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ARCHIVED ARTICLES
2006
Archives -Volume 1
June 2007: Volume 2, Number 15
U.S. Rail Traffic Trends
Down in 2007
As Seen in The
Monitor Daily
Freight traffic on U.S.
railroads was down 4.3% for the first five months of 2007, compared to the
same period last year, the Association of American Railroads (AAR) reported.
Total U.S.
rail carloads were down 320,851 carloads to 7,087,341 carloads, with the
biggest declines coming in crushed stone, sand, and gravel; motor vehicles
and equipment; and coal.
U.S.
intermodal traffic, which consists of trailers and containers on flat cars
and is not included in carload figures, was down 59,428 trailers and
containers (1.2%) year to date to 4,990,830 units.
Total volume for the first five months was estimated at 721.4 billion
ton-miles, down 3.0% from last year.
U.S.
rail freight traffic continued to decline in May, with railcars originating
1,636,963 carloads of freight in May 2007, down 79,471 carloads (4.6%) from
May 2006.
Intermodal volume totaled 1,143,652 units in May 2007, a decline of 23,926
trailers and containers (2.0%) from May 2006.
Five of the 19 major commodity categories tracked by the AAR saw U.S.
carload increases in May 2007 compared to May 2006, with the largest gains
coming in chemicals and petroleum products.
Most other commodities showed carload declines in May 2007.
"While there isn't much to cheer about in this month's rail traffic
figures, we should keep in mind that U.S. freight railroads moved more
freight in 2006 than ever before," noted AAR Vice President Craig F.
Rockey. "Even with the decreases in rail traffic so far in 2007, the
absolute volumes being moved by railroads today are still very high. For
example, intermodal volume is down 1.2% through May, and even if this rate of
decline continues for the rest of the year, 2007 would still be the second
highest-volume year for intermodal in history, behind 2006."
June 2007: Volume 2, Number 14
Class 8 Sales Continue Downward Slide
As Seen in The
Monitor Daily
Sales of Class 8 vehicles continued to slide downward in March, dropping
nearly 38% compared with the same period in 2006. That follows a drop of more
than 70% in February.
According to an article in Transport Topics,
sales of heavy-duty trucks dropped 22% in the first quarter of 2007, a result
of aggressive 2006 pre-buying in anticipation of stricter diesel emissions
standards that went into effect in January.
The trend is having a clear effect on manufacturers. In March, Volvo reported
that sales of its popular line of Mack Trucks were down 51% in the U.S.
Analysts say they are not surprised by the numbers and anticipate a similar
pre-buy situation in 2009 ahead of the 2010 change in federal emission
regulations for diesel engines.
"There are really no surprises here, but we're still anticipating a
second-half pickup in sales in August or so. There's nothing to indicate that
won't happen." Roy Wiley, a spokesman for International Truck and Engine
Corp. told TTN.
Freight carriers appear to be faring little better. In a related story,
Transport Topics notes that profits were down at five of the largest
truckload carrier in Q1/07 as a slowing economy has cut freight volumes.
Previously on monitordaily.com:
June 2007: Volume 2, Number 13
Dell Accused of Misleading Customers...Again
As Seen in The Monitor
Daily
Dell
Accused of Misleading Customers...Again
As Seen in The Monitor
Daily
New York Attorney General Andrew M. Cuomo has filed a
lawsuit in Albany County Supreme Court against Dell and Dell Financial
Services that accuses Dell and DFS of engaging in "bait and switch"
financing tactics and failing to provide their customers with adequate
customer service.
It also charges Dell and DFS with perpetuating numerous other deceptive
business practices relating to their technical support services, promotional
financing, rebate offers, and billing and collection activity.
The suit resembles a similar action filed against Dell, DFS and CIT – which
holds a minority interest in DFS -- in 2005 in Superior Court for San Francisco County.
"At Dell, customer service means no service at all," said Cuomo.
"Dell's consumers were intentionally misled, and they had to pay for
that privilege. I hope this lawsuit sends a message to companies large and
small that delivering a product is simply not enough - the promises they make
must be delivered as well."
Among other things, the suit alleges that Dell lured consumers to purchase
its products with advertisements that offered attractive "no
interest" and/or "no payment" financing promotions, while in
practice, the vast majority of consumers, even those with very good credit
scores, were denied these deals.
