An Open Letter to Brenda and Lee December 9, 2009

Brenda & Lee,

I placed a call to Mitch Chapman as promised at (954)495-4791. I got his voice mail and left a message. Mitch has always been good at returning calls. When I hear back I will tell him what you told me.

As I shared with you today, Brenda, alternative funding is difficult. I make that clear in all my newsletters, websites, audios, webinars, and speeches. 90% of our business comes from referral. The other 10% comes from my newsletters, websites, audios, webinars, and speeches.
When people come to me, in most cases, they cannot obtain funding or have been turned down by banks.

I do my best to serve. I am not a miracle worker. I am here 7AM to 5PM M-F Pacific as you know. I return all calls the same day or next day as I have for 33+ years. I communicate twice a week with newsletters. I do my best to answer the hundreds of emails I receive.

Lee was told how we did business when he was initially referred to us. As much as I would like to help everyone who contacts us I cannot.

We charge a fully earned, non-refundable commitment fee for business consultative services. Alternatively, we allow clients to purchase time at http://www.joetufo.com/consulting Nearly all pay the commitment fee as it is appreciably more expensive to purchase time by the hour.

We cap the commitment expense fee at 1%. The present minimum is $2,500 and the maximum is $25,000. Many times the cost of getting someone funding has exceeded what they paid us for service but the fee is capped. In addition we earn a success fee agreed upon in advance.

The term of service is for six months and is renewable at a new fee. I did not ask or expect additional compensation from you or anyone involved with Mitch and have bent over backwards to offer service and continue to do so as you know..

Since November 26, 2008 I have 80 calls logged for Lee, and more recently you, not to mention all the times that Lee called on my cell, and dozens of emails. That does not include calls that he had with my assistant.

I am sorry that Mitch and the vendors that he trusted to fund clients did not perform. I have apologized to both you and Lee and I thought that you had clearly forgiven me.

When a person contacts us we provide lots of materials. Lee was given a welcome letter, a paper on how we do business, and matrices for products that he requested information. His initial call was about a $24m project in Africa.

At the time he was referred to us there may have been five to seven line of credit funding sources.The $45,000 that Lee wired to Mitch was for the purchase of existing corporations. Sometimes they are referred to as operating, seasoned, or shelf.

You are welcome to call me anytime that you need.

I have never witnessed bank failure of this magnitude in my life. The last fallout that we had was the S&L crisis but it does not seem to be nearly as damaging as the present crisis.

I have furnished this information on bank failures in newsletters and on our websites. You can find this link at: http://www.fdic.gov/bank/historical/bank/index.html and http://www.fdic.gov/bank/individual/failed/banklist.html

From: http://www2.fdic.gov/qbp/index.asp

Problem Banks
The FDIC creates reports on problem or troubled banks in the aggregate. We do not make the details of this list publicly available. The FDIC does not, at any time, comment on open financial institutions.

These are just the 2009 failures to date, there are hundreds more on the watch list:

Failed Bank List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks. This list includes banks which have failed since October 1, 2000. Click arrows next to headers to sort in Ascending or Descending order.

