Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63885 Fri, 20 Apr 2018 05:18:24 GMT Wells Fargo will be fined $1 billion http://implode-explode.com/viewnews/2018-04-20_WellsFargowillbefined1billion.html Two federal regulators are close to fining Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The hefty penalty will be announced as early as Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a person familiar with the enforcement action.

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Such a large fine would be a noteworthy move for the CFPB under Mick Mulvaney, the acting director appointed by President Trump.

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iehi-feed-63884 Thu, 19 Apr 2018 15:09:09 GMT Manhattan Residential Property Listing Prices Plummet By 10.9% http://implode-explode.com/viewnews/2018-04-19_ManhattanResidentialPropertyListingPricesPlummetBy109.html iehi-feed-63883 Thu, 19 Apr 2018 04:18:05 GMT Pharma bro Shkreli, denied minimum security camp, gets sent to federal prison in New Jersey http://implode-explode.com/viewnews/2018-04-19_PharmabroShkrelideniedminimumsecuritycampgetssenttofederalprison.html Shkreli, 35, in March had asked to be sent to the minimum-security camp adjacent to another federal prison in Pennsylvania, FCI Canaan. His sentencing judge endorsed that request. But the Bureau of Prisons has the last word in determining where to place its inmates.

[Shkreli's lawyer] Brafman previously said that Judge Kiyo Matsumoto's ruling last September that Shkreli was a public danger would prevent him from being sent to a minimum-security camp because of BOP guidelines.

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Matsumoto had said Shkreli was a danger as she revoked his bail for, among other things, his bizarre offer toFacebook followers of $5,000 for each strand of hair they managed to pull off the head of Hillary Clinton, who at the time was in the midst of a book tour.''

So basically he got himself sent to federal prison instead of camping by being a dick (totally superfluously -- Hillary Clinton didn't even have anything to do with his case, as unsavory as she might be).

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iehi-feed-63882 Thu, 19 Apr 2018 00:09:45 GMT World debt hits record $164 trillion as crisis hangover lingers http://implode-explode.com/viewnews/2018-04-18_Worlddebthitsrecord164trillionascrisishangoverlingers.html The world's debt load has ballooned to a record $164 trillion, a trend that could make it harder for countries to respond to the next recession and pay off debts if financing conditions tighten, the International Monetary Fund said.

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The global debt burden clouded the IMF's otherwise upbeat outlook of the world economy, which is in its strongest upswing since 2011. The fund on Tuesday forecast expansion of 3.9 per cent in 2018 and 2019, while saying in subsequent years the global economy could be impacted by tighter monetary policy and the fading effects of U.S. fiscal stimulus.

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The IMF figures bare the scale of the debt hangover from which the world is still recovering from a decade after the financial crisis pushed the global banking system to the brink, and tipped the world economy into recession. Governments increased spending to boost growth, while central banks resorted to unconventional methods to ease financing conditions, such as buying bonds.

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iehi-feed-63881 Wed, 18 Apr 2018 23:44:43 GMT UK government loses key Brexit Vote: Stuck with the Customs Union http://implode-explode.com/viewnews/2018-04-18_UKgovernmentloseskeyBrexitVoteStuckwiththeCustomsUnion.html iehi-feed-63880 Wed, 18 Apr 2018 19:30:17 GMT U.S. Debt Load Seen Worse Than Italy's by 2023, IMF Predicts http://implode-explode.com/viewnews/2018-04-18_USDebtLoadSeenWorseThanItalysby2023IMFPredicts.html iehi-feed-63879 Wed, 18 Apr 2018 19:27:26 GMT Bon-Ton Stores closing: See list of Boston Store, Carson's, Younkers http://implode-explode.com/viewnews/2018-04-18_BonTonStoresclosingSeelistofBostonStoreCarsonsYounkers.html Bon-Ton Stores, the corporate parent of several department store chains, has agreed to sell its assets to a group of debtholders and liquidators, likely setting the stage for going-out-of-business sales to start imminently.

The York, Pa.-based company's brands include Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers.

Although it's not official yet, chances are high that all the locations will close. It's still possible the brands could live on in some fashion, such as online-only outlets under new ownership.

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Bon-Ton's approximately 250 locations are scattered throughout 23 states in the Midwest, Northeast and upper Great Plains.

