Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63963 Tue, 22 May 2018 03:05:39 GMT New York and the feds both want Pharma Bro's money first http://implode-explode.com/viewnews/2018-05-21_NewYorkandthefedsbothwantPharmaBrosmoneyfirst.html "Martin Shkreli has failed, neglected, or refused to pay in full the liability for the income tax year 2015," and he still owes the IRS $1,695,397, the court papers say.

Last month, then-Attorney General Eric Schneiderman said the state should be paid the remaining $480,000 of a $1.2 million 2016 tax bill before Shkreli starts paying his $7.3 million forfeiture tab because the state bill came first.

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If Shkreli can't come up with the cash to make the payments then the IRS will seek his other assets, including a one-of-a-kind Wu-Tang Clan album called "Once Upon a Time in Shaolin," a Lil Wayne album and a Picasso painting.

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iehi-feed-63962 Mon, 21 May 2018 18:28:53 GMT Mortgage Lenders Want To Bombard You With More Robocall Solicitations http://implode-explode.com/viewnews/2018-05-21_MortgageLendersWantToBombardYouWithMoreRobocallSolicitations.html iehi-feed-63961 Mon, 21 May 2018 14:32:51 GMT 'The Day that We Can't Protect Human Sources': The President and the House Intelligence Committee Burn an Informant http://implode-explode.com/viewnews/2018-05-21_TheDaythatWeCantProtectHumanSourcesThePresidentandtheHouseIntell.html iehi-feed-63960 Mon, 21 May 2018 02:49:00 GMT Union Official Roland Bedwell Sentenced To Prison For Extortion http://implode-explode.com/viewnews/2018-05-20_UnionOfficialRolandBedwellSentencedToPrisonForExtortion.html iehi-feed-63959 Sun, 20 May 2018 18:01:09 GMT Please, I'm Begging You, Forget The Economy | Lee Adler http://implode-explode.com/viewnews/2018-05-20_PleaseImBeggingYouForgetTheEconomyLeeAdler.html Anticipating policy change really isn't necessary. Market actors don't discount the future very well, if at all. The market responds to actual, not anticipated changes in liquidity. We can usually wait for the policy announcement to be sure. The markets can't sustain a reversal until the money is there. In other words, money talks!

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Massive Treasury supply will put downward pressure on the prices of all financial assets, not just Treasuries. Under QE, the Fed was funding all new Treasury supply. Under QT (Quantitative Tightening) it is actually adding to supply at the same time as it is pulling money out of the banking system. It's very bearish.

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iehi-feed-63958 Sun, 20 May 2018 17:59:10 GMT China Shoots Down Trump's $200 Billion Trade Target; But Gets "Pause" In Tariffs Anyways http://implode-explode.com/viewnews/2018-05-20_ChinaShootsDownTrumps200BillionTradeTargetButGetsPauseInTariffsA.html iehi-feed-63957 Sun, 20 May 2018 13:25:30 GMT Insurance Company Bookkeeper Ordered To Pay Back $3 Million http://implode-explode.com/viewnews/2018-05-20_InsuranceCompanyBookkeeperOrderedToPayBack3Million.html iehi-feed-63956 Sat, 19 May 2018 15:00:00 GMT Michigan Foreclosure Solutions You Need To Save Your Home http://implode-explode.com/viewnews/2018-05-19_MichiganForeclosureSolutionsYouNeedToSaveYourHome.html iehi-feed-63955 Fri, 18 May 2018 15:25:05 GMT A Liquidity Crisis of Biblical Proportions Is Upon Us http://implode-explode.com/viewnews/2018-05-18_ALiquidityCrisisofBiblicalProportionsIsUponUs.html iehi-feed-63954 Fri, 18 May 2018 15:00:00 GMT Crude oil may be above $70 but the US frackers are still struggling http://implode-explode.com/viewnews/2018-05-18_Crudeoilmaybeabove70buttheUSfrackersarestillstruggling.html iehi-feed-63953 Thu, 17 May 2018 19:45:12 GMT Qatari Investor: Michael Cohen Asked Me for a Million Dollars To Line Up Trump Admin. Deals http://implode-explode.com/viewnews/2018-05-17_QatariInvestorMichaelCohenAskedMeforaMillionDollarsToLineUpTrump.html Cohen suggested that Qatar could revitalize some Midwestern towns, saying, according to al-Rumaihi, "‘For example, we can find a steel factory that is about to shut down. You guys can invest. I'll give you some names to appoint as partners. You guys put in the money, we will put in the know-how, and share the profits 50-50. We can perhaps get a federal government ‘off-take agreement' for 10 to 15 years. It will revitalize the city, great PR, you guys will look like you're saving the city, everybody wins.'"

