“AMEX Business Finance announces the layoff of over 20 of the remaining 30

"The judge modified Kozlowski's bail restrictions so he could visit Colorado for four weeks - from Dec. 20 to Jan. 15. Kozlowski owns three properties near Vail in Eagle County, including a 17-room mansion, a ski resort condominium, and an undeveloped lot."

CSI Acquires German IT Lessor

Diversity Capital LLC adds John Dale as new Director

Infolease/American Lease Insurance/Northern Consulting

MB Financial to Acquire South Holland Bancorp

HPSC Conference Call Today/Reports 27% Increase in Net Income

CIT Changes Fiscal Year-End To December 31

Congress approves programs to improve cyber security

#### Denotes Press Release

Alexa Web Comparison Up-Date---tomorrow (with trends)

Pictures from the Past

1995

Warren Capital Corporation

Jeff Allard, Clay Stevens, Roger Wood

Warren Capital Corporation has provided in excess of

$200 million of long term financing for over 1,000 California

mid-market companies.

Classified Ads---Jobs Wanted

Maria Martinez-Wong Cleans up “Jobs Wanted”

Sales: Mission Viejo, CA

Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer base.

Email:makelly21@hotmail.com

Sales: Portland, OR

Account Exec. position based from Portland, OR originating and business with "middle- market" companies. Fifteen+ years experience in the Pacific Northwest. Have worked for bank and non-bank leasing companies. Email:markstu@msn.com

Sales Manager: Atlanta, GA

Professional. finance mgr. w/formal credit ed./ reg. vp/ secured/unsecured commercial loans/ direct end user network/equip. leasing/structuring small,mid,big ticket transactions. 10+ years NE & SE. Have vendor servicing w/existing and active network of accounts will bring with me. Email:AlanAustin2000@msn.com

Sales Manager: Seattle, WA

Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage. Email:markhenley@qwest.net

Sales Manager: New York, NY

I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc.. Email:rfleisher@rsrcapital.com

Senior Management: Long Island, NY

Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future. Email:bob33483@yahoo.com

( for full listing, please go to:

http://65.209.205.32/LeasingNews/JobPostings.htm )

-------------------------------------------------------------------------------------------

American Express Business Finance Layoffs

“AMEX Business Finance announces the layoff of over 20 of the remaining 30

employees within Diversified Finance (Formerly First Sierra) Brad Alexander

(known for his outrageous and very humorous adult entertainment antics in Houston upon his arrival) is also given notice of termination for his alleged lack of understanding and leadership of the business unit, “according to a highly reliable source.

“Tom Strain and Dan Dengate the last remaining managers have been terminated

as of December 13th. They may reapply for new positions but highly

unlikely they will be redeployed. AMEX Business Finance reported a dismal

$12,000,000 in small ticket originations in October down from a high of

$83,000,000 in October 1999.

“Mike Sheehan (sp)(Formerly from Rockford Industries) and Rich Tambour

(sp)(From American Express Corporate have appointed Rick Andersen (Formerly

from The Republic Group) as temporary Sr. VP. to help mastermind the

consolidation and realignment of the business unit to a National Vender

focus.

“Rumor to close all remaining (First Sierra Locations) is being discussed.

Third Quarter leasing operation reported to have a $26,000,000 loss

concentrated within the Private Label group built by the infamous Thomas

Depping.”

“Please do not disclose my identity. “

Name With Held

“Ric Andersen is very nervous because he is going to be in charge. He is very nervous that this may negatively impact his career.

“They also released the new comp. Plan today and it's all geared towards

major vender programs.

“The expected quota is $5,000,000 per Rep. per year. They will receive 1.5% of Equipment cost including their cell phone, car allowance and, draw, and salary. This means if they hit quota they will earn $75,000 and have to pay all their own expenses. Most of these guys are used to $125,000-$250,000 per year. They will not be able to make the adjustment.”

Name With Held

__________________________________________________________________

Have you heard anything about Citicapital, NJ?

“I am told that they have laid of a number of people and have just hired several security guards to patrol the offices. I don't know this for sure and

am sharing it with you for confirmation. If you chose to print this please do so without my name.”

Name With Held

Please send to a colleague as we are trying to build our readership

-----------------------------------------------------------------------------

ELA Releases: State of the Industry Report

### ######################## #######################\

The Equipment Leasing Association just released its State of the

Industry Report. In case you are wondering how certain financial

industries are doing in relation to the overall economy, leasing is

consistent with the current environment! The survey shows that the 2002

estimate for leases is $204 billion out of $655 billion in total new

business equipment investment. That figure is down from $216 billion in

equipment leases on $700 billion in new business equipment investment

for 2001. The projection for new equipment investment in 2003 is

slightly improved at $668 billion, of which $208 billion will be leased.

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

State of the Industry Report Shows Equipment Leasing Consistent With

Overall Economy

Slow Economy Causing Leasing Businesses to Create Greater Efficiencies

for Future Profitability

Arlington, Virginia-The Equipment Leasing and Finance

Foundation, a non-profit organization dedicated to enhancing recognition

and understanding of equipment lease financing, has released its 2002

State Of The Industry Report (SOI). The SOI report shows that while the

overall economy has affected the equipment leasing industry, renewed

industry emphasis on leasing basics is creating the groundwork for

profitability during future economic recovery.

"The key factor affecting 2002 leasing performance is the economic

recession of the U.S. economy," said Lisa Levine, Executive Director,

Equipment Leasing and Finance Foundation. "However, the overall view of

those interviewed for this report is that this is a good time to build a

leasing business. As one interviewee said, 'August 2003 will be much

different.' "

Most organizations are using lessons learned to concentrate on improving

credit quality, risk-based pricing and residual value management. They

are also looking to technology, particularly Web-based solutions and

applications systems integration to improve operational efficiency.

