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A memoryless linear precoder is designed for orthogonal space-time block codes (OSTBC) for improved performance over block-fading flat correlated Rayleigh fading multiple-input multiple-output (MIMO) channels. Original features of the proposed technique include 1) the precoder can handle both transmit and receive correlation, and 2) the precoder handles any arbitrary joint correlation structure, including the so-called Kronecker (non-Kronecker) correlation models. The precoder is designed to minimize a symbol error-based metric as function of the joint slowly-varying channel correlation coefficients, which are supposed to be known to the transmitter. Several useful properties of the optimal precoder are given, evidencing the impact of receive correlation on transmitter optimization in certain situations. An iterative fast-converging numerical optimization algorithm is proposed. Monte Carlo simulations over fading channels are used to validate our claims.