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Tracking the many faces of the global credit implosion. You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are : id handle category description 1 ho



 



Actress Allison Mack Indicted In NY Sex Cult Pyramid Scheme

Sun, 22 Apr 2018 17:28:11 GMT

NXIVM leader Keith Raniere and actress Allison Mack were indicted on Friday. Federal prosecutors charged the two with two counts of sex trafficking-related charges and forced labor conspiracy.



The Pension Time Bomb, $400 Trillion by 2050

Sun, 22 Apr 2018 17:07:52 GMT

According to an analysis by the World Economic Forum (WEF), there was a combined retirement savings gap in excess of $70 trillion in 2015, spread between eight major economies..

The WEF says the deficit is growing by $28 billion every 24 hours -- and if nothing is done to slow the growth rate, the deficit will reach $400 trillion by 2050, or about five times the size of the global economy today.

...

This problem is amplified by the size of generations and fertility rates. The population of retirees globally is expected to grow from 1.5 billion to 2.1 billion between 2017-2050, while the number of workers for each retiree is expected to halve from eight to four over the same timeframe.




Suntrust Hacker Steals Information On 1.5 Million Suntrust Customers

Sat, 21 Apr 2018 14:46:09 GMT

Suntrust Hacker Steals Information On 1.5 Million Suntrust Customers. Hacker Believed To Be Former Employee



Al Capone's Miami Beach Mansion Hits The Market For $15 Million

Fri, 20 Apr 2018 12:56:33 GMT

Al Capone's Former Miami Beach Mansion Hits The Market For $15 Million



Wells Fargo will be fined $1 billion

Fri, 20 Apr 2018 05:18:24 GMT

Two federal regulators are close to fining Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The hefty penalty will be announced as early as Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a person familiar with the enforcement action.

...

Such a large fine would be a noteworthy move for the CFPB under Mick Mulvaney, the acting director appointed by President Trump.




Manhattan Residential Property Listing Prices Plummet By 10.9%

Thu, 19 Apr 2018 15:09:09 GMT

Manhattan Residential Property Listings Plummet By 10.9 Percent Compared To Last Year



Pharma bro Shkreli, denied minimum security camp, gets sent to federal prison in New Jersey

Thu, 19 Apr 2018 04:18:05 GMT

Shkreli, 35, in March had asked to be sent to the minimum-security camp adjacent to another federal prison in Pennsylvania, FCI Canaan. His sentencing judge endorsed that request. But the Bureau of Prisons has the last word in determining where to place its inmates.

[Shkreli's lawyer] Brafman previously said that Judge Kiyo Matsumoto's ruling last September that Shkreli was a public danger would prevent him from being sent to a minimum-security camp because of BOP guidelines.

...

Matsumoto had said Shkreli was a danger as she revoked his bail for, among other things, his bizarre offer toFacebook followers of $5,000 for each strand of hair they managed to pull off the head of Hillary Clinton, who at the time was in the midst of a book tour.''

So basically he got himself sent to federal prison instead of camping by being a dick (totally superfluously -- Hillary Clinton didn't even have anything to do with his case, as unsavory as she might be).




World debt hits record $164 trillion as crisis hangover lingers

Thu, 19 Apr 2018 00:09:45 GMT

The world's debt load has ballooned to a record $164 trillion, a trend that could make it harder for countries to respond to the next recession and pay off debts if financing conditions tighten, the International Monetary Fund said.

...

The global debt burden clouded the IMF's otherwise upbeat outlook of the world economy, which is in its strongest upswing since 2011. The fund on Tuesday forecast expansion of 3.9 per cent in 2018 and 2019, while saying in subsequent years the global economy could be impacted by tighter monetary policy and the fading effects of U.S. fiscal stimulus.

...

The IMF figures bare the scale of the debt hangover from which the world is still recovering from a decade after the financial crisis pushed the global banking system to the brink, and tipped the world economy into recession. Governments increased spending to boost growth, while central banks resorted to unconventional methods to ease financing conditions, such as buying bonds.




UK government loses key Brexit Vote: Stuck with the Customs Union

Wed, 18 Apr 2018 23:44:43 GMT

``The UK Government has lost a key Brexit vote, with the upper House of Parliament backing calls to remain in the EU customs union after Brexit... Prime Minister May had previously said Britain will not remain in the customs union after Brexit takes effect... membership prevents a country from negotiating its own bilateral trade deals with other nations.''



U.S. Debt Load Seen Worse Than Italy's by 2023, IMF Predicts

Wed, 18 Apr 2018 19:30:17 GMT

``The U.S. debt-to-GDP ratio is projected widen to 116.9 percent by 2023 while Italy's is seen narrowing to 116.6 percent, according to the latest data from the International Monetary Fund. The U.S. will also place ahead of both Mozambique and Burundi in terms of the weight of its fiscal burden. '' -- Only Japan will be worse, of the G7!



Bon-Ton Stores closing: See list of Boston Store, Carson's, Younkers

Wed, 18 Apr 2018 19:27:26 GMT

Bon-Ton Stores, the corporate parent of several department store chains, has agreed to sell its assets to a group of debtholders and liquidators, likely setting the stage for going-out-of-business sales to start imminently.

The York, Pa.-based company's brands include Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers.

Although it's not official yet, chances are high that all the locations will close. It's still possible the brands could live on in some fashion, such as online-only outlets under new ownership.

...

Bon-Ton's approximately 250 locations are scattered throughout 23 states in the Midwest, Northeast and upper Great Plains.




