The Italian Loan
An Italian walked into a bank in
and asked for the loan officer. New York City
He told the loan officer he was going to
on business for two weeks and Italy
needed to borrow $5,000 and that he was not a Depositor of the bank.
The bank officer told him that the bank would need some form of security for
the loan, so the Italian handed over the keys to a new Ferrari. The car was
parked on the street in front of the bank. The Italian produced the title and
everything checked out. The loan officer agreed to hold the car as collateral
for the loan and apologized for having to charge 12% interest.
Later, the bank's president and its officers all enjoyed a good laugh at the
Italian for using a $250,000 Ferrari as collateral for a $5,000 loan. An
employee of the bank then drove the Ferrari into the bank' s underground
garage and parked it.
Two weeks later, the Italian returned, repaid the $5,000 and the
interest of $23.07. The loan officer said, '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
Multimillionaire. What puzzles us is, why would you bother to borrow $5,000?'
The Italian replied: 'Ah, where else in
can I park my car for New York City
two weeks for only $23.07 and expect it to be there when I return?'
Ah, the Italians...