In what Cuomo called a classic "bait and switch" scheme, DFS
allegedly offered consumers financing at high interest rates, which often
exceed 20%. Cuomo said Dell and DFS frequently failed to clearly inform these
consumers that they had not qualified for the promotional terms, leaving many
to unwittingly finance their purchase at high interest rates.
Additionally, the suit said Dell deprived consumers of the technical support
to which they were entitled under their warranty or service contract and that
DFS incorrectly billed consumers on cancelled orders, returned merchandise,
or accounts they did not authorize Dell to open, and then continually
harassed these consumers with illegal billing and collection activity.
In the California
case, attorneys representing Dell customers charged the company with preying
on unsuspecting consumers with its financing practices, as well as promoting
low rates and "easy" financing which, without notice to the
customer, were changed to include much higher interest rates and hidden
charges.
That case was partially settled in December 2006 for $17 million and a
promise from Dell to reform their business practices.
May 2007: Volume 2, Number 12
JP Morgan Chase Reports 55% Increase in Profits in QI/07
As Seen in The Monitor
Daily
JPMorgan
Chase & Co. reported 2007 first quarter net income of $4.8 billion, a 55%
increase over $3.1 billion reported in the first quarter of 2006, well ahead
of Wall Street expectations. The firm's adoption of SFAS 157 (Fair Value
Measurements) resulted in a benefit to the current quarter's earnings of $391
million.
Revenue was nearly $19 billion, up from $15.2 billion a year earlier.
The firm's Commercial Banking sector reported net income was a record $304
million, up by $64 million, or 27%, from the prior year, driven by higher net
revenue.
Net revenue was $1 billion, up by $103 million, or 11%, from the prior year.
Net interest income of $668 million was flat. The benefit of higher liability
balances and loan volumes, which reflected organic growth and The Bank of New
York transaction, were offset largely by the continued shift to
narrower-spread liability products and loan-spread compression.
Noninterest revenue of $335 million was up by $102 million, or 44%, primarily
due to higher investment banking revenue as well as gains related to the sale
of securities acquired in the satisfaction of debt.
On a segment basis, middle-market banking revenue of $661 million increased
by $38 million, or 6%, from the prior year due to growth across all product
areas and The Bank of New York transaction. Mid-corporate banking revenue of
$212 million increased by $75 million, or 55%, reflecting higher investment
banking revenue and a gain on the sale of securities acquired in the
satisfaction of debt. Real Estate revenue of $102 million decreased by $3
million, or 3%.
"We are very pleased with our record results this quarter, which
reflected the strength of our broad and diversified franchise. Across all of
our businesses, we experienced continued growth in client volumes, including
new accounts, loans, deposits and new business. The Investment Bank, Asset
Management and Commercial Banking each delivered record earnings. Private
equity gains were also very strong. The firm's strong results include some
benefit from the generally favorable credit environment, which we do not
expect to continue indefinitely."
Commenting on The Bank of New York branch integration, Dimon noted,
"Through the remarkable efforts of thousands of dedicated employees, we
now have an integrated and much stronger retail banking business in the New York Tri-state
area. Across the U.S.
our customers now have available to them the convenience of more than 3,000
branches and 8,500 ATMs."
March 2007: Volume 2, Number 11
Chrysler Finance May Join Parent on Sale Block
As Seen in The Monitor
Daily
DaimlerChrysler's CEO
Dieter Zetsche said the company will likely sell Chrysler's auto loan and
leasing unit if it decides to divest the U.S.-based automaker.
A report from Bloomberg News cites comments Zetsche made at the Merrill Lynch
Global Automotive Conference in Geneva
suggesting Chrysler Financial would join its parent on the sale block.
Michigan-based Chrysler Financial provides loans and leases to the Chrysler
dealers and customers. It's part of DaimlerChrysler Financial Services
Americas, which also serves Mercedes-Benz and the company's heavy-duty truck
operations.
Referencing Cerberus Capital Management's acquisition last year of a
controlling stake in GM's financing arm, Zetsche said he expects private
equity groups would be interested in the unit.
In fact, Cerberus is one of several equity groups that have expressed an
interest in buying the automaker, and buyout experts from Cerberus have
reportedly already met with representatives from Chrysler. It's not clear if
the future of Chrysler Financial was also part of the talks.
