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November 16 ,2001 Music—You can turn off by going to the player on the lower left side above the virus center. You can turn the music off on your computer via you speaker icon on your tool bar, program, control panel. You can manually turn down or off the music with your volume control on your computer or speaker. Headlines--- Toshiba Zero % Lease/No Payments for 90 days, too!! Subprime Lenders Targeted by California State Investigators! Providian hit hard by Wall Street!, Closes Facility, Cuts Staff BancWest Corporation Declares Di
Bill Gates touts Xbox at its worldwide launch D&B
and LiveCapital Partner To Provide Credit Automation
Solution with D&B and LiveCapital McCue
Web Tools plus LeasePak Retail sales soar by record 7.1 percent in October Electronic payments gaining on check use Sterling Bancorp Increases Its Effective Annual Dividend 24%
KeyCorp Announces Regular Quarterly
Dividend
Santa Clara Chooses Procure+ 6.5 From ePlus Good News:
October home sales fall but signs point to rebound
Bad News: Employers Cutting Bonuses, Delaying Pay Raises
Special: Equipment Leasing Association Thursday Newsletter Highlights Friday---Odds and Ends Beaujolais Nouveau arrives ### denotes press release ____________________ #### #############################
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Toshiba
Offers Zero Percent Leasing For Up to 30 Months With 90-Day Payment
Deferment
IRVINE,
Calif. Low
Rates Matched With 90-Day Payment Deferment Option
Toshiba
America Information Systems Inc. (TAIS), today announced affordable
lease offerings to SMB customers that make this the best time ever
to obtain new Toshiba notebooks, servers, desktops and accessories.
Available
immediately through Toshiba Financial Services, the new EasyLease
finance options offer Toshiba customers zero percent financing with
90-day payment deferment for equipment leases of 24 or 30 months.
"Leasing
is an ideal solution for SMB customers looking to grow their business
without making significant investments in technology infrastructure,"
said Robert Baker, national program manager for Toshiba Financial
Services. "Toshiba's
new EasyLease offerings allow customers to enjoy new Toshiba products
without tying up their capital and accruing severe interest costs.
We're making it easy and affordable for SMB customers to upgrade their
technology and ring in the new year one step ahead of the competition."
Toshiba's
EasyLease program offers customized financing options designed to
meet the unique requirements of SMB customers. The zero percent offer
is a fair market value (FMV) lease available for either 24 or 30 months
with an unprecedented 90-day deferred payment option. The
minimum order to qualify for this lease is $3,000; maximum order is
$100,000 through resellers and $50,000 through shoptoshiba.com. Upon
completion of the lease agreement, customers have the option to purchase
the products at fair market value, extend the lease for fair market
value or return the equipment. Applying for the new zero percent interest EasyLease can be done directly through Toshiba by visiting www.shoptoshiba.com, or through a local authorized Toshiba reseller. For more information on EasyLease, as well as additional Toshiba Financial Services programs, call 800/207-8362. ( courtesy ELAonline.com ) #### #################################### ############## _________________________________________________________________ Funding Tree/Growth 1, Southern California Thank you readers for information you have supplied. We are working on this story, seeking a comment from Kendra Bernal Subprime
Lenders Targeted by California State Investigators by
James P. Sweeny Copley
News Service SACRAMENTO
-- State attorneys have accused two of California's largest subprime
lenders of systematically collecting millions of dollars in illegal
fees and charges from largely poor and minority customers. Household
Finance Corp. of California and its subsidiary, Beneficial California
Inc., have admitted more than 36,000 violations of state law in connection
with audits performed last year, according to a lawsuit filed by the
state Department of Corporations. A
sting conducted by state investigators, however, suggests the number
of violations may be much higher, a state official said. The state
is seeking an $8.6 million penalty, plus reimbursement of victims.
The
lawsuit called the lenders' conduct "purposeful, persistent and
obstinate . . . representing, at best, plain indifference,
and, at worst, intentional disregard" of state law. The
legal action is believed to be the first of its kind filed by any
state against Illinois-based Household International, the parent company
of Household Finance and Beneficial and the nation's second largest
consumer finance company. State
investigators have been tracking what they considered a pattern of
illegal practices at the Household's California offices since at least
1998. "Three
years ago, the Department of Corporations directed Household Finance
to stop charging excessive administrative fees," said Corporations
Commissioner Demetrious Boutris. "Not only did Household fail
to comply, but it began practicing even more abusive lending procedures
and passed these practices on to . . . Beneficial."
