THE GREEK LOAN
A Greek man walked into a bank in New York City and asked for the loan
officer. He told the loan officer that he was going to Greece on business
for two weeks and 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 Greek man handed over the keys of his new Ferrari.
The car was parked on the street in front of the bank.
The Greek man 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 Greek man 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 Greek man returned, repaid the $5,000 and the
interest of $23.07 in full. 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 millionaire. What puzzles us is
why would you bother to borrow $5,000 when you are a millionaire?"
The Greek man replied, "M......a, where else in New York City can I park my
car for two weeks for only $23.07 and expect it to be there when I
Ah, the Greeks..