tyb chek't
SAM296 C-40B (and one that J.C.O.S. Milley has used in the past several times) departed JBA NE
>>18419254, >>18419479 lb
SPAR15 C-40B arriving at JBALindsey Grahamfrom Casablanca, Morocco depart
VENUS02 92-9000 747 still on it's cert flight and passed right over JBA heading north and turned back towards JBA
RCH4552 C-17 Globemaster departed JBA and heading to Dover AFB-potato equipment p/u'
French AF CTM1016 A-330 inbound over Maine from Brussels Int'l depart earlier today
chek't
>>18417037 pb Economic Schedule week of Feb 26th expect some really shitty data points in housing, autos, retail
Subprime Auto Lender And Used Car Retailer Collapses As Distress Cycle Finally Arrives
One month ago, when discussing the "perfect storm" hitting the US auto market, we showed that according to Fitch "More Americans Can't Afford Their Car Payments Than During The Peak Of Financial Crisis".which was to be expected: after all the latest consumer credit report from the Fed revealed an exponential spike in the amount of new car loans, which increased by more than $2,000 in one quarter, from just over $38,000 (a record), to $40,155 (a new record).And yet something just didn't click: if so many subprime Americans were saddled with record amounts of auto loans - on average more than $40K - where were the defaults? After all, the average loan rate for new car loans just hit a 13 year high and will soon rise to the highest level this century. Well, after a lengthy period in which nothing seemed to happen, suddenly the dominoes are starting to fall, and as Bloomberg reports, used car retailer and subprime auto loan lender, American Car Center, told employees the business was closing its doors, just one day after the company had hoped to pull off a funding Hail Mary by selling a $222 million bond (it failed).
According to Bloomberg, the used car retailer, which targets consumers regardless of their credit history (and thus targets almost entirely subprime borrowers who can't get a loan elsewhere), said in an email to employees on Friday the firm was ceasing all operations, closing its headquarters in Memphis, Tennessee, and that all employees would be terminated by the end of the business day, the people said. It employed about 288 people at its headquarters. The closure email came a day after the company sent another message to staff saying management and advisors had been working with lenders to improve liquidity and continue operations. American Car Center, which has more than 40 dealerships across 10 states, is owned by York Capital's private equity group.
The long overdue collapse - the first of many - comes as more Americans are starting to fall behind on their car payments, and the distress cycle is rapidly accelerating. Think of it as the infamous New Century domino that signaled the collapse of subprime housing… only for cars. Just before the announcement, American Car Center shelved a bond deal backed by subprime loans citing market conditions despite investors placing orders for the debt. It wasn't clear why ACC backed down in the last moment as the alternative was liquidation. However, since many more auto subprime lenders will now follow in ACC's footsteps, we are confident the answer will emerge.
Meanwhile, we can't help but be amused by the mindblowing divergence in Wall Street mental models, where on one hand speculation that used car pries are somehow surging has sent risk assets lower driven by fears of a rebound in inflation (remember that spike in the Manheim used car price index?), while on the other companies like ACC and Carvana are either liquidating or on the verge of doing so, simply because the used car auto segment has completely imploded.
https://www.zerohedge.com/markets/subprime-auto-lender-and-used-car-retailer-collapses-distress-cycle-finally-arrives
The real issue is that as the values of cars spiked the banksters were all too habby to "finance" all these overvalued cars with the premiums over MSRP.-cap #3..I mean a Honda Civic Tye R for $85K?? (but one example) and all cray but they just kept on doing it.
So now these ijits can't get out of these loans to get into another car because the dealers won't take them (on trade-ins) based on those over-valuations when originally sold/financed as they don't want to eat all that premiumso it's default time…still have a very large % of cars at wholesale auction(s) 'No sale'..that will only continue and exacerbate this problem.
and they killed him for it
good point
prolly Bradley
they certainly promoted him
>first chairman of the Joint Chiefs of Staff
Welcome to an hour after it was reported
>>18272739 pb
>>18272645 pb
>Calling BS on that whole thing and fear pron
Banks Make ‘Monumental’ Settlement in $7B Ponzi Case
A group of banks have agreed to settle a lawsuit tied to a $7 billion Ponzi scheme.
Among these is TD Bank, which announced in a Monday (Feb. 27) news release that it will pay $1.2 billion to settle the suit, which accused it and other banks of aiding the pyramid scheme run by convicted fraudster Allen Stanford (made him 'the example'-he goes to jail for 110 years and the banks that financed him settle and dindu). “As has been the case throughout these proceedings, TD expressly denies any liability or wrongdoing with respect to the multi-year Ponzi scheme operated by Stanford and makes no admission in connection to any Stanford matter as part of the settlement,” the Toronto-based bank said in a news release. The bank chose to settle the suit to “avoid the distraction and uncertainty of continuing a long legal proceeding,” according to the release, with the bank noting it had already prevailed in a trial in Canada dealing with the Stanford case.
Joining TD in settling were HSBC, which agreed to pay $40 million, and Independent Bank Group, which will pay $100 million. All three banks were set to go to trial in the case Monday, Bloomberg reported. France’s Société Générale agreed to pay $157 million to settle the case last week, Reuters reported. Like TD Bank, none of the other financial institutions admitted to wrongdoing. Plaintiffs’ attorney Kevin Sadler called the settlements “nothing short of a monumental recovery,” in a statement to Bloomberg. Stanford, now serving a 110-year prison sentence, was convicted in 2012 of cheating investors by selling fraudulent certificates of deposits from his offshore bank, Stanford International Bank. Investors alleged in their lawsuit that the banks should have known the CDs were phony, given the outsized number of large wire transfers and shipments of bags filled with investor checks leaving Standord’s bank in Texas for Antigua. In an interview with PYMNTS, Seth Ruden, senior director of fraud operations for First Tech Federal Credit Union, talked about how his FI is dealing with the challenge.
While fraudsters use many methods, account takeovers stand out. Ruden said there has been a sharp rise in this type of attack in which a criminal takes control of someone’s account by leveraging their login credentials, making it arguably the top threat. An overreliance on passwords is helping fuel this trend. “You share a password between different sites — and that’s a huge problem with passwords,” he said. “We need to be far more diligent as organizations to ensure that we shore up those risks, as individuals are compromised every day.”
https://www.pymnts.com/payroll/2023/paysend-and-transformify-team-to-transform-payroll-services/
https://www.pymnts.com/legal/2023/banks-make-monumental-settlement-7-billion-dollar-ponzi-case/
must have cycled
thanks
>>18419254 lb
CFC3065 CL-60 left Port Au-Prince Haiti after a ground stop
Traces show 2h45m of time between dropping off scope and picking back up so it' wasn't there for very long and although this AC has been used by Trudope in the past this is not him (it would be CFC1/01 but it is a high-level on for the RCAF
from 10 days ago
Trudeau says Canada is 'elbow deep' in assisting Haiti
https://ground.news/article/trudeau-says-canada-is-elbow-deep-in-assisting-haiti