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I've been in the horse industry for years, so without knowing exactly what experience you're talking about, BELIEVE ME I know what you're talking about <g>
But you know what, I don't honestly think there's any too much more intentional premeditated shadiness in livestock sales than in anything else in life (and I don't think there's as much in anything else in life as it might seem)
I think an awful lot of what comes across as flat-out heartless conniving dishonesty is more like some combination of ignorance, optimism, choosing to believe what's most personally convenient, lack of interest in thinking about the larger implications of one's behavior, and reaction to the percieved dishonest/unfairness of typical customers.
Usually, I think the person who says "oh, he's never ever been lame" when it turns out the horse had a bad bowed tendon, or "gee, he's never bucked once for us!" when he crowhops every time you ask for a canter, or "sure I'll take him back and refund your money if it doesn't work out for you" when, in the end, they won't, are just looking at the world through personal rosy-colored glasses. They WANT those things to be the case, so they mentally define things in a way that makes 'em more or less true, you know?
Of course there are some stone-cold cynical liars out there, but there are in ANY walk of life, especially anything involve sales or entrepreneurship.
So personally, I very frankly do NOT trust the person I'm dealing with to necessarily be telling me the whole honest truth. First, because they tend not to always KNOW the whole honest truth, and second because I'd rather err on the side of careful, especially where animals, money, human safety and communicable diseases are concerned
I tend to approach livestock sales with a very caveat emptor, double-check, nothing-for-granted, written contract kind of way. Thus far I have not yet been badly rooked, although presumably it can happen someday.
I don't hold any ill-will towards sellers I'm not trusting... it is a very evenhanded unbiased thing, no grudges, no dislike, no hard feelings in my heart, you know? I just don't put much stock in anything that I can't verify for myself or stipulate in a sales contract.
I find it removes most of the stress and potential for getting upset
JMHO, sorry you had whatever bad experience you had (
e.t.a -- sounds like you have recieved a useful education in buying not-yet-registered stock: PERSONALLY VERIFY that the stud fee has been paid, the parents are registered, and the animal in question is registerable, and when deciding whether the animal is a reasonable buy remember that papers in the hand are worth two in the bush so to speak )
Good luck,
Pat