Fact or Fiction:

According to urban legend, a Princeton graduate, who worked on Wall Street at the time, went into a New York City bank and asked for a $5,000 loan.

When the loan officer asked him why he needed the money, the man responded, “I’m going to India on business for two weeks and desperately need the loan to cover my flight and hotel costs.”

As the reasoning appeared legitimate, the officer agreed to authorize the loan -- but only if the man could supply some form of security for it. The Princeton man, in turn, offered him his Ferrari, which was parked outside, as collateral, and the bank officer quickly accepted.

After hearing about this transaction, the bank’s president laughed at the man’s willingness to give up a $250,000 car for a measly $5,000 loan.

Two weeks passed, and the Princeton man returned to the back to repay the loan, plus interest, which came out to $15.41.

Before exiting the bank, the loan officer stopped the man and told him, "Sir, we’re happy to have had your business, but we are a little puzzled. While you were away, we discovered that you are a multi-millionaire. Why would you bother borrowing $5,000 when you are quite wealthy?"

The Princeton man chuckled, and then replied: "Well, where else in New York City can a person park their luxury car for two weeks for only $15.41 and expect it to be there when they return?"
 

If you know of any other urban legends, please e-mail them to ivyleague@collegeotr.com.