Goldman Losses On Consumer Business Hit Massive $6 B As Bank Scrambles To Exit Credit Cards

 Six years ago, when we first described Goldman's catastrophic foray into consumer banking, we joked that the Goldman of 2008 would be shorting the Goldman of 2018 for that ridiculous idea.

Fast forward to today when the joke is indeed on Goldman, and the bank's losses on its now defunct subprime, pardon, consumer lending unit have hit the stratosphere: according to the WSJ, Goldman is still looking to exit its partnership with Apple as losses continue to mount, and the bank is set to take a $400 million hit this quarter due to its floundering consumer business.

Speaking at a conference this week, Goldman Sachs CEO David Solomon explained that this $400 million hit comes from two primary things: selling off its General Motors credit card partnership and selling real estate loans. According to the report, the GM card business will be sold to Barclays, with around $2 billion in card balances.

In total, Goldman Sachs has lost a staggering $6 billion pre-tax since the beginning of 2020 “on a big chunk of its consumer-lending businesses, including its credit cards", a sad confirmation of our 2018 warning. Several factors contribute to Goldman’s massive losses associated with Apple Card, including lax underwriting standards and the resulting charge-off rates that are nearly double those of other credit cards.

In fact the latest Fed stress test revealed that Goldman - the former master of the universe - now has the second crappiest, subprimiest credit card portfolio of all US banks; only Ally bank, whose stock got absolutely crushed last week, is worse.

In the years ahead of the covid crisis, Goldman had planned to its Apple Card to bolster the bank's efforts and expand into consumer banking. However, in the intervening years, the bank - which had exactly zero previous experience with consumer lending - bank began pivoting away from consumer-financing in 2022 after accumulating staggering losses, focusing its attention on its core strength: catering to big business and ultrarich clients.

Looking toward the future, Goldman Sachs is still looking to exit its partnership with Apple, which consists of the Apple Card and Apple Card Savings Account. Currently, Apple Card credit card balances total $17 billion. The Wall Street Journal says that Goldman Sachs could face even bigger losses when it offloads the Apple partnership than the losses associated with the GM sale to Barclays.

Last November, the WSJ reported that Apple had “sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months.” The current fate of that proposal remains unclear. It’s previously been reported that Goldman has talked to American Express and Synchrony Financial about taking over the Apple Card business.

https://www.zerohedge.com/markets/goldman-losses-consumer-business-hit-massive-6-billion-bank-scrambles-exit-credit-card

Germany Finances Anti-Deportation Guidebook, Even As Support Crashes Due To Mass Immigration

 By Denis Albert of Rmx.news,

The German government is under enormous pressure as it sinks in the polls due to mass immigration, but much of the government is staffed by radicals, many who support open borders. It has now been confirmed that taxpayers financed an anti-deportation guidebook called “Handbook Germany,” with the funds flowing from the budget of the Federal Government Commissioner for Integration, Reem Alabali-Radovan (SPD).

The information was disclosed after a request from MP Joana Cotar, who is currently unaffiliated but belonged to the Alternative for Germany (AfD) until November 2022.

The “Handbook Germany” is a website aimed at migrants in Germany, which explains how to avoid deportation. The various tips can help extend asylum seekers’ stay in the country, potentially for years, even if the individual has criminal convictions.

One of the first tips is filing a complaint against the Federal Office for Migration and Refugees (BAMF).

“You cannot be deported while your complaint is pending,” the guide notes.

The site also notes that in the case of asylum applications that have been classified as inadmissible under the Dublin Regulation, the six-month transfer period begins again as soon as the asylum seeker submits an urgent application. The Solingen Islamist who killed three people during the “Festival of Diversity” actually used this legal loophole to stay in the country.

There are also other topics on integration on the site, including a link to the page “Stop deportations. Right to stay for all.” This is a radical left-wing group in Frankfurt that opposes deportations “for political reasons.” This page even contains information about how an asylum seeker can avoid deportation once he or she is even on the plane.

The guide suggests the rejected asylum seeker should “not sit down on the plane and make it clear that they are not flying voluntarily.” Additionally, “supporters” of the rejected asylum seeker should inform “other passengers” on the plane and “urge them to protest.”

