Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63676 Sat, 24 Feb 2018 15:31:50 GMT Fed Already Floats Idea of Resumed QE http://implode-explode.com/viewnews/2018-02-24_FedAlreadyFloatsIdeaofResumedQE.html iehi-feed-63675 Sat, 24 Feb 2018 15:29:20 GMT VIX Funds Face Fresh Scrutiny From U.S. Regulators http://implode-explode.com/viewnews/2018-02-24_VIXFundsFaceFreshScrutinyFromUSRegulators.html iehi-feed-63674 Sat, 24 Feb 2018 15:28:37 GMT Brexit to end London house price boom http://implode-explode.com/viewnews/2018-02-24_BrexittoendLondonhousepriceboom.html iehi-feed-63673 Sat, 24 Feb 2018 15:20:52 GMT Jailed Shkreli Jailed eyes $7m forfeiture to offset hedge fund fails (INCL. ONE-OFF WU-TANG ALBUM) http://implode-explode.com/viewnews/2018-02-24_JailedShkreliJailedeyes7mforfeituretooffsethedgefundfailsINCLONE.html "Bro" Martin Shkreli appeared in court yesterday for the first time since a judge locked him up for his online antics... He was wearing a loose-fitting jail uniform instead of street clothes as he listened to the government argue that he's on the hook for more than $7 million for his securities fraud conviction.

...

U.S. District Judge Kiyo Matsumoto didn't immediately rule on the government's demand that Shkreli should have to forfeit $7.3 million in assets, including a one-of-a-kind Wu-Tang Clan "Once Upon a Time in Shaolin" album that he has boasted he bought for $2 million.

Prosecutors also want him to give up $5 million in cash in a brokerage account, his interest in a pharmaceutical company and other valuables including a Picasso painting.

...

The defense has argued that Shkreli owes nothing, because the hedge fund investors actually ended up making a profit off drug company stock he gave them.

]]>
iehi-feed-63672 Sat, 24 Feb 2018 01:00:01 GMT Citigroup will refund $330 million to credit card customers it overcharged http://implode-explode.com/viewnews/2018-02-23_Citigroupwillrefund330milliontocreditcardcustomersitovercharged.html Citigroup Inc. (CPRS) said on Friday that it would refund about $330 million to consumers after discovering it had overcharged 1.75 million credit card accounts on their annual interest rates.

The company reports the average refund will amount to about $190 per account -- including interest.

...

If you have been late on two consecutive credit card payments, an issuer can increase your interest rate. When you've made your minimum payment on time for the next six months, according to the CARD act, your interest rate is eligible for an interest rate reduction.

Half of the impacted Citi accounts did not receive that reduction at all. The other half received a reduction, but it should have been larger, according to Citi.

]]>
iehi-feed-63671 Sat, 24 Feb 2018 00:13:55 GMT Anbang Seizure Whets Buyers' Appetites for Buildings Across U.S. http://implode-explode.com/viewnews/2018-02-23_AnbangSeizureWhetsBuyersAppetitesforBuildingsAcrossUS.html With the temporary takeover of Anbang Insurance Group Co. by China's government, real estate buyers are eyeing marquee properties from New York to California acquired in a global shopping spree.

The insurer, like its fellow Chinese investor HNA Group Co., went on a multibillion-dollar buying binge over the past few years, grabbing properties including Manhattan's Waldorf Astoria hotel, which it acquired three years ago for a record $1.95 billion, and Strategic Hotels & Resorts, a luxury-lodgings owner with locations in San Francisco, Chicago and New York. Other purchases included 717 Fifth Ave. in New York, a 26-story office building that's home to Anbang's U.S. headquarters.

"... there would be plenty of very interested and well-capitalized buyers -- some looking at individual assets or markets, some potentially interested in the entire portfolio," said Michael Bellisario, senior research analyst at Robert W. Baird & Co. "When you pair a motivated seller and well-capitalized buyers searching to put money to work, that's a good combo to see assets clear."