The
lawsuit, filed quietly on Friday in Los Angeles, caught Household
by surprise. "We
recognized there was a problem when the department brought it to our
attention" after the 2000 audit, said Megan Hayden, a Household
spokeswoman. "Following their instructions, we not only refunded
the customers who were affected but also put the necessary technological
and human controls in place to make sure that would never happen again."
Household
has returned more than $1.6 million to its customers since last year.
Overcharges range from as little as $1.10 to nearly $4,800 in one
case. Subprime
loans come with higher interest rates and serve a clientele that often
has a spotty credit history. Last year, Household and Beneficial wrote
nearly 237,000 such loans, valued at $1.7 billion. The
illegal charges include excessive administrative, recording and late
fees, as well as improper prepayment penalties. The state limits administrative
fees to $50. Household and Beneficial charged some customers $75.
Rather than maximum late fees of $15, the companies allegedly assessed
15 percent penalties. The
audit done last year found that Household continued to assess illegal
charges noted three years earlier, and had extended the practice to
Beneficial, which it acquired in 1998. In
addition, Beneficial was "routinely selling credit and involuntary
unemployment insurance to borrowers who did not qualify for them because
they were in the armed forces or their income was from sources other
than employment," the suit stated. Household
is subject to a state review every two years. After initial problems
were identified, the state ordered the corporation to audit itself.
Household later reported finding more than 36,000 violations. But
the state had deliberately withheld information on eight accounts
in which it had found violations. Of those, only two were reported
in Household's self-audit, the lawsuit contends. Household
has been the top target of a national campaign waged by a grass-roots
organization known as ACORN, or the Association of Community Organizations
for Reform Now. "One
of their biggest problems is hiding what the real terms and conditions
are of their loans," said Clare Crawford of the organization's
San Diego office. ACORN released a report yesterday that said
predatory lending has skyrocketed nationwide. Last year in California
alone, such practices cost homeowners nearly $600 million, the group
estimated. _________________________________________________________________________
#### ############################# #################### BancWest Corporation Declares Divident
(NYSE: BWE) today announced that a quarterly dividend of 19 cents per share
will be paid December 14, 2001, to holders of record of its common stock as of
November 30, 2001. This represents no change from the previous quarter.
With respect to future dividend payments, the merger agreement between
BancWest and BNP Paribas provides for payment of a pro-rata dividend to
BancWest stockholders based on the number of days from the latest record date
(November 30, 2001) through the day before the actual closing date of the
transaction.
BNP Paribas has agreed to acquire the 55% of BancWest stock it does not
already own for $35 in cash per share. The transaction has been approved by
BancWest shareholders, but remains subject to approval by the Federal Reserve
Board, and expiration of a mandatory 15-day waiting period thereafter. The
parties expect to complete the transaction in the near future.
BancWest Corporation is a bank holding company with assets of
$19.8 billion. It is headquartered in Honolulu, Hawaii, with an
administrative headquarters in San Francisco, California. Its principal
subsidiaries are Bank of the West (193 branches in Northern and Central
California, Oregon, New Mexico, Nevada, Washington state and Idaho) and First
Hawaiian Bank (56 branches in Hawaii, two in Guam and two in Saipan #### ######################## ############################### Our Webmaster Carl Moberg
went to the Comdex Show in Las Vegas, Nevada;
drove from Silicon Valley. Arrived at Casesr’s without a
reservation, but got an excellent room for $79. Last year, he reported it was standing room
only for Bill Gates. This
year, he was late, but sat in row 14.
Not many new developments
he reports, but said everyone was calling the Comdex show
the ComX Show because all everyone heard about
was: Bill
Gates touts Xbox at its worldwide launch
By
Matt Moore, Associated Press, NEW YORK (AP) Microsoft
Corp. revved up its publicity machine to unveil the Xbox Thursday,
whetting the public's appetite for the new device amid what may be
the fiercest competition for the home video game market in years.