Handbook Germany also contains details about how asylum seekers can react after they have already been deported, including follow-up applications. In such a case, the handbook advises the applicant find “new” reasons for an application, including “severe war trauma” that “has not yet been recognized.” In such a case, the application may be approved.

Overall, 90 percent of the project is funded by the EU’s Asylum, Migration and Integration Fund (AMIF). Co-financiers include Integration Commissioner Alabali-Radovan, the anti-racism commissioner, the Federal Office for Migration and Refugees, and the International Rescue Committee.

https://www.zerohedge.com/political/germany-finances-anti-deportation-guidebook-even-support-crashes-due-mass-immigration

Germany Needs A Border Fence, Demands AfD Party Leader Alice Weidel

 By Denes Albert of Remix News.

At a regional campaign event in Brandenburg, Alternative for Germany Co-chairman Alice Weidel spoke in front of several hundred guests, with the focus of her speech on blocking the massive influx of migrants, with one of her key policy proposals being a border fence for Germany.

“Border security goes through border fences, it’s as simple as that,” said Weidel. Brandenburg will hold key elections on Sept. 22.

In the Bundestag, Weidel also made the same demand, saying that “hundreds of thousands of poorly integrated young men on our streets could raise the question of power at any time.”

Although the idea of a border fence was once smeared as taboo, border fences are now seen across Europe. For example, in the case of Poland, which built one along its border with Belarus due to the migrant crisis, Warsaw even received money from the EU to finance the fence.

Weidel said it is now time for Germany to build such a fence. With the majority of Germans saying migrants bring more disadvantages than benefits, and the vast majority of Germans wanting to block immigration from Muslim countries, Weidel’s message may prove a winning one. In recent months, a wave of Islamic terror attacks, coupled with soaring knife crime, rape, and violence, has sent the political establishment into a tailspin.

Far-left Federal Interior Minister Nancy Faeser, known for her open borders policies, has now been forced to go so far as to announce she will enact border controls, all with an eye on elections in Brandenburg.

Weidel hopes that the state elections in Brandenburg in a week and a half will mark a turning point in the nation’s history, which may force the collapse of the current far-left ruling coalition.

“What we need are new elections,” said Weidel at a campaign appearance in Forst (Lausitz). If Brandenburg’s Minister-President Dietmar Woidke (SPD) “is thrown out here, if the SPD loses the whole thing, then I predict that something will start to slip in the SPD,” Weidel said. “Then we’ll have new elections.”

She also called for immediate peace negotiations for Ukraine and an end to arms deliveries, for which she also received much applause. In the elections in Saxony and Thuringia on Sept. 1, the AfD scored over 30 percent in each case, and became the strongest party in Thuringia.

Continue reading at rmxnews

https://www.zerohedge.com/political/germany-needs-border-fence-demands-afd-party-leader-alice-weidel

Millions In Stolen 1MBD Funds Was Routed Into Kim Kardashian, Pharrell Williams Bank Accounts

 The Malaysian High Court was informed last week that a staggering $2.4 million in stolen funds was diverted from the scandal-plagued 1Malaysia Development Bhd (1MDB) sovereign wealth fund, into the accounts of celebrity Kim Kardashian and musician Pharrell Williams, who is also men’s creative director at Louis Vuitton, through fugitive businessman Jho Low’s shell company, Good Star Ltd.

According to The Star, Richard Templeman, a financial fraud investigator, made the revelation as part of his testimony in the US$6.59 billion lawsuit brought by 1MDB against former Treasury Secretary-General Tan Sri Mohd Irwan Serigar Abdullah and former 1MDB CEO Arul Kanda Kandasamy.

Templeman told the High Court that the investigation found, by October 25, 2011, 1MDB had transferred US$1.03 billion to Good Star for the benefit of Low.

“These funds were transferred through a series of offshore companies and used for, inter alia, the personal benefit of the co-conspirators and their relatives and associates”, he detailed in his witness statement,

Templeman explained that from the billions flowing through Good Star, $2,025,000 was moved to a Suntrust Bank account under the name of Talamasca Inc. Transactions between August 11 and November 17, 2011, were noted as “part payment for music production” and “Letter of Agreement DD 3 NOV 2011 Red Spring Investments And Talamasca/Pharrell Williams.”

