Label whores beware. If you don’t know any of this stuff you might be living under a rock or never have logged onto TMZ because this is their daily fare for several years. This guy who put together this video together, obviously has an axe to grind against the rap community and materialism based on his tonality and sarcasm throughout but I will concede he makes some valid points. Take a look for yourself and draw your own conclusions as to if you think what he says is the truth.
Tag Archives: bankrupt
VIBE Not Bankrupt, Launching Tabloid Style Mag
Jay w/a shapeup? Relic
via RapHeat
“The media Rumors about VIBE Media Group filing for bankruptcy are not true . The source of this false rumor was fired up by a blogger who didn’t make VIBE’s 50 Top Rap Blogs list posted last week.”
The recent list put out by VIBE caused an uproar throughout the rap blogging community. Websites mentioned in the list were never heard of by most and sites like RealTalkNy and ThisIs50 got snubbed. Among the most controversy was the listing of RapRadar, who hadn’t even launched at the time the list was made. Several hip-hop blogging sites responded to the VIBE list by putting out a list of their own, including XXLMag.com.
In related news, VIBE Magazine is going to expand its brand through the creation of THE MOST! Magazine. The new magazine from VIBE will serve as a tabloid and will service newsstands and the web with THEMOSTMAG.com.
“THE MOST! will fill a void at the newsstand by reflecting VIBE’s commitment to urban style, celebrity, beauty and culture through a more tabloid-themed publication. A purely lifestyle and celebrity magazine featuring some of the most trendsetting stars in the world, THE MOST! is “urban” with pride and mega style.”
Ecko Hanging on by a Thread, Drowning in Debt
via NY Post
Hip-hop clothing designer Marc Ecko — who famously bought Barry Bonds’ controversial record-breaking home-run ball and put an asterisk on it — is now in danger of being caught in a squeeze himself.
Ecko has hired investment bank Peter J. Solomon to help refinance at least $170 million in debt owed to two key business partners, sources told The Post. With lenders scarce, sources say his empire may be dismantled as he sells off assets to pay creditors.
After a disastrous holiday season that forced heavy markdowns at department stores including Macy’s — where Marc Ecko is the largest supplier of young men’s clothing — sources said the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko’s inventory.
To make matters worse, Marc Ecko has defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT, sources said. Continue reading
Beijing to Pitch New “GLOBAL” Currency and DUMP the DOLLAR
Lets see how Wall Street responds to this tidal wave in the next few days
via Financial Times
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.
“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.
“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.
China has little choice but to hold the bulk of its $2,000bn of foreign exchange reserves in US dollars, and this is unlikely to change in the near future. Continue reading
[video] WTF? Congressman Says World was Hours Away from Going Belly Up on Sept. 15
WTF? There are so many questions that beg for answers and while the country is gripped in hysteria I have a funny feeling these things will be swept under the rug, just as Obama is doing with Bush’s past crimes. Someone, or some “entity” made a run on the US banks on the 15th of September, the day that the meltdown started and Lehman Bros. went belly up. To draw out $550 Billion in two to three hours is no accident. This “crisis” was orchestrated and I’m sure the paper trail leads to the “usual” suspects, but of course this government is not willing to dig that deep. Who was the financial and political clout to pull such a caper and get away with it scott-free? Well, I damn sure have my suspicions.
Recession Hitting Celebrities Too: Former TLC Member T-Boz Losing Her Home to Foreclosure
The latest victim of the mortgage crisis: former TLC star T-Boz.
T-Boz, a former member of the all-girl music group TLC, is losing her home due to foreclosure.
T-Boz’s five-bedroom, nearly 10,000-sq. ft. Georgia home will go on the auction block in January 2009. According to public records, she defaulted on nearly $530,000 in payments, and now the state is taking it.
Other celebs including hip-hop mogul Damon Dash and songstress Aretha Franklin have also had their homes foreclosed upon.
TLC was a Grammy Award-winning R&B/hip-hop/pop group. Members included Tionne “T-Boz” Watkins, Lisa “Left Eye” Lopes and Rozonda “Chilli” Thomas. The group sold more than 45 million records worldwide and was named by Billboard magazine as one of the greatest musical trios of all time.
The members of TLC were no stranger to drama as well as money and law squirmishes. From arson to rehab, intragroup squabbles to high-profile romances, the group saw their share of troubles.
In 1995, TLC filed for bankruptcy, claiming debts of over $3.5 million dollars
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