Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-53751 Tue, 22 Apr 2014 18:38:15 GMT Piketty's Gold? - The New York Sun What could have marked 1971 as the year the picture began to change in respect of inequality in America? It turns out that was the year America defaulted on its obligation under Bretton Woods to redeem in gold dollars held by foreign governments and the era of fiat money began.


It doesn't take a Ph.D. from MIT or Princeton to imagine that in an age of fiat money, the top decile would have an easier time making hay than would the denizens of the other nine deciles, who aren't trained in the art of swaps and derivatives.

iehi-feed-53745 Tue, 22 Apr 2014 13:20:03 GMT Lawyers Sue Stock Market for Being Rigged iehi-feed-53744 Tue, 22 Apr 2014 05:14:27 GMT Failed Banker Chosen as Alabama CU Regulator ``Moore's profile also said she was executive vice president and chief operations officer at Colonial Bank and Colonial BancGroup from 2000 to 2003, and served from 1987 to 1996 as an audit manager at Coopers & Lybrand, which merged with PriceWaterhouse in 1998.

Colonial's colossal failure prompted the first lawsuit filed by the FDIC against a failed bank's accountants, according to court records and media reports.

"Colonial's closure was triggered by the discovery that its largest mortgage banking customer, Taylor Bean & Whitaker Mortgage Corp., had committed a massive, multi-year fraud against Colonial, resulting in financial statements that grossly misstated Colonial's true financial condition," according to a lawsuit filed Oct. 31, 2012 by FDIC against PwC, which served as the bank's external auditor and Crowe Horwath, which provided internal audit services.''

iehi-feed-53743 Tue, 22 Apr 2014 05:13:31 GMT Fargo foreclosure manual on trial | New York Post ``At a hearing in lower Manhattan on April 8, Judge Allan Gropper admitted the manual into the bankruptcy case of a local homeowner in foreclosure, and he approved a request by his lawyer to be allowed to dig deeper.

Now Wells must produce a witness with knowledge of the manual who can answer lawyer Linda Tirelli's questions under oath.

Tirelli is alleging that endorsements on the homeowner's note are "fraudulent in nature." A note is an IOU to the bank, while a mortgage ties a given property to the loan.''

iehi-feed-53742 Tue, 22 Apr 2014 00:47:51 GMT Why Jesus Was REALLY Killed: Challenging the Money Changers Jesus did not go to the temple to cleanse. He came to the temple to announce the destruction of a whole way of life. Those who operated the temple had no power to silence Jesus and put him to death. Those powers were held by the Roman retainers. ]]> iehi-feed-53739 Mon, 21 Apr 2014 13:19:01 GMT JPY Drops, Nikkei Pops As Japanese Trade Balance Nears Record Deficit (36th In A Row) iehi-feed-53738 Mon, 21 Apr 2014 13:15:47 GMT Matt Taibbi: The SuperRich in America Have Become 'Untouchables' Who Don't Go to Prison iehi-feed-53736 Sat, 19 Apr 2014 02:22:41 GMT Prelude to Economic Disaster: Billionaires Liquidating Real Estate in China; Stocks in US iehi-feed-53735 Fri, 18 Apr 2014 22:35:39 GMT Bankers are Behind the Wars iehi-feed-53734 Fri, 18 Apr 2014 14:10:37 GMT US financial showdown with Russia is more dangerous than it looks, for both sides The strategy relies on hegemonic control over the global banking system, buttressed by a network of allies and the reluctant acquiescence of neutral states. Let us call this the Manhattan Project of the early 21st century...

[But] the US Treasury faces a more formidable prey with Russia, the world's biggest producer of energy with a $2 trillion economy, superb scientists and a first-strike nuclear arsenal. It is also tightly linked to the German and east European economies. The US risks endangering its own alliance system if it runs roughshod over friends. It is in much the same situation as Britain in the mid-19th century when it enforced naval supremacy, boarding alleged slave ships anywhere in the world, under any flag, ruffling everybody's feathers.

... Princeton professor Harold James sees echoes of events before the First World War when Britain and France imagined they could use financial warfare to check German power.He says the world's interlocking nexus means this cannot be contained. Sanctions risk setting off a chain-reaction to match the 2008 shock...

The greatest risk is surely an "asymmetric" riposte by the Kremlin. Russia's cyber-warfare experts are among the best, and they had their own trial run on Estonia in 2007. A cyber shutdown of an Illinois water system was tracked to Russian sources in 2011. We don't know whether US Homeland Security can counter a full-blown "denial-of-service" attack on electricity grids, water systems, air traffic control, or indeed the New York Stock Exchange, and nor does Washington.

iehi-feed-53731 Fri, 18 Apr 2014 13:53:48 GMT Nomi Prins on Nature of Bankers' Power iehi-feed-53728 Thu, 17 Apr 2014 19:00:46 GMT AIB trial: Pat Whelan and Willie McAteer found guilty iehi-feed-53727 Thu, 17 Apr 2014 17:57:25 GMT Rule - Gold "Collateralization" in China is Bullish, Not Bearish iehi-feed-53723 Wed, 16 Apr 2014 18:22:16 GMT Why Crony Capitalist Brats Make Me ILL - David Stockman During 2012 Levin's 14-person team of speculators apparently made a $2.0 billion profit on a short-term bet on about $7.5 billion of busted loans and bonds-- mainly the smoking remnants of sub-prime CDOs and private labor MBS. As head of the trading group, Leven's share was apparently the aforesaid $119 million, and this swell outcome was truly a gigs-to-riches story.

... in an honest two-way market, no one in their right mind would bet $7.5 billion on financial drek using high leverage and minimal hedges. And no 30-year old would be given leave to close his eyes and bet the ranch, as apparently Levin did, based on merely the "housing recovery" word clouds being emitted by the monetary politburo and its echo-boxes in the financial press.''

iehi-feed-53722 Wed, 16 Apr 2014 18:19:17 GMT Yellen: Fed's Rate Policy Hinges on 3 'Big Questions' iehi-feed-53721 Wed, 16 Apr 2014 18:16:46 GMT Haunted by soured mortgages, Bank of America loses $276 million iehi-feed-53720 Wed, 16 Apr 2014 18:12:42 GMT What the Heck is Going on With US Treasuries In Belgium? iehi-feed-53719 Wed, 16 Apr 2014 18:09:16 GMT The Best SEC [Retirement] Speech Ever iehi-feed-53717 Tue, 15 Apr 2014 17:44:54 GMT Tom Deutsch of the ASF on Eminent Domain & Loan Modifications -- A Mandelman Matters Podcast iehi-feed-53716 Tue, 15 Apr 2014 16:53:34 GMT "What's the Frequency Zenith?" - Grant Williams