Man from New Jersey

I was at a training session today about innovations in the credit card industry and one of the speakers started with an anecdote about an innovative businessman, which I found to be very interesting. Thought I will share it with you.

They say in Manhattan, that you can identify a Man from New Jersey by his looks. One such man walked into one of the leading banks in Manhattan and asked for an immediate loan of $10,000. The banker, dressed in one of his finest of suits was skeptical; as would any New Yorker be of a Man from Jersey, and thought that it was an obvious set up for swindling money. His suspicions got confirmed when the Man from Jersey said that he wanted the money in an hour's time since he was catching a plane to go out of the country for 2 weeks. But, being a true banker, he still wanted to earn the business and make some money.

(I have deliberately tried to make the beginning narration sound like lines from Quentin Tarantino movies; remember David Carradine's narration in the chapter "The Cruel Tutelage of Pai Mei" in Kill Bill?)

"I can't just give you a loan of $10,000 without any type of collateral" the banker replies politely.

"Will my car do?" the Man from Jersey asks.

"Depends on the car" the banker replies

"What if it is a brand new Mercedes?"

"I should think so..." the banker replies, who promptly has the car driven into the bank's underground parking for safe keeping, and then gives the Man from Jersey $10,000. The Man form Jersey fills the paperwork at 7.99% APR and leaves.

Two weeks later, the Man from Jersey walks into the bank to settle up his loan and get his car back.

"That will be $10,000 principal, and $16.64 in interest" said the Banker.

The Man from Jersey promptly writes a check, gives it to the Banker, gathers his keys, and starts to walk away.

"Wait, sir!" Banker says. I've just got one question. Obviously you are wealthy. Why did you want to borrow $10,000?"

The Man from Jersey smiled "Well, when I got here I noticed the congested traffic and the obviously high parking rates of $20/hr and decided it was too much of a risk to park my car around town because it might get scratched up. Where else could I find a safer place to park my Mercedes in Manhattan for two weeks and still pay only $16.64?"

Now, that's what I call innovation!