Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63901 Thu, 26 Apr 2018 16:34:45 GMT Credit Repair Attorney Accused Of Scamming Clients http://implode-explode.com/viewnews/2018-04-26_CreditRepairAttorneyAccusedOfScammingClients.html iehi-feed-63900 Thu, 26 Apr 2018 00:25:50 GMT WeWork documents reveal it owes $18 billion in rent and is burning through cash as it seeks more funding http://implode-explode.com/viewnews/2018-04-25_WeWorkdocumentsrevealitowes18billioninrentandisburningthroughcas.html WeWork owes $18 billion in rent. The company has more than 14 million square feet of office space, with suitably massive lease obligations, though WeWork has the option of closing locations if it can't pay those bills. WeWork is burning cash. Revenue from memberships more than doubled last year, to $822 million, but expenses also more than doubled, to $1.81 billion. Net losses came to $934 million, according to Bloomberg.

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The office-leasing startup WeWork plans to raise more funding through a $500 million bond sale, according to the Financial Times. It's the first time the company is raising money from debt investors after it raised billions in venture capital from backers such as SoftBank.

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iehi-feed-63897 Wed, 25 Apr 2018 17:59:11 GMT Nasdaq is open to becoming cryptocurrency exchange; Inks deal with Winklevosses http://implode-explode.com/viewnews/2018-04-25_NasdaqisopentobecomingcryptocurrencyexchangeInksdealwithWinklevo.html Once the regulation is smoothed out and the space "matures", Nasdaq would consider becoming a digital currency exchange, the company's CEO says.

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In the meantime, Nasdaq is supporting existing crypto exchanges, and announced a technology deal with Gemini Wednesday... On Wednesday, the company announced a collaboration with cryptocurrency exchange Gemini, founded by early bitcoin investors Tyler and Cameron Winklevoss. The deal gives Gemini access to Nasdaq's surveillance technology to help make sure the platform provides a fair and "rules-based marketplace," for their own participants, Gemini CEO Tyler Winklevoss said in a statement.

Wouldn't it be funny if the Winklevosses end up being more successful than Zuckerberg?

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iehi-feed-63896 Wed, 25 Apr 2018 15:50:05 GMT HUD Launches Another Facebook Investigation Over Housing Ads http://implode-explode.com/viewnews/2018-04-25_HUDLaunchesAnotherFacebookInvestigationOverHousingAds.html iehi-feed-63895 Wed, 25 Apr 2018 14:52:01 GMT Why Google, Facebook and Other Tech Giants' Capital Spending Is Going Sky High http://implode-explode.com/viewnews/2018-04-25_WhyGoogleFacebookandOtherTechGiantsCapitalSpendingIsGoingSkyHigh.html iehi-feed-63894 Wed, 25 Apr 2018 14:13:54 GMT Mulvaney: CFPB doesn't have to run a ‘Yelp' for bank customers http://implode-explode.com/viewnews/2018-04-25_MulvaneyCFPBdoesnthavetorunaYelpforbankcustomers.html Consumer Financial Protection Bureau acting director Mick Mulvaney told a large crowd of bankers gathered in Washington that he doesn't have to run a "Yelp for financial services, sponsored by the federal government."

Mulvaney's remark, delivered to the American Bankers Association, got lots of chuckles and then huge applause when he added that, in particular, he doesn't see anything in the Dodd-Frank law that created the CFPB that requires "the Bureau," as he prefers to call the agency, to make a database of complaints against the banks available to the public.

Advocates consider the database an invaluable resource in determining the difficulties consumers face when dealing with banks and other financial service providers. Industry critics say the database is a tabulation of unverified and possibly untrue complaints.

That was just one of several crowd-pleasing remarks by Mulvaney, who does double duty as director of the Office of Management and Budget, a cabinet-level position [possibly illegally.]

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iehi-feed-63893 Wed, 25 Apr 2018 14:10:54 GMT Dow falls 200 points, unable to shake its worst losing streak in a year http://implode-explode.com/viewnews/2018-04-25_Dowfalls200pointsunabletoshakeitsworstlosingstreakinayear.html

The Dow has lost ground for five straight days. A 425-point rout on Tuesday sent the index back into negative territory for the year.... Rising bond yields are putting pressure on an already vulnerable stock market that has been attempting to claw its way back from correction territory -- 10% off the record high in late January.

The yield on the 10-year US Treasury note breached 3% for the first time in more than four years Tuesday morning. Long-term bond yields have been climbing in part because of inflation fears. Inflation eats away at the value of fixed bond payments, leading investors to demand a higher yield in return.

Car loans and mortgage prices are linked to the benchmark 10-year note, and rising yields will raise borrowing costs for companies and consumers. Higher yields in the bond market could also become more attractive than volatile stocks for many investors.

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On Tuesday, Caterpillar (CAT), an industrial bellwether, warned on its earnings call that margins wouldn't get any higher and the last three months were its "high-water mark" for the year. Caterpillar lost 6% on Tuesday and sent a chill across the market.

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iehi-feed-63892 Tue, 24 Apr 2018 15:42:24 GMT Foreclosure Defense Attorney Mark Stopa Fights To Keep Bar License http://implode-explode.com/viewnews/2018-04-24_ForeclosureDefenseAttorneyMarkStopaFightsToKeepBarLicense.html iehi-feed-63891 Tue, 24 Apr 2018 00:44:24 GMT Tax Changes Mean Mortgage-Interest Deduction To Find Fewer Takers http://implode-explode.com/viewnews/2018-04-23_TaxChangesMeanMortgageInterestDeductionToFindFewerTakers.html The resulting home mortgage-interest deduction -- once considered a tax break too sacred to touch -- will be used by just 13.8 million taxpayers, down 57%. In 2017, about 12.4% of the tax break went to households with incomes exceeding $500,000, and 36.5% of the benefit went to people earning between $100,000 and $200,000.

Now, 23.9% of the shrunken mortgage-interest deduction is projected to go to households making more than $500,000 with 28.9% of the benefit going to households between $100,000 and $200,000.

Other changes in policy also curb the mortgage-interest deduction, including the cut in marginal tax rates, which reduces the value of every deduction. Homeowners can now deduct interest on up to $750,000 in loans, down from $1m...

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iehi-feed-63890 Tue, 24 Apr 2018 00:19:30 GMT Sean Hannity Cashes In! Pockets Millions Of Dollars From Your Misery http://implode-explode.com/viewnews/2018-04-23_SeanHannityCashesInPocketsMillionsOfDollarsFromYourMisery.html iehi-feed-63889 Sun, 22 Apr 2018 17:28:11 GMT Actress Allison Mack Indicted In NY Sex Cult Pyramid Scheme http://implode-explode.com/viewnews/2018-04-22_ActressAllisonMackIndictedInNYSexCultPyramidScheme.html iehi-feed-63887 Sat, 21 Apr 2018 14:46:09 GMT Suntrust Hacker Steals Information On 1.5 Million Suntrust Customers http://implode-explode.com/viewnews/2018-04-21_SuntrustHackerStealsInformationOn15MillionSuntrustCustomers.html iehi-feed-63886 Fri, 20 Apr 2018 12:56:33 GMT Al Capone's Miami Beach Mansion Hits The Market For $15 Million http://implode-explode.com/viewnews/2018-04-20_AlCaponesMiamiBeachMansionHitsTheMarketFor15Million.html 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-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