“I note that publicly available information links Talamasca Inc. with musician Pharrell Williams,” Templeman was quoted as saying. However, he added, “I have no further information regarding this transfer of funds.”

The Star also reported Templeman as revealing that further sums were paid from Good Star to various entities, including US$306,000 to reality TV star Kim Kardashian and another US$100,000 to Kardashian and her then-husband Kris Humphries.

The purpose of these transactions remains “currently unknown,” according to Templeman.

Templeman, who is a director of investigations at Kroll Advisory, oversees the ongoing probe into misappropriated funds from 1MDB and SRC International Sdn Bhd, which were channelled through liquidated companies.

In May 2021, 1MDB initiated a lawsuit against Mohd Irwan and Arul Kanda for breach of trust and conspiracy, leading to a reported $1.83 billion in losses related to an investment in 1MDB-Petrosaudi Ltd, later converted into the Brazen Sky Limited investment, which 1MDB claims is recoverable from the Bridge Global Fund.

The lawsuit also alleges that the defendants misappropriated $3.5 billion in funds paid to Aabar Investments and US$1.265 billion paid to International Petroleum Investment Company on May 9, 2017.

Furthermore, 1MDB accuses Mohd Irwan of colluding with Arul Kanda to extend an employment agreement, resulting in a RM2,905,200 payment to Arul Kanda and additional losses to the company.

As a result, 1MDB is seeking $6.59 billion in damages from both defendants and an additional RM2.9 million from Mohd Irwan related to the employment agreement extension.

The hearing will resume this afternoon before Judicial Commissioner Raja Ahmad Mohzanuddin Shah Raja Mohzan.

https://www.zerohedge.com/markets/24-million-stolen-1mbd-money-was-routed-kim-kardashian-pharrell-williams-bank-accounts

Poison control centers report shocking 20% hike in calls for kids chugging energy drinks

 Calls to the U.S. poison centers concerning children consuming energy drinks spiked to about 20% in 2023, according to newly released data from America’s Poison Centers.

The steep increase in the volume of calls is even more shocking as the number has remained relatively steady in recent years.

The America’s Poison Centers said that there were 2,834 calls in 2023, a stark increase from 2022’s 2,323 calls.

Assortment of Red Bull and Monster energy drinks in various flavors.Getty Images

Energy drinks like Red Bull and Monster contain much higher levels of caffeine than the standard soda or coffee — which can be dangerous for children.

The Food Drug Administration and the American Academy of Pediatrics advise that children — and even teenagers — avoid the pumped-up beverages to prevent caffeine-related complications, including caffeine poisoning and, in severe cases, cardiac arrest.

But the often brightly-colored drinks are sometimes mistakenly drunk by kids.

About 48% of the calls of kids drinking energy drinks in 2023 were reported as unintentional chugs, with the rate of cases almost doubling for 6-year-olds and 12-year-olds.

Signs of possible caffeine overdoses include an increased heart rate, heart palpitations, heightened blood pressure, anxiousness and rapid breathing.

The FDA considers 400 mg of caffeine — which is about two to three cups of the average coffee — safe for adults to consume. One can of Monster Energy contains 160 mg, and Bang boasts a staggering 300 mg.

https://nypost.com/2024/09/16/us-news/poison-control-centers-report-hike-in-calls-kids-caffeine/

Routh echoed Harris, Biden’s anti-Trump rhetoric as he backed Dem candidates

 The alleged gunman who authorities said targeted former President Donald Trump while he golfed in Florida on Sunday afternoon previously declared on social media that “Democracy is on the ballot” this year and “we cannot lose” — echoing the anti-Trump rhetoric used by Vice President Kamala Harris and President Biden.

Law enforcement sources identified the suspect as Ryan Wesley Routh, 58. 

Routh, who has a lengthy criminal record from North Carolina, frequently posted about politics and exclusively donated to Democratic candidates and causes dating back to 2019.

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Ryan Routh, the suspected would-be assassin.

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Routh after he was apprehended by authorities in Florida.

Continue watchingThis Day in Historyafter the ad

He also bashed Trump in an April 22 post on X in which he declared, “DEMOCRACY is on the ballot and we cannot lose.”