US crude tops $68 for the first time in more than three years

Wed, 18 Apr 2018 19:26:30 GMT

``Oil prices rose to more than three year highs on Wednesday, with U.S. crude topping $68 a barrel for the first time since December 2014. Futures extended gains after weekly government data showed U.S. crude stockpiles fell by 1.1 million barrels. The oil market has been supported by concerns about geopolitical tension and supply disruptions in crude-producing nations. ''



Apparent Quicken Loans Fraud Costs Single Dad With 4 Kids His Home

Wed, 18 Apr 2018 16:11:54 GMT

Apparent Quicken Loans Fraud On FHA Loans Is Costing Florida Dad With 4 Kids His Home. Case Is One Example Of Why The Government Is Suing Quicken Loans Over FHA Loans



Tesla's Cash Crunch Will Intensify As Model 3 Production Shuts Down Again

Tue, 17 Apr 2018 15:05:21 GMT

Bizarrely, Tesla issued a statement regarding this shutdown of Model 3 production that echoed word-for-word a statement given in late-February when Tesla reportedly shut the Model 3 line for 5 days. Tesla's statement indicated that such a shutdown "is not unusual," but, Tom Jones references aside, it really is unusual for an automaker to post two lengthy shutdowns in such a short period...

When I followed major automakers like VW, Ford, GM and Daimler, a one-week shutdown on high-volume model would be enough to merit a mention on a quarterly earnings call.  At Tesla, where the Model 3 is being counted on to be both the next step in the future of automotive mobility and the model that gets Tesla over the hump from a cash flow perspective, this latest shutdown could be catastrophic.




Hannity-Cohen-Trump: Conflict of Interest in Pro-Trump Media, Much?

Mon, 16 Apr 2018 21:39:38 GMT

While his off-air relationships might be just a logical extension of Hannity's on-air cheerleading for Trump, it still came as a surprise, immediately raising questions about both Hannity and Fox.

By any standards of any normal newsroom, the Cohen-Hannity relationship is a glaring conflict of interest.

Fox is not a normal newsroom. And Hannity's viewers are not typical news viewers -- people who watch almost any other show would likely feel lied to when they learned something like this had not been disclosed to them, but Hannity's want him to have this kind of relationship with Trumpworld.

...

"I never retained him in the traditional sense as retaining a lawyer; I never received an invoice from Michael; I never paid legal fees to Michael, but I have, occasionally, had brief discussions with him about legal questions about which I wanted his input and perspective," Hannity said on the radio.

But even according to Hannity's account, he was taking free legal advice from someone on the president's payroll.




Former Soup Nazi CFO Sentenced To 9 Months In Prison

Mon, 16 Apr 2018 18:54:09 GMT

Former CFO of "Soup Nazi" Business, Soupman, Robert N. Bertrand Sentenced to 9 Months Imprisonment for Tax Evasion



Commerce Blocks China's ZTE From Exporting Sensitive Tech From U.S.

Mon, 16 Apr 2018 15:45:52 GMT

The U.S. blocked Chinese telecommunications-gear maker ZTE Corp. from exporting sensitive technology from America, alleging the company made false statements to U.S. officials.

The Commerce Department has determined ZTE made false statements to the Bureau of Industry and Security in 2016 and 2017 related to "senior employee disciplinary actions the company said it was taking or had already taken," the department said in a statement Monday.

ZTE did not disclose the fact it paid full bonuses to employees who engaged in illegal conduct, and failed to issue letters of reprimand, the department said.

"ZTE misled the Department of Commerce. Instead of reprimanding ZTE staff and senior management, ZTE rewarded them. This egregious behavior cannot be ignored," Commerce Secretary Wilbur Ross said in the statement.

The denial order against ZTE comes amid brewing tensions between the U.S. and China that have raised concerns of a trade war between the world's two biggest economies. President Donald Trump has threatened tariffs on $150 billion in Chinese imports in retaliation for alleged violations of intellectual property rights, while Beijing has vowed to retaliate on everything from American soybeans to planes.




Bertucci's files Chapter 11 bankruptcy, may close stores

Mon, 16 Apr 2018 15:41:18 GMT

For now, the company said it has 59 remaining operating locations and they are still open. But the company warned that it faces a serious risk of going out of business without a speedy bankruptcy sale.

...

The chain has already slashed more than $5 million in costs through job cuts, lease concessions and other measures since the start of 2017.

But the casual dining sector's ailments were too much to overcome. Sales are below 2011 levels, according to a court filing.

...

The company currently employs more than 4,200 workers. It has about $119 million in debt.




Japan PM Abe's woes deepen as ratings drop amidst scandals, Koizumi predicts resignation

Mon, 16 Apr 2018 15:14:50 GMT

Japanese Prime Minister Shinzo Abe's political crisis deepened on Monday after polls showed that suspected cronyism scandals have pushed his support to record lows and a popular predecessor said Abe would probably resign in June....

Abe has denied that he had intervened to ensure preferential treatment for the educational institution Kake Gakuen, run by his friend Kotaro Kake, to set up a veterinary school.

He has also repeatedly denied that he or his wife intervened in a heavily discounted sale of state-owned land to another school operator, Moritomo Gakuen, which has ties to his wife.

The Moritomo affair has ensnared the finance ministry, which has admitted officials doctored documents related to the land-sale.




Legal fees made up more than 20% of Trump's campaign spending so far this year

Mon, 16 Apr 2018 15:00:51 GMT

More than one-fifth of the $3.9 million that President Donald Trump's 2020 re-election campaign has spent this year has gone to legal fees, the campaign's latest quarterly Federal Election Commission filing shows.

...

The steep legal bills come amid a probe into whether the Trump campaign was involved in Russia's interference in the 2016 presidential election as well as a legal battle with adult film star Stormy Daniels.

...

Trump's campaign has also spent about $150,000 at Trump businesses, including the legal fees, per the FEC report. That includes about $68,000 at the Trump International Hotel in Washington, DC, to cover costs including event rental space, hotel stays and parking.