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Orix Chief Exec Charged with Paying Corrupt Commissions

Australian newspaper, The Age, reported that the chief executive of fleet-management company Orix has been charged with paying corrupt commissions to an employee of Coca-Cola Amatil. read more

Miller Named Group Head of CIT Capital Equipment Finance

CIT Group announced the appointment of Eric Miller as managing director and group head of CIT Capital Equipment Finance. Prior to joining CIT, Miller served as a managing director for GE Capital. read more

Immelt: GE Capital ‘Must Enhance, Not Distract’

In his letter to shareholders, GE chief executive Jeff Immelt said, “To be clear, GE is an industrial company first and foremost. GE Capital must enhance our industrial competitiveness, not detract from it.” read more

Santander Names Belcastro Group Head of Equipment Finance

Santander Bank announced that Vincent Belcastro has been appointed as the group head of equipment finance. The team will employ a direct calling approach, establish a buy-side strategy and service its corporate and middle market banking clients. read more

Baker Hughes: Rig Counts in U.S. Drop 38% Last 30 Days

Baker Hughes reported that the rig count in the U.S. as of March 13, 2015 was 1,125 active rigs, down 684, or 38%, from the same date one year ago. Canada’s rig count over the same 30-day period was down 58%. read more

GE Said to Weigh Deeper Cuts to Capital Business

The Wall Street Journal reported that GE is considering making deeper cuts in its financing business but has made clear that it will hold on to functions like aircraft leasing, energy and health care financing, which support its industrial operations. read more

Dave Fate to Lead New Commercial Finance Company

Stonebriar Commercial Finance announced the commencement of its operations with financial backing from Security Benefit. President/CEO Dave Fate is joined by former GE Capital and AIG senior executives in the venture. read more

Heavy Equipment Dealer Found Guilty of Bank Fraud

The owner of a Fayetteville, AR-based heavy equipment company was found guilty on two counts of bank fraud for pocketing money received from floor plan financing with Bank of the Ozarks, First Security Bank, Wells Fargo Equipment Finance and GE Commercial Distribution Finance. read more

Sterling Reports Record Equipment Finance Growth

The Equipment Finance division of Sterling National Bank finished the fourth quarter of 2014 with a record $310 million in new business transactions in addition to portfolio growth of 54%. read more

Hitachi Capital Announces Hierarchy Changes; Besgen Promoted

Hitachi Capital America promoted president, COO and director Bill Besgen to vice chairman of HCA's board of directors. Besgen has been with HCA since its founding in the U.S. 25 years ago. read more

Dahlka Retires, Drury to Head Cole Taylor EF

MB Financial announced that Edward A. Dahlka, Jr. will retire from his position as president of Cole Taylor Equipment Finance. Dave Drury, formerly managing director of CTEF, will head the organization. read more

Ex-Bank of America SVP Admits to $6.4MM Fraud

The Federal Bureau of Investigation announced that a former senior vice president at Bank of America pleaded guilty to misapplication of bank funds in a scheme that led to more than $6.4 million in losses to BOA. read more

Unintended Consequence – Inside Look at JPMorgan’s Costly Mistake

Recently, we reported that JPMorgan Chase lost a court battle with General Motors’ predecessor’s creditors over a $1.5 billion term loan as a result of human error. In an exclusive “story behind the story,” ABF Journal contributor Jeffrey A. Wurst provides his take on the case. read more

Huntington to Acquire Macquarie Equipment Finance

Huntington Bancshares announced the signing of an agreement for Huntington National Bank to purchase Macquarie Equipment Finance. The company said it will acquire approximately $900 million of assets. read more

Wells Fargo EF Hires Zambon New Sales Leader in Canada

Wells Fargo Equipment Finance said it has hired Anthony Zambon to lead the sales and originations team in Canada. Zambon was previously with PayNet, CIT and GE Capital. read more

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