According to Detroit News, a second private-equity firm, the Blackstone
Group, is scheduled to meet one on one with Chrysler management later this
week.
In Nov. 2006, Cerberus completed the acquisition of a 51% stake GMAC for $7.4
billion.
March 2007: Volume 2, Number 10
CapitalSource Reports 70% Increase in Net Income in 2006
As Seen in The Monitor
Daily
CapitalSource reported financial results
for the year ended December 31, 2006.
Net income for the year was $279.3 million, a 70% increase over net income of
$164.7 million for the prior year. Adjusted earnings were $425.7 million for
the year compared to $263.6 million in 2005.
The company reported that total commercial assets grew $2.6 billion, or 43%,
during the year. CapitalSource had total commercial assets, including
commercial loans and direct real estate investments of $8.6 billion at the
year’s end.
Meanwhile, commercial loans grew $1.9 billion, or 31%, during the year.
Commercial loans outstanding were $7.9 billion as of year end. In the fourth
quarter, operating lease income increased to $11.6 million for the, compared
to $7.9 million for the prior quarter.
Commercial Net Finance Margin
* Yield on average interest earning assets was 12.12% for the quarter, a
decrease of 95 basis points from the prior quarter. Yield from interest
income decreased 10 basis points from the prior quarter and yield from fee
income decreased 85 basis points. The decrease in yield from fee income this
quarter was primarily due to a 77 basis point decline in prepayment-related
fee income. Prepayment related fee income contributed 60 basis points to
yield in the quarter compared to 137 basis points in the prior quarter and 92
basis points for the full year.
* Cost of funds was 6.46% for the quarter compared to 6.26% for the prior
quarter. This increase was primarily due to higher amortization of deferred
financing fees and a higher cost mix of funding resulting from the issuance
of additional subordinated debt, greater use of our unsecured credit facility
and the higher costs of financing for certain of our real estate
acquisitions. In addition, our $1.3 billion commercial real estate term debt
securitization was completed late in the quarter. We expect that this
financing will have a favorable effect on cost of funds in the future.
Overall borrowing spread to one-month LIBOR was 1.13% for the quarter
compared to 0.91% for the prior quarter and 1.03% for the full year.
* Leverage, as measured by the ratio of total debt to total equity at the end
of the period, was 3.78x as of year end, an increase from 3.67x from the
prior quarter. This increase was primarily due to additional borrowings used
to fund loan portfolio growth and our acquisition of direct real estate
investments.
* Net finance margin, defined as net investment income divided by average
income earning assets, was 7.01% for the quarter, a decrease of 118 basis
points from 8.19% for the priior quarter. The decrease was primarily due to
lower prepayment-related fees, higher cost of funds on our borrowings and the
effects of increased leverage.
Reflecting on 2006, John K. Delaney, chairman and chief executive officer,
remarked: "In addition to exceeding our dividend guidance, we
accomplished many important objectives this year. As we look ahead, we see
significant opportunities to further extend our substantial platform with new
balance sheet and asset management initiatives."
Click
here to read CaptitalSource’s year-end report in its entirety.
March 2007: Volume 2, Number 9
CIT Launches New Global Brand Campaign
As Seen in The Monitor
Daily
CIT Group has launched a new global brand
campaign aimed at articulating the company's value proposition. The new
campaign highlights CIT's ‘go-to-market’ strategy, which is designed to go
beyond traditional financial analysis and place value on a customer's
potential, ideas and its people.
The brand campaign was created by and launched through kirshenbaum bond +
partners.
According to a company release, the cornerstone of the new brand positioning
is the company's capital redefined equation where Relationship Capital +
Intellectual Capital + Financial Capital = Capital Redefined.
CIT says it based the new approach on the results of a recent CIT survey of
American business leaders conducted by Harris Interactive. The survey
revealed that executives were eight times more likely to say that attributes
like "strong customer relationships" and "having employees who
deeply understand their business/industry" are more important to a
company's success than a strong balance sheet.
"Capital Redefined is based on what we do best -- deliver relationship
capital, intellectual capital, and financial capital to our customers,"
said Jeffrey M. Peek, CIT chairman and CEO. "We know the middle market
and understand that our customers expect more then just 'traditional
financing.' This campaign highlights our unique go-to-market strategy and
reflects our rich heritage and strong competitive position in the middle
market."
