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Equipment Leasing in 2012
State and local governments in the United States have had a tough slog for the last five years. In December, The Washington Post cited a survey conducted by the National League of Cities that observed, “The fiscal condition of cities continues to weaken. Cities are continuing to cut personnel, infrastructure investments and key services.” See www.washingtonpost.com/business/economy/falling-home-values-mean-budget-crunches-for-cities/2011/12/14/gIQAwWmtHP_story.html. Even in boom times, these entities have uncertain revenue streams that can make long-range planning difficult. Property tax rates vary under inconsistent political priorities, and mandated expenditures from the state capitol snowball into unsupported burdens at the local level. At any point in the cycle, successful equipment leasing thrives on establishing relationships with well-managed municipal entities. Budget uncertainty and November's major election loom over the market's outlook for the coming year. The current, challenging state of municipal finance in many areas of the country only reinforces the importance of discerning the right transactions to bid for and which partnerships to engage.
As we enter 2012, the hyper-competitive nature of municipal lease financing, paired with borrowers' significant financial challenges, demands creative thinking and savvy leadership from lenders as well as borrowers. The current environment's significant macroeconomic concerns exacerbate traditional budgetary strains. In many communities, property values continue to stagnate and local tax assessments are beginning to follow these lower values. Anticipated revenues in the coming years are adjusted lower, furthering the budgetary stress. Additionally, municipal leadership varies among entities as the tension of long-range planning and fiscal responsibility is balanced against short-term needs and political expedience. There is an important, and oftentimes overlooked, role for lenders in easing municipal clients' uncertainty through strategic financial planning to the extent possible. Mapping payments and projects' efficacy for the long-term is typically advisable, regardless of the revenue cycle and macroeconomic climate.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.