The new Fed chair needs a bit more practice to perfect Ben Bernanke’s somnolescent, market-soothing vocal timbre, as the Beard’s brief Era of Good Feelings fails to survive him by even one meeting. Read more »
Today, we learned two things about Mt. Gox CEO Mark Karpelès: He owns a suit and is, in fact, still in Japan, where he made a quick trip to Tokyo District court to place his collapsed bitcoin exchange into bankruptcy, after hackers made off with half a billion dollars worth of fake money.
Bitcoin exchange Mt. Gox said Friday it was filing for bankruptcy protection after losing almost 750,000 of its customers’ bitcoins, marking the collapse of a marketplace that once dominated trading in the virtual currency.
The company said it also lost around 100,000 of its own bitcoins. Together, the lost bitcoins would be worth approximately $473 million at market prices charted by the CoinDesk bitcoin index, although the price of Mt. Gox bitcoin had fallen well below that index after it stopped bitcoin withdrawals in early February….
“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble,” Mr. Karpelès said during a packed news conference at the Tokyo District Court press club.
The company’s lawyer said at the news conference that Mt. Gox had outstanding debt of about ¥6.5 billion ($63.6 million) with assets worth ¥3.84 billion.
And what fun it’s been, even if we don’t remember it quite as fondly as the go-go days of Alan Greenspan. And since we’ll be without a Fed chairman or -woman this weekend, you’ll have plenty of time to reflect on the bearded sage and his place in history, perhaps with whiskey and a Miller High Life chaser. Read more »