IEHI Feed: The Hedge Fund Implode-o-Meter http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64695 Thu, 25 Apr 2019 17:05:09 GMT Reverse Mortgage Solutions Fraud Victims Sue Ditech http://hf-implode.com/viewnews/2019-04-25_ReverseMortgageSolutionsFraudVictimsSueDitech.html iehi-feed-64693 Tue, 23 Apr 2019 15:02:01 GMT Notorious Miami Con Man Gets 9 Years Of Clutching Soap In Prison http://hf-implode.com/viewnews/2019-04-23_NotoriousMiamiConManGets9YearsOfClutchingSoapInPrison.html iehi-feed-64692 Sun, 21 Apr 2019 13:35:35 GMT Same-Sex Couples Face Systematic Lending Discrimination http://hf-implode.com/viewnews/2019-04-21_SameSexCouplesFaceSystematicLendingDiscrimination.html iehi-feed-64691 Sat, 20 Apr 2019 16:18:38 GMT Motel 6 Leaves The Lights On For Sex Trafficking Of Drug Addicts http://hf-implode.com/viewnews/2019-04-20_Motel6LeavesTheLightsOnForSexTraffickingOfDrugAddicts.html iehi-feed-64689 Thu, 18 Apr 2019 21:17:45 GMT Seth Meyers Rants At Elites and Political Dysfunction (4/17/19) http://hf-implode.com/viewnews/2019-04-18_SethMeyersRantsAtElitesandPoliticalDysfunction41719.html iehi-feed-64688 Thu, 18 Apr 2019 14:23:19 GMT Turkey's economy is spiraling as Erdogan's AKP requests new election http://hf-implode.com/viewnews/2019-04-18_TurkeyseconomyisspiralingasErdogansAKPrequestsnewelection.html Erdogan has espoused keeping interest rates down despite rising inflation, currently at more than 19 percent. Investors fear he will continue to pursue populist monetary policy after his party's unprecedented defeat in the local elections.

But more than the election results themselves, it is the substance of an economic reform package that is needed to calm markets, experts say. That effort has so far not gone well.

Of note, an investor discussion with Turkish Finance Minister Berat Albayrak during the IMF Spring Meetings in Washington DC last week received decidedly negative reviews.

Investors described Turkish officials as unprepared and lacking details, and a J.P. Morgan survey carried out during the event revealed that more than 80% of investors did not have confidence in Ankara's ability to turn things around.

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iehi-feed-64687 Wed, 17 Apr 2019 23:22:23 GMT Dow, S&P 500 and Nasdaq near records but stock-market volumes are the lowest in months -- Here's why http://hf-implode.com/viewnews/2019-04-17_DowSP500andNasdaqnearrecordsbutstockmarketvolumesarethelowestinm.html the recent resurgence for stocks after a more than six-month, corrective hiatus has many market participants questioning its durability, as trading volumes remain near the lowest levels of 2019.

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Some make the case that the dearth in trading activity reflects a lack of participation in the market by a broad swath of investors.

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iehi-feed-64686 Wed, 17 Apr 2019 15:06:14 GMT Donald Trump is 'Fighting us on Everything,' Will Resist Congressional Subpoenas for Financial Information: Report http://hf-implode.com/viewnews/2019-04-17_DonaldTrumpisFightingusonEverythingWillResistCongressionalSubpoe.html President Donald Trump is reportedly doing all he can to resist efforts by House Democrats to obtain documents and information relating to their multiple ongoing investigations into his administration and business dealings.

According to The Washington Post, both Trump's personal attorneys and White House counsel Pat Cipollone are preparing the ground for a legal fight to block any subpoenas from the various House committees running investigations and will not turn anything over to Congress.

Trump is already not complying with information requests related to security clearances, meeting with foreign leaders, and other topics his team says are covered by executive privilege, the Post reported, citing aides familiar with White House discussions.

"They are fighting us on everything now, Representative Jamie Raskin, a Maryland Democrat, told the publication. "It's an assault on the separation of powers and specifically the congressional oversight function."

