Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-56184 Fri, 27 Feb 2015 20:02:29 GMT Greece runs out of funding options despite euro zone reprieve http://implode-explode.com/viewnews/2015-02-27_Greecerunsoutoffundingoptionsdespiteeurozonereprieve.html Shut out of debt markets and faced with a steep fall in tax revenues, Athens is expected to run out of cash by the middle or end of March. Its finance minister has warned that Greece will struggle to repay creditors starting with a 1.5 billion euro IMF loan repayment due in March.

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Greece had also hoped it could tap the almost 11 billion euros of leftover money in the Greek bank stabilization fund, but euro zone finance ministers have decided the money would be returned to the Luxembourg-based euro zone bailout fund.

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A senior Greek banker said the expectation in Athens remained that the ECB would relent and allow some leeway on T-bills.

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The onus is now on Athens to rush through reforms to unlock the remaining aid.

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iehi-feed-56183 Fri, 27 Feb 2015 19:48:55 GMT Can a Stock-Trader-Turned-Convict Start a New Life? (THE STORY OF ROOMY KHAN) http://implode-explode.com/viewnews/2015-02-27_CanaStockTraderTurnedConvictStartaNewLifeTHESTORYOFROOMYKHAN.html Since January 2008, as Roomy had ostensibly been going about her usual business -- analyzing companies, gathering snippets of privileged corporate intelligence and deciding which stocks to buy and sell -- she was secretly assisting the F.B.I. in a long-running investigation into insider trading at Wall Street hedge funds. Khan was the right woman for the job: Since about 2006, she herself had been trading on inside information. When the F.B.I. caught up with her, she began helping them -- at first reluctantly and then with theatrical flair. She taped telephone calls with her bosses, business associates and even a neighbor. Most important of all, she taped calls with her ex-boss, Raj Rajaratnam, whom the government had been eyeing for a decade.

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I met Khan in Fort Lauderdale, Fla., in September, five months after she was released from prison and three months after she was transferred from a halfway house to her own home. I wanted to understand how a highly intelligent woman like Khan -- she has a degree in engineering, two in physics and an M.B.A. from the University of California, Berkeley -- wound up committing a crime like this. What sorts of calculations had she made to convince herself that the benefits of cheating outweighed the possible costs?

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In February, she received a rejection [from Wharton business school], but she's waiting to hear from several other schools. If she doesn't get in anywhere, she would like to write a book, perhaps go on the lecture circuit, sharing with aspiring traders and business people the cautionary tale of her easy slide into committing crimes

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iehi-feed-56181 Fri, 27 Feb 2015 16:26:00 GMT The US recovery story is a fraud: SocGen's Edwards http://implode-explode.com/viewnews/2015-02-27_TheUSrecoverystoryisafraudSocGensEdwards.html iehi-feed-56176 Thu, 26 Feb 2015 18:51:23 GMT The New Class War: European Banks vs. Greek Labour http://implode-explode.com/viewnews/2015-02-26_TheNewClassWarEuropeanBanksvsGreekLabour.html iehi-feed-56169 Thu, 26 Feb 2015 02:26:09 GMT Morgan Stanley to pay $2.6 billion to settle mortgage-bond claims http://implode-explode.com/viewnews/2015-02-25_MorganStanleytopay26billiontosettlemortgagebondclaims.html iehi-feed-56168 Wed, 25 Feb 2015 21:43:03 GMT Big Banks Face Scrutiny Over Pricing of Peecious Metals http://implode-explode.com/viewnews/2015-02-25_BigBanksFaceScrutinyOverPricingofPeeciousMetals.html Prosecutors in the Justice Department's antitrust division are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation, these people said. The agencies have made initial requests for information, including a subpoena from the CFTC to HSBC Holdings PLC related to precious-metals trading, the bank said in its annual report Monday.

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Also under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.

