Ma.gnolia.com experience data loss and corruption and the service is thus disrupted. I wonder if there are any backups. Seems like it just crashed and recovery is going to be hard.
Dear Ma.gnolia Community Members or Visitor,
Early on the West-coast morning of Friday, January 30th, Ma.gnolia experienced every web service’s worst nightmare: data corruption and loss. For Ma.gnolia, this means that the service is offline and members’ bookmarks are unavailable, both through the website itself and the API. As I evaluate recovery options, I can’t provide a certain timeline or prognosis as to to when or to what degree Ma.gnolia or your bookmarks will return; only that this process will take days, not hours.
I will of course keep you appraised here and in our Twitter account.
Most importantly, I apologize to all of you who have made Ma.gnolia a home for your bookmarks and community. I know that many of you rely on Ma.gnolia in your day to day work and play flow to safely host you bookmarks, keeping them available around the clock, and that this is a difficult disruption.
I would be very upset if delicious is gone.
The U.S. government announced multi-billion dollar backstop for Citigroup. Citigroup, with $2 trillion worth of assets, is the largest U.S. bank by assets.
Too big too fail again?
U.S. Offers Citigroup Sweeping Safety Net
The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said last night they will protect Citigroup, one of the nation’s largest banks, against potential losses on a $306 billion pool of troubled assets.
Citigroup would absorb the first $29 billion in any further losses on these assets, which are primarily securities backed by mortgages and commercial real estate loans, with the government stepping in to cover most of the losses beyond that amount. In return, the government is to receive $7 billion in preferred shares in the company.
The government also will invest another $20 billion in Citigroup, on top of the $25 billion infusion of taxpayer dollars already made.
This time, though, the company in jeopardy is truly gigantic. Citigroup is the largest U.S. bank by assets, with $2 trillion on its books. (Source: Washington Post)
On other news, Bloomberg reports Goldman, Morgan Stanley May Want Citigroup:
Goldman, Morgan Stanley May Want Citigroup, CreditSights Says
A purchase of Citigroup Inc. would “significantly” add to Goldman Sachs Group Inc. or Morgan Stanley’s earnings as long as the U.S. government absorbed losses on the embattled bank’s assets, according CreditSights Inc.
Buying Citigroup “would be significantly accretive to Goldman and Morgan Stanley’s earnings as the potential buyer would be acquiring a significant future earnings stream for a relatively low price,” David Hendler, an analyst at CreditSights in New York, wrote in a report yesterday. The buyer “would probably receive government support if it was needed.” (Source: Bloomberg)
Erm… As long as what?