Bank Name City State CERT # Closing Date Updated Date Greater Atlantic Bank Reston VA 32583 December 4, 2009 December 8, 2009 Benchmark Bank Aurora IL 10440 December 4, 2009 December 8, 2009 AmTrust Bank Cleveland OH 29776 December 4, 2009 December 8, 2009 The Tattnall Bank Reidsville GA 12080 December 4, 2009 December 8, 2009 First Security National Bank Norcross GA 26290 December 4, 2009 December 8, 2009 The Buckhead Community Bank Atlanta GA 34663 December 4, 2009 December 8, 2009 Commerce Bank of Southwest Florida Fort Myers FL 58016 November 20, 2009 November 24, 2009 Pacific Coast National Bank San Clemente CA 57914 November 13, 2009 November 18, 2009 Orion Bank Naples FL 22427 November 13, 2009 November 17, 2009 Century Bank, F.S.B. Sarasota FL 32267 November 13, 2009 November 18, 2009 United Commercial Bank San Francisco CA 32469 November 6, 2009 November 9, 2009 Gateway Bank of St. Louis St. Louis MO 19450 November 6, 2009 November 9, 2009 Prosperan Bank Oakdale MN 35074 November 6, 2009 November 9, 2009 Home Federal Savings Bank Detroit MI 30329 November 6, 2009 November 9, 2009 United Security Bank Sparta GA 22286 November 6, 2009 November 9, 2009 North Houston Bank Houston TX 18776 October 30, 2009 November 3, 2009 Madisonville State Bank Madisonville TX 33782 October 30, 2009 November 3, 2009 Citizens National Bank Teague TX 25222 October 30, 2009 November 3, 2009 Park National Bank Chicago IL 11677 October 30, 2009 November 3, 2009 Pacific National Bank San Francisco CA 30006 October 30, 2009 November 3, 2009 California National Bank Los Angeles CA 34659 October 30, 2009 November 3, 2009 San Diego National Bank San Diego CA 23594 October 30, 2009 November 3, 2009 Community Bank of Lemont Lemont IL 35291 October 30, 2009 November 3, 2009 Bank USA, N.A. Phoenix AZ 32218 October 30, 2009 November 3, 2009 First DuPage Bank Westmont IL 35038 October 23, 2009 November 3, 2009 Riverview Community Bank Otsego MN 57525 October 23, 2009 November 3, 2009 Bank of Elmwood Racine WI 18321 October 23, 2009 November 3, 2009 Flagship National Bank Bradenton FL 35044 October 23, 2009 October 29, 2009 Hillcrest Bank Florida Naples FL 58336 October 23, 2009 October 28, 2009 American United Bank Lawrenceville GA 57794 October 23, 2009 October 28, 2009 Partners Bank Naples FL 57959 October 23, 2009 October 28, 2009 San Joaquin Bank Bakersfield CA 23266 October 16, 2009 October 21, 2009 Southern Colorado National Bank Pueblo CO 57263 October 2, 2009 October 20, 2009 Jennings State Bank Spring Grove MN 11416 October 2, 2009 October 20, 2009 Warren Bank Warren MI 34824 October 2, 2009 October 20, 2009 Georgian Bank Atlanta GA 57151 September 25, 2009 October 13, 2009 Irwin Union Bank, F.S.B. Louisville KY 57068 September 18, 2009 September 22, 2009 Irwin Union Bank and Trust Company Columbus IN 10100 September 18, 2009 September 22, 2009 Venture Bank Lacey WA 22868 September 11, 2009 November 23, 2009 Brickwell Community Bank Woodbury MN 57736 September 11, 2009 November 23, 2009 Corus Bank, N.A. Chicago IL 13693 September 11, 2009 November 23, 2009 First State Bank Flagstaff AZ 34875 September 4, 2009 November 23, 2009 Platinum Community Bank Rolling Meadows IL 35030 September 4, 2009 November 23, 2009 Vantus Bank Sioux City IA 27732 September 4, 2009 November 23, 2009 InBank Oak Forest IL 20203 September 4, 2009 November 23, 2009 First Bank of Kansas City Kansas City MO 25231 September 4, 2009 November 23, 2009 Affinity Bank Ventura CA 27197 August 28, 2009 November 23, 2009 Mainstreet Bank Forest Lake MN 1909 August 28, 2009 November 23, 2009 Bradford Bank Baltimore MD 28312 August 28, 2009 November 23, 2009 Guaranty Bank Austin TX 32618 August 21, 2009 November 23, 2009 CapitalSouth Bank Birmingham AL 22130 August 21, 2009 November 23, 2009 First Coweta Bank Newnan GA 57702 August 21, 2009 November 23, 2009 ebank Atlanta GA 34682 August 21, 2009 November 23, 2009 Community Bank of Nevada Las Vegas NV 34043 August 14, 2009 November 23, 2009 Community Bank of Arizona Phoenix AZ 57645 August 14, 2009 November 23, 2009 Union Bank, National Association Gilbert AZ 34485 August 14, 2009 November 23, 2009 Colonial Bank Montgomery AL 9609 August 14, 2009 November 23, 2009 Dwelling House Savings and Loan Association Pittsburgh PA 31559 August 14, 2009 November 23, 2009 Community First Bank Prineville OR 23268 August 7, 2009 November 23, 2009 Community National Bank of Sarasota County Venice FL 27183 August 7, 2009 November 23, 2009 First State Bank Sarasota FL 27364 August 7, 2009 November 23, 2009 Mutual Bank Harvey IL 18659 July 31, 2009 November 23, 2009 First BankAmericano Elizabeth NJ 34270 July 31, 2009 November 23, 2009 Peoples Community Bank West Chester OH 32288 July 31, 2009 November 23, 2009 Integrity Bank Jupiter FL 57604 July 31, 2009 November 23, 2009 First State Bank of Altus