Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-62848 Thu, 24 Aug 2017 00:08:36 GMT Banks Earn Record Profits in Q2, Savers Sacrificed: FDIC http://implode-explode.com/viewnews/2017-08-23_BanksEarnRecordProfitsinQ2SaversSacrificedFDIC.html iehi-feed-62847 Wed, 23 Aug 2017 21:22:08 GMT Fitch Threatens US with Downgrade http://implode-explode.com/viewnews/2017-08-23_FitchThreatensUSwithDowngrade.html iehi-feed-62846 Wed, 23 Aug 2017 14:09:01 GMT Uber's turmoil starts to take toll its valuation http://implode-explode.com/viewnews/2017-08-23_Ubersturmoilstartstotaketollitsvaluation.html iehi-feed-62845 Wed, 23 Aug 2017 14:06:38 GMT Madison Avenue's Amazon Problem http://implode-explode.com/viewnews/2017-08-23_MadisonAvenuesAmazonProblem.html iehi-feed-62844 Wed, 23 Aug 2017 13:42:17 GMT How Wells Fargo Bought Millions in Services From an Independent Director's Firm http://implode-explode.com/viewnews/2017-08-23_HowWellsFargoBoughtMillionsinServicesFromanIndependentDirectorsF.html Hernandez's Inter-Con Security Systems Inc. would find an additional source of wealth, regulatory filings show -- by winning a contract in 2005 to provide security to the San Francisco-based bank's branches in Southern California, all while he was getting paid to oversee management on shareholders' behalf. Based on an analysis of Wells Fargo's filings, Inter-Con has received at least $24.4 million in payments from the bank over the past decade, and that doesn't include Hernandez's board-member compensation, which totaled $421,002 last year.

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Aside from the payments to Inter-Con, Hernandez has received compensation as a Wells Fargo director totaling roughly $4 million in cash, stock and options from 2003 through 2016, based on an analysis of annual disclosures. Until last year, when Wells Fargo's account scandals exploded, the part-time job consisted mainly of attending nine board meetings a year.

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"You have to wonder," Jennifer Taub, a former associate general counsel at Fidelity Investments who now teaches finance and corporate governance as a professor at Vermont Law School, said of the Wells Fargo board during a telephone interview. "Are they proud of the job that they've done?"

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iehi-feed-62843 Wed, 23 Aug 2017 13:37:26 GMT Trump Not Totally Successful In Getting Machinery of Gov To Toss His Wealthy Buddies Favors http://implode-explode.com/viewnews/2017-08-23_TrumpNotTotallySuccessfulInGettingMachineryofGovToTossHisWealthy.html Coal magnate Robert Murray has just joined Wall Street billionaire Carl Icahn in an exclusive club -- wealthy backers of President Donald Trump who tried and failed to get lucrative concessions from his administration.

Murray, CEO of Murray Energy, one of the nation's biggest and most politically active coal miners, complained in an Aug. 4 letter made public Tuesday that the Energy Department had dragged its feet on his request that it use its emergency powers to force some Rust Belt coal-fired power plants to stay open. Trump was so taken by the idea that he immediately turned to Energy Secretary Rick Perry and ordered him to do it, wrote Murray, who said he had witnessed the conversation

Despite his best efforts, the "swamp" saves the day...

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iehi-feed-62842 Wed, 23 Aug 2017 01:47:14 GMT Cash is not the curse http://implode-explode.com/viewnews/2017-08-22_Cashisnotthecurse.html iehi-feed-62841 Wed, 23 Aug 2017 01:36:03 GMT Mark Hanson: House Price Bubble 2.0, in Pictures http://implode-explode.com/viewnews/2017-08-22_MarkHansonHousePriceBubble20inPictures.html iehi-feed-62840 Tue, 22 Aug 2017 23:54:55 GMT US Gross National Debt to Spike by $800 Billion in October? http://implode-explode.com/viewnews/2017-08-22_USGrossNationalDebttoSpikeby800BillioninOctober.html iehi-feed-62839 Tue, 22 Aug 2017 21:47:41 GMT Parallel currency talk gains ground in Italy http://implode-explode.com/viewnews/2017-08-22_ParallelcurrencytalkgainsgroundinItaly.html Talk of a domestic parallel currency being introduced in Italy is not new. But it has been reinvigorated this week because of an interview with Silvio Berlusconi (a longstanding proponent of the idea) in Italian publication Libero Quotidiano, where he argues the introduction of a national parallel currency will help Italy regain monetary sovereignty in a way that later supports domestic demand.''

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Berlusconi's point is that a parallel currency could be launched entirely legally within the constructs of European treaties, with the ECB potentially powerless to intervene once the decision has been taken.

Either way, regardless of whether Italy goes down the path of an explicit parallel currency or the introduction of small-sized Italian government securities, it's clear the will to break up the euro's monopoly in Italy is growing.

According to Citi's analysts more than two thirds of Italian voters currently support parties with an anti-euro stance.

