Reddam’s CashCall fighting states over loan business

by Paulick Report Staff | 05.25.2012 | 7:35am

J. Paul Reddam, owner of Triple Crown-hopeful I’ll Have Another, has come under fire for the business practices of CashCall, a company he owns, reports Bloomberg Businessweek. CashCall has faced or is currently facing legal trouble in multiple states, including California, West Virginia, and Maryland. It is also connected to a lender in South Dakota who is facing enforcement action from the Federal Trade Commission.

CashCall makes unsecured loans of up to $25,000 with high interest rates and, according to Bloomberg Businessweek, “abusive debt-collection practices.” The interest rates are high enough that they are considered illegal in states with usury laws, such as West Virginia. In response to the claim that such loans were illegal in West Virginia, CashCall said in court filings the loans were not illegal because they were made by a bank, not the company itself. CashCall, says Reddam simply buys the loans after they’ve been made.

Reddam says his business is filling an important gap that banks are missing.

“(Americans are) definitely not savers,” Reddam said. “So the market that CashCall has pitched to are people who are employed, making decent money, who spend it just as fast as they make it. It is what it is.”

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http://Bellwether4u.com James Staples

the country is upside down & HAS BEEN for many many MOONS as its been run like a used car lot!!!…”ain’t no way to delay that trouble coming every day”!!!…still want the HORSE & JOCK to win the “TRIPLE DIPPER”!!!…
http://Bellwether4u.com James Staples

the country is upside down & HAS BEEN for many many MOONS…”ain’t no way to delay that trouble coming every day” BABY!!!…still want the HORSE & JOCK to win the “TRIPLE DIPPER”!!!…
SteveG

“It is what it is.”

Coming from a former philosophy professor turned loan-shark, that’s deeeep.
SteveG

“It is what it is.”

Coming from a former philosophy professor turned loan-shark, that’s deeeep.
Watcher

More power to Reddam. He’s found a profitable market niche and is filling it, something banks, s/l’s, credit unions, and even the government won’t do.

Don’t forget he is one of the few owners whose company significantly contributes to the purse of an important stakes race. The Cash Call Futurity-G1 sets a great example for other high-rollers who, unfortunately, would rather hold meetings than take action.
- Cynster
  
  I cannot support any man who charges 184% interest for desperate people looking for loans, and uses dubious means of collection. If his 184% interest charges allow Reddam to fund the Cash Call Futurity, then the purse money seems tainted to me as well. There is a word for what Reddam is doing..it is usury and it has been considered despicable since the Biblical money lenders in the Temple angered Jesus Christ. To compare CashCall with Jenny Craig is insane…many people have lost weight and regained their health with Jenny’s program.
  I just wish IHA had another owner and trainer, although maybe his class will rub off on them and they will mend their ways.
Watcher

More power to Reddam. He’s found a profitable market niche and is filling it, something banks, s/l’s, credit unions, and even the government won’t do.

Don’t forget he is one of the few owners whose company significantly contributes to the purse of an important stakes race. The Cash Call Futurity-G1 sets a great example for other high-rollers who, unfortunately, would rather hold meetings than take action.
Barbara

Will more people root against I’ll Have Another than they did against Big Brown due to connections? I’ll Say Yes.
- stillriledup
  
  Gee, i don’t know about that. Doug is coming across as a nice guy, Babe Dutrow didnt come across so nice. As far as comparing owners go, i think more people like Reddam than like IEAH.
  (not to mention IHA’s jock is more likeable than Big Brown’s jock)
  
  More people rooted against Big Brown is what i’m thinking.
Barbara

Will more people root against I’ll Have Another than they did against Big Brown due to connections? I’ll Say Yes.
Skip Ean

How sad that one of our greatest thoroughbreds fell into the hands of a questionable owner and a disreputable trainer. Racing’s bad boys like O’Neill and Dutrow get such light and laughable fines and punishments for their chronic infractions. That leaves them free to participate in TB racing’s greatest events. O’Neill is on the verge of winning the TC with a superb horse. Dutrow was on that same path two years ago with Big Brown. What does that say about the TB industry? Unless trainers like these are purged from the industry, racing will continue to decline as a spectator sport.
- Gaited Filly
  
  You all act like this is something new! Rich men have always been the power behind racing. How they got their money? It’s rare that one has not had some business practices or ethics that one could criticize, even illegal. Do some research on the rich owners of the past. Does any other sport go into this kind of detail in examining the owners??? And then pass judgement on them and the team and root against them because of it?
  