The Chinese government said Friday that it took temporary control of Anbang and will prosecute founder Wu Xiaohui for alleged fraud, cementing the downfall of a dealmaker whose aggressive global expansion came to symbolize the overreach of the country's debt-laden conglomerates. The government said it would consider "all or partial" sales of Anbang's assets, without providing more details.

One company that benefited from Anbang's fast expansion was Blackstone Group LP -- the world's biggest private equity investor in real estate and a major seller of property to Anbang, including the Strategic properties and 717 Fifth -- and it could benefit again should the insurer unwind its holdings.

Blackstone has held initial discussions about bidding for Anbang assets, including Strategic and the Waldorf, people with knowledge of the matter said earlier this month.

]]>
iehi-feed-63669 Fri, 23 Feb 2018 21:55:30 GMT Prime-Age Men May Never Return to U.S. Workforce, Fed Paper Says http://implode-explode.com/viewnews/2018-02-23_PrimeAgeMenMayNeverReturntoUSWorkforceFedPaperSays.html Men in their prime working years have left the labor force at an astonishing rate and they may never return if the state of the U.S. job market holds, according to a new report from the Federal Reserve Bank of Kansas City.

A decline in demand for middle-skilled work -- a phenomenon dubbed "job polarization," because more positions are concentrated at the higher and lower ends -- has played a role in keeping prime-age men out of the job market, Didem Tuzemen, an economist at the Kansas City Fed, wrote in the paper released this week. Without job polarization, Tuzemen estimated that 1.9 million more prime-age men would have been employed in 2016.

...

The participation rate of prime-age men -- those 25 to 54 years old -- has steadily decreased in the last half century. As of January, 89 percent of prime-age men were in the labor force, down from around 97 percent following World War II, according to the Bureau of Labor Statistics. That includes people who are working, or are unemployed and actively looking for a job.

]]>
iehi-feed-63668 Fri, 23 Feb 2018 20:28:12 GMT Fannie Mae Employee Indicted For Accepting Bribes http://implode-explode.com/viewnews/2018-02-23_FannieMaeEmployeeIndictedForAcceptingBribes.html iehi-feed-63667 Fri, 23 Feb 2018 15:21:33 GMT Venezuela's New Cryptocurrency: Just Another Form of Control Fraud http://implode-explode.com/viewnews/2018-02-23_VenezuelasNewCryptocurrencyJustAnotherFormofControlFraud.html The gee-whiz component of the petro is that it is supposedly "backed by oil."In other words, unlike other cryptocurrencies/ tokens, the petro has intrinsic value because it's backed by oil...

The only way any currency, fiat or crypto, is "backed" by any real-world commodity is if the currency is convertible into the commodity on demand, that is, the currency can be exchanged for the commodity at a transparent published conversion rate.

If Venezuela's petro cannot be converted directly into deliverable-upon-demand oil contracts, it's not backed by anything. It's important to understand that any currency that claims to be "backed" by gold, oil, rice, bat guano, etc. must be convertible to the underlying commodity at a transparent conversion rate.

]]>
iehi-feed-63665 Fri, 23 Feb 2018 14:46:05 GMT Robert Mueller Accuses Paul Manafort Of Committing Mortgage Fraud http://implode-explode.com/viewnews/2018-02-23_RobertMuellerAccusesPaulManafortOfCommittingMortgageFraud.html iehi-feed-63664 Fri, 23 Feb 2018 00:46:22 GMT Head of world's largest hedge fund says U.S. in a ‘pre-bubble phase' with a 70% chance of recession http://implode-explode.com/viewnews/2018-02-22_HeadofworldslargesthedgefundsaysUSinaprebubblephasewitha70chance.html in a bubble phase, and it's already deflating...]]> iehi-feed-63663 Thu, 22 Feb 2018 23:41:18 GMT Michael Dell purchased $100 million penthouse that broke Manhattan records http://implode-explode.com/viewnews/2018-02-22_MichaelDellpurchased100millionpenthousethatbrokeManhattanrecords.html iehi-feed-63662 Thu, 22 Feb 2018 23:36:12 GMT Why the most-recent selloff was just the beginning http://implode-explode.com/viewnews/2018-02-22_Whythemostrecentselloffwasjustthebeginning.html iehi-feed-63660 Thu, 22 Feb 2018 15:37:20 GMT Citigroup Drove Puerto Rico Into Debt. Now It Will Profit From Privatization on the Island. http://implode-explode.com/viewnews/2018-02-22_CitigroupDrovePuertoRicoIntoDebtNowItWillProfitFromPrivatization.html iehi-feed-63658 Thu, 22 Feb 2018 03:46:16 GMT The House That Dimon Built: JPMorgan Plans Soaring HQ in Midtown http://implode-explode.com/viewnews/2018-02-21_TheHouseThatDimonBuiltJPMorganPlansSoaringHQinMidtown.html JPMorgan announced on Wednesday it will tear down its Park Avenue headquarters and construct a modern tower that will mark a new era for both midtown Manhattan and the lender. The monument to the success of the largest U.S. bank will set in motion a years-long logistical feat that in all likelihood will culminate just about the time that Chief Executive Officer Dimon, 61, hits retirement.

