Heavy rains bring problems to California
LOS ANGELES – California was lashed Friday by heavy rains the parched state so desperately needs, though with the soaking came traffic snarls, power outages and the threat of mudslides.
Even with rainfall totals exceeding six inches in some places by midday, the powerful Pacific storm did not put a major dent in a drought that is among the worst in recent California history.
The first wave of the storm doused foothill communities east of Los Angeles that just weeks ago were threatened by a wildfire and now faced the threat of mudslides.
BP loses bid to see documents on spill
NEW ORLEANS – A federal judge has ruled BP is not entitled to see confidential documents used by a court-appointed investigator who has alleged some attorneys acted improperly in the claims process arising from the 2010 Gulf oil spill.
The investigator, former FBI Director Louis Freeh, has said some private attorneys improperly used a lawyer who once served on claims administrator Patrick Juneau’s staff to expedite a $7.9 million claim. Freeh has recommended the court consider disallowing the claim. He also recommended sanctions against the lawyers.
Bitcoin exchange files for bankruptcy
TOKYO – The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for.
The exchange’s CEO Mark Karpeles appeared before Japanese TV news cameras, bowing deeply. He said a weakness in the exchange’s systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the company’s own bitcoins. That would amount to about $425 million at recent prices.
The online exchange’s unplugging earlier this week, and accusations it had suffered a catastrophic theft have drawn renewed regulatory attention to a currency created in 2009 as a way to make transactions across borders without third parties such as banks.
It remains unclear if the missing bitcoins were stolen, voided by technological flaws or both.
“I am sorry for the troubles I have caused all the people,” Karpeles, a Frenchman, said.
Associated Press