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iehi-feed-63878 Wed, 18 Apr 2018 19:26:30 GMT US crude tops $68 for the first time in more than three years http://implode-explode.com/viewnews/2018-04-18_UScrudetops68forthefirsttimeinmorethanthreeyears.html iehi-feed-63877 Wed, 18 Apr 2018 16:11:54 GMT Apparent Quicken Loans Fraud Costs Single Dad With 4 Kids His Home http://implode-explode.com/viewnews/2018-04-18_ApparentQuickenLoansFraudCostsSingleDadWith4KidsHisHome.html iehi-feed-63876 Tue, 17 Apr 2018 15:05:21 GMT Tesla's Cash Crunch Will Intensify As Model 3 Production Shuts Down Again http://implode-explode.com/viewnews/2018-04-17_TeslasCashCrunchWillIntensifyAsModel3ProductionShutsDownAgain.html Bizarrely, Tesla issued a statement regarding this shutdown of Model 3 production that echoed word-for-word a statement given in late-February when Tesla reportedly shut the Model 3 line for 5 days. Tesla's statement indicated that such a shutdown "is not unusual," but, Tom Jones references aside, it really is unusual for an automaker to post two lengthy shutdowns in such a short period...

When I followed major automakers like VW, Ford, GM and Daimler, a one-week shutdown on high-volume model would be enough to merit a mention on a quarterly earnings call.  At Tesla, where the Model 3 is being counted on to be both the next step in the future of automotive mobility and the model that gets Tesla over the hump from a cash flow perspective, this latest shutdown could be catastrophic.

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iehi-feed-63875 Mon, 16 Apr 2018 21:39:38 GMT Hannity-Cohen-Trump: Conflict of Interest in Pro-Trump Media, Much? http://implode-explode.com/viewnews/2018-04-16_HannityCohenTrumpConflictofInterestinProTrumpMediaMuch.html While his off-air relationships might be just a logical extension of Hannity's on-air cheerleading for Trump, it still came as a surprise, immediately raising questions about both Hannity and Fox.

By any standards of any normal newsroom, the Cohen-Hannity relationship is a glaring conflict of interest.

Fox is not a normal newsroom. And Hannity's viewers are not typical news viewers -- people who watch almost any other show would likely feel lied to when they learned something like this had not been disclosed to them, but Hannity's want him to have this kind of relationship with Trumpworld.

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"I never retained him in the traditional sense as retaining a lawyer; I never received an invoice from Michael; I never paid legal fees to Michael, but I have, occasionally, had brief discussions with him about legal questions about which I wanted his input and perspective," Hannity said on the radio.

But even according to Hannity's account, he was taking free legal advice from someone on the president's payroll.

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iehi-feed-63874 Mon, 16 Apr 2018 18:54:09 GMT Former Soup Nazi CFO Sentenced To 9 Months In Prison http://implode-explode.com/viewnews/2018-04-16_FormerSoupNaziCFOSentencedTo9MonthsInPrison.html iehi-feed-63873 Mon, 16 Apr 2018 15:45:52 GMT Commerce Blocks China's ZTE From Exporting Sensitive Tech From U.S. http://implode-explode.com/viewnews/2018-04-16_CommerceBlocksChinasZTEFromExportingSensitiveTechFromUS.html The U.S. blocked Chinese telecommunications-gear maker ZTE Corp. from exporting sensitive technology from America, alleging the company made false statements to U.S. officials.

The Commerce Department has determined ZTE made false statements to the Bureau of Industry and Security in 2016 and 2017 related to "senior employee disciplinary actions the company said it was taking or had already taken," the department said in a statement Monday.

ZTE did not disclose the fact it paid full bonuses to employees who engaged in illegal conduct, and failed to issue letters of reprimand, the department said.

"ZTE misled the Department of Commerce. Instead of reprimanding ZTE staff and senior management, ZTE rewarded them. This egregious behavior cannot be ignored," Commerce Secretary Wilbur Ross said in the statement.

The denial order against ZTE comes amid brewing tensions between the U.S. and China that have raised concerns of a trade war between the world's two biggest economies. President Donald Trump has threatened tariffs on $150 billion in Chinese imports in retaliation for alleged violations of intellectual property rights, while Beijing has vowed to retaliate on everything from American soybeans to planes.

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iehi-feed-63872 Mon, 16 Apr 2018 15:41:18 GMT Bertucci's files Chapter 11 bankruptcy, may close stores http://implode-explode.com/viewnews/2018-04-16_BertuccisfilesChapter11bankruptcymayclosestores.html For now, the company said it has 59 remaining operating locations and they are still open. But the company warned that it faces a serious risk of going out of business without a speedy bankruptcy sale.

