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Russ

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Here's a few bits that I found reported on Yahoo! Finance over the past few weeks:

• Google's second quarter net profits rose 24% over a year ago to $1.84 billion; Google had 21,805 full-time employees as of the end of the quarter.
• Bank of America's quarterly net income rose 15% to $2.78 billion as improvement in consumer loans made up for a drop in trading revenue.
• Boeing secured an order for 30 of its 777 jets for $9.1 billion from Emirates Airlines.
• Delta Air Lines posted a $467 million quarterly net income compared with a net loss of $257 million a year earlier.
• The SEC will need to hire about 800 new people to carry out the agency's new responsibilities created by financial reform legislation.
• UAL, the parent company of United Airlines, reported a $273 million second quarter net income, up sharply from $28 million a year ago.
• The jobless rate declined in 39 states last month, a slight improvement from May, when 37 states saw rates decline.
• Morgan Stanley's quarterly net profit jumped to $1.4 billion compared with a loss of $138 million a year earlier.
• Apple reported that 3.27 million iPads were sold in the second quarter and that net income surged a better than expected 78%, to $3.25 billion.
• AT&T, the second biggest US mobile service provider, reported that its net profit rose to $4 billion from $3.2 billion in the same quarter a year earlier.
• Microsoft reported a 45% rise in quarterly profit to $4.52 billion; sales rose 22% for the quarter.
• Exxon Mobil, Royal Dutch Shell and 2 other oil companies will spend $1 billion to research and build a containment system to handle deep-water oil spills.

All the headlines above represent good news in the economy. Don't you ever wonder why the media can't spend more time focusing on the good news that happens?

When times are tough, you have to be extra careful...

Mid July, Bloomberg came out with an article regarding the increased number of swindles out there. If you would like to read the article in full, click below.
read full story >>

As you can imagine, scam artists have no shortage of ways to separate you from your money. But what caught me by surprise was the culprits. It turns out that retirees are being swindled by...other retirees! Here are three cases that the article cites as examples:

1. Mineral Wells, Texas-based Ronald Keith Owens, 74, was sentenced to 60 years in state prison in January 2009 for persuading investors, including retirees, to put more than $2.6 million into nonexistent bank-related investments. read full story >>
2. In November, William Kirshner, 84, a financial adviser in Corpus Christi, Texas, was sentenced to five years in state prison for stealing more than $100,000 from senior citizens and other clients who invested in promissory notes issued by his company. see court filings >>
3. William Walter Spencer, 68, a financial adviser in Franklin, Tennessee, sold elderly members of his church promissory notes that turned out to be fake. read full story >>

• Calls or mailers telling you that you won a large lottery-type prize, but you have to mail in money to get it.
• Combining reverse mortgages and annuities. Either on their own are fine, but combining them is generally frowned upon.
• Principal protected notes. These are particularly nasty because you are led to believe that your principal is safe and guaranteed, but it's not. For guarantees, you need to look to Government bonds, CDs (under FDIC protection) and guaranteed annuities.

If you have any comments or questions, please feel free to e-mail our office at newswire@jalbertfinancial.com.

Russell K. Jalbert, CFP^®, one of the nation's leading financial professionals, has advised successful individuals in the management and distribution of their wealth for more than 35 years. Russ has discovered many alternatives to conventional investment practices. His priority is to educate people to understand they don't have to accept risk in order to grow their money.