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Police discloses money laundering scheme (ROUNDUP) - Focus Infomation
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Authorities neutralised an organised crime group that used to operate on the territory of Bulgaria, which was part of an international organisation, which secured part of the process of the laundering of money passing through the country and which is acquired through drugs trafficking from Latin America to Europe.
The investigation revealed that the money used to come from destinations such as the Antilles, Venezuela, Panama and other countries. After the money was transferred to controlled bank accounts in Bulgaria, the sums were immediately redirected to China, Hong Kong, Spain and the USA.
It was also ascertained that the money flow was passing through the bank accounts of the members of the group and controlled juridical persons.
According to initial data, the laundered sum since the turn of the year is estimated at more than BGN 5 million.
Authorities raided three addresses in Sofia, where they found bank, company and tax documents, personal computers, cell phones.
Three people were arrested, aged 25 and 37.
I thank the colleagues with the General Directorate for Fight against Organised Crime (GDBOP) for the well-done work in the exchange of information with DEA, Interior Minister Tsvetan Tsvetanov told FOCUS News Agency, in commentary for the money laundering scheme disclosed in the special police operation dubbed The Launderers.
The scheme involved money transfers from different countries in the world, while the receivers are Bulgarian citizens. This way they re-launder the money, transferring it through several bank accounts. The money flow is controlled by the organisers, who are responsible for the money laundering. I thank the colleagues from the GDBOP for the well-done work in the exchange of information with the colleagues from DEA. This proves the importance and usefulness of the Bulgarian law-enforcement system and that the joint work after the opening of a DEA office gives serious results, Tsvetanov remarked.
The Specialised Prosecutors Office pressed charges on five of the detainees in the special police operation codenamed The Launderers, its press office announced.
Charges were brought on two of the participants in the organised crime group and on three of their accomplices. Two more people will be pressed charges, including groups organiser. At the moment they are outside the country and a procedure for their extradition was opened.
Your First Date With Forex Trading? - 1UP.COM
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- Open Market - this market is considered 'open' and 'transparent'. Currencies moves are dictated by news flow and changes in the outlook for national economies. There can be virtually no 'insider trading' as this information is readily accessible to help ...Xpress Money may use the UAE as trial market for transaction service - Zawya.com
Saturday, May 19, 2012
Gulf News
Dubai The UAE could be one of two trial markets as the UK-headquartered payment services company Xpress Money makes a move into the individual to business (or business to individual as the case may be) transaction space. Its home market could be the other test market with the trials expected to start post-summer.
“There are very few payments facilitators who are already offering such a service capability and those who are got into it quite recently,” said Sudhesh Giriyan, who heads the regional operations at Xpress Money. “By getting in ourselves at the earliest we expect to narrow any advantage the others may have.
“As of now, we are trying to feel the market out by talking to institutional clients.”
Sources at local remittance houses reckon this is the way forward for the industry. Having institutional clients readily translates into substantial funds flowing through the remittance pipeline and that can only be a good thing for all industry players.
Xpress Money — which came into being in 1999 — only services individual to individual payments, with the UAE — where it has 350 locations operated by various exchange houses — and the GCC being one of its top transactional markets globally. Last year it entered the US and more recently Australia. The plans are to extend coverage to Latin America.
Widely rated
That is why the company wants to get into payment settlements involving individual to business and vice-versa. This category is widely rated within the industry as the next big thing.
Such services could be utilised to make an airline booking, whereby a customer can do the needful at a physical location where the Xpress Money service is available, or for a business to send salary contributions to outstation employees.
“We are formulating the systems and will also require having in place strict compliance practices,” said Giriyan. “Also, future corporate clients would need to be assured that we can provide optimum coverage through physical locations and that’s being addressed. We will also need to maintain bank accounts.
“It’s different to the typical compliance requirements for individual to individual and quite exhaustive.”
Not that remittance volumes involving individuals are showing any signs of slacking off. The estimated volumes last year through the GCC corridor were estimated at $76 billion (Dh278.9 billion). Saudi Arabia alone would account for more than $25 billion, enough to place it among the Top Three worldwide.
