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The charitable gift annuity has been added to top ten scam list of
North American Securities Administrators Association. They explain that charitable gift annuities are subject to virtually no federal regulation. Here in Arizona, 430 investors lost their savings in a ponzi scheme run by Mid-America Foundation Inc.
Banks and investment companies hawking annuities promote higher than CD interest rates, but they fail to reveal hidden fees and high early withdrawal penalties. If you need to access your annuity before age 59˝, you could be subject to a 10 percent penalty.
With recent bankruptcies, and discovery that many giant corporations have been cooking their books for years, I feel it's best to play it safe. If you love thrill of risk, or if you have already purchased an annuity, I wish you luck. As Will Rogers said, "I am not as concerned about return ON my money as I am about return OF my money". ---------------------------------------------------------- Resource Box: Copyright(C)2002 Bucaro TecHelp. To learn how to maintain your computer and use it more effectively to design a Web site and make money on Web visit http://bucarotechelp.com To subscribe to Bucaro TecHelp Newsletter Send a blank email to bucarotechelp-subscribe@topica.com
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