Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-55325 Fri, 31 Oct 2014 18:12:24 GMT Prosecutors Suspect Repeat Offenses on Wall Street (+MAY DO SOMETHING ABOUT IT(!)) http://implode-explode.com/viewnews/2014-10-31_ProsecutorsSuspectRepeatOffensesonWallStreetMAYDOSOMETHINGABOUTI.html It would be the Wall Street equivalent of a parole violation: Just two years after avoiding prosecution for a variety of crimes, some of the world's biggest banks are suspected of having broken their promises to behave.

A mixture of new issues and lingering problems could violate earlier settlements that imposed new practices and fines on the banks but stopped short of criminal charges, according to lawyers briefed on the cases. Prosecutors are exploring whether to strengthen the earlier deals, the lawyers said, or scrap them altogether and force the banks to plead guilty to a crime.

... prosecutors are also threatening to tear up deals with banks like Barclays and UBS that were accused of manipulating interest rates, pointing to evidence that the same banks also manipulated foreign currencies, a violation of the interest rate settlements. The prosecutors and banks have agreed to extend probationary periods that would have otherwise expired this year.

]]>
iehi-feed-55324 Fri, 31 Oct 2014 18:09:19 GMT Russia and Ukraine Reach Gas Deal http://implode-explode.com/viewnews/2014-10-31_RussiaandUkraineReachGasDeal.html iehi-feed-55323 Fri, 31 Oct 2014 17:54:57 GMT Russia takes emergency steps to defend ruble, tame inflation http://implode-explode.com/viewnews/2014-10-31_Russiatakesemergencystepstodefendrubletameinflation.html iehi-feed-55322 Fri, 31 Oct 2014 17:49:11 GMT Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required http://implode-explode.com/viewnews/2014-10-31_LawLetsIRSSeizeAccountsonSuspicionNoCrimeRequired.html For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away -- until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.

The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes -- in fact, she has not been charged with any crime. Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report.

"How can this happen?" Ms. Hinders said in a recent interview. "Who takes your money before they prove that you've done anything wrong with it?"

The federal government does.

Using a law designed to catch drug traffickers, racketeers and terrorists by tracking their cash, the government has gone after run-of-the-mill business owners and wage earners without so much as an allegation that they have committed serious crimes. The government can take the money without ever filing a criminal complaint, and the owners are left to prove they are innocent. Many give up.

]]>
iehi-feed-55321 Fri, 31 Oct 2014 17:46:09 GMT How Long Can The Shale Revolution Last? http://implode-explode.com/viewnews/2014-10-31_HowLongCanTheShaleRevolutionLast.html Predicting what oil production will be in 25 years is difficult, to say the least, but the Post Carbon report projects that oil production from the Bakken and Eagle Ford will be just one-tenth of the level that EIA is forecasting. The EIA predicts that the Bakken and the Eagle Ford will be producing a combined 1 million bpd in 2040. Hughes thinks it will be just a small fraction of that amount -- a mere 73,000 bpd.

This is not the first time that David Hughes has taken aim at EIA data. In a December 2013 report, he skewered the high estimates for the potential of the Monterrey Shale in California, calling the EIA's numbers "simplistic and highly overstated." Several months later, the EIA was forced to back track on its figures, downgrading the recoverable oil estimates in the Monterrey by 96 percent.

]]>
iehi-feed-55320 Fri, 31 Oct 2014 17:45:04 GMT Text of Putin Speech Calling Out US http://implode-explode.com/viewnews/2014-10-31_TextofPutinSpeechCallingOutUS.html iehi-feed-55319 Thu, 30 Oct 2014 22:54:46 GMT 100,000+ Detroiters Could Be Homeless Due To Deadbeat Landlords http://implode-explode.com/viewnews/2014-10-30_100000DetroitersCouldBeHomelessDueToDeadbeatLandlords.html iehi-feed-55317 Thu, 30 Oct 2014 18:55:35 GMT NYDFS Says OCWEN Began Back Dating Docs In 2010 http://implode-explode.com/viewnews/2014-10-30_NYDFSSaysOCWENBeganBackDatingDocsIn2010.html iehi-feed-55316 Thu, 30 Oct 2014 18:19:37 GMT Why Did Q3 GDP Jump? (Terror Dividend, Courtesy of ISIS) http://implode-explode.com/viewnews/2014-10-30_WhyDidQ3GDPJumpTerrorDividendCourtesyofISIS.html iehi-feed-55314 Thu, 30 Oct 2014 14:32:13 GMT France to hand over first Mistral helicopter carrier on Nov 14 -- Russia -- RT News http://implode-explode.com/viewnews/2014-10-30_FrancetohandoverfirstMistralhelicoptercarrieronNov14RussiaRTNews.html France may hand over the first of two Mistral helicopter carriers to Russia on November 14, Deputy Prime Minister Dmitry Rogozin said. He announced that Moscow had received an invitation to take delivery at France's Saint-Nazaire shipyards.

