One L of a global banking crisis

An expert in global finance sees a painfully drawn-out recession spreading nearly everywhere.
Plus: 'The emerging weakness in emerging markets.' SuperModels / John Markman

No free rides: This means you

I ruffled some feathers writing about being broke. You're angry, and I've heard you. But you probably have more control over your finances than you think. The Basics

• Your 5-minute guide to saving money MSN Money staff

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• Talk back: Is the middle class getting poorer? Message boards

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Financial news center

Citigroup to return $7 billion to auction-rate investors

Citigroup Inc agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million fine to settle charges it fraudulently misled investors about the debt's risk. 8/7/2008 3:25 PM

• Market extends losses on oil and financials 8/7/2008 3:48 PM
• Jobs, store sales soft but homes data brighter 8/7/2008 1:34 PM
• Ex-Refco president sentenced to 10 years in prison 8/7/2008 2:35 PM
• AIG sees up to $8.5 billion in cash losses from CDS 8/7/2008 10:22 AM

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