Implode-Explode Heavy Industries news feed

U.S. stocks close lower on fears the Fed may raise interest rates four times this year

Thu, 03 May 2018 00:04:47 GMT

``"The Fed views the economy as having improved and inflation has returned to normal," he said. "That environment, in the Fed's opinion, no longer justifies overly accommodative monetary policy." ''

The Fed's unprecedented slap at Wells Fargo may cost the bank more than merely $400 million this year

Tue, 06 Feb 2018 18:58:22 GMT

The bank says this reprimand will cost them between $300 million and $400 million in earnings this year, but that is less than 2 percent of its total 2017 earnings of $22 billion. If that is indeed all it costs the bank, and they successfully pass their review in September, then it's possible that the stock's recent declines could be the end of Wells Fargo's worries.
That said, some analysts have been surprised how quickly the bank was able to estimate an implied quantitative cost for what is essentially a qualitative and broad issue at the bank. In light of that, Wells Fargo passing its review on September 30th will not be a precise science.

Furthermore, there is also the question of long term damage and market share losses from the limit on growth and negative press, particularly at a time when rivals are freer to lend and grow than they have been for years. This is highlighted by rival JP Morgan's recent push into new markets -- many where Wells Fargo has a big presence.

Should they fail the review later this year, and the cap on assets remains, then the extent of impact on Wells Fargo will be far more significant.

Well Played - The Republican Tax Cut Strategy | Mandelman Matters

Thu, 26 Oct 2017 00:57:03 GMT

... perhaps even more important was the passage of "reconciliation instructions" that makes a future tax bill filibuster-proof... a final tax cut bill will now only need 51 votes to pass as opposed to 60, and that means it could be passed by Republicans alone.
...
The Senate's plan calls for $473 billion in cuts from Medicare over 10 years and more than $1 trillion from Medicaid, which shouldn't be making anyone happy. However, according to a Congressional Budget Office estimate, the bill will also cut spending by more than $5 trillion over the next 10 years, although details are missing.
...
With the mid-term elections now only a year away, Republicans are clearly desperate. Having failed in their efforts to repeal and replace the Affordable Care Act, aka Obamacare, and with no other legislative accomplishments to speak of, they are understandably worried about losing the majority in the House of Representatives next fall.
...
My point here is that when Republicans were trying to repeal Obamacare, voters made their voices heard, and both attempts failed as a result. This time around, we shouldn't expect the GOP to make the same mistakes they made last time around. In fact, we should expect Republicans to make almost any deal if doing so will make the bill pass.

Swiss Franc Wiped Out Everest's Main Fund

Tue, 20 Jan 2015 14:02:48 GMT

``Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money this week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm. Everest Capital's Global Fund had about $830 million in assets as of the end of December, according to a client report.''

Ukraine's electricity crisis deepens as a plan to import South African coal collapses

Sun, 07 Dec 2014 14:20:50 GMT

``Ukraine's fuel crisis has deepened after a deal to buy South African coal collapsed. The head of a Ukrainian state energy firm has been arrested on suspicion of embezzlement in relation to the deal.''

New Year's Eve Gold Rush At Shanghai Shopping Mall

Wed, 01 Jan 2014 18:36:51 GMT

``Total sales at the shopping mall were 578 million RMB, a little less than 100 million dollars.Â 200 kilos of gold bars is already 10% of the total.Â So 200 kilos of gold bars andÂ gold jewelry and diamond, and luxury watchÂ sales make up a big percentage of total sales. This is just one shopping mall in a city of 30 million people.Â And Shanghai is just one city in a country of 1.4 billion people. ''

Gold Bears, Beware! Don't Take On Central Banks

Mon, 11 Mar 2013 13:02:16 GMT

``"When you see central bankers acquiring gold, you can kind of take it like this: You don't fight in the stock markets when the Fed (U.S. Federal Reserve) is easing, so you wouldn't want to fight the central banks when they're buying gold, because they have deep pockets," Philip Silverman, managing director at Kingsview Management in New York told CNBC on Thursday.''

New Stream Hedge Fund Executives Charged with Criminal Fraud

Wed, 27 Feb 2013 16:10:41 GMT

Today at 1pm in Hartford, Conn. federal court executives of Ridgefield-based hedge fund New Stream Capital were indicted on 19 counts of conspiracy, securities fraud and wire fraud. Tom Carson, DOJ pressman, confirmed the arrest of David Bryson and his co-founder Bart Gutekunst along with his CFO Richard Pereira last week. The case has been unsealed today. I first reported in 2009 the hedge fund was being investigated for investor fraud by the FBI at Hedge Fund Implode and continued to report on the fund's bankruptcy and investor lawsuits for DealFlow Media and Forbes over the last two years.