He advised Biden, 81, in an April 22 X post, when he was still running for re-election, to run a campaign around keeping “America democratic and free.”

He claimed Trump wants to “make Americans slaves against master.”

“DEMOCRACY is on the ballot and we cannot lose,” he wrote, a slogan similar to those commonly used by Biden and Harris. 

“We cannot afford to fail,” Routh continued. “The world is counting on us to show the way.”

This is similar to language that Harris continues to use on the campaign trail. On Aug. 29, she said at a rally in Savannah, Ga., “We are fighting for our democracy.”

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The would-be assassin was stopped on I-95.Martin County Sheriff

On July 31, she said at an event in Houston that “our fundamental freedoms are on the ballot and so is our democracy” — after using identical wording at a sorority event the same day.

Tom Fitton, president of the conservative legal group Judicial Watch, told The Post: “It is no coincidence that Routh repeated Kamala’s and Joe’s extremist rhetoric against Trump. At this point it is inexcusable incitement.”

Spokespeople for Biden and Harris did not immediately respond to requests for comment.

Following the Trump assassination attempt in July, when the GOP nominee was wounded in the ear, he tweeted at Biden that he should visit the victims of the Pennsylvania rally where Thomas Matthew Crooks opened fire and attend the funeral of the 50-year-old volunteer firefighter who was killed.

Routh was spotted by Secret Service agents near the Trump International Golf Club West Palm Beach with a Soviet-style SKS assault rifle, according to sources.

The agents opened fire on him, but he fled. Routh was later arrested on I-95 by local police.

His social media account was also filled with nonsensical tweets and replies while also voicing strong support for Ukraine in its war against Russia and Taiwan in its struggle against China.

One reply to X owner Elon Musk seemed to suggest purchasing a rocket from the billionaire.

“I would like to buy a rocket from you. I wish to load it with a warhead for Putin’s Black Sea mansion bunker to end him. Can you give me a price please. It can be old and used as not returning,” Routh wrote.

He claimed on X that he tried to “sell” the idea of having former Afghanistan troopers fight for Ukraine in Russia, but was denied multiple times before giving up after six months.

He also said he visited Kyiv and claimed he would be willing to fight on the front lines if he were permitted to.

In a 2022 interview with Newsweek Romania, Routh, wearing an American flag-style shirt, spoke about recruiting others to fight in Kyiv.

“The question as far as why I’m here. To me, a lot of the other conflicts are gray but this conflict is definitely black and white,” he said. “This is about good versus evil.”

“We need thousands and thousands and thousands of people here fighting with Ukrainians,” he added.

In an interview with Semafor a year later, Routh expressed frustration with Ukrainians.

“Ukraine is very often hard to work with,” he said. “Many foreign soldiers leave after a week in Ukraine or must move from unit to unit to find a place they are respected and appreciated.”

https://nypost.com/2024/09/15/us-news/would-be-trump-assassin-idd-as-ryan-routh-58-of-hawaii-sources/

NC neighbor of Trump shooting suspect says he was ‘a little cuckoo’ : ‘A lot of people were afraid of him’

A neighbor of Ryan Wesley Routh in Greensboro, North Carolina, is speaking out, saying she always thought the alleged gunman next-door was “a little cuckoo.”

“I mean, I didn’t think he would go that far. I knew he was a little cuckoo, but assassinating the president? I mean, he’s going to be going away for a long time,” the neighbor told Fox 8.

Ryan Wesley Routh, 58, is accused of targeting former President Donald Trump in an assassination attempt on Sunday.@save_mrpl/X

The woman -- who lived next to Routh for nearly two decades -- claims her former neighbor "had a lot of guns" and that "a lot of people were afraid of him back in the day.”

However, she never imagined he’d try to assassinate a former president.

“Him, I mean, trying to shoot Trump. That’s a lot. I would have never guessed, and I would have swore up and down, no, that’s not him,” she said. “… I just can’t believe it. I mean, if I didn’t see it with my own eyes, I mean the pictures and stuff and all, then I wouldn’t be able to believe that.”

https://nypost.com/2024/09/15/us-news/shots-fired-near-trump-live-updates-reactions-photos-more/