CIT said its brand campaign will roll out throughout 2007 in three waves
which include newspaper, magazine, radio, web, networking events and
out-of-home.
The new brand campaign will also include relationship-building elements
designed to reach CIT's client base and foster stronger relationships. This
will include networking events, webinars, and in-depth research analysis that
highlights the key business issues facing middle market executives today.
Other related initiatives include a corporate website redesign and a
partnership with Conde Nast Media Group to produce "Behind the
Business"; a multi-layered communications program hosted by business
consultant and journalist Andrew Shapiro that will feature executive profiles
and interviews.
January 2007: Volume 2, Number 8
2006 Business Jet Shipments Reach All-Time High
As seen in the
Monitor Daily
Leaders of the General Aviation
Manufacturers Association (GAMA) announced that shipments of every type of
general aviation airplane increased in 2006 and the strong numbers have led
to another record high in industry billings.
The all-time high for billings totaled $18.8 billion, a 24.1% increase over
2005. Worldwide shipments of general aviation airplanes totaled 4,042 units
for 2006, up 12.9% over the previous year's total of 3,580 units. Aside from
the record set for year-end billings, the industry also experienced an
all-time high in business jet shipments, which increased in 2006 to a total
of 885 aircraft, up 18% over last year's figure of 750 units.
Piston airplane shipments experienced an 11.6% increase over the previous
year. Total units increased from 2,465 in 2005 to 2,750 airplanes in 2006.
Shipments of turboprops increased by 11.5%, up from 365 units in 2005 to 407
units in 2006.
Speaking at GAMA's Annual Industry Review and Market Outlook Briefing, GAMA
Chairman Dr. John J. Grisik cited factors that contributed to the banner
year, "Worldwide economic growth, a strong export market, and increased
use of general aviation for both business and personal use all played a part
in this outstanding year for general aviation." Dr. Grisik added,
"As our manufacturers continue to fill their order books, GAMA
anticipates another robust year for general aviation in 2007 and
beyond."
January 2007: Volume 2, Number 7
FDIC Set To Revisit ILC Debate
As seen in the
Monitor Daily
The Federal Deposit Insurance Corporation (FDIC) is
expected to decide this week whether to extend a moratorium on the issuance
of deposit insurance to so-called industrial banks.
The board has scheduled a hearing for Jan. 31 to discuss whether or not to
end a six-month moratorium the FDIC placed on deposit insurance applications
for industrial loan companies -- or ILCs - last summer.
In July 2006, the FDIC responded to an escalating debate over an industrial
bank charter application filed by Wal-Mart by deciding to freeze 14 ILC
existing applications for six-months while it studied the public policy
questions associated with allowing commercial firms to own these banking
charters.
According to the FDIC, the moratorium was designed to provide time to assess
developments in the ILC industry, to determine if any emerging safety and
soundness or policy issues exist involving ILCs, and to evaluate whether
statutory, regulatory or policy changes need to be made in the oversight of
these charters.
Since the moratorium began, several companies have withdrawn their requests
for deposit insurance.
Earlier this month, the incoming Chairman of the House Financial Services
Committee -- Rep. Barney Frank (D-Mass.) -- said he is prepared to initiate
legislation to prohibit ILCs if the FDIC fails to act.
"If the FDIC decides that under the law, it has no option but to grant
full ILC charters, then the House will pass the bill cosponsored by myself
and Congressman Paul Gillmor, a Republican of Ohio, to restrict ILCs in the
future," Frank said.
Though ILCs have historically been small institutions, the industry has grown
dramatically in recent years. Since 1987, aggregate growth in ILC assets has
increased by over 3,500%, from $3.8 billion to over $140 billion in 2004. The
average ILC now has $2.5 billion in assets and can offer many of the same
products and services as banks.
January 2007: Volume 2, Number 6
US Airways Abandons
Delta Buyout Bid
As seen in the
Monitor Daily
US Airways has dropped its proposed $9.9 billion unsolicited acquisition bid
for Delta Air Lines, removing the largest obstacle to Delta's plan to emerge
from Chapter 11 as a standalone entity.
US
Airways says it was informed that Delta's Official Unsecured Creditors'
Committee would not meet its demands by the airline's established deadline of
Feb. 1, 2007.
