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Originally Posted by Quiet Chris
I get a little annoyed when owners go to the press with things like this. It basically is a group trying to work on it's image with something like this. They just pocketed millions, couldn't they have just offered money privately instead of saying they would give part of winnings from the horse?
There are many people in the business that do good things that don't go looking for credit. Many trainers do things like provide places to live for guys that work on the backstretch that were injured.
I think many people would have provided money for this family because he is a policeman. Things are already set up to help them. It is the people that you never hear about that need the help. But I guess you don't get in the dailynews by doing things quietly.
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Let's get something straight that I've been keeping to myself... I don't personally like Iavarone and IEAH much. First of all, his supposed "millions earned on Wall Street" as an "investment banker" are a complete and total hoax. He worked at Joseph Dillon & Co, which was the absolute definition of chop shop brokerage house- i.e., the reason Securities Laws in this country are so heavily regulated. They were shut down for multiple violations of the Securities Act of 1934- which to paraphrase the linked subpoena, states among several other things they failed to use recorded lines [a standard practice] with prospective and existing customers (which means they used half-truths, threats, and other propaganda to deceit their "clients".)
All of their brokers were stripped of NASD licensing and the firm was dissolved.
http://www.sec.gov/litigation/opinions/34-43523.htm
Second, the whole A One Rocket situation left me beyond angry. I don't care to rehash the story again, but here is what happened if you wish to read:
http://www.derbytrail.com/forums/sho...1&postcount=12
Third, in their rise to prominence, they have not conducted business in the most honorable manner. The person who recommended and brokered the aquisition of one of their highest profile horses was never compensated properly for the transaction.
But the fact is now that they've reached the highest echelons, they are trying very hard to do good things for the game, including building a veterinary hospital next to Belmont Park (to the tune of $19 million). I'm willing to forgive some of the previous misdoings in light of their current attempts to reconcile, which I have no problem with them bringing public given the nature of the case.