“But it’s still the US that is the biggest remittance market by far and the recession does not seem to have had any impact,” said Giriyan. “Last year it was estimated at $51.6 billion and it’s not difficult to see why — the whole of Latin America depends on individual remittances coming out of the US and so are many markets in Asia.
“China, India and Mexico remain the biggest recipients of remittance transactions, which goes to show that customer to customer volumes are not saturated. But customer to business opens up a whole new stream of opportunities.”
By Manoj Nair?Associate Editor
© Gulf News 2012. All rights reserved.
India's forex reserves drop by USD 1.37 billion - New Kerala
Mumbai, May 19 : India's foreign exchange reserves declined by USD 1.37 billion to USD 291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed.
The forex reserves has dropped sharply for the second consecutive week. It had declined by USD 2.18 billion in the previous week.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by USD 1.33 billion to USD 257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by USD 25.6 million to USD 4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by USD 16.7 million to USD 2.88 billion.
The value of gold reserves remained unchanged at USD 26.61 billion. (IANS)
'Stop this sham of whitening black money' - The Daily Star
Dr. Muinul Islam, Professor, Department of Economics, University of Chittagong and ex-president, Bangladesh Economic Association, talks with A.B.M. Badrud Doza of The Daily Star on black money and its effects.
The Daily Star (DS): How do you define black money? Where does all the black money go?
Dr. Muinul Islam (MI): Black money can be described in different ways. As we have learnt from statements made by the present chairman of the National Board of Revenue (NBR) to the press, NBR defines it as any legally or illegally earned money, which is not declared to the government agency, and on which no income tax is paid to the government (oprodorshito ortho). This definition tends to dilute the seriousness of the issue of black money, because it minimises the importance of the concept of "illegally obtained money" or "unearned income" or "money amassed through immoral, improper and illegitimate means." We should appreciate that in people's common perception they link up corruption, crime, illegal activities and black economy with black money. Therefore, a more popular perception of black money revolves around the concept of illegally obtained money through political and/or bureaucratic corruption, bribery at all levels of the government, semi-government, autonomous or semi-autonomous offices or organisations, money amassed by the businessmen through smuggling, black marketing, shady deals, profiteering, etc., money amassed by labour leaders, student leaders, mastans and chandabaz through extortions, and especially, money amassed by functionaries of the ruling government party and its various organs, and their families, relatives and cronies. I myself prefer this popular version, because, it helps focus on the harmful and deleterious effects of black money on the economy, society and the polity of the country. Black money circulates both in the formal economy and the parallel "black economy," which tends to gain strength day by day at the cost of the formal economy, because black money naturally prefers activities relating to the black economy.
DS: What is your view on whitening of black money? Do you support it as an economist? Do you feel comfortable with the whitening mechanism?
MI: No, I do not support the decision of the government in recent years regarding the so-called whitening of black money. This signifies that the government is actively fostering the black economy, which has been rapidly criminalising our politics as well as encouraging the economics of corruption. It is no accident that Bangladesh became the world champion consecutively for five years (2001-2006) in the country ranking of Corruption Perception Index (CPI) published by the Transparency International, a Berlin-based watchdog organisation of Corruption Worldwide. Such practice is neither economically fruitful nor ethical. Rather, it is grossly counterproductive from the point of view of strengthening the revenue generation efforts of the government. (Only during the rule of the caretaker government of 2007-8, the whitening mechanism generated noticeable amount of revenue on that account because of strong arm tactics of military personnel actually running that government.) One should be reminded at this stage that the government revenue-GDP ratio of Bangladesh is one of the lowest in Asia, and it is hovering around a meager 10.5%. More unacceptable is the fact that very fast emerging cohorts of millionaire businessmen of the country are contributing an unbelievably low proportion of the government's personal income tax collection every year. For example, Bangladesh Bank declared in a recent news item published in the newspapers that there are 23,212'kutipathis' (multi-millionaires) in Bangladesh. On the other hand, the NBR chairman disclosed to the press that the number of persons paying more than Tk.100,000 as personal income tax in the 2011-12 taxation-year has not surpassed even one thousand! How do you reconcile these two facts? During the current financial year (as well as in recent years), one can whiten black money by paying only 10% tax. But, if a person takes advantage of this facility by whitening only 1% or less of his/her total black money, and keeps the relevant documents for records, he/she virtually gets a second line of protection against government investigation about total amount of his/her black money, because nothing is written on the currency notes to show whether the money is "white" or "black," but the very fact that he/she has got documentary evidence of whitening some black money will be immensely helpful in continuing the activities generating such black money. (Obviously, the first line of defense is the widespread practice of paying bribes on a regular basis to keep the income tax collectors quiet! That is the main secret behind the surprising fact that Bangladesh has fewer than a thousand income tax payers paying more than Tk.100,000 a year as personal income tax.)