  Owners are usually criticized & hated because of the decisions they make or for being idiots, not how they made their money. Personally I think the Jenny Craig diet program is a rip off but that certainly didn’t keep me from rooting for her horses. I’m glad he is putting his money in this sport and with his behavior now being a good ambassador for the sport. This is the wrong focus for what is happening in this sport.
Skip Ean

How sad that one of our greatest thoroughbreds fell into the hands of a questionable owner and a disreputable trainer. Racing’s bad boys like O’Neill and Dutrow get such light and laughable fines and punishments for their chronic infractions. That leaves them free to participate in TB racing’s greatest events. O’Neill is on the verge of winning the TC with a superb horse. Dutrow was on that same path two years ago with Big Brown. What does that say about the TB industry? Unless trainers like these are purged from the industry, racing will continue to decline as a spectator sport.
Dantana

A perfect addition to Team O’Neill.
Dantana

A perfect addition to Team O’Neill.
David P

Reddam is just taking advantage of the situation that the politicians, bankers and businessmen have created. He is the poster child for the new American Dream; greed. The fact that it smacks in the face of morality or humanity is irrelevant. For him to be punished by the very people who created the environment in which he is operating so effectively would be pure hypocrisy.
- http://Bellwether4u.com James Staples
  
  guess they just follow “THE LEAD”…like weapons of MA$$ DE$TRUCTION…
David P

Reddam is just taking advantage of the situation that the politicians, bankers and businessmen have created. He is the poster child for the new American Dream; greed. The fact that it smacks in the face of morality or humanity is irrelevant. For him to be punished by the very people who created the environment in which he is operating so effectively would be pure hypocrisy.
Gaited Filly

You all act like this is something new! Rich men have always been the power behind racing. How they got their money? It’s rare that one has not had some business practices or ethics that one could criticize, even illegal. Do some research on the rich owners of the past. Does any other sport go into this kind of detail in examining the owners??? And then pass judgement on them and the team and root against them because of it?

Owners are usually criticized & hated because of the decisions they make or for being idiots, not how they made their money. Personally I think the Jenny Craig diet program is a rip off but that certainly didn’t keep me from rooting for her horses. I’m glad he is putting his money in this sport and with his behavior now being a good ambassador for the sport. This is the wrong focus for what is happening in this sport.
JC

“Reddam also asserted to the court that he is “neither
actively, nor personally involved in the day-to-day operations
and management of the company’s activities.” In a 2010
application for a business license in Colorado, however, Reddam
filed a resume describing his CashCall duties as “responsible
for devising and implementing all major company policies –
including its various loan programs and interest rates.”

The initial quote here is truly too stupid for me to even comment on, and the second sentence contradicts the first, anyway.

I don’t believe things like the NYT are making these people look bad. They’re doing it all on their own. Prayers for that beautiful horse(IHA) and every horse in that barn.

And now I need to go take a shower.
JC

“Reddam also asserted to the court that he is “neither
actively, nor personally involved in the day-to-day operations
and management of the company’s activities.” In a 2010
application for a business license in Colorado, however, Reddam
filed a resume describing his CashCall duties as “responsible
for devising and implementing all major company policies –
including its various loan programs and interest rates.”

The initial quote here is truly too stupid for me to even comment on, and the second sentence contradicts the first, anyway.

I don’t believe things like the NYT are making these people look bad. They’re doing it all on their own. Prayers for that beautiful horse(IHA) and every horse in that barn.

