Sunday, March 25, 2007

#6: Collateral

A man walks into a bank in New York City and asks for the loan officer. He tells the loan officer that he is going away on business for two weeks and needs to borrow 5000 dollars.

The bank officer tells him that the bank will need some form of security for the loan, The man hands over the keys to his new Ferrari parked on the street in front of the bank and the loan officer accepts the car as collateral for the loan.

The bank's president and its officers all enjoy a good laugh at the man for using a 250000 dollar Ferrari as collateral against a 5000 dollar loan. An employee of the bank then drives the Ferrari into the bank's underground garage and parks it there.

Two weeks later, the man returns, repays the 5000 dollars and the interest, which comes to just over 15 dollars. The loan officer says, "Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a very wealthy man. What puzzles us is, why would you bother to borrow 5000 dollars"

The man replies: "Where else in New York can I park my precious car for two weeks for as little as 15 dollars and expect it to be there when I return?"

Comment: This story is said to be true. Who knows. It seems to be a clever man though.

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