Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are : id handle category description 1 housing_finance "Housing Finance News/ML-Implode Main" 2 hedge_funds "Hedge Funds News" 3 fed "The Fed, Central Banking and fin. reg." 4 foreclosures "Foreclosures (News)" 5 chavez "Hugo Chavez Watch (News)" 6 builders "Home Builders News" 7 banks "Banks News" 8 credit_bubble "Credit Bubble and Crash (News)" 9 peak_oil "Peak Oil and Energy Security (News)" 10 BRIC_v_us "BRIC countries vs. U.S. (News)" 11 gov_bk "Government Bankruptcy (News)" 12 mediawatch "Mainstream Media Watch" 13 Our commentary "IEHI Original Commentary" 14 rebalancing "Economic Rebalancing (News)" 15 pm "Precious Metals News" 16 inflation "Inflation and Deflation News" 17 nr "Natural Resources News" 18 consumer "Consumer Capitulation/Issues and Populism" 20 pe "Private Equity Implosion (News)" 21 recession "Recession/depression News" 22 ML_implosion "Mortgage Lender IMPLOSIONS" 23 HF_implosion "Hedge Fund IMPLOSIONS" 24 HB_implosion "Home Builder IMPLOSIONS" 25 Bank_implosion "Bank IMPLOSIONS" 26 ML_update "Mortgage Lender UPDATES" 27 HF_update "Hedge Fund UPDATES" 28 HB_update "Home Builder UPDATES" 29 Bank_update "Bank UPDATES" 30 RFWS "Radio Free Wall Street" 31 FHA "FHA and Mtg Regulation (News)" 32 martial_law "Martial Law/Big Brother/NWO Watch" 33 pension "Retirement Implosion (News)" 34 mtgindustry "Mortgage Industry (News)" 35 econlists "Econ insider lists" 36 iehi_fb "IEHI facebook feed" 37 robin_fb "robin facebook" 38 IEHItwitter "IEHI Twitter Feed" 39 ak_linkedin "akrowne LinkedIn (mtg industry)" en-us iehi-feed-63775 Tue, 20 Mar 2018 23:23:36 GMT Cartier Boss Has Nightmares Of Armed Revolution By Poor People iehi-feed-63774 Tue, 20 Mar 2018 19:34:04 GMT Uber Driverless-Vehicle Accident Complicates Push to Ease Rules This week's pedestrian fatality involving a self-driving car is likely to complicate efforts in Congress to speed the vehicles' development by wiping away state safety regulations.

The House last fall passed legislation that would pre-empt regulations that some states have sought to impose on the driverless-car industry recently. The bill would also exempt driverless cars from many federal safety-equipment standards, to accommodate new designs. Instead, the bill would have regulators rely on safety certifications from the manufacturers.


The House passed it by voice vote in September, and it was unanimously approved by the Senate Commerce Committee soon after.


"We won't have all the facts until relevant investigations are complete, but this tragedy underscores the need to adopt laws and policies tailored for self-driving vehicles," [Sen. John Thune] said. "Congress should act to update rules, direct manufactures to address safety requirements, and enhance the technical expertise of regulators."

But even before the pedestrian was struck late Sunday, some senators had reservations about the bill, saying they were concerned that it didn't guarantee sufficient protections for drivers, passengers and pedestrians, particularly given the lack of federal safety regulations so far.


Uber on Monday said it was temporarily pulling its self-driving cars off the roads in four cities where it is testing them, including Tempe, San Francisco, Pittsburgh and Toronto. The accident in Tempe was believed to be the first pedestrian death resulting from a driverless vehicle.

iehi-feed-63773 Tue, 20 Mar 2018 19:26:51 GMT Japan is so broke that its prisons are full of 80+ year old ‘felons' One in five female prisoners in Japan is senior, almost all of whom have been convicted of petty crimes like shoplifting. This is no accident. Elderly women in Japan are economically vulnerable. Half live below the poverty line. Many live by themselves and have no one to turn to for help. So there's a growing trend in Japan of elderly women deliberately committing petty crimes-- hoping to get caught so that they'll be sent to prison.

In prison, of course, they're fed, clothed, housed, and even have their health care covered by the state. It's a pitiful, last resort form of welfare that's likely going to become worse as Japan's already elderly population continues to age.


[Yet,] everything that Japan did back in the 70s and 80s to cause these long-term social and economic problems is EXACTLY what most of the West is doing now: printing money, keeping rates too low, inflating asset bubbles, going into debt, and acting like the good times will last forever.

It would be utterly foolish to believe that this time is different.

iehi-feed-63772 Tue, 20 Mar 2018 17:05:56 GMT Repubs May Be At Dems Mercy To Fix Mistakes In Rushed Tax Bill As Politico reports, within the first two months of the tax law taking effect, dozens of mistakes have cropped up, some which could either assist or harm entire classes of taxpayers.

