Comments on Christopher Menkin's articles RSS Syndication from SeekingAlpha.com http://seekingalpha.com/author/christopher-menkin/articles http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-719411 719411 Sun, 18 Oct 2009 11:46:13 -0400
Furthermore, I knew two good people chasing a fruitless dream die on a Florida beach. Silver State Helicopters was in a commission of a crime during this and many other fatal accidents. Jerry and his cronies along with all that distributed student loans against legitimate lending guidelines need to be held accountable.]]> http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-716645 716645 Thu, 15 Oct 2009 14:47:08 -0400 ]]> http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-716621 716621 Thu, 15 Oct 2009 14:35:02 -0400 http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-716551 716551 Thu, 15 Oct 2009 13:44:22 -0400
As a former CIT employee, I know Peek was horrible. More interested in moving from NJ to NY wearing a CEO badge then running the company. Any how about the 2.1 billion taxpayer TARP money he lost. Also rarely mentioned, is all the jobs that have been sent overseas, with no real savings to the company. And as others have said, he will be handsomely rewarded for ruining the company and make many people's live pure misery and the end of his reign of arrogance and incompetance.

Could this have been written by his wife? Do a search on TARP wife to see how these people think. ]]> http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-716243 716243 Thu, 15 Oct 2009 10:03:11 -0400
" ...Far from being out of ammunition, the government still has about 75 percent of the $787 billion Congress appropriated to spend during the next two years." -- Slate.com

Hopefully that the government will recycle the returned TARP funding towards revitalization of the securitization market and muni bond insurers like ABK and MBI, and perhaps also other second tiered financial institutions like Etrade and the CIT Financial Group.
]]> http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-716132 716132 Thu, 15 Oct 2009 08:49:49 -0400 http://seekingalpha.com/article/166574-cit-group-to-move-on-after-peek?source=feed#comment-715933 715933 Thu, 15 Oct 2009 01:42:06 -0400
I want a job where I can bury a company in hugh debt and be generously rewarded for it.
]]> http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-555654 555654 Sat, 20 Jun 2009 20:45:09 -0400 http://seekingalpha.com/article/117933-marlin-shuts-down-broker-division?source=feed#comment-497531 497531 Sun, 10 May 2009 09:36:53 -0400 http://seekingalpha.com/article/124696-marlin-business-services-good-investment-despite-layoffs?source=feed#comment-463588 463588 Tue, 14 Apr 2009 22:14:40 -0400 http://seekingalpha.com/article/91712-resource-america-leaf-to-close-former-pacific-capital-location?source=feed#comment-463586 463586 Tue, 14 Apr 2009 22:11:41 -0400 http://seekingalpha.com/article/128189-the-650-billion-leasing-industry-has-dramatically-changed?source=feed#comment-451850 451850 Sat, 04 Apr 2009 15:28:47 -0400
Back to the Future
by Christopher Menkin


I feel like the guy in the old joke of getting the elephant to move, as several readers thought I was being "overdramatic" in the conclusion of my article in Wednesday's edition,"$650 billion Leasing Industry has dramatically changed:

"2009 will see more leasing companies folding and more leasing brokers leaving the marketplace. The good old days of leasing being 'easy money' will soon be a memory.

Remember me?

The preface was longer than I wanted and perhaps appeared to be a quick history of leasing that ran from the 1960's, showing the changes in the industry until today. The crux was that securitization of portfolio's is not only is it drying up, it has dried up. The DZ Bank exit was a very good example. Those who grew their marketing companies based on this will not be around in 2010, maybe sooner.

You need equity and banks loans again to be a lessor. Back to the future!

Banks are NOT looking for portfolios. It is the opportunistic unregulated companies that are seeking those out. Most portfolios sales now come with a significant (or at least a portion) of delinquent or defaulted accounts. This is not an area where banks excel. Banks are selling to raise cash in order to keep or get their ratios at the required levels (loan to deposit, etc). The securitization market (where banks provided most of the funds as a pure lender) has dried up as banks simply don’t have the liquidity to lend into these environments and the credit quality of the typical end lessee and the guarantors have deteriorated to the point where the risk associated with the portfolio credit quality doesn’t meet bank lending criteria.