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The chain has already slashed more than $5 million in costs through job cuts, lease concessions and other measures since the start of 2017.

But the casual dining sector's ailments were too much to overcome. Sales are below 2011 levels, according to a court filing.

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The company currently employs more than 4,200 workers. It has about $119 million in debt.

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iehi-feed-63871 Mon, 16 Apr 2018 15:14:50 GMT Japan PM Abe's woes deepen as ratings drop amidst scandals, Koizumi predicts resignation http://implode-explode.com/viewnews/2018-04-16_JapanPMAbeswoesdeepenasratingsdropamidstscandalsKoizumipredictsr.html Japanese Prime Minister Shinzo Abe's political crisis deepened on Monday after polls showed that suspected cronyism scandals have pushed his support to record lows and a popular predecessor said Abe would probably resign in June....

Abe has denied that he had intervened to ensure preferential treatment for the educational institution Kake Gakuen, run by his friend Kotaro Kake, to set up a veterinary school.

He has also repeatedly denied that he or his wife intervened in a heavily discounted sale of state-owned land to another school operator, Moritomo Gakuen, which has ties to his wife.

The Moritomo affair has ensnared the finance ministry, which has admitted officials doctored documents related to the land-sale.

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iehi-feed-63870 Mon, 16 Apr 2018 15:00:51 GMT Legal fees made up more than 20% of Trump's campaign spending so far this year http://implode-explode.com/viewnews/2018-04-16_Legalfeesmadeupmorethan20ofTrumpscampaignspendingsofarthisyear.html More than one-fifth of the $3.9 million that President Donald Trump's 2020 re-election campaign has spent this year has gone to legal fees, the campaign's latest quarterly Federal Election Commission filing shows.

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The steep legal bills come amid a probe into whether the Trump campaign was involved in Russia's interference in the 2016 presidential election as well as a legal battle with adult film star Stormy Daniels.

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Trump's campaign has also spent about $150,000 at Trump businesses, including the legal fees, per the FEC report. That includes about $68,000 at the Trump International Hotel in Washington, DC, to cover costs including event rental space, hotel stays and parking.

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iehi-feed-63869 Sun, 15 Apr 2018 23:16:23 GMT Premier Miami Pimp Dennis Zarudny Pleads Guilty To Tax Fraud http://implode-explode.com/viewnews/2018-04-15_PremierMiamiPimpDennisZarudnyPleadsGuiltyToTaxFraud.html iehi-feed-63868 Sun, 15 Apr 2018 17:34:06 GMT Lee Adler - This Uncanny Tool Has Been Right Since 1970;Here's What It's Telling You to Sell Now http://implode-explode.com/viewnews/2018-04-15_LeeAdlerThisUncannyToolHasBeenRightSince1970HeresWhatItsTellingY.html iehi-feed-63867 Sun, 15 Apr 2018 14:09:12 GMT Doctor Dad Of Actress Chloe Moretz Financially Ruined His Family http://implode-explode.com/viewnews/2018-04-15_DoctorDadOfActressChloeMoretzFinanciallyRuinedHisFamily.html iehi-feed-63866 Sun, 15 Apr 2018 13:56:35 GMT World May Hit 2 Degrees of Warming in 10-15 Years Thanks to Fracking, Says Cornell Scientist http://implode-explode.com/viewnews/2018-04-15_WorldMayHit2DegreesofWarmingin1015YearsThankstoFrackingSaysCorne.html The most recent climate data suggests that the world is on track to cross the two degrees of warming threshold set in the Paris accord in just 10 to 15 years, says Ingraffea in a 13-minute lecture titled "Shale Gas: The Technological Gamble That Should Not Have Been Taken," which was posted online on April 4.

That's if American energy policy follows the track predicted by the U.S. Energy Information Administration, which expects 1 million natural gas wells will be producing gas in the U.S. in 2050, up from roughly 100,000 today.

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"Whereas the worst-case scenario brought us to 1.5 degrees Centigrade in 2040," he adds, "we're almost there today." ... It's an alarming message -- even though the shale rush has stumbled somewhat as gas prices collapsed and many drillers went bankrupt, the cumulative impact of American fracking appears to have set the entire world on a collision course with climate change's most extreme effects.

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