Within the confines of
Toys R Us' flagship store in Times Square early Thursday, company
chairman Bill Gates touted the Xbox as a gameplayer's dream. ''We were going out and
talking to the gamers about what they want,'' Gates said, to a roomful
of buyers who waited in line some all night to be the first to get
their hands on one of the 1,000 consoles shipped to the store, which
doesn't officially open until Saturday. Jimmy Keethe, a teen-ager
from Cliffside, N.J., said the Xbox is what he wants. ''It's got great graphics.
You can actually see the football players sweat,'' he said, referring
to ''NFL Fever 2002,'' which is one of 15 games available for the
Xbox. Gates said as many as
30 games will be available for the holiday season, but conceded the
demand for the consoles may outpace the supply. ''Tonight we think we
brought a lot of Xboxes here and tonight is probably the only night
for a long, long time where everyone can get an Xbox,'' he said. Microsoft expects to
make and sell 1.5 million consoles by the end of the year, but Gates
said ''we expect to be in pretty short supply'' because of consumer
demand. The $299 console, which
is the only one with a built-in hard drive and a plug for high-speed
Internet access, went on sale Thursday morning at 10,000 retailers
nationwide. Xbox will be battling it out this holiday with Nintendo's $199 GameCube, which is due out in stores on Sunday. The hot entries, their near simultaneous launch a first for the $20 billion video game industry, enter a free-for all competition with the reigning leader Sony's Corp.'s year-old PlayStation2, which also retails for $199 Live Capital I thought you would be interested in our news: D&B and LiveCapital are co-marketing and selling LiveCapital's DecisionExpressTM with D&B's global business database, enabling large enterprise customers to confidently automate credit decisions. The companies are acting as preferred providers, recommending each other's products and services. Please feel free to call me with questions, or to set up a time to speak with Mike Grossman, LiveCapital's CEO. Regards, Kathy Finnegan LiveCapital _____________ ph: 650-350-3642 fax: 650-401-3636 ### ################################ ##################################### D&B and LiveCapital Partner To Provide Credit Automation SolutionLiveCapital’s DecisionExpress Ideal for Enterprise Customers, Expands D&B’s Risk Management Solutions Murray
Hill, NJ and San Mateo, CA. –
D&B (NYSE: DNB), the leading provider of global business information
and technology solutions, and LiveCapital, a leader in business credit
automation, today announced an agreement to co-market DecisionExpressTM,
LiveCapital’s flagship product, with D&B’s global business
database. The new joint solution will initially be targeted
to accounts within D&B’s global customer base to enable customers
to confidently automate credit decisions.
D&B and LiveCapital will act as preferred providers, recommending each other’s products and services to customers. “DecisionExpress complements and expands D&B Risk Management Solutions which help customers increase profitability by managing credit exposure and transaction risks. This solution will help our global customers make more confident decisions,” said Larry Kutscher, president of D&B E-Commerce Solutions. “Our solutions are an integral part of our customers’ decision-making processes, which enhances our core business, a key element of our Blueprint for Growth strategy.” “DecisionExpress
enables our credit decisions to be made in real-time, and we are able
to authorize new customers quickly,” said Bob Dryburgh, President
of Straightline, a new steel distribution business and a division
of United States Steel LLC. “DecisionExpress, coupled with D&B
information, automates our decision criteria and streamlines our credit
process, giving us fast results. We’re very pleased with LiveCapital’s
responsiveness and the immediate benefits realized from the addition
of D&B information into our decision making process.” DecisionExpress
automates each customer’s unique process, providing access to D&B
business credit information, third party consumer credit data and
information from the customer’s internal CRM and ERP systems. Installation
includes the integration of D&B information, other data sources,
D&B and custom scorecards, and configuration of decision criteria
and workflow needed to support the credit process. The result is a
credit automation and management system that provides real-time, flexible
decisions using each customer’s unique data, scorecards and rules.
