Billion

Stockman: Why Does Sleepy Joe Think We Need Another $850 Billion Of Transfer Payments?

Authored by David Stockman via EconomicPolicyJournal.com, In light of Sleepy Joe’s swell new $1.9 trillion package of more free stuff, it’s time to get out our magnifying glasses again. The purpose is to compute the size of the hole in  America’s collective paycheck that purportedly requires such continued, extraordinary beneficence from our not so rich…

NYC Tenants Owe More Than $2 Billion In Unpaid Rent As Cuomo Extends Eviction Moratorium

By Tyler Durden New shocking figures produced by a New York area landlord trade group, the Community Housing Improvement Program, finds half of all New York City apartment tenants are behind on rent to the combined tune of over $1 billion as the US begins to approach one year since the coronavirus pandemic hit America. The…

NYC Tenants Owe More Than $2 Billion In Unpaid Rent As Cuomo Extends Eviction Moratorium

New shocking figures produced by a New York area landlord trade group, the Community Housing Improvement Program, finds half of all New York City apartment tenants are behind on rent to the combined tune of over $1 billion as the US begins to approach one year since the coronavirus pandemic hit America. The group surveyed landlords…

The Fed Sent $838 Billion in "Profits" To The Treasury In Past Decade

On Monday, the nexus of reserve currency helicopter money, the Federal Reserve, announced that it had sent $88.5 billion in so-called “profits” (i.e., interest income from all those bonds it “purchased” after creating digital money out of thing digital air) to the U.S. Treasury Department in 2020, a 61% increase from the previous year as…

"Significant Uptick" In Natural Disasters Cause $210 Billion In Damage In 2020 

Natural disasters worldwide resulted in tens of billions of dollars in damage in 2020, according to catastrophe bonds firm Artemis, citing a new report from German reinsurer Munich Re.  On Thursday, Munich Re reported that the global insurance and reinsurance industry recorded a monstrous $82 billion loss thanks to an increase in natural disasters in 2020,…

Clean Energy Hydro Plant In Canada Dubbed A "Boondoggle" After Economists Predict $8 Billion In Losses

Today in “proof governments are horribly inefficient capital allocators” news… British Columbia is currently in the process of trying to erect a massive hydro dam called the “Site C Clean Energy Project” on the Peace River. The point of erecting the dam was to implement the province’s “green and clean” energy policy and try to create…

Sidney Powell Sued By Dominion For $1.3 Billion

Dominion Voting Systems is suing attorney Sidney Powell for $1.3 billion in damages, after the pro-Trump lawyer made wide-ranging accusations against the company in the wake of the 2020 US election. According to Axios, Dominion alleges that Powell acted “in concert with allies and media outlets determined to promote a false preconceived narrative about the…

Fed Returns $42 Billion To Treasury For Terminated Emergency Programs

At the end of 2020, Steven Mnuchin created a mini media tempest (in a teapot) when he demanded that the Fed return tens of billions in unused funds backstopping the central bank’s various emergency, 13(3) programs. While the news spark a mini furore in financial circles and in Congress where reps and Senators scrambled to…

Mall Of America Successfully Refinances Its Once-Delinquent $1.4 Billion Mortgage

By Tyler Durden With investment banks backstopped by essentially unlimited liquidity from Central Banks, 2021 could become the year that everybody officially refinances, kicks the can down the road one more time, and offers up their “comeback story”. And if it can happen in the mall industry, it can happen anywhere. The shining beacon of brick and mortar retail…

Cost Of Doing Business: Big Banks Have Paid $195 Billion In Fines Since 2000

By Tyler Durden Often times when the “too big to fail” banks are caught with their hands in the cookie jar (or placing the entire global economy on the precipice of collapse, as was the case in 2008), nobody goes to jail and the banks wind up paying a hefty fine and putting the “youthful indiscretions”…

A Billion Unsold Room Nights And “It’s Going To Get Worse” As America’s Hotel Occupancy Rate Re-Plunges