...

The headquarters will house 15,000 of the bank's employees and could be between 70 and 75 stories, depending on how wide its footprint is, said a person with knowledge of the company's plans. The current structure is 52 stories. The new building, which has yet to be designed, could be as much as 500 feet (150 meters) taller than the current headquarters, said the person, who asked not to be identified because details of the plans haven't been publicly disclosed.

...

The 2.5 million-square-foot (232,000-square-meter) building would be the first major project under New York City's Midtown East rezoning plan, which encourages new office construction in the area, the bank and Mayor Bill de Blasio said in the statement. JPMorgan's current headquarters is an "outdated facility" that was designed in the late 1950s for about 3,500 employees, the company said.

]]>
iehi-feed-63657 Thu, 22 Feb 2018 02:16:36 GMT Homeownership is increasingly for the wealthy http://implode-explode.com/viewnews/2018-02-21_Homeownershipisincreasinglyforthewealthy.html iehi-feed-63656 Thu, 22 Feb 2018 02:14:49 GMT Existing home sales in January see biggest drop in 3 years http://implode-explode.com/viewnews/2018-02-21_ExistinghomesalesinJanuaryseebiggestdropin3years.html U.S. home sales unexpectedly fell in January, leading to the biggest year-on-year decline in more than three years, as a chronic shortage of houses lifted prices and kept first-time buyers out of the market.

...

The supply squeeze and rising mortgage interest rates are stoking fears of a lackluster spring selling season. The second straight monthly drop in home sales reported by National Association of Realtors on Wednesday added to weak retail sales and industrial production in January in suggesting slower economic growth in the first quarter.

...

Existing home sales dropped 3.2 percent to a seasonally adjusted annual rate of 5.38 million units last month, with purchases declining in all four regions. Economists polled by Reuters had forecast home sales rising 0.9 percent to a rate of 5.60 million units in January.

....

The shortage of properties is concentrated at the lower end of the market. While the number of previously-owned homes on the market rose 4.1 percent to 1.52 million units in January, housing inventory was down 9.5 percent from a year ago.

]]>
iehi-feed-63655 Thu, 22 Feb 2018 01:55:38 GMT Dow closes 166 points lower after 10-year yield hits 4-year high on Fed minutes http://implode-explode.com/viewnews/2018-02-21_Dowcloses166pointslowerafter10yearyieldhits4yearhighonFedminutes.html iehi-feed-63654 Wed, 21 Feb 2018 17:00:40 GMT Freddie Mac Fire Sale Announced For Next Month! http://implode-explode.com/viewnews/2018-02-21_FreddieMacFireSaleAnnouncedForNextMonth.html iehi-feed-63653 Wed, 21 Feb 2018 14:32:52 GMT Unknown Investor Buys a Billion Dollars Worth of Bitcoin During Last Downturn http://implode-explode.com/viewnews/2018-02-21_UnknownInvestorBuysaBillionDollarsWorthofBitcoinDuringLastDowntu.html