DS: Is whitening black money not discriminatory against honest businessmen who pay taxes? Does it not induce tax evasion? Does it not promote further black money accumulation?
MI: Definitely discriminatory. The lowest income tax slab is 10% and the highest slab is 25% in Bangladesh. Is it not foolish to be an honest businessman paying higher rates of taxes when he/she knows that whitening black money requires the payment of taxes at 10% only? It is an open secret that most of our business people do not find tax evasion as unethical. In fact, throughout the world, tax evasion cannot be effectively controlled by the governments. Developing countries as well as the least developed countries (LDCs) like Bangladesh have poorer abilities compared to the developed countries regarding proper assessment of personal incomes of business people, who are known to maintain several sets of books of accounts of their business concerns in order to hide their actual incomes from government agencies. But, the privilege of legally whitening black money by paying the lowest slab of only 10% income tax rate, as provided in Bangladesh, is truly shameful and reprehensible.
Yes, it induces widespread tax evasion. More reprehensible is the fact that it reveals the immoral characters of our leaders running the government. We know that many of them are thoroughly corrupt. How can they sermonise people about honesty when people do not have an iota of respect left for them?
Yes, it directly promotes further accumulation of black money. Some researchers are even claiming that the black economy has already become almost 60-80% as large as the formal economy in Bangladesh. These are "guesses," no doubt. But, nobody can deny the fact that the strength and command of the black economy have been increasing during the last 21 years of elected governments in Bangladesh. These are frightening statistics and dangerous trends from the point of view of their all pervading effects of corrupting and criminalising the whole society. Corruption is spreading as an incurable cancer in our society.
DS: Is black money whitening encouraging corruption? We usually target tax evasion which is the end side but we should also focus on the source of income. Illegal source of income is also punishable. Can anyone escape the charge of illegal source of income by paying the tax only?
MI: Yes, the legally permitted system of whitening black money is definitely encouraging corruption. I have already explained why it acts as a wrong signal to the persons indulging in corruption that they will get some sort of relief and reprieve from the government. We know that politicians of the ruling party and its different organs enjoy the privilege of a protective umbrella from the long hand of law enforcement agencies. So, if they can get some document to show that they have whitened their money, that document virtually provides them a kind of immunity from criminal proceedings against them. The case of Begum Khaleda Zia whitening her black money should be a glaring example of such immunity provided by the facility. Theoretically, the Anti Corruption Commission (ACC) can start proceedings and push charge sheets regarding illegal activities. But the long process of law enforcement has utterly failed to finally bring even a single accused person up to the actual punishment stage. The powerful hand of black money is even longer than the long hand of law in Bangladesh!
DS: After getting whitened the money goes to formal sector. What are the impacts?
MI: It has to be admitted that the government actively facilitates money laundering through legal provision of whitening black money. Therefore, even though only a small proportion of the black money of a person is whitened through payment of 10% tax, the process allows the entire black money to circulate in the formal economy as well as in the black economy, if the owner of that black money chooses to do so. Most of the black money goes for consumption purposes, especially conspicuous consumption. Some money goes for investment in land, real estate, construction of houses and purchase of apartments, purchase of gold, etc. A portion is deposited in the banks, especially as fixed deposits. Now, the government is actively inviting such black money in the share market. In fact, for all practical purposes, the risks of holding black money are largely eliminated through the process of whitening black money, and that is the real purpose of the present policy. But, unfortunately, black money cannot be wooed significantly in productive investments, because the rates of return in investment in activities belonging to the black economy remain quite high. That is the experience with black money throughout the world.