Investment in human resources is also a priority, with companies

adopting new recruitment and employee development programs.

Leasing continues to be the most widely used method of asset-based

financing in the U.S., accounting for approximately one-third of

external financing of total capital investment. Still, leasing volume is

in direct relation to business equipment investment. The 2002 estimate

for leases is $204 billion out of $655 billion in total new business

equipment investment. That figure is down from $216 billion in equipment

leases on $700 billion in new business equipment investment for 2001.

The projection for new equipment investment in 2003 is slightly improved

at $668 billion, of which $208 billion will be leased.

Among the report results from the three leasing market segments - Small

Ticket comprising transactions up to $250,000, Middle Market comprised

of transactions from $250,000 to $5,000,000 and Large Ticket for

transactions over $5,000,000-are the following:

* Small ticket leasing accounted for approximately 30% of the

total volume reported by all survey respondents with construction,

trucking and wholesale/retail among the key industries served.

* In terms of profitability, small ticket segment average pre-tax

income was 20.1% of revenues, higher than that of the middle market

(18.3%) and equal to that of the large ticket market.

* Although the middle market reported the lowest profitability of

the three market segments, it had the highest return on equity (18.7%)

* The middle market segment had approximately 46% of new business

volume coming from computer-related services, software and hardware,

indicating this segment is significantly affected by technology

spending.

* Large ticket leasing accounted for 45% of new business in 2001,

but it faces uncertainties caused by potential IRS rulings; economic

difficulties in two key segment industries, rail and airline; and

changes in off-balance sheet financing techniques.

The SOI also includes information by categories of independent, captive

and bank-affiliated leasing entities. In particular, the report cites

the emergence of bank lessors as having great potential to become

significant competitors in leasing. Bank lessors' funding, capital

access and cost-sharing advantages could create greater market

concentration than that of competitors.

"While we're in a challenging business climate, leasing equipment

organizations are taking this time to position themselves to take

maximum advantage of future growth opportunities," said Levine.

The SOI contains analysis of industry results, trends, developments and

future outlook for the equipment leasing industry. It was compiled using

information from the Equipment Leasing Association's (ELA) Survey of

Industry Activity, interviews, and independent economic data.

General public wishing a copy of the survey may visit

elaonline.com/library to download the pdf file.

For more information on the leasing industry, visit ELA online at

http://www.elaonline.com or check out ELA's informational portal for

financial decision-makers at http://www.leaseassistant.org.

About The Equipment Leasing and Finance Foundation

The Equipment Leasing and Finance Foundation is a 501c3 non-profit

organization established in 1989 by the Equipment Leasing Association of

America (http://www.elaonline.com). The Foundation develops and promotes

the body of knowledge to enhance recognition and understanding of

equipment lease financing. The Foundation's strategic objectives are to

maximize the role that equipment leasing plays in the world economy, and

to be the prime developer and disseminator of a body of knowledge of the

leasing industry. Visit the Foundation online at

http://www.leasefoundation.org.

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

---------------------------------------------------------------------------------

Rates fall in Treasury bill auction

By Associated Press

WASHINGTON (AP) Interest rates on short-term Treasury securities fell in Tuesday's auction to the lowest levels since 1958.

The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.190 percent, down from 1.410 percent last week. An additional $16 billion was sold in six-month bills at a rate of 1.225 percent, down from 1.395 percent.

The three-month rate was the lowest since Aug. 4, 1958, when the bills sold for 1.164 percent. The six-month rate was the lowest since the government began selling these bills on a regular basis in 1958.

The new discount rates understate the actual return to investors 1.211 percent for three-month bills with a $10,000 bill selling for $9,969.90 and 1.249 percent for a six- month bill selling for $9,938.10.

In a separate report, the Federal Reserve said Tuesday that the average yield for one- year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, dipped to 1.46 percent last week from 1.51 percent the previous week.

Fed: Americans borrowing even more, need cash

JEANNINE AVERSA

Associated Press

WASHINGTON - Many Americans, taking advantage of falling mortgage rates, took out even bigger

loans when they refinanced their home mortgages, the Federal Reserve reported Tuesday.

Economists say extra cash coming from the nation's refinancing boom has been one of the key forces helping to keep consumers - the lifeblood of the economy - spending this year, even amid the turbulent stock market, a stagnant job market, eroding consumer confidence and worries about a possible with Iraq.

The Fed, in its quarterly loan officers survey, found that almost half of the 48 U.S. banks that responded to this question said that between 20 percent and 40 percent of customers that refinanced their home mortgages over the last six month engaged in "cash-out refinancing," meaning they increased their loan balances at the time of refinancing. The Fed surveyed a total of 55 U.S. banks.

For customers who took out bigger loans when they refinanced, about 70 percent of banks said that the typical increase was between 5 percent and 15 percent of the original outstanding balance.

And, 82 percent of the U.S. banks surveyed said that the average home price in the markets that they serve had gone up "substantially" or "somewhat" in the last 12 months.

Economists say that rising home values has been another factor supporting consumer spending this year.

"However, many banks expect these increases to moderate or partially reverse over the next 12 months," the Fed said in its survey.

Overall, the Fed said that 90 percent of U.S. banks between August and October basically kept credits standards for home mortgage loans largely unchanged. But 10 percent of U.S. banks surveyed said they had tightened lending standards on residential mortgages over the past three months, "the highest share in the past decade," the Fed said.

On the business lending front, the Fed reported that both U.S. banks and foreign banks with U.S. operations continued to tighten up on their loan approval procedures