For example, a lack of clarity could allow hedge funds and private equity firms to sidestep a provision that would prevent them from counting earnings from their investments as capital gains instead of income--commonly known as the "carried interest" loophole, as capital gains are taxed at a lower rate than income--unless they held the investments for at least three years. The law exempts corporations from this rule but doesn't specify what kind of corporations, leading hedge fund managers to rush to Delaware to create LLCs to duck the new restriction.


In other words, Republicans recklessly passed a bill with all kinds of drafting mistakes, and now they want Democrats to agree to help them solve the problems. Democrats, on the other hand, were shut out of the entire process of the tax law and may not feel inclined to lend their votes to make it work better. Some have suggested that if Republicans want the fixes so badly, they should open up the entire law to changes.

iehi-feed-63771 Mon, 19 Mar 2018 19:38:49 GMT Railroading Workers? Trump's NLRB is racing to end a key labor case before trial resumes this week, lawyers say iehi-feed-63770 Mon, 19 Mar 2018 15:27:15 GMT Facebook facing an existential crisis over privacy and data Aleksandr Kogan, a University of Cambridge professor, accessed the data of more than 50 million Facebook users simply by creating a survey filled out by 270,000 people. Facebook provided Kogan with the data of anyone who took the survey, as well as their friends' data. In a statement, Facebook said, "Kogan gained access to this information in a legitimate way and through the proper channels that governed all developers on Facebook at that time."

The one rule Kogan violated, according to Facebook, was passing the user data to third parties, including Cambridge Analytica, the political data firm founded by former Trump aide Steve Bannon and conservative donor Robert Mercer.

But even Facebook sources acknowledged to CNN that it is impossible to completely monitor what developers and advertisers do with the data once it's in their hands. It's like selling cigarettes to someone and telling them not to share the cigarettes with their friends.


On Capitol Hill, the talk of regulation is growing louder. Lawmakers seeking tighter restrictions on big tech feel even more emboldened than they did in the wake of revelations about Russian meddling in the 2016 election, a source on Capitol Hill told CNN.


The Cambridge Analytica scandal is likely to hasten user disenchantment with the network, sources inside Facebook acknowledged. Facebook is increasingly being seen as a platform vulnerable to manipulation by political groups, foreign governments, or worse.

Will this prompt a GDPR-style law in the US? It could happen. It's also worth noting that these kind of access/sharing abuses could be solved by blockchain-based permissioned systems (of which a number of projects are implementing, especially in the health space).

iehi-feed-63769 Mon, 19 Mar 2018 15:23:42 GMT Dow suffers more than 250-point stumble, as Facebook powers tech-sector selloff "Equities are lower and Treasury yields are higher and I think it may be signaling that there's some anxiety abut how hawkish the FOMC will be on Wednesday," said Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management.

As for the tech slide, Jacobsen declined to talk about specific companies but said trepidation around "what is going on with advertising as a source of revenue" for some companies is one reason why some social media names are facing selling.

"The market is pricing in a 97.9% likelihood of a rate hike at this meeting. The big question then will be the ‘dot plot' giving the FOMC members' estimates of where rates will be at the end of this year and next," said Marshall Gittler, chief strategist at ACLS Global, in a note.

iehi-feed-63768 Mon, 19 Mar 2018 15:19:35 GMT Bitcoin rallies $1,000 after FSB letter to G-20 officials saying "no systemic issues" On the eve of a meeting of Group of 20 finance ministers and central bankers in Buenos Aires, the Financial Stability Board, or FSB, issued a letter to the international finance ministers saying that cryptocurrencies do not pose any near-term systemic risk to the global financial system.

"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time," wrote Mark Carney, chairman of the FSB. The FSB is an international watchdog that makes recommendations about the global financial system.

"This is in part because they are small relative to the financial system. Even at their recent peak, their combined global market value was less than 1% of global GDP," wrote Carney, who is also governor of the Bank of England.

iehi-feed-63767 Sun, 18 Mar 2018 19:10:18 GMT Exclusive: Slumlord Kushner filed false NYC housing paperwork, Will be Investigated Now a clue has emerged as to how President Donald Trump's son-in-law's firm was able to move so fast: The Kushner Cos. routinely filed false paperwork with the city declaring it had zero rent-regulated tenants in dozens of buildings it owned across the city when, in fact, it had hundreds.

While none of the documents during a three-year period when Kushner was CEO bore his personal signature, they provide a window into the ethics of the business empire he ran before he went on to become one of the most trusted advisers to the president of the United States.

"It's bare-faced greed," said Aaron Carr, founder of Housing Rights Initiative, a tenants' rights watchdog that compiled the work permit application documents and shared them with The Associated Press. "The fact that the company was falsifying all these applications with the government shows a sordid attempt to avert accountability and get a rapid return on its investment."


