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October 12, 2012
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Daily news for the equipment finance sector

  Industry News 
  • Caterpillar names 2 group presidents, CFO
    Two of Caterpillar's group presidents plan to retire. Chief Financial Officer Ed Rapp will replace outgoing executive Rich Lavin as head of construction industries and growth markets. Jim Umpleby will replace Gerard Vittecoq as group president for energy and power systems, while Brad Halverson will become CFO. Bloomberg Businessweek (10/11), The Wall Street Journal (10/11) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • U.S. trade gap widened in August
    A 4.1% jump in the U.S. trade deficit in August from July suggests that already-thin U.S. economic growth didn't get any help from the trade sector in the third quarter. The latest trade balance was hurt by rising oil prices and an absence of global demand that reduced exports to their lowest level in six months. The Washington Post/The Associated Press (10/11) LinkedInFacebookTwitterEmail this Story
  • Analysis: Financial institutions face bewildering legal challenges
    Financial institutions can be prosecuted, sued or investigated from so many directions, sometimes simultaneously, that some banks have to practice more law than banking, according to The Economist. "To cope with the deluge of litigation, banks are falling over themselves to hire ex-regulators, feeding the idea that the law is too chaotic to be understood by anyone outside the system," the magazine noted. "Financial firms should of course be held to account when they do wrong. But there must be a better way." The Economist (10/13) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • List of "too-big-to-fail" institutions will grow, FSB says
    The Financial Stability Board says it supports broader rules for "too-big-to-fail" financial institutions, expanding the scope to include insurers and national banks. Chairman Mark Carney said an updated version of the list of affected institutions, based on end-of-2011 data, will be published in November. Bloomberg (10/11) LinkedInFacebookTwitterEmail this Story
  • TARP will cost $24B, CBO report says
    The final cost for taxpayers of the Troubled Asset Relief Program will be $24 billion, a reduction of $8 billion from original estimates by the Congressional Budget Office. The government's holdings in bailed-out banks that have been resold back into the market have turned a $21 billion profit as of the end of August, according to the Treasury Department. The Hill/On the Money blog (10/11) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • EverBank names Lisa Gabrielson as relationship manager
    Lisa Gabrielson has joined EverBank Commercial Finance as relationship manager for the health care equipment finance platform. She arrives from U.S. Bank, where she was senior regional sales manager in the bank's equipment finance division. Read more. LinkedInFacebookTwitterEmail this Story
  • TBF acquires charge-off portfolio
    TBF Financial won in an auction a commercial small-ticket portfolio from a bank that had $25 million in outstanding charge-offs on leases and loans. This was a new client for TBF. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Be your best from your desk -- 50% discount on ELFA Academy online courses!
    Learning has never been easier or more affordable! Sign up now for Fundamentals of Equipment Leasing and Finance, Financial Statement Analysis OR Should You Do the Deal: Case Studies in Equipment Leasing and Finance and receive 1/2 off your registration fees!

    Go to: www.elfaonline.org/Events/eLearning/
    To receive the discount on the Fundamentals course, enter the discount code: ELFAPROMO11. To receive the discount on the Financial Statement Analysis or Should You Do the Deal courses, enter the discount code: ELFACREDIT.
    For questions, contact Alexa Carnibella, acarnibella@elfaonline.org or 202/238-3416. LinkedInFacebookTwitterEmail this Story
  • October employer special: ELFA Career Center
    Calling all employers with positions to fill! During October only, you'll save 15% on a 30- or 60-day job posting at the ELFA Career Center. Pay only $254 for a 30-day posting -- 50% off the nonmember price! To take advantage of this special offer, visit the ELFA Career Center, create an account and post your job using promo code OctoberSpecial. You'll see results: In 2012, our job postings have received an average of 603 views per job and 15 "Apply" button clicks. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Children have never been very good at listening to their elders, but they have never failed to imitate them."
--James Baldwin,
American writer


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