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iehi-feed-62838 Tue, 22 Aug 2017 17:31:20 GMT Stars -- they're just like us! Jay-Z and Beyoncé take out conventional mortgage on $88M Bel Air home http://implode-explode.com/viewnews/2017-08-22_StarstheyrejustlikeusJayZandBeyonctakeoutconventionalmortgageon8.html iehi-feed-62837 Tue, 22 Aug 2017 17:06:25 GMT Amazon: Why A Waterfall Decline Might Be Underway http://implode-explode.com/viewnews/2017-08-22_AmazonWhyAWaterfallDeclineMightBeUnderway.html iehi-feed-62836 Tue, 22 Aug 2017 17:02:28 GMT Mnuchin's Wife Mocks Oregon Woman Over Lifestyle and Wealth http://implode-explode.com/viewnews/2017-08-22_MnuchinsWifeMocksOregonWomanOverLifestyleandWealth.html Louise Linton, the labels-loving wife of Steven Mnuchin, replied condescendingly to an Instagram poster about her lifestyle and belittled the woman, Jenni Miller, a mother of three from Portland, Ore., for having less money than she does.

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"Great #daytrip to #Kentucky!" Ms. Linton, 36, wrote under the photograph. She then added hashtags for various pieces of her expensive wardrobe, listing #rolandmouret, #hermesscarf, #tomford and #valentino.

Ms. Miller, 45, wrote under the photograph, "Glad we could pay for your little getaway. #deplorable."... Ms. Miller could not understand why Ms. Linton highlighted her brand labels on a trip to Kentucky, a state with a high poverty rate.

Wait, isn't this the crew that's supposed to be with the deplorables?? The same group that still gives Trump near-election-day approval ratings? So confused.

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iehi-feed-62835 Tue, 22 Aug 2017 15:43:01 GMT "The Taps Are Gushing" Hong Kong ATM Withdrawals Surge As Facial Recognition Fears Spread http://implode-explode.com/viewnews/2017-08-22_TheTapsAreGushingHongKongATMWithdrawalsSurgeAsFacialRecognitionF.html Amid a crackdown on unauthorized mainland currency outflows by forcing ATM users to undertake facial recognition before cash is dispensed in Macau, Hong Kong ATMs are reportedly being hit by a massive surge in withdrawals from China's UnionPay bank cards.

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"The rise in ATM withdrawals in terms of volume and number has been staggering. The taps are gushing," a source with knowledge of the situation said.

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iehi-feed-62833 Tue, 22 Aug 2017 15:28:42 GMT Over Half of Chinese Millionaires Are Thinking About Leaving China http://implode-explode.com/viewnews/2017-08-22_OverHalfofChineseMillionairesAreThinkingAboutLeavingChina.html iehi-feed-62831 Mon, 21 Aug 2017 17:34:33 GMT Buffett Is Beached -- Nothing Cheap Left To Buy ($100 BLN+ SITTING ON SIDELINES) http://implode-explode.com/viewnews/2017-08-21_BuffettIsBeachedNothingCheapLeftToBuy100BLNSITTINGONSIDELINES.html iehi-feed-62830 Sun, 20 Aug 2017 21:52:15 GMT 13 Ways to Strengthen America's Economy http://implode-explode.com/viewnews/2017-08-20_13WaystoStrengthenAmericasEconomy.html iehi-feed-62829 Sun, 20 Aug 2017 19:15:46 GMT The Stock Market Has Been Magical. It Can't Last. http://implode-explode.com/viewnews/2017-08-20_TheStockMarketHasBeenMagicalItCantLast.html The stock market has been so placid that declines of a mere 1.5 percent have been treated like real news. The Standard & Poor's 500-stock index dropped that much on Thursday. Days like that can be unsettling, but in the span of market history, they amount to the slightest of headaches.

The deeper news isn't immediately visible day to day, but it is this: The stock market has been operating in an extremely rarefied world of heightened calm, one that is unlikely to continue. It is as if, after the election in November, Wall Street entered an enchanted zone. That is bound to end.

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iehi-feed-62828 Sun, 20 Aug 2017 18:45:41 GMT NAFTA Negotiations Start in Secrecy; Corporate Lobbying Heats Up http://implode-explode.com/viewnews/2017-08-20_NAFTANegotiationsStartinSecrecyCorporateLobbyingHeatsUp.html iehi-feed-62827 Sun, 20 Aug 2017 18:39:37 GMT China moves to curb overseas debt-fueled acquisitions (+ENCOURAGE "NEW SILK ROAD" INVESTMENTS) http://implode-explode.com/viewnews/2017-08-20_ChinamovestocurboverseasdebtfueledacquisitionsENCOURAGENEWSILKRO.html The curbs were announced in a document released on Friday by the state council, China's cabinet, in the latest move to halt a string of foreign acquisitions. This week the International Monetary Fund described China's credit-fuelled economic strategy as dangerous, in a strongly worded statement warning that the country's approach risks financial turmoil.

Raising concerns that some of the companies involved may be taking on too much debt, the council said: "There are great opportunities for our nation's companies to embark on foreign investment, but they also face numerous risks and challenges."

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The document limits overseas investments in areas such as hotels, cinemas, the entertainment industry, real estate and sports clubs. It also bans outright investments in enterprises related to gambling and the sex industry. The Chinese government had already flagged hotels as an area of concern, having reportedly asked the insurance group Anbang to sell the Waldorf Astoria hotel in New York.

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At the same time, the document encourages companies to plough money into projects related to the "Belt and Road" project, President Xi Jinping's signature foreign policy initiative that seeks to link China with other parts of Asia and eastern Europe through multibillion-dollar investments in ports, highways, railways, power plants and other infrastructure.

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