...

Under the deal, Russia was supposed to receive the first of the two warships, the Vladivostok, in October this year. However, delivery has been postponed due to the conflict in Ukraine, the impetus behind the international community's pressure on France to cancel the contract.

Western allies have been pushing Paris for months, saying that France has to make sacrifices to meet its commitment to oppose Moscow through sanctions over the crisis in Ukraine.

See also this surprising piece (given the supposed cracking-down of the Kremlin over the Russian economy) :

Russia is now ranked 62nd in the World Bank's new 2014 Doing Business report, which measures the ease of doing business in 189 countries worldwide. The country climbed 30 positions from 92nd spot in 2013.

...

Russia's steep improvement to 62nd place is due to the report changing its methodology in determining the rating by adding new indicators, such as ease of property registration and starting a new business, as well as the availability of credit, protection of minority shareholders, and bankruptcy procedures.

]]>
iehi-feed-55313 Thu, 30 Oct 2014 14:09:57 GMT U.S. Economy Up 3.5% in 3rd Quarter, Capping Best 6 Months in Over a Decade http://implode-explode.com/viewnews/2014-10-30_USEconomyUp35in3rdQuarterCappingBest6MonthsinOveraDecade.html iehi-feed-55312 Thu, 30 Oct 2014 00:36:48 GMT Detroit developer bids on 6,300 foreclosed properties in auction http://implode-explode.com/viewnews/2014-10-29_Detroitdeveloperbidson6300foreclosedpropertiesinauction.html iehi-feed-55311 Thu, 30 Oct 2014 00:35:11 GMT Russia vows to drill alone in Arctic http://implode-explode.com/viewnews/2014-10-29_RussiavowstodrillaloneinArctic.html Rather than throw in the towel in the face of Western sanctions intended to halt Russia's Arctic oil ambitions by stopping technology transfers, the Russians have responded with plans to "Russify" the technology to be deployed in the world's largest effort so far to extract oil from the thawing Arctic Ocean.

...

A further "Russification" of the industry seems inevitable. This month, President Vladimir Putin approved the creation of a state-owned oil services company, RBC, a Russian business newspaper reported. The intention is to duplicate, as well as possible, the services purveyed now by Halliburton, Baker Hughes and Schlumberger.

]]>
iehi-feed-55310 Thu, 30 Oct 2014 00:32:32 GMT Alan Greenspan: QE Failed To Help The Economy (Which is "Dead in the Water"); P.S. - Buy Gold... http://implode-explode.com/viewnews/2014-10-29_AlanGreenspanQEFailedToHelpTheEconomyWhichisDeadintheWaterPSBuyG.html iehi-feed-55309 Wed, 29 Oct 2014 21:39:09 GMT Fed ignores October downturn (TRIES QE ENDING BLUFF) http://implode-explode.com/viewnews/2014-10-29_FedignoresOctoberdownturnTRIESQEENDINGBLUFF.html iehi-feed-55308 Wed, 29 Oct 2014 16:35:00 GMT Studies find fast traders get data from SEC seconds (IF NOT MINUTES) early http://implode-explode.com/viewnews/2014-10-29_StudiesfindfasttradersgetdatafromSECsecondsIFNOTMINUTESearly.html iehi-feed-55307 Wed, 29 Oct 2014 16:32:26 GMT Deutsche Bank Posts $117 Million Loss as Legal Costs Mount http://implode-explode.com/viewnews/2014-10-29_DeutscheBankPosts117MillionLossasLegalCostsMount.html iehi-feed-55306 Wed, 29 Oct 2014 15:22:43 GMT Mortgage Purchase Applications Plunge To 19-Year Lows http://implode-explode.com/viewnews/2014-10-29_MortgagePurchaseApplicationsPlungeTo19YearLows.html iehi-feed-55305 Wed, 29 Oct 2014 15:04:34 GMT Treasury Liquidity Squeezed as Dealers Shut Off Machines http://implode-explode.com/viewnews/2014-10-29_TreasuryLiquiditySqueezedasDealersShutOffMachines.html iehi-feed-55303 Wed, 29 Oct 2014 12:28:52 GMT Re-elected Dilma wins in a Brazil broken in two http://implode-explode.com/viewnews/2014-10-29_ReelectedDilmawinsinaBrazilbrokenintwo.html