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‘Deeply Sorry’ Madoff Pleads Guilty; Brazil Cuts Interest Rate; U.S. Inventories Fall 1.1%; Bank of America Profitable in 2009; GM Won’t Need U.S. Bailout in March; Chrysler Asks Canada for $2.3 Billion; Oil Rises 10% on Retail Sales Report
- “I never invested the funds in securities as promised,” Bernie Madoff said while pleading guilty to running a Ponzi scheme using as much as $65 billion in investor money, Bloomberg reported. Madoff will be sentenced June 16. He faces as much as 150 years in prison.
- Brazil’s central bank yesterday (Thursday) lowered its benchmark interest rate 1.5 percentage points to 11.25%. Brazil’s policy makers were…
Financial Fraud: 3 Easy Steps to Avoid “Bad†Investments
Three weeks ago, in Investment U Issue #898, I promised you a 30% return on my “Keynesian investment strategy” of buying a deeply discounted fund, the John Hancock Preferred Income Fund (HPI).
Guess what? It’s already achieved the goal of 30% return (including a nice dividend).
Today, I’ll show you how to keep your hard-earned profits from being stolen by some unscrupulous broker or money manager through financial fraud.
Sadly, quite a few wealthy individuals lost their entire fortune and are now penniless because they invested their money with Wall Street veteran Bernie Madoff. He is alleged to have lost $50 billion.
By taking some…
8Jan2009 | Investment U | 0 comments | Continued
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