Al-Rumaihi surmised that the biggest winners would be the silent "partners," who would put in "know-how," rather than money and walk away with half the profits.

When al-Rumaihi asked Cohen more generally about important projects that the investment fund should back, Cohen said there were plenty of options. But Cohen said he would need $1 million first, as part of his fee, al-Rumaihi told The Intercept.

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Cohen and al-Rumaihi met again briefly that week at the Plaza Hotel, where Cohen showed al-Rumaihi pictures on his mobile phone of his daughter, who he said was in London at the time.

Al-Rumaihi recalled a bizarre turn in the conversation that "went something like, ‘Oh you guys know London pretty well, given all the properties you own, like Harrods -- I bet there's a lot of nice purses there she'd like.'" (A few months later, Cohen was in the news for sharing an artistic photo of her in lingerie on Twitter.)

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iehi-feed-63952 Thu, 17 May 2018 19:41:47 GMT New York eclipses London in ultra-luxury residential sales http://implode-explode.com/viewnews/2018-05-17_NewYorkeclipsesLondoninultraluxuryresidentialsales.html New York City has jumped to second place among the world's most luxurious cities based on residential sales volume. The city surpassed London in a move from third to second place, just behind Hong Kong in the top spot, according to a new report from Christie's International Real Estate...

New York also took second place in trophy sales behind Hong Kong, with seven sales above $50 million, and seven of 24 penthouse sales. The top 10 trophy sales worldwide totaled $1.24 billion, down slightly from $1.32 billion in 2016. New York City's contribution to the list was the the $91 million purchase of the penthouse at 432 Park Avenue which was fifth most expensive sale globally. The No. 1 sale was a property in Hong Kong, called the Peak, which sold for a stratospheric $360 million.

In 2017, the wealth of the world's billionaires grew to $9.1 trillion, according to Forbes, with more than 2,200 billionaires worldwide. If you include those with $500 million or more, that number increases to $11.7 trillion, said Conn. This means there is an incredible amount of capital to be deployed, he added.

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One feature of the market in 2017, and continuing into 2018, is the degree to which it is a buyer's market, said Dan Conn, CEO of Christie's, particularly uber-luxury buyers. "They don't have to go the dance," he said. It's up to sellers to woo them.

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iehi-feed-63951 Thu, 17 May 2018 19:38:51 GMT CFTC Commissioner Quintenz Drops Hints of More "Bespoke" US Crypto Regulatory Approach http://implode-explode.com/viewnews/2018-05-17_CFTCCommissionerQuintenzDropsHintsofMoreBespokeUSCryptoRegulator.html iehi-feed-63950 Thu, 17 May 2018 19:34:02 GMT The Entire Economy Is MoviePass Now. Enjoy It While You Can http://implode-explode.com/viewnews/2018-05-17_TheEntireEconomyIsMoviePassNowEnjoyItWhileYouCan.html It used to be that in order to survive, businesses had to sell goods or services above cost. But that model is so 20th century. The new way to make it in business is to spend big, grow fast and use Kilimanjaro-size piles of investor cash to subsidize your losses, with a plan to become profitable somewhere down the road.

Over all, 76 percent of the companies that went public last year were unprofitable on a per-share basis in the year leading up to their initial offerings, according to data compiled by Jay Ritter, a professor at the University of Florida's Warrington College of Business. That was the largest number since the peak of the dot-com boom in 2000, when 81 percent of newly public companies were unprofitable. Of the 15 technology companies that have gone public so far in 2018, only three had positive earnings per share in the preceding year, according to Mr. Ritter.

