2012 Belmont Stakes: I'll Have Another Owner Operates "Scam" Lenders CashCall

Whoever owns him, Triple Crown contender I'll Have Another is one of horse racing's best stories, and a major contributor to clamor surrounding the 2012 Belmont Stakes. But it's worth noting that J. Paul Reddam, his owner, noted here and elsewhere as a former philosophy professor who runs a "company that makes unsecured loans to high-risk investors," is actually the owner of the same CashCall, inc., promoted by the late Gary Coleman and derided by CNBC a few years back as worthy of a "Scam Alert" for loans with real interest rates of 99.25%. (They're actually higher now, according to this page.)

You can form your own opinion of high-risk-focused lenders, or whatever neutral term we can apply to them, but the characterization of him in the above Associated Press article as an ex-professor who just happens to work in finance is probably glossing over the issue, even with the suggestion at the end of the article that he's "under scrutiny" in various states. This article from 2004 suggests CashCall doesn't necessarily fall under the broad category of predatory lending, but Frank Deford, writing for Sports Illustrated, says they've already been accused of usury in West Virginia.

Perhaps worse yet: Reddam founded DiTech, who, a decade back, ran some of the most annoying commercials in the history of television. (Bodemeister is reported to have scowled hammily and said, "Lost another race to DiTech!" after finishing second in the Preakness.) It's a good thing I'll Have Another is such a likable horse.

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