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The House Financial Services Committee is exploring the Trump family finances and his relationship in particular with Deutsche Bank, which, despite his checkered history with debt continued to lend him and his company money over the years.

The House Ways and Means Committee is trying to draw out Trump's tax returns from the IRS amid suspicions of fraud, denied by the president. And the House Foreign Affairs Committee is looking into Trump's business relationships abroad to see if they have had any influence on his presidency.

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For example, the oversight committee has requested from Mazars, Trump's personal accountant, 10 years of his financial documents. The judiciary committee recently hit 81 people with information requests related to Trump.

It's obvious now (if it wasn't before) that Trump is hiding something big.

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iehi-feed-64684 Wed, 17 Apr 2019 12:04:01 GMT How New York Homeowners Are Scoring Free Houses During Foreclosure http://hf-implode.com/viewnews/2019-04-17_HowNewYorkHomeownersAreScoringFreeHousesDuringForeclosure.html iehi-feed-64683 Tue, 16 Apr 2019 12:26:03 GMT Michigan Man Sues Parents For $86,000 For Tossing Porn Collection http://hf-implode.com/viewnews/2019-04-16_MichiganManSuesParentsFor86000ForTossingPornCollection.html iehi-feed-64682 Mon, 15 Apr 2019 19:26:35 GMT Goldman Sachs slashes compensation for employees as revenue drops http://hf-implode.com/viewnews/2019-04-15_GoldmanSachsslashescompensationforemployeesasrevenuedrops.html Goldman posted first-quarter revenue that missed analysts' expectations, dropping 13% to $8.81 billion amid a tougher market for trading and investing.

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The bank cut compensation and benefits set aside for employees in the first quarter by 20% to $3.26 billion, or about $90,780 for each of the bank's 35,900 workers. A year ago, that figure was $119,323 for each of the bank's 34,000 workers.

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Compensation has been sliding on Wall Street ever since post-financial crisis rules crimped risk taking and as automation and electronic trading take over more flows from clients. Under CEO David Solomon, who took over in October, the firm is reevaluating all of its businesses and has already started to pull back resources from parts of underperforming areas like commodities trading. ''

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iehi-feed-64680 Fri, 12 Apr 2019 16:14:13 GMT Former Champion Porsche VP Indicted For Stealing $2.2 Million http://hf-implode.com/viewnews/2019-04-12_FormerChampionPorscheVPIndictedForStealing22Million.html iehi-feed-64679 Thu, 11 Apr 2019 22:18:31 GMT Fed minutes show re-starting QE purchases already on the table http://hf-implode.com/viewnews/2019-04-11_FedminutesshowrestartingQEpurchasesalreadyonthetable.html The minutes revealed a debate inside the Fed about when the bank should resume purchases of Treasurys after it ends it balance-sheet runoff... Several wanted to resume purchases "relatively soon," the minutes showed, but "some" preferred to let the average level of reserves decline naturally for awhile in the hopes that it would give the Fed a sense of underlying demand by banks.

The outcome of such a debate, though arcane, is important. Some outside critics contend the Fed balance-sheet process contributed to the stock-market meltdown in December. Senior Fed officials want to make sure whatever they do reduces instability in the U.S. financial system.

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iehi-feed-64678 Thu, 11 Apr 2019 22:10:49 GMT Newmont shareholders back $10-billion Goldcorp takeover http://hf-implode.com/viewnews/2019-04-11_Newmontshareholdersback10billionGoldcorptakeover.html Newmont Mining Corp. shareholders have voted resoundingly in favour of the company's US$10-billion acquisition of Vancouver's Goldcorp Inc., removing the last major obstacle to what will likely be the second-biggest deal ever in the gold sector.

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The deal is expected to close later this quarter and means Newmont will bypass Barrick Gold Corp. and take the triple crown as biggest gold company in the world by market value, production and reserves.

The deal announced in January was eventful from the start. About a month after it was announced, Barrick made a hostile takeover bid for Newmont and urged Newmont to drop its quest for Goldcorp. Even later, when Barrick dropped its effort to acquire Newmont, more uncertainty arose when Goldcorp announced it had agreed to almost triple the retirement package of Ian Telfer, its chairman, to US$12-million. The payout angered some shareholders at Goldcorp, especially considering Mr. Telfer agreed to sell the company with its stock near a historical low.

