|You never answered Poster #1's first question: "Where do the links point?".|
You answered where you WANT the links to point, NOT where they actually DO point... and therein, I would guess, is the problem/answer.
You state that YOU coded a newsletter, but more accurately put, it is Dreamweaver that coded your newsletter. So check the "raw" HTML coding (in a text program, like Notepad), and I suspect you will discover the source of your problem: the "location/path tag" is wrong.