And now I need to go take a shower.
Cynster

I cannot support any man who charges 184% interest for desperate people looking for loans, and uses dubious means of collection. If his 184% interest charges allow Reddam to fund the Cash Call Futurity, then the purse money seems tainted to me as well. There is a word for what Reddam is doing..it is usury and it has been considered despicable since the Biblical money lenders in the Temple angered Jesus Christ. To compare CashCall with Jenny Craig is insane…many people have lost weight and regained their health with Jenny’s program.
I just wish IHA had another owner and trainer, although maybe his class will rub off on them and they will mend their ways.
breeze10

HELLO !!!!!! Why is everyone feeding on all this crap ? That is exactly what the imbiciles who are writing this stuff….want ! The TC is about THE HORSE ! IHA has earned more respect than anyone feeding on crap is giving him! Again…I sincerely hope that IHA kicks everyone’s butt on June 9 th! This nonsense crap will not change my opinion of the horse or jockey.
- JC
  
  I fully agree with you about IHA and his jockey. With regard to “feeding on crap”–#1, I for one am not “feeding on it”, I’m disappointed by it. And #2, I wish with all my heart that it wasn’t there to “feed on”(your words) or be disappointed by at all.
  
  And it’s a sad day when the horse has to elevate the status of the connections, instead of the other way around. I hope the connections are mulling that over–I would be. Frankly, it pays MORE to be motivated by something other than greed. But, that’s a statement coming from someone who has no money, and probably never will, and could care less about that.
  
  Most of the time, considering the way I’ve seen people with money behave, I’m GLAD I have no money. YUCK
breeze10

HELLO !!!!!! Why is everyone feeding on all this crap ? That is exactly what the imbiciles who are writing this stuff….want ! The TC is about THE HORSE ! IHA has earned more respect than anyone feeding on crap is giving him! Again…I sincerely hope that IHA kicks everyone’s butt on June 9 th! This nonsense crap will not change my opinion of the horse or jockey.
Don Reed

“In response to the claim that such loans were illegal in West Virginia, CashCall said in court filings the loans were not illegal because they were made by a bank, not the company itself. CashCall, says Reddam simply buys the loans after they’ve been made.”

If this has been paraphrased accurately, Reddam’s defense is that CashCall does NOT make illegal loans.

They legally buy ILLEGAL loans that have been made by banks.

Well, that makes everything A-OK alright, doesn’t it?

*****

This Triple Crown story is morphing into a remake of the Jimmy Stewart film, “It’s A Wonderful Life.”

Reddam will cast as the rapacious banker, Mr. Potter.

Stewart’s role as the contrasting, decent banker will be played by Mario Gutierrez.

O’Neill gets the bartender’s role, the guy behind Santini’s bar after Clarence grants Stewart’s foolish wish and allows him to see what would have happened to the town if Stewart had never been born.
Don Reed

“In response to the claim that such loans were illegal in West Virginia, CashCall said in court filings the loans were not illegal because they were made by a bank, not the company itself. CashCall, says Reddam simply buys the loans after they’ve been made.”

If this has been paraphrased accurately, Reddam’s defense is that CashCall does NOT make illegal loans.

They legally buy ILLEGAL loans that have been made by banks.

Well, that makes everything A-OK alright, doesn’t it?

*****

This Triple Crown story is morphing into a remake of the Jimmy Stewart film, “It’s A Wonderful Life.”

Reddam will cast as the rapacious banker, Mr. Potter.

Stewart’s role as the contrasting, decent banker will be played by Mario Gutierrez.

O’Neill gets the bartender’s role, the guy behind Santini’s bar after Clarence grants Stewart’s foolish wish and allows him to see what would have happened to the town if Stewart had never been born.
tfly

People use to be arrested for usery- what happened? How can anyone root for such a heartless person. i also hope no horse wins the TC with ads on the jockey pants! Tradition should matter.
- Gaited Filly
  
  You root for the horse not the owner, period. You are throwing the baby out with the bath water. Get over his connections and enjoy the talent of the horse because that is what horse racing is all about. As I stated before there have always been shifty people in racing. If you are so stuck on what is wrong with racing then you are not enjoying it and might as well not watch.
  