You need to keep in mind that banks loaned at low costs into these structures as there was little perceived risk as the loans were primarily GUARANTEED by a high quality insurance company. (AIG, AMBAC, etc). With these guarantors out of the market or simply becoming a risky credit themselves there is nothing to keep new securitization portfolios bankable from a credit perspective. Companies that are now purchasing existing portfolios do indeed make money off the late charge provisions in the leases as lessees are slower to pay now. This is mitigated of course with the losses from contracts that default in the portfolio which surely will happen.

There is surely money available if you have a good track record and you want to pay for it.

The trick today is to purchase a portfolio at a big enough discount so as to be able to absorb the 'sure to come losses' and enjoy the late fees and high yields which come from purchasing the portfolio well under par.

Those with the cash, who have investor partners, who have the gold to make the rules, they will not only survive in this environment, they will win the deals with profitable margin and great success.

Now is the time to really get serious, read more, attend conferences, even take some college courses, learn, as the next few years will not be easy in the leasing and finance industry.

]]> http://seekingalpha.com/article/128189-the-650-billion-leasing-industry-has-dramatically-changed?source=feed#comment-442892 442892 Fri, 27 Mar 2009 16:58:48 -0400 http://seekingalpha.com/article/128189-the-650-billion-leasing-industry-has-dramatically-changed?source=feed#comment-442767 442767 Fri, 27 Mar 2009 14:39:44 -0400
Worst problem with a lease: your accountant can analyze it, securitize it, repackage it, sell off the risk on it (buy insurance) - but no matter what, a lease is just a contract, with all the legal risks of any other contract. No matter what wizardry an algorithm can work, it cannot yet replace due diligence and knowing your customer. Hence, your conclusion is quite reasonable: we'll be heading back to the 'old ways' (albeit with new means of doing business in old ways).]]> http://seekingalpha.com/article/128189-the-650-billion-leasing-industry-has-dramatically-changed?source=feed#comment-442312 442312 Fri, 27 Mar 2009 10:27:24 -0400 http://seekingalpha.com/article/128189-the-650-billion-leasing-industry-has-dramatically-changed?source=feed#comment-442305 442305 Fri, 27 Mar 2009 10:23:50 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-437668 437668 This sucks for everyone. It has affected alot of families by crushing > loved ones dreams and putting most of them into a financial pinch > when they were already living tight. There is no way that we can > live comfortably knowing that we have to pay for these loans (that > paid for hummers and houses) without receiving our proper and full > training. It is stealing.]]> Tue, 24 Mar 2009 02:35:37 -0400

On Jul 28 01:42 PM Aaron Hutch wrote:

> This sucks for everyone. It has affected alot of families by crushing
> loved ones dreams and putting most of them into a financial pinch
> when they were already living tight. There is no way that we can
> live comfortably knowing that we have to pay for these loans (that
> paid for hummers and houses) without receiving our proper and full
> training. It is stealing.]]> http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-437667 437667 EMAIL TSKYPILOT150@YAHOO.COM PASS IT ON TO ANY AND ALL PILOTS WHO > HAVE BEEN EFFECTED. sHE HAS ALOT OF SIGNATURES AND POLITITCANS HELPING > TO GET A BILL/LAW PASSED TO HELP ANY ANY ALL PILOTS/STUDENTS EFFECT > BY KEY BANK GREAT LAKES AND ANY SCHOOLS THAT WERE FRAUDULENT]]> Tue, 24 Mar 2009 02:34:18 -0400

On Mar 24 02:30 AM User 381768 wrote:

> EMAIL TSKYPILOT150@YAHOO.COM PASS IT ON TO ANY AND ALL PILOTS WHO
> HAVE BEEN EFFECTED. sHE HAS ALOT OF SIGNATURES AND POLITITCANS HELPING
> TO GET A BILL/LAW PASSED TO HELP ANY ANY ALL PILOTS/STUDENTS EFFECT
> BY KEY BANK GREAT LAKES AND ANY SCHOOLS THAT WERE FRAUDULENT]]> http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-437665 437665 RIGHT ON!! I am so glad to see that action is being taken against > the fraudulent lending practices. AES, SLX and key Bank all did the > same thing as CIT did. They never checked the records or demanded > that SSH report on % of graduates, % of graduates completed, where > the money was going, etc... Had they been doing this, me and thousands > of other hopeful pilots wouldn't be stuck with $70,000 in UNSECURED > (not federally backed) student loans.]]> Tue, 24 Mar 2009 02:30:21 -0400

On Jul 28 11:39 AM Scammed By SSH & AES wrote:

> RIGHT ON!! I am so glad to see that action is being taken against
> the fraudulent lending practices. AES, SLX and key Bank all did the
> same thing as CIT did. They never checked the records or demanded
> that SSH report on % of graduates, % of graduates completed, where
> the money was going, etc... Had they been doing this, me and thousands
> of other hopeful pilots wouldn't be stuck with $70,000 in UNSECURED
> (not federally backed) student loans.]]> http://seekingalpha.com/article/122259-employment-shifts-as-brokers-and-independents-add-talent?source=feed#comment-402325 402325 Tue, 24 Feb 2009 23:21:08 -0500 http://seekingalpha.com/article/99807-is-ge-becoming-more-conservative?source=feed#comment-283189 283189 Wed, 15 Oct 2008 16:00:56 -0400 http://seekingalpha.com/article/99807-is-ge-becoming-more-conservative?source=feed#comment-282405 282405 Tue, 14 Oct 2008 17:37:34 -0400
However, the company is much more COMPLEX and this is one of the reasons that it is having CREDIBILITY problems... it is very difficult to keep track with the changes it has CREATED ON ITS OWN...and not just the complexity of the world today.

I hope that the GE Leaders have learned from its own history.

Bill Rothschild, author of the only comprehensive, objective and insightful GE Strategic HISTORY and INSIGHTS...THE SECRET TO GE's SUCCESS...]]> http://seekingalpha.com/article/98989-cit-group-owens-is-out-is-peek-next?source=feed#comment-277680 277680 Thu, 09 Oct 2008 10:11:04 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-240530 240530 Wed, 27 Aug 2008 20:57:10 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-217511 217511 Tue, 29 Jul 2008 12:26:43 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-217057 217057 Mon, 28 Jul 2008 23:32:41 -0400
The SSH scandal involved more than we can see on the surperfice. It has been clear to anyone that the school was using the students tuition as base to open another school in differents states. The method is know as Ponzi scam. The banks was providing the loan without even invistigating the school in how they are proceding with the training and just release the payment with few days that the students were enroll.

Why EOS bought a flight training school ? It was not the type os company they invest in. The follow words was in a business blog posted on 2/21" probally bought out only the assets to create Silver State Services Corp with $75 million in capital leaving Silver State Helicopters with only debt. This will probally be bundled into a hedgfund and dumped onto unsuspecting inverstors" .

There is so much on this....

I don't want to sound silly but I still believe in justice. I stand up strong knowing that all those that has step in to assist on this matter such as the Florida and the NY Attorney generals, lawyers that are representing SSH students or the ones that filled a class suit agaist the banks , XS loan , AES...please don't give up the fight.]]> http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-216977 216977 Mon, 28 Jul 2008 20:45:56 -0400
]]> http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-216667 216667 Mon, 28 Jul 2008 13:42:22 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-216649 216649 Mon, 28 Jul 2008 13:24:43 -0400 http://seekingalpha.com/article/87365-cit-group-two-new-class-action-suits?source=feed#comment-216539 216539 Mon, 28 Jul 2008 11:41:38 -0400