People like you make me root for the DSR cars.
Nitromater
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Mike Ashley Racing sold to Don Schumacher
- Thread starter Rob
- Start date
People like you make me root for the DSR cars.
Rajunz
Nitro Member
This is a great post. I really think that DSR bought the team because from a business point of view, it made sense. Along with that, DSR is doing what's best for the sport, best for Matco, and what's best for a GREAT racing team. Hopefully Matco will stick around with AB for next season.
mick
Nitro Member
when there is no criteria for background checks or review of potential
professional team owners (other than they have lots of money),
a sale like this in the eleventh hour should not be unexpected.
not every organization can be fortunate enough to be so successful
to turn away interested investors (i.e. nfl and rush limbaugh rams bid)
glad to see the team will be able to compete at final 2 events,
would like to see them take the TF title.
thanks don.
matco stuck around when others didn't - hope to see them remain
in sport and with AB
paul, you are rite - potential future sponsor to sale within a week.
professional team owners (other than they have lots of money),
a sale like this in the eleventh hour should not be unexpected.
not every organization can be fortunate enough to be so successful
to turn away interested investors (i.e. nfl and rush limbaugh rams bid)
glad to see the team will be able to compete at final 2 events,
would like to see them take the TF title.
thanks don.
matco stuck around when others didn't - hope to see them remain
in sport and with AB
paul, you are rite - potential future sponsor to sale within a week.
Jer
Nitro Member
+ 1 !!!!
Who's fault was it when he was convicted of fraud the first time?
POWERMASTER
Nitro Member
Michael Ashley: Guilty plea and other controversies
In 1996, Michael Ashley, Lend America's Executive Vice President and Chief Business Strategist, pleaded guilty two counts of wire fraud in connection with his work at "Liberty Mortgage", a company that was run by his family. His father, Kenneth Ashley, was sentenced to nearly four years in prison. Recalling the ordeal, Ashley stated: "I was just a pawn in a chess game between my father and the government...It doesn't affect my ability to do lending."
Pursuant to an October 20, 2009 Attorney General Civil Complaint, Ashley worked for numerous mortgage companies despite a State Banking Department ban. According to the complaint, Lend America listed Ashley as involved in "marketing," while his true function was to train the staff to originate FHA-backed mortgages and his pay was tied to the value of the loans the company made. Thus in the fiscal year that ended Sept. 30, 2008, when the company made $1.075 billion in loans, Ashley's compensation was $5.375 million.
Ashley frequently stars in Lend America's late night infomercials. In addition, Ashley, uses his car racing career to promote the company.
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NitroChrisUK
Nitro Member
i wonder what this means for the team and antron for 2010 hope to see him driving it again whoever the owner is
Randy
Nitro Member
1996? Lets see....Bill Clinton.
I work in what has become the mortgage mess. I saw it coming and predicted it 7 years ago. My statement about BF stands. He's a lying coward and YouTube is not his friend. He tried to unring too many bells with his constant lying and blame game.
.
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1996 was when he paid his fines.1996? Lets see....Bill Clinton.
I work in what has become the mortgage mess. I saw it coming and predicted it 7 years ago. My statement about BF stands. He's a lying coward and YouTube is not his friend. He tried to unring too many bells with his constant lying and blame game.
.
His troubles began way earlier than that.
"In 1991, Liberty and Ashley surrendered their New York mortgage licenses and Liberty gave up its status as a HUD-approved lender. In 1993, Ashley plead guilty to three counts of conspiracy to commit wire fraud in connection with multiple instances of mortgage fraud. In 1996, he was sentenced to five years probation, including two months home confinement and was ordered to pay restitution to Freddie Mac. In 1994, Liberty was found guilty of two counts of wire fraud in a jury trial and in the same year, was sentenced to a $1m fine."
But you go right ahead and blame everyone else for his problems.
Rollout96
Nitro Member
I don't pretend to understand the mortgage industry or have any idea if Mike Ashley is involved in fraud ( I really hope not because he seems like such a great, positive guy and excellent car owner and driver). However, this is sort of a scary read!!!!
Lend America Mortgage Fraud, 20 Years in the Making? : HousingWire || financial news for the mortgage market
Lend America Mortgage Fraud, 20 Years in the Making? : HousingWire || financial news for the mortgage market
Randy
Nitro Member
We'll see. Doesn't look good.
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Understand this. I am not trying to hang the guy. It aint my job.
But, with that track record, and a defense of "some prosecutor is out to get me", the sea ahead is going to get choppy.
Jim
Nitro Member
The Housing Wire article is certainly interesting but seems to have dredged up a lot of accusations (and admissions) from the earlier matters.
Seems also to repeat many of the anonymous accusations that appeared on the Wall Street Journal website - after the suit was brought. (Lot of pissed-off former employees it seems.)
In any event, there doesn't seem to be a lot of hard information about the 40 (of 12,000) recent mortgage applications which are purported to be at issue here.
Maybe this is the ways things are done these days but seems to me if the government has a great case they should stick with facts as they relate to the case without having to invoke off-pont smears.
-----------
Seems obvious: Mike is fighting for his life here and the Govt is playing extreme hardball.
Seems also to repeat many of the anonymous accusations that appeared on the Wall Street Journal website - after the suit was brought. (Lot of pissed-off former employees it seems.)
In any event, there doesn't seem to be a lot of hard information about the 40 (of 12,000) recent mortgage applications which are purported to be at issue here.
Maybe this is the ways things are done these days but seems to me if the government has a great case they should stick with facts as they relate to the case without having to invoke off-pont smears.
-----------
Seems obvious: Mike is fighting for his life here and the Govt is playing extreme hardball.
Randy
Nitro Member
And his defense attorney will be out to discredit the prosecutor and his or her case. That's why we wait for indictments. Then if it gets that far, a plea agreement and/or a jury trial.
No matter what, Ashley has rights just like everyone else. And so far all we have seen are accusations. Fraud is very hard to prove, and probable whistle-blower witnesses may have a certain motivation which could gut the prosecutors case.
Fannie and Freddie set the table. Ashley likely pulled up a chair and sat down. If he took it to the limit as shown in the report posted above, he's going to have a tough road ahead.
.
Professional Fan
Nitro Member
It's unfortunate that there is all this speculation based on a suit brought by the government with only a short comment from Mike and none of us having any knowledge of the real facts. Seems like this is not particularly fair to Mike although everyone does have a right to their opinion and the right to express it.
The Little Lizard
Nitro Member
Originally posted by Lance Peltier
YEP!, Don Schumacher again shows by virtue of his actions he is an advocate for the sport of drag racing.
Thanks for what you did Don!
YEP!, Don Schumacher again shows by virtue of his actions he is an advocate for the sport of drag racing.
Thanks for what you did Don!
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Silly Savage
Nitro Member
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