  I decided to look up the definition of a “fan”. “An enthusiastic devotee of a sport. An ardent admirer or enthusiast of a pursuit or celebrity.”
  
  WHERE IS THE ENTHUSIASM FOLKS?
tfly

People use to be arrested for usery- what happened? How can anyone root for such a heartless person. i also hope no horse wins the TC with ads on the jockey pants! Tradition should matter.
JC

I fully agree with you about IHA and his jockey. With regard to “feeding on crap”–#1, I for one am not “feeding on it”, I’m disappointed by it. And #2, I wish with all my heart that it wasn’t there to “feed on”(your words) or be disappointed by at all.

And it’s a sad day when the horse has to elevate the status of the connections, instead of the other way around. I hope the connections are mulling that over–I would be. Frankly, it pays MORE to be motivated by something other than greed. But, that’s a statement coming from someone who has no money, and probably never will, and could care less about that.

Most of the time, considering the way I’ve seen people with money behave, I’m GLAD I have no money. YUCK
http://Bellwether4u.com James Staples

guess they just follow “THE LEAD”…like weapons of MA$$ DE$TRUCTION…
Francis Bush

There’s no end in sight about collecting money. Trading among lending agencies continues widely. What’s new in the banking-lending business that surprises the public.
Francis Bush

There’s no end in sight about collecting money. Trading among lending agencies continues widely. What’s new in the banking-lending business that surprises the public.
Gaited Filly

You root for the horse not the owner, period. You are throwing the baby out with the bath water. Get over his connections and enjoy the talent of the horse because that is what horse racing is all about. As I stated before there have always been shifty people in racing. If you are so stuck on what is wrong with racing then you are not enjoying it and might as well not watch.

I decided to look up the definition of a “fan”. “An enthusiastic devotee of a sport. An ardent admirer or enthusiast of a pursuit or celebrity.”

WHERE IS THE ENTHUSIASM FOLKS?
Gaited Filly

FYI there used to be a cap on interest rates in WV. The shifty politicians did away with that with the excuse that it would be better for business in the state to have interest rates comparable to other states. It would be best for the state’s economy to have more companies doing business here by raising removing the cap. The public got the shaft again by it’s representatives, whose pockets were no doubt filling their pockets.

Greed is everywhere. The love of money is the root of all evil. So I would rather enjoy the horse, one of the most beautiful, magnificent animals ever created, and the sport of seeing them run than focus on all that is negative and wrong with the sport & the world. There are plenty of other times to do that. Enjoy this rare time in racing.
Gaited Filly

FYI there used to be a cap on interest rates in WV. The shifty politicians did away with that with the excuse that it would be better for business in the state to have interest rates comparable to other states. It would be best for the state’s economy to have more companies doing business here by raising removing the cap. The public got the shaft again by it’s representatives, whose pockets were no doubt filling their pockets.

Greed is everywhere. The love of money is the root of all evil. So I would rather enjoy the horse, one of the most beautiful, magnificent animals ever created, and the sport of seeing them run than focus on all that is negative and wrong with the sport & the world. There are plenty of other times to do that. Enjoy this rare time in racing.
stillriledup

Gee, i don’t know about that. Doug is coming across as a nice guy, Babe Dutrow didnt come across so nice. As far as comparing owners go, i think more people like Reddam than like IEAH.
(not to mention IHA’s jock is more likeable than Big Brown’s jock)

More people rooted against Big Brown is what i’m thinking.
Barbara

Well, if you want to pretend to get philosophical, the horse is even named for greed, even if it was just a cookie that provoked Reddam to say, “I’ll Have Another.”
Barbara

Well, if you want to pretend to get philosophical, the horse is even named for greed, even if it was just a cookie that provoked Reddam to say, “I’ll Have Another.”