“We
chose to partner with D&B because the company maintains the world’s
premier business database, has an unparalleled understanding of risk
management and customers’ needs, and an established, global distribution
channel. Partnering with D&B
to offer this joint solution will help LiveCapital to increase our
customer base and to establish DecisionExpress as a leading credit
automation solution for large enterprises,” said Mike Grossman, CEO
of LiveCapital. “D&B’s
selection of LiveCapital as a preferred technology partner is an endorsement
of DecisionExpress and its suitability for enterprise customers.” # # # About D&B
D&B
(NYSE: DNB) provides the information, tools and expertise to help
customers Decide with Confidence. D&B enables customers quick access to objective,
global information whenever and wherever they need it. Customers use D&B Risk Management Solutions
to manage credit exposure, D&B Sales & Marketing Solutions
to find profitable customers and D&B Supplier Management Solutions
to manage suppliers efficiently.
D&B’s E-Commerce Solutions are also used to authenticate
and verify potential trading partners online, increasing trust and
confidence in e-commerce transactions. Over 90 percent of the Business
Week Global 1000 rely on D&B as a trusted partner to make confident
business decisions. For more
information, please visit www.dnb.com. About LiveCapital
LiveCapital
is a leading provider of credit automation products to Fortune 1000
companies. The company's flagship product, DecisionExpress, automates
the credit approval process to speed sales and reduce operational
costs. Privately held and headquartered in San Mateo, California,
LiveCapital has facilitated the approval of over $6.0 billion in business
credit, enabling real-time credit approval for industry leaders including
United States Steel LLC, John Deere and Autodesk. Investors include
D&B, Kleiner Perkins Caufield & Byers, XL Capital Corporation,
Gotham Partners, Red Rock Ventures, Irwin Ventures and InterWest Partners. For more
information, please visit www.livecapital.com. #### ############################################### ############## LeasePak Web Tool Improves Deal
Flows for Lessors, Dealers, Vendors
New
Tool Reflects Growing Importance of Partnerships with Lessors’ Dealers
and Vendors BURLINGAME, CA, -- McCue
Systems has enhanced its LeasePak lease-management system to improve
the efficiency of deal flows between lessors and their growing networks
of dealers and equipment vendors. The new product module was unveiled
at this year’s Equipment Leasing Association (ELA) annual meeting.
“To boost competitiveness,
lessors are aligning strategically with dealers and vendors for increasing
numbers of small- and mid-ticket lease originations,” says John McCue,
CEO and founder of McCue Systems. “This new LeasePak module, LeasePak
DV, reflects this trend.” “LeasePak DV enables
lessors and originators to participate in processing their transactions
together. It improves the efficiency of deal flows since a lessor
can begin credit investigation upon receipt, bypassing the need to
set up the application in a workflow system,” adds McCue. “LeasePak
DV also gives dealers and vendors greater control over their transactions,
which helps lessors strengthen their relationships with these originators.
We believe this will ultimately translate into higher volumes for
participating lessors.” A ‘Gateway’ to Lease
Originators
Dealers and vendors also
can view their transactions (inquiry mode only) in real time to determine
status. Lessor representatives can open transactions as necessary
for dealers and vendors to input additional information. When processing
resumes, the transactions revert to view-only access for dealers.
The software was made
available October 26, 2001. About McCue Systems
The leasing experts at
McCue Systems work closely with lessors to put the company’s 30-years-plus
of leasing expertise to work, to streamline lease operations and enhance
customer retention at every stage of the lease lifecycle. Clients include Banc
One, M/C Leasing, Volkswagen Credit, Bank of Hawaii, Bank of Tokyo/
Mitsubishi, Cisco Systems, ORIX / Australia and KeyBank. See www.mccue.com for more information about the LeasePak
lease management system and the company’s comprehensive range of consulting
and technology services. McCue
Systems, Inc.’s LeasePak® lease management system now enables leasing
companies to improve their customer service with a lessee self-service
solution, MyLeaseOnline. This technological advance represents the
leasing technology industry’s first technology to support lessee self-service
access to real-time account information via the Web or wireless PDA.