In all, Housing Rights Initiative found the Kushner Cos. filed at least 80 false applications for construction permits in 34 buildings across New York City from 2013 to 2016, all of them indicating there were no rent-regulated tenants. Instead, tax documents show there were more than 300 rent-regulated units. Nearly all the permit applications were signed by a Kushner employee, including sometimes the chief operating officer.

Had the Kushner Cos. disclosed those rent-regulated tenants, it could have triggered stricter oversight of construction crews by the city, including possibly unscheduled "sweeps" on site by inspectors to keep the company from harassing tenants and getting them to leave.

Instead, current and former tenants of the Queens buildings told the AP that they were subjected to extensive construction, with banging, drilling, dust and leaking water that they believe were part of targeted harassment to get them to leave and clear the way for higher-paying renters.


At a six-story walk-up in Manhattan's East Village that was once home to the Beat poet Allen Ginsberg, the Kushner Cos. filed an application to begin construction in late 2013 that, again, listed zero rent-regulated tenants. Tax records a few months later showed seven rent-regulated units.


New York City Council member Ritchie Torres, who plans to launch an investigation into permit applications, said: "The Kushners appear to be engaging in what I call the weaponization of construction."


Submitting false documents to the city's Department of Buildings for construction permits is a misdemeanor, which can carry fines of up to $25,000. But real estate experts say it is often flouted with little to no consequences. Landlords who do so get off with no more than a demand from the city, sometimes a year or more later, to file an "amended" form with the correct numbers.

iehi-feed-63766 Sun, 18 Mar 2018 17:29:06 GMT Irish-Americans Banned From Pub On Saint Patrick's Day iehi-feed-63765 Sat, 17 Mar 2018 17:12:50 GMT Dan Gilbert Owned Amrock Title Hit With $706 Million Judgment iehi-feed-63764 Sat, 17 Mar 2018 00:35:23 GMT The Rise and Fall of Elizabeth Holmes and the Black Turtleneck With her blond hair and lipstick, her uniform set her apart from the hoodie pack as well as the suits, and made that Jobsian connection, giving her an aura of cool in the way that he was cool (and Apple is cool) but that most digi-geeks are not, when viewed by the non-digi world.

But such an individual uniform has a risk if you don't live up to the promise. In the end, it's the substance behind the style that makes the difference; what you wear becomes its expression. So already, what was once the symbol of her dedication has become the symbol of the backlash, as the revisionism has begun, with various columnists berating themselves for not "looking behind the black turtleneck."

Even on social media, it has not gone unnoticed.


In the same way that Gordon Gekko's suspenders and Michael Milken's toupee became symbols of their greed, Ms. Holmes's black turtleneck is starting to seem less a brilliant frame than a false front; a carefully calculated costume that fooled everyone into assuming she was more brilliant than she was; a symbol of hubris rather than success.

Those who live by the turtleneck, die by the turtleneck. It's enough to make the otherwise derided pantsuit look like the ... well, smart choice.

iehi-feed-63763 Fri, 16 Mar 2018 20:10:44 GMT Michigan Priest Financially Rapes Parishioners To Build $4 Million Mansion iehi-feed-63762 Thu, 15 Mar 2018 14:52:20 GMT Trump repeats Canada trade claim after admitting he bluffed in meeting with Trudeau President Donald Trump repeated Thursday his claim that the U.S. has a trade deficit with Canada to swipe at Prime Minister Justin Trudeau, a day after boasting about misleading the Canadian leader about his knowledge of the subject.

The Office of the U.S. Trade Representative says the U.S. in 2016 had a goods and services trade surplus with Canada of $12.5 billion.

"We do have a Trade Deficit with Canada, as we do with almost all countries (some of them massive). P.M. Justin Trudeau of Canada, a very good guy, doesn't like saying that Canada has a Surplus vs. the U.S.(negotiating), but they do...they almost all do...and that's how I know!" the president tweeted.

The president on Wednesday bragged to donors during a closed-door speech in Missouri about telling Trudeau that the U.S. was at a trade deficit with Canada, even though he wasn't sure of the details and the Canadian prime minister refuted the claim.

"I didn't even know," Trump said according to audio obtained by POLITICO. "I just said, ‘You're wrong.'"

Lovely, our "President" is gleefully pissing off trading partners with whom we actually are on top already. This will certainly end well.

It's one thing for policy to be based on ignorance, another for it to be based on innocently being wrong, and yet another for it to be based on willfully being wrong out of personal preference, just because you can get away with it..

iehi-feed-63761 Thu, 15 Mar 2018 14:45:41 GMT iHeartMedia files for bankruptcy to restructure $20 bln debt load IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load.

The company, which filed for bankruptcy along with some of its units, said it reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.

