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04/24/2010 05:12 am ET | Updated May 25, 2011

Madoff Victim Alexandra Penney On Why Losing Everything Wasn't So Bad: 'The Bag Lady Papers' (VIDEO)

Madoff victim Alexandra Penney, the former editor of Self Magazine, has written a book, "The Bag Lady Papers," on why her experience of losing everything was the best thing that could have happened to her. She was on "Good Morning America" today to talk about it. "I learned so much that it was a priceless, invaluable experience," she said.

Penney discussed the life lessons she learned from going through this major loss, in particular how to control panic. "Fear does two things to you," she said, "It can either motivate you, which is the good side of it, or it can paralyze you, and I didn't have time to be paralyzed."

You can read an excerpt from "The Bag Lady Papers" on the "Good Morning America" website.

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