless you flip the purchase to their EFA

program. Even with a system this perfect they haven't been able to get the

numbers they wanted. Now we're supposed to be intimidated because those

hacks from Sierra Cities are selling that product. I'm quaking in my boots.

I, for one, will be loaded for bear if I run into them. I can also assure

the AMEX anonymous writer, who is so proud of "his quiver of unique arrows",

that we'll have a 50 Caliber Machine Gun aimed directly at his head. It

doesn't surprise me though, it's just like those Sierra Cities sales reps to

bring a bow and arrow to a gun battle.

Bob Rodi

drlease@leasenow.com

www.leasenow.com

1-800-321-LEAS (5327) x101

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JDR Capital--reaction

I have to comment on the "name withheld" commentary on the "Great ride" that

the writer of that piece had with JDR. Anyone who knows anything about this

business knew what JDR was even though they did have some good people. I

knew Larry Brittingham quite well as he worked for ALEX, inc. and LeaseNOW

for two years after he left Advanta and before going over to JDR. Larry did

not want to make the move with us to Pittsburgh although he was more than

welcome to. He was a good employee and I would hire him again although I

was quite surprised when he told me he was going to work at JDR.

in my opinion "Name Witheld" typifies the bigger problem in the broker

community. Take the path of least resistance and try to get somebody to roll

over and buy all of the crap deals you can generate at 20 points in

commission. Let's make it a challenge to see how bad a deal will get bought.

While we're at it let's make sure that we condition our vendors to think

that this is they way the equipment leasing industry works. While your at

it make sure that you create enough of a problem that potential funders on

the sidelines, who might actually be thinking of entering this business,

will be certain to back away. I know;the funding sources and the Super

Brokers call the shots and determine the credit philosophy. The brokers

don't make the credit decisions. The brokers just give them what they want.

Don't these people ever commit to a long term strategy that builds a

business around relationships?. No wonder third parties have such a bad

name in this business.

The attitude of this person is unbelievable. Imagine those poor bastards at

JDR wanting that broker to send them some decent deals after he funded

$400-$600 thousand a month worth of crap that he couldn't get bought

anywhere else. Why the unmitigated gall of those people at JDR. How dare

they ask "name with held" to send them some decent business and reward them

with a little loyalty when their program changed.

These are the same people that cry about ethics and unfair competition when

they're getting their asses kicked by companies that actually have a sales

strategy other than "let's throw all of this crap against the wall and see

what sticks". The good news is that these guys are running out of places to

go. The JDRs of the world are an endangered species. So are the brokers who

latch on to these types of companies like blood sucking leeches. JDR is no

great loss to the industry. I just hope that they take a good portion of the

suede shoe broker contingency with them. The whole industry will be better

off without them.

Bob Rodi

drlease@leasenow.com

www.leasenow.com

1-800-321-LEAS (5327) x101

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Certified Lease Professional

I would like to try for my CLP. Are there any study courses with sample tests that i can

order? I want to be the first in our company.

Wes Simkins

wes@piedmontleasing.com

Piedmont Equipment Leasing

( You want to go to: http://www.uael.org/institute/

The Institute for Leasing Professionals

or if you want to communicate with a live person, try: Cindy Spurdle

CWSpurdle@msn.com

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Canada April unemployment rate holds steady

By Irene Marushko

OTTAWA, (Reuters) - Canada's unemployment rate held steady at 7 percent in April, Statistics

Canada said on Friday, and 25,500 full-time new jobs were created -- far above the forecasts of

analysts.

Economists said the data showed the Canadian economy holding up well in the face of a slowdown

in the United States, and that would give the Bank of Canada a wider berth when it decides what

do to with interest rates on May 29.

"I think it's a blow to those who were seeing the bank (of Canada) as being behind the curve,"

said Mario Angastiniotis, senior economist at Standard & Poor's MMS.

"The Canadian economy is still showing resilience, so essentially the bank remains on track," he

said.

Analysts are divided on whether the bank will cut rates by 25 or 50 basis points, and they doubt

there will be any change in the three weeks before the meeting.

Stephen Poloz, chief economist for the Export Development Corporation, said the April jobless

rate reflected an economy on the upswing -- sure to play into the central bank decision.

"There could be a couple of things that could make them want to go the full 50, but they're

holding all the cards," Poloz said. "They could afford to be patient."

The data showed unexpected strength in full-time job creation -- analysts had expected 11,400

new jobs to be created. Part-time jobs were virtually unchanged, declining by just 300. The

manufacturing sector, unchanged in March, showed a gain of 300 jobs.

The Bank of Canada has cut interest rates far less aggressively than the U.S. Federal Reserve

this year, nudging rates down by one percentage point in three steps.

The Fed has cut rates by two percentage points this year, and most analysts expect it to trim

another 50 basis points off the Fed funds rate when it meets next week.

That would bring U.S. interest rates a full percentage point below Canadian ones.

Paul Ferley, assistant chief economist at the Bank of Montreal, said it was probable the bank

would cut again despite the positive job news.

"It's indicating that the domestic economy is probably offsetting the weakness that we're seeing

coming from the U.S. but the Bank of Canada may still be prepared to take out another insurance

cut to ensure that continues to be the case," he said.

"I still think we'll probably see some further rate cuts here in Canada as long as we still see

weaker numbers coming out of the U.S.," Ferley added.

Statscan noted that it was the second consecutive month of rising employment levels, after a

pause in January and a slight decline in February. Two-thirds of the job gains were in the

private sector.

The areas showing the greatest increases were in public administration, finance, insurance, real

estate and leasing sectors. Declines were greatest in the management and administrative sector

as well as in natural resources.

Many economists predict annual growth of 2.5-2.8 percent this year, down sharply from 4.7

percent in 2000.

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