Bernie Madoff’s lucky number, AIG’s unlucky owners
Good day for betting on losers, Bad day for protecting your investment
GOOD DAY FOR: Betting on losers, after New York City construction worker won $1,500 by playing the last three digits of Ponzi schemer Bernard Madoff’s prison number in the state’s lottery. “Somebody had to get a little lucky with him,” said Ralph Amendolaro, 50, who earned a 16,000 percent return on his $9 investment. Instead of investing the money, he plans to spend it in Las Vegas. (New York Daily News)
BAD DAY FOR: Protecting your investment, as an AIG competitor said that Congress’s vilification of the bailed-out insurance giant has driven away customers and employees alike. Loews Corp. CEO James Tisch, whose firm owns 90 percent of insurer CNA Financial, said the flare-up over the AIG retention bonuses was prompting A- and B-list employees to move to greener pastures. “It’s helped CNA, but it disappoints me as a taxpayer,” he added. (Bloomberg)
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