I Don't Hang Up On Bill Collectors, They Hang Up On Me!

Sun, 16 Sep 2012 19:34:40 GMT

MFI-Miami has found six different ways to give you the psychological edge over pesky bill collectors who like to call you about debts they can't legally collect on.

Wells Fargo Retracts Help For Dying Woman, Plans To Foreclose 6 Days Before X-mas

Sat, 15 Sep 2012 16:56:12 GMT

Back in July, Davis's struggle to keep her home after falling behind on her mortgage payments due to her medical bills became a national story. After the media scrutiny, it seemed Wells Fargo had relented on foreclosing on Davis, and the bank even wrote a letter to a local radio station indicating it was seeking "assistance" from nonprofit organizations for her but it appears Wells Fargo has had a change of heart: The bank now has set the foreclosure auction date for Davis's home for Dec. 19, less than a week before Christmas.

Is Wells Fargo Run By The Catty Ladies From TV's Dynasty?

Fri, 14 Sep 2012 17:16:18 GMT

It appears that Alexis, Krystle and rest of those crazy women who entertained us back in the 1980s with their cattiness and their cat fights seem to have become the model of behavior for executives at Wells Fargo.

Dead Homeowners Are Like Dead Interns, They Haunt Politicians On Election Day

Wed, 12 Sep 2012 18:13:00 GMT

Wayne County Treasurer Ray Wojtowicz is auctioning off the home of unemployed single mother of two, Kelly Parker who is dying of cancer. Parker is planning on being defiant until the very end. Last night she said, "This is our house and we're not leaving. I mean, good luck because you're not going to get it,"

FDIC Sues Banks and Depositors Over MBS Fraud

Tue, 11 Sep 2012 19:12:34 GMT

``On August 17th, the FDIC as receiver for Guaranty Bank out of Texas brought suit against Ally Securities, Bank of America, Bear Stearns Companies, Countrywide Financial Corp., Countrywide Securities, CWALT, Deutsche Bank Securities, Goldman Sachs, JPMorgan Securities, Merrill Lynch, Royal Bank of Scotland, Structured Asset Mortgage Investment II, Inc, WaMu Asset Acceptance and WaMu Capital Corporation for misleading Guaranty Bank into buying toxic mortgage backed securities that lead to it's collapse in 2009. The three lawsuits make for an interesting read so grab your coffee.''

Did Romney Finance Chair Advise Clients To Steal Money From School Children?

Tue, 11 Sep 2012 04:50:24 GMT

Romney Michigan Finance Chair David Trott's law firm along with Orlans Associates major GOP contributor has been named as a co-defendant in a tax fraud case for cheating Michigan taxpayers out nearly $1.2 Billion since 1999.

MFI-Miami Client Spanks Linda Orlans, Scores Free House From Fannie Mae

Mon, 10 Sep 2012 00:48:13 GMT

Robin Roberts gets to stay in her home after a judge ruled that Fannie Mae's attorneys, Orlans Associates were trying to illegally evict her. The judge also ruled Fannie Mae has to pay her legal fees.

Markets rally on upside German growth surprise

Tue, 14 Aug 2012 13:03:25 GMT

Stronger-than-anticipated economic growth in Germany has helped shore up markets Tuesday even though Europe's economy as a whole appears headed for recession.
Investors breathed a sigh of relief on the news that Germany, Europe's biggest economy, posted 0.3 percent growth in the second quarter. The consensus in the markets was for a lower figure, with some analysts predicting a flat reading.

A better rounding error than expected! Any excuse to rally...

Atticus Global - Implosion

Tue, 11 Aug 2009 23:16:10 GMT

All funds at Atticus (most notably, Global) have been shut down, save the European Fund, as the $20B outfit has shrunk to around $5B. We also have news on some of the infighting that surrounded the fund's circling-of-the-drain since the market collapse last year. Click through for more.

Austin Capital Management - Safe Harbor Fund

Thu, 14 May 2009 21:07:48 GMT

Fund, owned by Keycorp, shutting down hedge fund which lost reportedly $186M by being "Madoffed".

Satellite Asset Management

Sun, 10 May 2009 13:44:40 GMT

This $3B ($7B at peak) Soros-alum fund has called it quits, facing value declines and hefty withdrawals.

Perot family fund, Parkcentral Global Hub, imploded

Mon, 27 Apr 2009 14:09:10 GMT

The Perot family fund, Parkcentral Global Hub, has been added to the "imploded" list having shut down after going from some $2.5 billion in assets under management to $250 million seized by the New York State Supreme Court.