Lake bankrupty

[phystech]

http://www.drf.com/news/article/102254.html

"Cause I'm the taxman, yeah I'm the taxmaaaannnn...."

This is exactly why I am a freak about transparancy in financial reporting as it relates to horse ownership/partnerships. I want to trust all of my business partners but the best way for me to remain trustful is to show me the money trail. In the partnerships I manage, I scan bills and send them to my partners. They see where each dime is spent. I scan the bank statements so they can see every bill is paid. Any manager of a stable that doesn't want to do a full accounting on a monthly basis shouldn't be a manager.

I had heard of Lake's tax problems 3 or 4 months ago. I didn't know the reason until today.

I feel for the guy - he trusted a friend that swindled him. That's the lowest of the lows.