The
remote access to account information is available 24x7 and meets banking
industry standards. Transmissions are sent via 128-bit encryption
and are further secured through log-in and password protection. MyLeaseOnline
is just one of a suite of new e-Leasing products from McCue Systems
that were unveiled at this year’s Equipment Leasing Association (ELA)
Annual Meeting. The company’s newly-enhanced eCommerce platform
not only supports lessee self-service but also gives lessors the flexibility
to provide vendors and dealers and field sales force personnel access
to lease account data via the Web or wireless PDA. “We
are very excited to be the first technology provider in our industry
to offer the tools that lessors need to provide a new standard of
customer service via the Web,” said John McCue, CEO and founder of
McCue Systems. “Our customers in the leasing and manufacturing industries
are looking for new ways to use the Internet as an information delivery
tool and transaction medium. Our technology will help LeasePak® users
achieve differentiation through superior customer service and responsiveness
to customer needs,” McCue adds. The
software was made available October 26, 2001 About
McCue Systems The
leasing experts at McCue Systems work closely with lessors to put
the company’s 30-years-plus of leasing expertise to work, to streamline
lease operations and enhance customer retention at every stage of
the lease lifecycle. Clients include Banc One, M/C Leasing, Volkswagen Credit, Bank of Hawaii, Bank of Tokyo/ Mitsubishi, Cisco Systems, ORIX / Australia and KeyBank. ( courtesy of ELAonline.com
) ##### ############################# ________________________________________________________________ Retail sales soar by record 7.1 percent in October; sales of cars lead the way JEANNINE AVERSA, Associated Press Writer WASHINGTON (AP) – Consumers, drawn by favorable financing and heavy discounting, boosted retail sales in October by 7.1 percent, the biggest one-month gain ever recorded. The jump in sales at the nation's retail stores came after consumers cut back on their spending in September, pushing sales down by 2.2 percent, the Commerce Department reported Wednesday. Much of the strength in the October retail sales report came from a record 26.4 percent increase in car sales, which have been boosted by zero-percent financing and other incentives. Consumers, whose spending accounts for two-thirds of all economic activity, have been a main force keeping the economy out of recession. But economic fallout from the Sept. 11 terror attacks have probably made a recession this year unavoidable, economists say. In an effort to prevent the economy from sinking deeper into recession, the Federal Reserve has cut interest rates 10 times this year, with three of the reductions coming after the attacks. Congress, meanwhile, is working on a plan to stimulate the economy through new tax cuts and increased government spending. Commerce Secretary Don Evans, in an interview, called October's retail sales report encouraging. "It is a sign people are going to malls, shopping and participating in this economy," Evans said. "But we still have a long way to go." The economy is very weak, underscoring the need for Congress to quickly pass a balanced plan to revive the economy, he said. White House spokesman Ari Fleischer also cautioned against reading too much into October's retail sales numbers. "Those particular numbers -- a big part of that was a result of auto sales that were tied to zero percent interest rates," he said. "So I think it's too soon to judge any long-term conclusions from it." The economy shrank at a 0.4 percent rate in the third quarter and many economists are predicting an even bigger drop in the current quarter, thus meeting a common definition of a recession: two consecutive quarters of declining economic output. With unemployment rising and fears about anthrax in the mail and further terror attacks, economists worry that consumers might pull back, making the economy even weaker. Still, economists are hopeful that the Fed's aggressive rate cuts along with the economic stimulus being contemplated by Congress will lead to a rebound next year. On Wall Street, the strong retail sales report lifted blue-chip stocks. The Dow Jones industrial average gained 30 points in afternoon trading. To revive sagging sales, retailers have heavily discounted merchandise and offered other incentives. Car makers and dealers have provided free financing, which was a big factor in soaring car sales last month, economists say. The 26.4 percent jump in car sales in October followed a 4.5 percent decline in September. Excluding car sales, overall retail sales in October rose by 1 percent. Sales at clothing stores increased by 6.9 percent, erasing a 5.9 percent drop in September. At building and garden supply stores, sales rose by 2.8 percent in October, after falling by 2.6 percent. At health and beauty stores, sales went up by 1.7 percent, after a 0.3 percent rise. Sales of sporting goods, books and music rose by 3 percent in October, following a 2.2 percent decline. Sales of electronics and appliances rose by 0.7 percent, after a 1.4 percent drop. Bar and restaurant sales grew by 1.4 percent, a month after falling 2.5 percent. Sales at furniture and home furnishing stores, however declined by 0.5 percent, after an even bigger 4.2 percent decrease. Sales