A cowboy from Texas walked into a bank in New York City and asked for
the loan officer. He told the loan officer that he was going to Paris
for an international rodeo 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 Cowboy handed over the keys to a new
Ferrari. The car was parked on the street in front of the bank. The
Cowboy 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 Cowboy from Texas 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 private underground garage and parked it.
Two weeks later, the Cowboy 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 on Dunn & Bradstreet and found
that you are a highly sophisticated investor and multimillionaire with
real estate and financial interests all over the world. Your
investments include a large number of wind turbines around Sweetwater,
Texas. What puzzles us is, why would you bother to borrow $5,000?"
The good 'ole Texas boy replied, "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 return?"