IHeartMedia, which has struggled with $20 billion of debt and falling revenue at its 858 radio stations, said cash on hand and cash generated from ongoing operations will be sufficient to fund the business during the bankruptcy process.


IHeartMedia skipped a $106 million interest payment on Feb. 1, triggering a 30-day grace period during which the company has tried to hammer out a deal with it bondholders.


Bain Capital and Thomas H. Lee Partners control 68 percent of the voting stock of iHeartMedia, according to the company's most recent annual report.

iehi-feed-63760 Thu, 15 Mar 2018 14:43:44 GMT Toys R Us submits plan to close or sell all US stores Toys R Us made official its liquidation on Thursday morning, filing documents with the bankruptcy court that will lead to the sale or closing of its roughly 800 U.S. stores.


It is a blow to the toy industry, which has relied on the retailer for supplying row after row of toys and premium pricing, and who now must look to big box stores and Amazon.


It is a black-eye for its its three owners, KKR, Bain Capital Partners and real estate investment trust Vornado Realty Trust, who took the retailer private in 2005 for $6.6 billion, leaving it with $4.9 billion in debt. That debt would become an anathema for the business, keeping it from making the investments it needed as the retail landscape rapidly transformed around it.

The debt, of course, was what ultimately did the company in. Under its onerous weight and with little hope of refinancing it, Toys R Us hired restructuring advisers in 2017. The plan was to put together pre-packaged bankruptcy for after the holiday season in advance of upcoming payments due, sources tell CNBC.

But when CNBC broke news that it may file, it caused a run on the bank. Vendors froze their shipments to Toys R Us, only accepting cash on delivery. In weeks, it was forced to file for bankruptcy before its crucial holiday season and without a plan to emerge. A miserable holiday season would be the nail in its coffin.


Years of being the most important toy store in town left it cavalier, according to those former employees and industry insiders. They said it didn't take care of its store base -- whether that meant pruning stores that weren't making money, or putting resources toward those that were. It also under-invested in its digital business even as e-commerce skyrocketed, those sources told CNBC.

iehi-feed-63759 Thu, 15 Mar 2018 12:02:02 GMT Chase QuickPay With Zelle Takes Longer Than Elephant Mating iehi-feed-63758 Wed, 14 Mar 2018 22:45:17 GMT Mattis-associated Theranos charged with 'massive fraud' by SEC Elizabeth Holmes, founder and CEO of the embattled blood testing startup company Theranos, has been charged with "massive fraud," the Securities and Exchange Commission announced Wednesday.

The SEC alleged that Holmes and the company's former President Ramesh "Sunny" Balwani raised more than $700 million from investors through an "elaborate, years-long fraud in which they exaggerated or made false statements about the company's technology, business, and financial performance."

The agency said Theranos and Holmes have agreed to settle the fraud charges. Holmes agreed to pay a $500,000 penalty and relinquish control of the company. She will be barred from serving as an officer or director of any public company for 10 years.

See, "traditional" companies are totally safe! That's why Google needs to go to the extent of banning ICO and cryptocurrency financial product ads, but the stock market is OK!

iehi-feed-63757 Wed, 14 Mar 2018 21:37:22 GMT Trump Taps Kudlow To Replace Cohn President Donald Trump will name Larry Kudlow, the conservative media analyst who served as his informal economic adviser during the 2016 campaign, as the next head of the White House National Economic Council, two sources familiar with the decision tell CNN.

Trump offered Kudlow the job Tuesday night over the phone and he accepted, the source said.


Kudlow's ascension, however, does not solve the disagreement inside the administration over Trump's tariff decision. The cable news personality has been outspoken in opposition to the tariff plan and wrote an op-ed for CNBC earlier this month that detailed his disagreements.

"In other words, steel and aluminum may win in the short term, but steel and aluminum users and consumers will lose," Kudlow wrote. "In fact, tariff hikes are really tax hikes."

Trump acknowledged his disagreement on tariffs with Kudlow in a conversation with reporters on Tuesday, but said he welcomed the difference of opinion.

"I'm looking at Larry Kudlow very strongly. I've known him a long time. We don't agree on everything but in this case I think that's good. I want to have a divergent opinion -- we agree on most," Trump said.

He added that Kudlow has "come around to believing in tariffs as a negotiating point."

Peter Navarro, Trump's top trade adviser and a fervent proponent of the President's tariffs, was seen as the force behind Cohn's eventual departure. The two butted heads over the decision and internally Trump's decision was seen as a win for Navarro and a damaging loss for Cohn.

Wary of the narrative that Navarro and Kudlow will clash in the same way that Navarro and Cohn did, a source close to Navarro said the President's trade adviser is "very happy" with Kudlow's selection.

iehi-feed-63756 Wed, 14 Mar 2018 17:28:48 GMT David Rockefeller Estate In NY Sells For $33 Million -50% More than Sales Price