By Tyler Durden A solid recovery in the hotel industry is years away as travel and tourism will likely remain suppressed well into 2021 as cities across the US have reinstated some form of coronavirus restrictions to mitigate the spread. As COVID-19 infections, hospitalizations, and deaths soar, along with a new mutation of the virus…

Purdue Pharma Owners Were Wary Of Lawsuits Before Moving $10 Billion From Company

The Sackler family, owners of Purdue Pharma LP, have been front and center in the nation’s opioid crisis over the last decade. The crisis has taken over 450,000 lives since 1999 and prescription drugs like OxyContin and fentanyl have been the culprit in many cases. Purdue Pharma, maker of OxyContin, has been in the midst of bankruptcy…

Blackstone Makes $3.45 Billion Bet On Life-Science Real Estate Near MIT

While the virus-pandemic has crushed the commercial real estate industry, such as hotels and shopping malls, Brookfield Asset Management is making a multi-billion bet in a life-sciences real estate portfolio located in Cambridge, Massachusetts.  Life-science buildings in Cambridge, Mass, that Blackstone has agreed to buy.  The 2.3-million-square-foot portfolio of lab facilities situated around the Massachusetts…

Did The FCC Just Blow $9 Billion To Give Broadband To Already Served Rich People? Apparently So.

By B.N. Frank According to lawsuits and the Federal Communications Commission (FCC) Chairman, Americans have already paid to have high speed internet where they live (see 1, 2, 3, 4, 5). Regardless, the FCC recently gave billions more to telecom companies and claimed it was for installation in underserved areas. Nope. From Scientists4WiredTech: The FCC…

Weedmaps To Go Public Through $1.5 Billion Merger

Weedmaps, a popular website where users can learn about different strains of marijuana and locate local dispensaries, has agreed to go public by merging with Silver Spike Acquisition Corp. in a deal which values the webstie at approximately $1.5 billion, according to Reuters – which adds that it’s a “rare example of a business focused…

Citadel Makes Over $1 Billion Trading Commodities In 2020

It’s not just J PMorgan that made a $1 billion trading commodities, at roughly the same time that it paid a record $1 billion fee for manipulating the gold market: Ken Griffin’s Citadel, where Ben Bernanke is a senior advisor, also had a great year in the sector with Reuters reporting that Citadel’s investments in…

“It’s Outrageous”: Bank Of America Flags $2 Billion In Potential Unemployment Fraud Spanning 640,000 Accounts

In September, we noted how California saw a staggering 72% decline in Pandemic Unemployment Assistance (PUA) applications after the state started cracking down on suspected scammers. Yet despite the state’s efforts, Bank of America on Monday estimated that fraud in California’s unemployment benefits system could total $2 billion across 640,000 accounts which have exhibited suspicious…

MicroStrategy Buys Another $50 Million In Bitcoin At $19,427; Bringing Total To Half A Billion

Last week, just after Bitcoin’s first modest correction since the start of its March rally which prompted an amusing twitter meltdown by Nouriel Roubini, we reported that one of the world’s biggest fixed income asset managers, Guggenheim Partners, jumped on the bitcoin bandwagon when it announced that it was reserving the right for its $5.3…

Bipartisan Senate Group Unveils $908 Billion COVID Relief Plan

By Tyler Durden While neither Republican nor Democratic leadership has signed on to the plan, a $908 billion bipartisan proposal from moderates has been unveiled this morning. Under the proposed compromise being pitched, Bloomberg reports, small businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans…

Bipartisan Senate Group Unveils $908 Billion COVID Relief Plan

While neither Republican nor Democratic leadership has signed on to the plan, a $908 billion bipartisan proposal from moderates has been unveiled this morning. Under the proposed compromise being pitched, Bloomberg reports, small businesses would get a roughly $300 billion infusion for a version of the Paycheck Protection Program of forgivable loans and other aid,…

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