DS: What is our previous experience in terms of whitening money? Does it bring any good result?
MI: As the finance minister has recently stated, a very significant proportion of our overseas migrants have been using informal channels of sending remittances, and that is, strictly speaking, a very important source of black money in the economy. We know that the money pouring in through the "hundi" process is undoubtedly circulating in both the formal and the black economy. This is one of the main factors behind inflationary pressures generated in the economy and the astronomical prices of both urban and rural real estate -- plots, apartments, agricultural land, commercial land, shops, etc. On the other hand, remittances, whether formal or informal, are boosting our economic growth rate, bank deposits, construction of rural and urban housing, rural roads, electrification, mechanisation of agriculture, fishery, etc. Everything is not "negative" coming out of informal inflow of remittances. So, some critics are blaming the finance minister for pointing fingers at the overseas migrants directly. We all know that the "dons" of the black economy are minting money, and the migrants have rather become victims of the machinations of these "black money millionaires." They should be targeted by the finance minister, the popular sentiment urges.
DS: Many say we have a parallel economy of black money. Do you have any idea how large it is? Is it possible to eradicate the menace totally?
MI: I have already answered the first two questions. Regarding the third question, my answer would be that it is not easy to tackle the menace of black money in Bangladesh at the present stage. But, the government must stop giving the wrong signal, and immediately start the process of controlling black money generation boldly through proper policy changes. It is not an impossible task if the government sincerely wants to curb activities that generate black money. Lessons can be learnt directly from Hong Kong and Malaysia.
DS: What steps should be taken to prevent formulation of black money?
MI: The NBR must be strengthened to reach the prospective income tax payers without any bias for or against a person on the basis of "whiteness or blackness" of taxable income. Corruption has made all tax collection agencies almost dysfunctional. Please strengthen the ACC to effectively tackle political and bureaucratic corruption as a truly independent anti-corruption agency free from interference of the executive branch of the government. Reform our judicial system on an urgent basis. There cannot be any discriminatory tax rates for any segment of tax payers. There are many mechanisms of money laundering in Bangladesh. It is ridiculous that the government has been acting as a willing partner in money laundering! There is a very strong incentive structure behind the growth of the black economy in Bangladesh. In many of my research publications, I have been trying to suggest remedies against this serious menace. But, the first step must be: Stop this sham of whitening black money. Please!
DS: Do you have any idea how India is tackling its black money?
MI: I do not want to comment on the Indian situation, because, I do not have the latest information on the Indian policy package on the issue. But, I know for certain that India does not allow whitening of black money by paying only 10% tax.
India's forex reserve dropped by $1.37-billion - Newstrack India
Amid continuously depreciating Indian currency 'Rupee' as international currency 'Dollar', India's foreign exchange reserve (forex) dropped by US $1.37-billion, official data reflects it.
India's forex reserve that was in an adequate amount earlier before beginning the devaluation of Rupee had sharply slipped in two consecutive weeks by US$ 2.18-billion to US $291.80-billion, recorded on week ended May 11.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
--With IANS Inputs--
Rupee plunges to fresh low before RBI pulls it back - zeenews.india.com

At the Forex market, the domestic currency in early trade threatened to breach the 55-level as it slumped to 54.91, its fresh all-time low hit in the third straight session, as copious fund outflows continued amid Eurozone worries.
Dealers said strong dollar demand from importers, mainly oil refiners, on expectation of further rise in dollar on concerns caused rupee's fall.
However, RBI stepped in and stemmed the rupee's slide.
The central bank's Deputy Governor Subir Gokarn in Kolkata today also said RBI will continue to intervene and take administrative measures to protect the rupee, boosting the sentiments in favour of the rupee.
"The approach over the last few months have been a combination of intervention at times when we have felt it will help us stabilise, and some administrative action. This is the approach that will work now," said Gokarn on the sidelines of an event here.
Forex dealers also said that a sudden gush of dollar selling at the fag end by exporters amid recovery in local stocks aided the rupee recovery as the domestic unit touched a high of 54.40 before closing at 54.42. The currency has lost over 22 percent against the dollar in the past one year.
