| Daily news for the equipment finance sector |  |
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- GE deploys $2 billion in debtor-in-possession financing
General Electric deployed $2 billion in debtor-in-possession financing this year, and it proved a rich source of return. This kind of financing goes to companies that are restructuring through Chapter 11 bankruptcy or other methods. "Financing is available for good companies with bad balance sheets, and our in-depth knowledge of the bankruptcy code and restructuring finance allows us to quickly respond to borrowers," said Rob McMahon, managing director of restructuring finance at GE Capital. "This will be critical to more and more companies since the current pace of business bankruptcy filings will likely continue well into next year." The New York Times/DealBook blog
(11/12)
    
- Pandit says Citigroup trying to increase small-business lending
Citigroup CEO Vikram Pandit said the bank is working to increase small-business lending. "We're doing as much as we can. But we are not as large as some of the largest banks in the country. We have only about 1,000 branches around the country. And in those branches we are doing what we can to lend money to small businesses, medium-size businesses through our commercial-banking arm," Pandit said. The Kansas City Star (Mo.)
(11/12)
| Market Trends | | |
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- Construction market to inch toward recovery, forecast says
The construction industry will experience a slow comeback in 2010, according to a forecast by McGraw-Hill Construction. Most gains will result from comparison with the industry's dismal results in 2009. The value of construction starts will climb 11% next year compared with the 2009 level, which was down 25% from the previous year, according to the forecast. "This is not a booming market; it is just inching upward," said Robert Murray, McGraw-Hill Construction's chief economist. "At the very least, we are stabilizing after years of steep declines." Engineering News-Record
(11/11)
- Barclays' Diamond upbeat about economic outlook
Barclays President Bob Diamond said the economy has shown "good signs," and the outlook for the next six months is quite positive. "We are seeing a significant increase in business," Diamond said. "The effects of the stimulus are just kicking in." Further improvement is in store, in the short term, he said. But long-term issues such as the deficit, taxes and competitiveness still loom, he warned. CNBC
(11/12)
| Government & Regulatory | | |
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- FDIC to collect banks' insurance premiums in advance
The Federal Deposit Insurance Corp.'s board voted to require banks to pay their insurance premiums for the next three years at the end of this year. The FDIC will collect roughly $45 billion to cover the cost of expected failures. The move suggests that the FDIC expects many more banks to collapse. Sheila Bair, chairwoman of the FDIC, said she is pleased with "the industry's willingness to step up to the task." The Washington Post
(11/13)
- JPMorgan's Dimon: Banks should be allowed to fail
In a commentary, JPMorgan Chase CEO Jamie Dimon argues that the concept of "too big to fail" is fundamentally wrong. Banks should be allowed to fail, regardless of their size, he writes. But Dimon warns that breaking up large banks would mean a loss of competitiveness. "Scale can create value for shareholders; for consumers, who are beneficiaries of better products, delivered more quickly and at less cost; for the businesses that are our customers; and for the economy as a whole," Dimon writes. The Washington Post
(11/13)
| Best Practices | | |
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- 5 key habits of successful CEOs
To succeed in business, you've got to learn from those who've already made it to the top of the heap, writes Steve Tobak. The best CEOs have laserlike focus, a knack for surrounding themselves with successful people and a broad perspective of the whole company, Tobak notes. BNET/The Corner Office blog
(11/12)
| ELFA News | | |
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"Evidence for the Leasing Value Proposition"
The Journal of Equipment Lease Financing, the signature publication of the Equipment Leasing & Finance Foundation, published an article on the leasing-value proposition.
Academic research supports the notion that leasing preserves capital and lines of credit, provides tax advantages, and might offer advantages from transferring equipment residual risk to the lessor. Less clear, however, is whether there is support for off-balance-sheet financing as a value enhancement to lessees. "Evidence for the Leasing Value Proposition," by James Schallheim, may be downloaded from the fall 2009 issue.
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