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Much of the drama evaporated when Newmont sweetened the pot by agreeing to pay a special dividend to its shareholders worth US$470-million if a yes vote was achieved. That dividend will now be paid out on May 1 to people who hold shares as of April 17.

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iehi-feed-64676 Thu, 11 Apr 2019 13:13:42 GMT HGTV Star Nicole Curtis Facing Foreclosure On Two Houses http://hf-implode.com/viewnews/2019-04-11_HGTVStarNicoleCurtisFacingForeclosureOnTwoHouses.html iehi-feed-64673 Wed, 10 Apr 2019 22:20:49 GMT Vice President Mike Pence backs Trump's call to lower interest rates (DESPITE "BULLISH" ECONOMY) http://hf-implode.com/viewnews/2019-04-10_VicePresidentMikePencebacksTrumpscalltolowerinterestratesDESPITE.html iehi-feed-64672 Wed, 10 Apr 2019 19:25:56 GMT Quicken Loans Is Named The Junk Bond King Of Detroit http://hf-implode.com/viewnews/2019-04-10_QuickenLoansIsNamedTheJunkBondKingOfDetroit.html iehi-feed-64671 Wed, 10 Apr 2019 15:44:52 GMT Florida Millionaire Caught Stealing From Kmart http://hf-implode.com/viewnews/2019-04-10_FloridaMillionaireCaughtStealingFromKmart.html iehi-feed-64670 Mon, 08 Apr 2019 18:38:45 GMT The Tesla Model 3 News Is Bad -- the Model S and Model X News Is Worse http://hf-implode.com/viewnews/2019-04-08_TheTeslaModel3NewsIsBadtheModelSandModelXNewsIsWorse.html The sequential decline in deliveries can mostly be attributed to higher in-transit inventory as Tesla abruptly shifted its delivery mix toward Europe and China rather than the U.S. But even adjusting for that headwind, it appears that Model 3 production and sales have peaked. The only hope for a return to meaningful growth is that Tesla's move to open a factory in China will allow it to significantly reduce prices in that key market.

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There are a number of possible causes of this sales plunge. The partial phase-out of federal tax credits in the U.S. may have pulled forward some demand into 2018. Better availability of the Model 3 is another factor that could be weighing on demand for pricier Teslas. Trade tensions may be impacting sales in China. Growing competition in the electric vehicle market certainly can't be overlooked. And the recent Model Y reveal could be causing some potential buyers to consider waiting for that model.

Yet one thing is certain. There aren't any meaningful production constraints to blame for the sales decline -- it's all about demand. The only question is how much Tesla is willing to cut prices (at the cost of lower gross margin) to prop up Model S and Model X sales volume going forward.

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iehi-feed-64669 Mon, 08 Apr 2019 14:35:28 GMT Ray Dalio: Capitalism's Income Inequality Is (The Real) National Emergency http://hf-implode.com/viewnews/2019-04-08_RayDalioCapitalismsIncomeInequalityIsTheRealNationalEmergency.html While President Donald Trump is focused on the national emergency he's declared to secure the southern U.S. border, the billionaire founder of the world's biggest hedge fund is more worried about losing the American dream.

Capitalism must be reformed because it's not producing enough opportunities for most Americans, creating an income gap that threatens to spark conflict, Ray Dalio, the Bridgewater Associates co-chairman, said in an interview airing Sunday on CBS's "60 Minutes."

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Dalio, expressed similar sentiments in an essay posted April 4 on LinkedIn. He pointed to statistics including that the bottom 60 percent of income-earners in the U.S. keep falling further behind the top 40 percent -- and that the percentage of children who grow up to earn more than their parents has fallen to 50 percent today from 90 percent in 1970.

The income gap is about as high as ever, and the wealth gap is the highest since the late 1930s because the wealth of the top 1 percent of the population is more than that of the bottom 90 percent combined, Dalio said.

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