CMA Daily News

Southland Firestorm Link

Link from Google and LA Times showing all the fire areas and their level of containment.

Click here to access.

Stay safe out there - best wishes to everyone.

MacMurray Ranch Pictures - Wine & Spirits Group

On October 5 the Wine & Spirits Group were invited by Barbara Wilson, Gallo
Sales to visit MacMurray Ranch in Healdsburg, California.  We hope you enjoy
the pictures.  (It's a tough job, but somebody's got to do it).

Click through to all the pictures

New Office at SEC Works to Expand Interactive Data Filing

Securities and Exchange Commission (SEC) Chairman Christopher Cox recently announced the formation of the commission’s Office of Interactive Disclosure. The office’s goal will be to direct the SEC’s global effort to enhance and expand interactive financial data filing.

The commission appointed David Blaszkowsky, an 11-year veteran of McGraw-Hill, as director of the office. Blaszkowsky will coordinate the SEC’s disclosure modernization program and, according to the commission, “work with investor groups, analysts, journalists and preparers of financial statement as well as other key public and private sector stakeholders in the U.S. and around the world to advance the use of interactive data in financial reporting.”

“David’s combination of capital markets and technology development experience will be a tremendous asset to the commission as we transform disclosure to make it easier for filers and more useful for investors,” said Cox. “Helping improve our capital markets through lower-cost, faster and more useful information is the heart of this mission, and it’s a mission he is uniquely qualified to lead.”

Blaszkowsky served at McGraw-Hill’s Standard and Poor’s (S&P’s) division as director of global market development for institutional market services and as a senior director in equity research sevices.

The establishment of the office follows in a long line of commission efforts to increase the use and awareness of interactive data filing, involving the use of the eXtensible Business Reporting Language (XBRL), a computer software language that labels certain elements of a company’s submitted financial data with codes from standard lists called “taxonomies,” making it easier for investors and analysts to locate, analyze and compare financial information from a public company.

Jacob Barron, NACM staff writer

Eight Charged in $80 Million Conspiracy to Commit Fraud Against the Export-Import Bank of the United States

The Justice Department announced today that eight individuals have been charged in connection with an $80 million conspiracy to commit fraud against the Export-Import Bank of the United States (Ex-Im Bank). The scheme, also revealed in court papers unsealed today, involved the fraudulent sale and shipment of U.S. exports to the Philippines.

"We will not tolerate fraudulent use of Ex-Im Bank financing," said Ex-Im Bank Chairman and President James H. Lambright. "With the help of the Justice Department, we will continue to pursue anyone attempting to rip off the taxpayer."

The scheme was initially uncovered by Ex-Im Bank staff. After the Bank's preliminary investigation the matter was referred to the Department of Justice (DOJ).

"The pleas are the result of an extensive investigation conducted jointly by the Justice Department, FBI, and U.S. Postal Inspection Service with the assistance of Ex-Im Bank," said General Counsel Howard Schweitzer, "and we will continue to work together as the investigation progresses."

Five of the charged individuals have pleaded guilty; four are exporters and one is a freight-forwarder. The defendants have all agreed to serve time in prison, with maximum sentences of up to 40 years. All five are U.S. citizens. They also have agreed to a range of forfeiture of cash or property.

Three plea agreements were unsealed today in U.S. District Court for the District of Columbia involving defendants Daniel Curran, 52, of Boynton Beach, Fla.; Edward Chua, 55, of Montebello, Calif.; and David Villongco, 51, of San Mateo, Calif. Curran and Chua pleaded guilty to conspiracy to defraud the United States and mail fraud. Villongco pleaded guilty to conspiracy to defraud the government with respect to claims and mail fraud.

Defendant Jaime Galvez, 51, of Redondo Beach, Calif., pleaded guilty on Oct. 5, 2007, in U.S. District Court for the District of Columbia to destruction or concealment of records in a criminal investigation and perjury. On the same day Christina Song, 49, of Whittier, Calif. was charged with conspiracy to defraud the United States and mail fraud.

Robert Delgado, 46, of Fremont, Calif. pleaded guilty on Nov. 17, 2006, in U.S. District Court for the District of Columbia to conspiracy to defraud the government with respect to claims and mail fraud.

Additional defendants have been charged, including Marilyn G. Ong, 51, and her nephew Ildefonso Ong Jr., 43, both from Manila, Philippines. The Ongs were charged with one count of conspiracy to defraud the United States and to commit offenses against the United States; four counts of submitting false statements to Ex-Im Bank; four counts of mail fraud; and nine counts of money laundering. The indictment also charged Marilyn Ong with obstructing Ex-Im Bank's investigation of the fraudulent scheme.

Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2006, Ex-Im Bank authorized over $12.1 billion in transactions supporting an estimated $16.1 billion in U.S. exports worldwide. More information about Ex-Im Bank is available at www.exim.gov.

Source: Ex-Im Bank

20th WRCC is Over :(

The answers coming in from our WRCC Satisfaction Survey shows that the WRCC exceeded expectations!

From our attendees: "What would you tell other credit professionals considering WRCC?"

• You can't miss out on networking & sharing information
• You NEED to attend!
• That this conference is interesting and education and could not be held in a more exciting location.
• GO...this year was awesome!
• Lots of information given in a fun atmosphere!
• It's a fabulous, very educational experience and you must attend. It is well worth the time, effort and money.
• That there is probably something for every level at the conference, regardless of the amount of experience you have working as a Credit Professional

Handouts and PowerPoints are available on the wrcc.biz site.

Six Negotiation Strategies - Barry Elms

Our luncheon speaker, Barry Elms shared six key negotiation strategies:

Be prepared.
Only deal with decision makers.
Control the location.
Get the agenda.
Trade concessions - don't give them.
Walk away from bad deals.

"Credit is a Sales Function" - Walking Bear

Abe Walking Bear Sanchez, our opening speaker, blew some minds with his presentation. I was taping the presentation and figured I would just catch bits of it that were good enough to share. Ends up the whole presentation is awesome. I will try to post it so you can view it after I return from the WRCC.

Here are some highlights:

• Credit is a sales function
• Credit approval is about finding ways to say yes to profitable sales while remaining confident about payment.
• Past due AR management is the completion of the sale - not collections.
• Not all bad debt is bad.

One of the best comments from the audience after the presentation was "There's Hope for Credit Managers" Walking Bear was sharing ways to change the perception of your department from a cost center to a profit center.

Mike and Terry Preparing for Conference Opening

As the hosting NACM Affiliate, our chairman Terry Harries is the MC of the entire conference. Here with CMA President Mike Mitchell - Terry and Mike prepare their plan for entertaining the audience during the opening session.

WRCC PreConference - Financial Statement Analysis

Jim Menard, CCE and speaker is keeping cool with all the computers in this room. The attendees here are learning by doing the financial work on their computers. This will increase their information retention.

Some consider this a dry topic - but with Jim presenting everyone is sure to have fun while their learning. Although he did say he had so much to teach that they might be working through lunch.:(

WRCC PreConference - Collecting in the Construction Industry

You can't believe the size of the information packet that speaker Brian Pezillo just handed out. This is going to be a unbelievable session.

We ended up over selling the room from last minute registrants, and had to reset everything. Things are tough in the building industry right now and this topic is hot.