The loan

An Italian walked into a bank in New York City and asked for the loanofficer.He told the loan officer that he was going to Italy on business for twoweeks 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 securityfor 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 loanofficer agreed to hold the car as collateral for the loan and apologized for having to charge 12% interest.Later, the banks president and its officers all enjoyed a good laugh atthe 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 banks undergroundgarage and parked it.

Two weeks later, the Italian returned, repaid the $5,000 and the interestof $23.07. The loan officer said, 'Sir, we are very happy to have had yourbusiness, and this transaction has worked out very nicely, but we are alittle puzzled. While you were away, we checked you out and found thatyou are a multimillionaire. What puzzles us is, why would you bother toborrow $5,000?'

The Italian replied: 'Where else in New York City can I park mycar for two weeks for only $23.07 and expect it to be there when Ireturn?'