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The rise in unprofitable companies is partly the result of growth in the technology and biotech sectors, where companies tend to lose money for years as they spend on customer acquisition and research and development, Mr. Ritter said. But it also reflects the willingness of shareholders and deep-pocketed private investors to keep fast-growing upstarts afloat long enough to conquer a potential "winner-take-all" market. Today's public tech companies generally earn more revenue than their dot-com era counterparts, and could find it easier to flip the profit switch once they've reached a sufficient size.

"The fact that Google and Facebook were able to generate such enormous profits and growth does give hope to some companies," Mr. Ritter said. If start-ups can figure out to convert a large user base into paying customers, he added, "it can be enormously profitable."

Smells like a mega-credit bubble to us...

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iehi-feed-63949 Thu, 17 May 2018 15:06:28 GMT Consumers Skip More High-Rate Auto Payments Than During Crisis http://implode-explode.com/viewnews/2018-05-17_ConsumersSkipMoreHighRateAutoPaymentsThanDuringCrisis.html iehi-feed-63948 Thu, 17 May 2018 13:56:38 GMT Mr. Cooper To Pay $1.5 Million For Illegal Inspection Fees http://implode-explode.com/viewnews/2018-05-17_MrCooperToPay15MillionForIllegalInspectionFees.html iehi-feed-63947 Wed, 16 May 2018 14:10:06 GMT Are Michigan Bankruptcy Lawyers Are Lying To You About Foreclosures? http://implode-explode.com/viewnews/2018-05-16_AreMichiganBankruptcyLawyersAreLyingToYouAboutForeclosures.html iehi-feed-63946 Tue, 15 May 2018 14:25:46 GMT Trump Indonesia project is latest stop on China's Belt and Road http://implode-explode.com/viewnews/2018-05-15_TrumpIndonesiaprojectislateststoponChinasBeltandRoad.html A subsidiary of Chinese state-owned construction firm Metallurgical Corporation of China (MCC) signed a deal with Indonesia's MNC Land to build a theme park outside Jakarta as part of the ambitious project, the company said on Thursday... The project includes Trump-branded hotels, residences and a golf course, as well as other hotel, shopping and residential developments.

... marketing materials for MNC Lido City refer to the theme park and Trump properties as flagship elements of the development, and corporate filings and internal documents show the Trump Organisation and the president's sons have been directly involved in various stages of its planning.

Negotiations on the Lido deal began before Trump's November 2016 election and subsequent pledge that his family business would not engage in new transactions with foreign governments during his presidency.

Still, "even if this deal is completely and entirely above board, it simply furthers the perception of impropriety" surrounding Trump's business dealings, said Christopher Balding, an economics professor at Shenzhen's HSBC Business School. "Especially with the potential trade war, this is not a good look ... Critics will be entirely right to demand answers."

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iehi-feed-63945 Mon, 14 May 2018 17:11:25 GMT Italian populists close to DEFY Brussels with new anti-EU Government http://implode-explode.com/viewnews/2018-05-14_ItalianpopulistsclosetoDEFYBrusselswithnewantiEUGovernment.html The Anti-EU Lega and anti-establishment Five Star Movement have already agreed on a coalition and will seek formal permission to form a government from Italian President Sergio Mattarella this afternoon.

The coalition, which has already stated its aim to ignore EU rulings which don't dovetail with its own aims, is Brussels worst nightmare -- and makes Britain's Brexit vote look like a minor Euro-policy hiccup.

The round of talks between the two parties which took place during the weekend has seen Lega's Matteo Salvini and Five Star's Luigi Di Maio drafting their "Contract for the Government of Change", which include a series of expensive economic promises and disruptive political changes.

Their plan, which would come at a combined estimated cost of £110billion (€124.5bn), includes a flat tax as low as 15 percent, a guaranteed income for the poor and a lower retirement age, currently set between 63-65. 

Implementing these measures would see Italy's deficit skyrocket well above the targets agreed with the EU.

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iehi-feed-63944 Mon, 14 May 2018 15:20:19 GMT Housing Discrimination A Major Problem For Adult Film Stars http://implode-explode.com/viewnews/2018-05-14_HousingDiscriminationAMajorProblemForAdultFilmStars.html