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

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Financial news center

Citigroup and Merrill to buy back auction-rate debt

Citigroup and Merrill Lynch said they would buy back billions of dollars of illiquid auction-rate securities from retail clients, and Citigroup agreed to pay a $100 million fine to settle charges it fraudulently misled investors about the debt's risk. 8/7/2008 7:06 PM

• GM says to spend $900 million on capacity adjustments 8/7/2008 6:51 PM
• Google says AOL investment may be impaired: filing 8/7/2008 7:00 PM
• Merrill to buy clients' auction rate securities 8/7/2008 6:11 PM
• Supply crunch may bring $200 oil in 5-10 yrs: study 8/7/2008 7:04 PM

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