at gasoline stations fell by 6.4, reflecting lower prices at the pump, following a 2.8 percent increase. The 7.1 percent increase in total retail sales in October was the largest since the government began keeping retail sales records under the current classification system in 1992. Last week, the nation's biggest retailers reported generally disappointing sales. But discounters and other value-oriented stores continued to be the beneficiaries of consumers' frugality Electronic payments gaining on check use as Americans turn to credit, debit cards By Jeannine Aversa ASSOCIATED PRESS WASHINGTON – Americans' use of credit cards, debit cards and other electronic payments is gaining fast on traditional checks. Consumers and businesses write 49.1 billion checks a year, an increase of 53 percent from 32 billion of 1979, the Federal Reserve said in studies released Wednesday. Over the same period, the number of transactions involving electronic payments, including credit cards and debit cards, rose from 5 billion to 30 billion, an increase of 500 percent, Federal Reserve officials said. A very small portion of the transactions involved payments over the Internet. "We believe the results clearly paint a picture of a payments system in migration," said Fed Vice Chairman Roger Ferguson. "The data show strong growth in electronic payments since the early 1980s and lower than expected check volumes." The big jump in electronic payments reflects the ever-increasing role of technology in the retail, financial and banking businesses, economists said. "Businesses have adopted technologies that have made it more convenient for consumers to purchase goods," said Richard Yamarone, economist at Argus Research Corp. "Rather than writing a check, which can require several forms of identification, a cumbersome five-minute process, consumers can swipe a card." To some extent, Americans are feeling more comfortable about using certain electronic payment options, such as debit cards, Yamarone said. Checks now account for roughly 60 percent of all payments in the United States that do not involve cash, compared with 85 percent in 1979. Electronic payments account for 40 percent of total noncash payments, compared with roughly 15 percent in 1979, officials said. Fed officials pointed out that in 1979 debit cards did not exist and a national network of electronic clearinghouses, called the Automated Clearing House, was in its infancy. That network is mostly used for moving income payments, such as preauthorized payroll checks, but also for debit payments, including mortgage payments. "We clearly see that electronic payments are taking a strong hold of the market and are poised for significant growth in the next few years," said Cathy Minehan, president of the Federal Reserve Bank of Boston. Other findings from the Fed's studies: –Consumers write about 50 percent of all checks and businesses receive about half of all checks. About one-quarter of the checks are written to pay bills. The second biggest use – 19 percent – is for a purchase. –The average check value is $965, compared with $757 in 1979. –The 49.1 billion checks currently written are worth nearly $48 trillion a year. That is up 32 billion checks valued at $24 trillion in 1979. –The 30 billion electronic payment transactions in the United States have a value of more than $7 trillion. Credit card transactions represented about half of those electronic payments – 15 billion – worth $1.23 trillion. Debit cards came in second place with 8.3 billion transactions valued at $348 billion. Approximately 1,300 financial institutions, including banks, thrifts and credit unions, responded to the Fed's three commissioned surveys that examined methods and volumes of retail payments. The Fed said the surveys were the most comprehensive look into the payments system since a 1979 study. The Fed plans additional studies on the topic every two to three years.
On the Net: Federal Reserve: www.federalreserve.gov Friday---Odds and Ends Copier Leasing---- I loved the copier leasing one! But he forgot that the deal had to be funded tomorrow! Frank Latourell fml@ravefinancial.com ~~~ Back to Vendor/Salesman SPIFFS. I have several thought that I want to share. First of all, American Express is offering up to 15 points! I am originally from Pennsylvania and during the late 60's and early 70's Disc Jockeys for radio stations in the Philadelphia area were rewarded by record companies were REWARDED for playing certain songs by certain artists, with money, cocaine and prostitutes. This was the PAYOLA scandal and is very illegal in Pennsylvania. I was warned by an Attorney friend of mine from Pennsylvania that SPIFFS to salesmen and Vendors in Pennsylvania could fall into this category! Secondly, when you use a SPIFF to get business from a salesman or vendor, you have the same problem that governments encounter when using mercenaries to fight a war. Mercenaries have been known to switch sides in a war, when offered higher pay by the other side. SPIFFS just make a WHORE relationship with the vendor or salesman, who will abandon you when someone offers a larger SPIFF. You worked for your commission; don't give it away. If you want to do volunteer work, the Salvation Army is recruiting! Lastly, SPIFFS just keep salesman and vendors in business who can't sell. As Darwin proved, the fit survive! Most Vendors work on margins of 30%* or |