As previously announced, US Airways' offer of $5 billion in cash and 89.5
million shares of US Airways stock would have expired on Feb. 1, 2007, unless
there was affirmative support from the Official Unsecured Creditors'
Committee for commencement of due diligence, making the required filings
under Hart-Scott-Rodino, as well as the postponement of Delta's hearing on
its Disclosure Statement scheduled for Feb. 7, 2007.
"We are disappointed that the Committee, which has been chosen to act on
behalf of all Delta creditors, is ignoring its fiduciary obligation to those
creditors," said US Airways chairman and CEO Doug Parker in a statement.
"Our proposal would have provided substantially more value to Delta's
unsecured creditors than the Delta stand-alone plan."
According to airline industry analysts, Delta's case was helped by the fact
that the creditors' committee included representatives of employees' union,
suppliers, and the Pension Benefit Guaranty Corp., in addition to bondholders
and other lenders, which made it harder for US Airways to line up a majority
than would be the case for a typical non-bankrupt company, whose shareholders
are mostly institutional investors.
"Delta was able to persuade a majority of its bankruptcy creditors'
committee that the airline's plan to emerge as an independent company carried
less risk than US Airways' proposal, which involved added debt and antitrust
review by federal authorities," commented Standard & Poor's credit
analyst Philip Baggaley.
Delta's management has stated that the company does not exclude the
possibility of entertaining other merger proposals at some point after it
emerges from bankruptcy, despite opposition to US Airways' bid.
January 2007: Volume 2, Number 5
Report: Glogal Economic Growth has Peaked
As seen in the
Monitor Daily
A The Manufacturers Alliance/MAPI has released its quarterly global economic
report. The assessment of key regions and markets supports the view that
global economic growth has peaked, the dollar will undergo a sporadic
decline, and that U.S.
export demand will grow at a moderate pace.
In the MAPI Quarterly Forecast of U.S. Exports, Global Growth, and the
Dollar: Fourth Quarter 2006 Through Fourth Quarter 2008 (ER-622e), economist
Cliff Waldman concludes that, after growing at the strongest pace in three
decades, the world economy has entered the early stages of a widespread
slowdown that will significantly impact regions that are critical to U.S.
manufacturers.
Persistent strength in regional and global growth rates and a somewhat weaker
dollar over the past 12 months are expected to lead to a solid 8.7% growth in
U.S.
exports in 2006 when final data are released. Export growth is predicted to
be relatively unchanged during 2007, decelerating slightly to 8.6%, as the
weaker dollar offsets concurrently weaker growth rates. A modest recovery in
growth rates, especially in industrialized nations, is projected to propel
export growth to 9.7% in 2008.
Growth in the industrialized countries, which includes Canada, the Eurozone, and Japan, will likely slow from an
estimated 2.5% during the fourth quarter of 2006 to 2.2% during the first
quarter of 2007.
Growth in the developing countries, which includes China, India, Latin
America, Mexico, and the Pacific Rim (excluding Japan), is projected to slow
from an estimated 5.7% during the fourth quarter of 2006, gradually reaching
bottom at a 4.9% pace during the first half of 2008 before rebounding to 5.3%
during the second half of that year.
The recent volatility in the value of the dollar, the outsized U.S. current account deficit, a slowing U.S. economy, and tightening global monetary
policies outside the U.S.
all suggest at least a modest decline for the greenback in the near-term
forecast.
MAPI expects the dollar to fall by 2% against the currencies of the
industrialized countries during the fourth quarter of 2006 and remain flat in
the first quarter of 2007. MAPI projects a 7% decline in the dollar during
the second and third quarters of 2007, followed by a 3% decline in the
subsequent two quarters.
After a flat performance during the second quarter of 2008, the report
predicts a modest recovery in the dollar by 3% and 4%, respectively, during
the third and fourth quarters of 2008.
January 2007: Volume 2, Number 4
China Considers Lifting Ban On Banks’ Investment in Leasing
Companies
As seen in the
Monitor Daily
According to an article that appeared in the China Securities Journal, the
China Banking Regulatory Commission (CBRC) may revise a regulation to allow
China-registered lenders with no less than $10 billion of assets in the
previous year to hold more than 50% of a leasing company's shares, the
newspaper quoted an unidentified source with the CBRC as saying.
According to the report, under the revised regulation, financial institutions
approved by the CBRC as well as large manufacturers and leasing companies can
also take a majority stake, but only banks have the right to initiate the
establishment of a new financial leasing company.
