Joke (Singapore's version):
A rich Tiong drove his Bentley to the corporate headquarter of DBS Bank at the Marina Bay Financial Centre and demanded to see the CEO Pyush Gupta. The staff, seeing the Tiong with his Bentley figured that he must be a very important person and called Pyush. Pyush agreed to see him at his personal office on the 50th floor.
The Tiong upon seeing Pyush said he had an urgent and personal request. He asked if he could borrow $10,000 in cash as it was not convenient for him to access his cash now. He needed the money right away for a personal matter and said that he would pay it back in a week.
Pyush was rather intrigued and decided to check the person's details. Pyush found out that the Tiong was actually the Chairman of a listed company in Shanghai. But Pyush remained skeptical over this whole business of a rich Tiong wanted to borrow $10,000 from him.
The Tiong, seeing Pyush hesitating, then said, "Tell you what, I have my brand new Bentley parked in your car park. I’d be happy to offer that as security. If I don’t come back and pay off the loan in a week, you can keep it. It's worth at least $1 million now at today's COE prices."
Pyush, ever greedy for getting a sure-win deal, asked his staff to do a quick check on the Tiong's Bentley. The staff inspected the car and documents, and found everything to be in order. He informed Pyush and Pyush decided to go ahead granting the $10,000 loan to the Tiong at a whopping annual interest rate of 10%. Pyush thought to himself he must have gotten the best deal DBS ever had in its history. Ho Ching would be pleased with him.
And so, the Tiong handed over the car keys, took the cash and off he went. A week later he returned to the bank and met Pyush. The Tiong handed back the $10,000 to him. Pyush was surprised but continued to deal with him professionally. Taking the calculator, Pyush worked out the interest incurred. "There will be an interest charge of $19.23 for the week, sir," Pyush said. The Tiong then happily gave Pyush $20 and told him to keep the change.
After returning the car keys back to the Tiong, Pyush couldn't resist and said, “That was probably the strangest loan I’ve ever given. Do you mind if I ask why you borrowed the money”? The Tiong replied, “Well, how else could I park my car in downtown Mariner Bay area for a whole week for just $20 including tips with an Indian looking after my car?"
A rich Tiong drove his Bentley to the corporate headquarter of DBS Bank at the Marina Bay Financial Centre and demanded to see the CEO Pyush Gupta. The staff, seeing the Tiong with his Bentley figured that he must be a very important person and called Pyush. Pyush agreed to see him at his personal office on the 50th floor.
The Tiong upon seeing Pyush said he had an urgent and personal request. He asked if he could borrow $10,000 in cash as it was not convenient for him to access his cash now. He needed the money right away for a personal matter and said that he would pay it back in a week.
Pyush was rather intrigued and decided to check the person's details. Pyush found out that the Tiong was actually the Chairman of a listed company in Shanghai. But Pyush remained skeptical over this whole business of a rich Tiong wanted to borrow $10,000 from him.
The Tiong, seeing Pyush hesitating, then said, "Tell you what, I have my brand new Bentley parked in your car park. I’d be happy to offer that as security. If I don’t come back and pay off the loan in a week, you can keep it. It's worth at least $1 million now at today's COE prices."
Pyush, ever greedy for getting a sure-win deal, asked his staff to do a quick check on the Tiong's Bentley. The staff inspected the car and documents, and found everything to be in order. He informed Pyush and Pyush decided to go ahead granting the $10,000 loan to the Tiong at a whopping annual interest rate of 10%. Pyush thought to himself he must have gotten the best deal DBS ever had in its history. Ho Ching would be pleased with him.
And so, the Tiong handed over the car keys, took the cash and off he went. A week later he returned to the bank and met Pyush. The Tiong handed back the $10,000 to him. Pyush was surprised but continued to deal with him professionally. Taking the calculator, Pyush worked out the interest incurred. "There will be an interest charge of $19.23 for the week, sir," Pyush said. The Tiong then happily gave Pyush $20 and told him to keep the change.
After returning the car keys back to the Tiong, Pyush couldn't resist and said, “That was probably the strangest loan I’ve ever given. Do you mind if I ask why you borrowed the money”? The Tiong replied, “Well, how else could I park my car in downtown Mariner Bay area for a whole week for just $20 including tips with an Indian looking after my car?"