Altus OK 9873 July 31, 2009 November 23, 2009 Security Bank of Jones County Gray GA 8486 July 24, 2009 November 23, 2009 Security Bank of Houston County Perry GA 27048 July 24, 2009 November 23, 2009 Security Bank of Bibb County Macon GA 27367 July 24, 2009 November 23, 2009 Security Bank of North Metro Woodstock GA 57105 July 24, 2009 November 23, 2009 Security Bank of North Fulton Alpharetta GA 57430 July 24, 2009 November 23, 2009 Security Bank of Gwinnett County Suwanee GA 57346 July 24, 2009 November 23, 2009 Waterford Village Bank Williamsville NY 58065 July 24, 2009 November 23, 2009 Temecula Valley Bank Temecula CA 34341 July 17, 2009 November 23, 2009 Vineyard Bank Rancho Cucamonga CA 23556 July 17, 2009 November 23, 2009 BankFirst Sioux Falls SD 34103 July 17, 2009 November 23, 2009 First Piedmont Bank Winder GA 34594 July 17, 2009 November 23, 2009 Bank of Wyoming Thermopolis WY 22754 July 10, 2009 November 23, 2009 Founders Bank Worth IL 18390 July 2, 2009 November 23, 2009 Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 November 23, 2009 First National Bank of Danville Danville IL 3644 July 2, 2009 November 23, 2009 Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 November 23, 2009 Rock River Bank Oregon IL 15302 July 2, 2009 November 23, 2009 First State Bank of Winchester Winchester IL 11710 July 2, 2009 November 23, 2009 John Warner Bank Clinton IL 12093 July 2, 2009 November 23, 2009 Mirae Bank Los Angeles CA 57332 June 26, 2009 November 23, 2009 MetroPacific Bank Irvine CA 57893 June 26, 2009 November 23, 2009 Horizon Bank Pine City MN 9744 June 26, 2009 November 23, 2009 Neighborhood Community Bank Newnan GA 35285 June 26, 2009 November 23, 2009 Community Bank of West Georgia Villa Rica GA 57436 June 26, 2009 November 23, 2009 First National Bank of Anthony Anthony KS 4614 June 19, 2009 November 23, 2009 Cooperative Bank Wilmington NC 27837 June 19, 2009 November 23, 2009 Southern Community Bank Fayetteville GA 35251 June 19, 2009 November 23, 2009 Bank of Lincolnwood Lincolnwood IL 17309 June 5, 2009 November 23, 2009 Citizens National Bank Macomb IL 5757 May 22, 2009 November 23, 2009 Strategic Capital Bank Champaign IL 35175 May 22, 2009 November 23, 2009 BankUnited, FSB Coral Gables FL 32247 May 21, 2009 November 23, 2009 Westsound Bank Bremerton WA 34843 May 8, 2009 November 23, 2009 America West Bank Layton UT 35461 May 1, 2009 November 23, 2009 Citizens Community Bank Ridgewood NJ 57563 May 1, 2009 November 23, 2009 Silverton Bank, NA Atlanta GA 26535 May 1, 2009 November 23, 2009 First Bank of Idaho Ketchum ID 34396 April 24, 2009 November 23, 2009 First Bank of Beverly Hills Calabasas CA 32069 April 24, 2009 November 23, 2009 Michigan Heritage Bank Farmington Hills MI 34369 April 24, 2009 November 23, 2009 American Southern Bank Kennesaw GA 57943 April 24, 2009 November 23, 2009 Great Basin Bank of Nevada Elko NV 33824 April 17, 2009 November 23, 2009 American Sterling Bank Sugar Creek MO 8266 April 17, 2009 November 23, 2009 New Frontier Bank Greeley CO 34881 April 10, 2009 November 23, 2009 Cape Fear Bank Wilmington NC 34639 April 10, 2009 November 23, 2009 Omni National Bank Atlanta GA 22238 March 27, 2009 November 23, 2009 TeamBank, NA Paola KS 4754 March 20, 2009 November 23, 2009 Colorado National Bank Colorado Springs CO 18896 March 20, 2009 November 23, 2009 FirstCity Bank Stockbridge GA 18243 March 20, 2009 November 23, 2009 Freedom Bank of Georgia Commerce GA 57558 March 6, 2009 November 23, 2009 Security Savings Bank Henderson NV 34820 February 27, 2009 November 23, 2009 Heritage Community Bank Glenwood IL 20078 February 27, 2009 November 23, 2009 Silver Falls Bank Silverton OR 35399 February 20, 2009 November 23, 2009 Pinnacle Bank of Oregon Beaverton OR 57342 February 13, 2009 November 23, 2009 Corn Belt Bank & Trust Co. Pittsfield IL 16500 February 13, 2009 November 23, 2009 Riverside Bank of the Gulf Coast Cape Coral FL 34563 February 13, 2009 November 23, 2009 Sherman County Bank Loup City NE 5431 February 13, 2009 November 23, 2009 County Bank Merced CA 22574 February 6, 2009 November 23, 2009 Alliance Bank Culver City CA 23124 February 6, 2009 November 23, 2009 FirstBank Financial Services McDonough GA 57017 February 6, 2009 November 23, 2009 Ocala National Bank Ocala FL 26538 January 30, 2009 November 23, 2009 Suburban FSB Crofton MD 30763 January 30, 2009 November 23, 2009 MagnetBank Salt Lake City UT 58001 January 30, 2009 November 23, 2009 1st Centennial Bank Redlands CA 33025 January 23, 2009 November 23, 2009 Bank of Clark County Vancouver WA 34959 January 16, 2009 November 23, 2009 National Bank of Commerce Berkeley IL 19733 January 16, 2009 November 23, 2009

–
Joe Tufo, Certified Cash Flow Consultant, Certified Capital Specialist
CASH FLOW SPECIALISTS, INC.
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