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iehi-feed-56167 Wed, 25 Feb 2015 21:37:56 GMT Kick-The-Can Has Morphed Into A Blatant Farce - David Stockman http://implode-explode.com/viewnews/2015-02-25_KickTheCanHasMorphedIntoABlatantFarceDavidStockman.html iehi-feed-56166 Wed, 25 Feb 2015 21:35:13 GMT Report: Bank of England Admits 22% of Austria's Gold is "Unallocated" (NOT THERE!) http://implode-explode.com/viewnews/2015-02-25_ReportBankofEnglandAdmits22ofAustriasGoldisUnallocatedNOTTHERE.html iehi-feed-56165 Wed, 25 Feb 2015 17:43:29 GMT "This Shorting Opportunity Is As Great As 2007-2009", Billionaire Crispin Odey Warns http://implode-explode.com/viewnews/2015-02-25_ThisShortingOpportunityIsAsGreatAs20072009BillionaireCrispinOdey.html iehi-feed-56164 Wed, 25 Feb 2015 17:42:20 GMT This Is Why Hewlett-Packard Is Firing 58,000 http://implode-explode.com/viewnews/2015-02-25_ThisIsWhyHewlettPackardIsFiring58000.html iehi-feed-56161 Wed, 25 Feb 2015 15:55:38 GMT Yellen navigates tricky path on interest rates http://implode-explode.com/viewnews/2015-02-25_Yellennavigatestrickypathoninterestrates.html iehi-feed-56159 Wed, 25 Feb 2015 15:52:10 GMT Emma Thompson and her husband refuse to pay 'a penny more' in taxes until the HSBC tax evaders go to jail http://implode-explode.com/viewnews/2015-02-25_EmmaThompsonandherhusbandrefusetopayapennymoreintaxesuntiltheHSB.html "I want to stop paying tax, until everyone pays tax," Wise told the Evening Standard. "I have actively loved paying tax, because I am a profound fucking socialist and I believe we are all in it together. But I am disgusted with HMRC. I am disgusted with HSBC. And I'm not paying a penny more until those evil bastards go to prison."

HMRC has come under fire in the HSBC scandal because of a failure to carry out a criminal investigation against the bank, which has its headquarters in the UK. While the agency found more than 1,000 tax evaders among the almost 7,000 UK clients of HSBC Suisse, only one individual has been prosecuted. About £135m has been recovered in tax, a lower figure than in other European countries.

Probably not a bad idea for the US as well...

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iehi-feed-56158 Tue, 24 Feb 2015 19:20:58 GMT JPMorgan tops list of risky banks: government study http://implode-explode.com/viewnews/2015-02-24_JPMorgantopslistofriskybanksgovernmentstudy.html iehi-feed-56153 Tue, 24 Feb 2015 18:51:49 GMT Yellen Faces Congress Amid Direst Threat to Fed Since 2010 http://implode-explode.com/viewnews/2015-02-24_YellenFacesCongressAmidDirestThreattoFedSince2010.html iehi-feed-56151 Tue, 24 Feb 2015 18:42:30 GMT Euro zone backs Greek aid extension, seeks clearer reforms http://implode-explode.com/viewnews/2015-02-24_EurozonebacksGreekaidextensionseeksclearerreforms.html iehi-feed-56149 Tue, 24 Feb 2015 14:19:08 GMT Why the World Is So Bad at Tracking Dirty Money http://implode-explode.com/viewnews/2015-02-24_WhytheWorldIsSoBadatTrackingDirtyMoney.html iehi-feed-56146 Mon, 23 Feb 2015 20:35:26 GMT Greece to miss deadline to submit draft reforms http://implode-explode.com/viewnews/2015-02-23_Greecetomissdeadlinetosubmitdraftreforms.html iehi-feed-56145 Mon, 23 Feb 2015 17:33:35 GMT Greece draws up €7.3bn tax hit list aimed at oligarchs and criminals http://implode-explode.com/viewnews/2015-02-23_Greecedrawsup73bntaxhitlistaimedatoligarchsandcriminals.html

The German tabloid Bild reported that the Greek government hopes to garner €2.5bn in tax receipts from the fortunes of powerful Greek tycoons, citing sources close to the hard-left Syriza government.

A similar amount would be drawn from back taxes owed to the state by individuals and businesses, Bild said. The report said an additional crackdown on illegal smuggling of petrol and cigarettes would yield another €2.3bn for the government coffers

See also Greece debt deal: Reforms will 'combat tax evasion'.

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iehi-feed-56144 Mon, 23 Feb 2015 17:25:44 GMT U.S. Banks Hoard $2 Trillion of Ultra-Safe Bonds, Suggesting Weak Recovery http://implode-explode.com/viewnews/2015-02-23_USBanksHoard2TrillionofUltraSafeBondsSuggestingWeakRecovery.html iehi-feed-56142 Mon, 23 Feb 2015 16:39:11 GMT CFTC subpoenaed HSBC Bank USA for documents on metals trading http://implode-explode.com/viewnews/2015-02-23_CFTCsubpoenaedHSBCBankUSAfordocumentsonmetalstrading.html