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March 11, 2013
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Daily news for the equipment finance sector

  Industry News 
  • Analysis: Stress-test results differ from market indicators
    The Federal Reserve's most recent stress test indicates that Citigroup is safer than JPMorgan Chase. The result contrasts with credit ratings and prices for credit default swaps, which indicate JPMorgan is safer, and has some analysts questioning whether the test can accurately measure the safety of the biggest banks. "At the end of the day, there is a legitimate question about the ability of regulators to fully evaluate $2 trillion institutions because of the complexity and exposures they have," said Fred Cannon of Keefe, Bruyette & Woods. Reuters (3/9) LinkedInFacebookTwitterEmail this Story
  • Bill would permanently extend BABs, address subsidy rate
    Rep. Richard Neal, D-Mass., has introduced legislation that would make Build America Bonds permanent and gradually reduce their subsidy rate over the next few years. "As a former mayor, I know how important infrastructure tools are to lowering costs and making it possible for state and local governments to build and renovate schools, bridges, roads and hospitals -- and the Build America Bond program is at the top of the list in terms of its success," said Neal, a member of the House Ways and Means Committee. The Bond Buyer (free content) (3/8) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • U.S. corporations pay less tax by holding more profit offshore
    As U.S. companies' profit soars, more of the money is being kept offshore beyond the U.S. taxation jurisdiction, according to an analysis by The Wall Street Journal. Among 60 of the biggest corporations, profit kept abroad totaled $166 billion in 2012, in effect blocking the U.S. from taxing 40% of that money, according to the newspaper. The Wall Street Journal (3/10) LinkedInFacebookTwitterEmail this Story
  • Retail sales probably improved in February, economists say
    Economists say retail sales likely increased 0.5% last month, up from a 0.1% gain in January, indicating consumers have been little affected by higher taxes. The budget sequester, which took effect March 1, also is seen as no more than a minor factor. "Consumers aren't packing it in, that's for sure," said Mark Zandi, chief economist at Moody's Analytics. Bloomberg (3/10) LinkedInFacebookTwitterEmail this Story
  • IMF's Lagarde urges ECB to continue accommodative policy
    Christine Lagarde, managing director of the International Monetary Fund, says the European Central Bank should consider reducing interest rates as the eurozone continues to struggle. "Monetary policy should remain accommodative," Lagarde said. "We believe that there is still some limited room for the ECB to cut rates further." She also says the central bank could assist Portugal and Ireland in their attempts to return to international bond markets. Bloomberg Businessweek (3/8) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • Sen. Brown focuses bill on limiting bank size
    The Safe, Accountable, Fair & Efficient Banking Act "is complementary" to the Dodd-Frank Act and is designed to "place sensible limits" on the amount of debt one financial institution could take on, says Sen. Sherrod Brown, D-Ohio. "I am not proposing that every bank be limited to $500 million in assets," he said. "As a result of my legislation, $2 trillion megabanks would be about $1.2 trillion." The Washington Post/Wonkblog (3/9) LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • ELFA Legal Forum will provide a comprehensive overview of legal issues
    No other conference provides the scope of information on legal matters pertaining to the equipment-leasing and -finance industry than the ELFA Legal Forum. This event, scheduled May 5 to 7 at the Francis Marion Hotel in Charleston, S.C., is the one program that lawyers serving this industry cannot miss. Sessions on the agenda include:
    • Top 10 litigation issues.
    • Basic understanding of the Uniform Commercial Code.
    • Jury selection.
    • Bundled transactions.
    • State and local government leasing.
    • Bankruptcy.
    • Syndication.
    • Economics of lease financing.
    • Cross-border transactions.
    • State law update.
    • Vendor programs.
    • Regulatory compliance.
    • Legal update.
    Review the agenda and register.

    Make a hotel reservation before the April 3 cutoff. LinkedInFacebookTwitterEmail this Story
  • AGLF/ELFA Public Sector Finance Forum will offer municipal-leasing courses
    AGLF/ELFA Public Sector Finance Forum
    May 8 to 10
    DoubleTree by Hilton Hotel Chicago -- Magnificent Mile

    Is your bank or organization interested in municipal leasing but not sure where to start? Then ELFA and the Association for Governmental Leasing and Finance's conference scheduled May 8 to 10 is for you! Hosted at the DoubleTree by Hilton Hotel Chicago -- Magnificent Mile, the event will teach you how municipal deals are structured, how credit is reviewed and the ins and outs of municipal leasing in general. Find out whether municipal leasing is an asset you can use to expand your bank or organization's portfolio. Two of our many sessions: "The Basics of Municipal Leasing" and "Wanted: Community Banks! How Municipal Leasing Can Benefit Your Bank's Portfolio."

    View details and register. LinkedInFacebookTwitterEmail this Story
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