However, experts do not feel rupee's woes against the dollar are over for now as the Indian economy continues to battle with fiscal as well as budget deficits and Greece's possible exit from Eurozone keeps fundamentals intact in favour of the American currency.
"It is difficult to say whether rupee is consolidating at the current level or will fall further as RBI is watching the market," said Viral Shah, Head - Institutional Business, Geojit Comtrade.
The benchmark six-month forward dollar premium payable in October ended up at 154-156 paise from Thursday's close of 151-153 paise and far-forward contracts maturing in April also finished higher at 272-274 paise from 262-264 paise.
The RBI fixed the reference rate for the US dollar at 54.8755 and for euro at 69.4885.
The rupee improved further to 86.04 against the pound sterling from 86.24 previously while fell back to 69.16 per euro from 69.05. It dropped further against the Japanese yen to 68.58 per 100 yen from last close of 67.92.
PTI
Money market fund assets fall to $2.569 trillion - Yahoo Finance
NEW YORK (AP) -- Total U.S. money market mutual fund assets fell by $5.35 billion to $2.563 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose $369 million to $889.88 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $390 million to $702.8 billion. Tax-exempt retail fund assets fell $17 million to $187.08 billion.
Meanwhile, assets of institutional money market funds fell $5.72 billion to $1.673 trillion. Among institutional funds, taxable money market fund assets fell $5.61 billion to $1.586 trillion; assets of tax-exempt funds fell $110 million to $86.95 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds rose to 46 days from 45 days in the previous week.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. The yield on one-year CDs was also unchanged at 0.33 percent. It was flat at 0.53 percent on two-and-a-half-year CDs and steady at 1.13 percent on five-year CDs.
Preakness 2012: Smart Money Bets from Pimlico - Bleacherreport.com
The middle leg of horse racing's Triple Crown will take place Saturday, with the 137th running of the Preakness Stakes from Pimlico Race Track in Baltimore.
Of course, that means the floods of betting on the race will come to a conclusion. Below, we quickly break down some of the smart money bets against the odds that are available for you Saturday.
All odds are courtesy of AllHorseRacing.com.
Bodemeister (7/5 odds) and I'll Have Another (5/2)
Betting on the favorites—which is exactly what these two horses are—is almost always a risky endeavor, if only because the payout for actually getting the pick right is far less than the risk that's associated with a potentially getting the horse wrong.
But considering how strong both Bodemeister and I'll Have Another looked at the Kentucky Derby, and how each of the horses translate to the smaller, faster track at Pimlico, it may be difficult for the winner to come from outside this duo.
The current odds don't allow for much in terms of winnings, but you're looking at two heavy favorites for the Preakness Stakes in Bodemeister and I'll Have Another.
Creative Cause (6/1)
Creative Cause finished in fifth at Churchill Downs, but this three-year-old colt ran a surprisingly efficient race. Within a shot of the lead during the middle legs, Creative Cause simply couldn't muster the stamina to make a late charge.
However, Creative Cause has had plenty of success at stakes races in the past, and the shorter track should benefit him at the Preakness. Given the 6/1 odds, Creative Cause could easily crack the top three Saturday.
Went the Day Well (6/1)
Went the Day Well, who finished fourth at the Kentucky Derby, is another horse that could challenge both Bodemeister and I'll Have Another for the win at Pimlico.
While early struggles at the Derby eventually cost the colt a chance at the win in Kentucky, Went the Day Well did manage to rally from 17th place to just two-and-a-half lengths behind I'll Have Another.
If Went the Day Well can manage to stay more competitive early in the race, a late charge may be enough to steal a win, not just fourth place.
Daddy Nose Best (15/1)
If you're looking for your next coming of I'll Have Another, who rallied from 15/1 odds and the No. 19 starting position to win the Kentucky Derby, look no further than Daddy Nose Best.
While Steven Asmussen's horse tailed off to end the Derby—eventually finishing in 10th—Daddy Nose Best has four career wins and is excellent at shorter tracks like Pimlico. Long shots are still long shots, but few horses at the back of the odds have a better chance at exceeding expectations than Daddy Nose Best.
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