Phil Cannella – Phillip Cannella Media: Phil Cannella has long been documenting corruption in corporate America as well as the regulating offices in our federal government that are failing to bring an end to the ongoing fleecing of the average American.
Phil Cannella reminds us that the Enron scandal should not be forgotten, as it was a milestone event that, for s short time, revealed to America the depths of corruption taking place in corporate America.
This once thriving blue-chip-turned-scandal carried a substantial number of bonds. When Enron’s dodgy accounting practices were uncovered, and the company eventually filed for bankruptcy, those bonds became essentially worthless. is caused employees and investors to lose millions of dollars and, tragically, for many, their life savings. With results like this, you can’t help but call into question the safety of bonds.
“Contrary to what financial advisors may have you believe, most bonds don’t carry safety nets. That is, if a company that issues a bond goes belly up, you’ll be standing in line with all the other creditors waiting to get paid on your bond. And remember that the higher the yield of the bond, generally the higher the risk that it’ll default. Make no mistake, bonds are risk investments,” said Phil Cannella in his book, Crash Proof Retirement: The Planning isn’t Over.