January 2007: Volume 2, Number 3
United Rentals to Sell Traffic Control Business to Private
Equity Investors As
seen in the Monitor Daily
United Rentals has signed a definitive agreement to sell its traffic control
business to HTS Acquisition, an entity newly-formed by affiliates of private
equity investors Wynnchurch Capital Partners and Oak Hill Special
Opportunities Fund.
Under the terms of the agreement HTS Acquisition will pay United Rentals $85
million in cash, subject to certain working capital and other adjustments.
The transaction, which is expected to close in the first quarter of 2007, is
subject to certain customary closing conditions, but is not conditioned upon
receipt of any regulatory approvals or financing.
United Rentals' traffic control business represents one of the company's
three financial reporting segments. In 2005, full-year traffic control
revenues were $270 million, or 8% of total revenues. By comparison, the
company's primary business segment, general rentals, reported $3.11 billion
of revenues in 2005, or 87% of total revenues.
Wynnchurch Capital is a privately owned investment management firm with more
than $500 million of capital under management in private equity funds. W
Oak Hill Special Opportunities Fund with $500 million of committed capital,
focuses on special situation investment opportunities.
http://www.monitordaily.com
January 2007: Volume 2, Number 2
Williams Scotsman Expands Fleet With GE Equipment Acquisition
As seen in the
Monitor Daily
Williams Scotsman International, a
lessor of mobile and modular space solutions, announced that it has acquired
approximately 80 mobile office and section modular units from a Mexican
subsidiary of GE Equipment Services.
The deal with TIP de Mexico S. de R.L. de C.V. closed December 20 and is
intended to support fleet deployment strategy in the growing Mexican market,
including oil and gas exploration, production, and distribution sectors.
In early 2006, Williams Scotsman acquired American Homes International,
adding nearly 300 mobile offices and storage units. The latest acquisition
puts Williams Scotsman's Mexico
fleet inventory at approximately 800 units.
"We are enthusiastic about the recent addition of units to our Mexico
fleet. In such a fragmented market, this deal underscores our dedication to
efficiently grow our fleet to best serve the demand for temporary space as
well as the permanent needs of the Mexican commercial construction
market," said Mark Delaney, regional vice president for Williams
Scotsman Mexico.
http://www.monitordaily.com
January 2007: Volume 2, Number 1
Marketing to Divorce Attorneys
By: Bliss
Sawyer
Finding referral
partners, in addition to Realtors, is a great way to help your business
through the normal cyclical ups and downs of Real Estate. One avenue few
originators are utilizing is Divorce Attorneys. Those going through a divorce
are often required to divide the home's equity, take the non-occupying spouse
off the mortgage or sell the home. To comply with the court's requirements,
the parties will need mortgage financing, either to refinance their current
loan to pull equity out, remove the ex-spouse's name or purchase a new home
once the joint home has sold.
Many times, those going
through a divorce make poor decisions in regard to the home that result in
long-term consequences on their ability to borrow. You can offer your
professional assistance in helping them during this difficult time. You have
a unique opportunity to place yourself as a trusted advisor to those going
through this complicated situation.
Sometimes the most difficult
part of beginning a new marketing approach is creating the piece. Because WE
WANT YOU TO SUCCEED, Sue Woodard
and Bliss Sawyer
have done the work for you. We developed a consumer brochure that answers
five basic questions a homeowner has when getting a divorce. Click here to
see a sample brochure (thanks to EasyStreet
Designs) as well as a Word file with just the content so you can modify or change it to fit your needs.
If you have already helped clients in this situation, get a testimonial and
add it to your brochure for even more effectiveness.
To succeed with this
marketing strategy, spend some time getting to know the Divorce Attorneys in
your area and offer brochures for them to give clients. Set up a schedule to
contact the attorneys by phone or email each week and try to take them to
lunch at least once. Let them know you are available to meet with
clients in their office or yours and that your primary goal is to help their
clients make the right decisions about their home.
Take on the role of an
advisor and you will gain the reputation as an expert. Everyone wants to work
with an expert!
Bliss Sawyer
www.mortgagemarketingstrategies.com
www.blisssawyer.typepad.com
806-577-3937
Cash Flow source For
Troubled & growing companies
Including the self employed
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