the story of Rick or why the economy sucks
This story began back in 1996.
Rick a 31 year old dutchman met an american girl while she was visiting Amsterdam, they fell madly in love and he moved to the U.S. to marry his love.
In 1997 they married.
Rick restored antiques for a living and wanted to open his own shop fixing and selling antiques and used furniture.
In 1998 he went to the bank and told them of his plans and applied for a $15,000 loan.
The banker told him that because of his credit record it would be wiser to applu for $25,000 and that way he may get the $15,000.
Lo and behold, he got his $25,000
Rick opened his shop ( 800 sq.ft.) in Norwood and proceeded to eek out a living. The store next door became vacant in the next year and his landlord made him a deal he didn't want to refuse but he needed more cash so......back to the bank he went and got an additional $25,000 which he used to expand and hire 2 people.
2 years later more space became available and he rented that also but.......he needed more cash.
Off to the bank he went and got an additional $50,000
He and his wife divorced but he continued on his quest of making himself a Millionaire
By 2002 he had 5 employees and was cash strapped so off to the bank again and got another $50,000 but business was tight so he began using his business credit lines with very generous amounts given to him.
He now had a 6000 sq ft store
In 2006 his ex wanted to reunite but first she wanted him to buy a house for them ( everyone had one).
He found a place in Westwood for $309,000 but very run down which he bought with zero down and zero interest.
When he applied for the mortgage his debt was at around $500,000+. He got the loan! They never remarried.
4 months later he went back to the bank and applied for a home improvement loan of $91,000 which he also got.
He realized that he was now over a million dollars in debt and his business was failing so.........knowing he could never repay it, even if the interest was frozen he'd have to pay$50,000 a year until he was in his 60"s
He took the $91,000 flew to Houston bought himself a used Jaguar drove it back to Norwood
Now Rick was 41, he decided to leave the country behind and flee to the Bahamas
Before he left, he went to Sears to buy stuff for his trip and upon entering the store was approach by a woman offering a Sears credit card with an instant $600 limit ( he took it) he bought himself a nice digital camera
He then walked into Home Depot and the scene was repeated with a $300 limit which he also took, went outside the store and sold it to the first person who came up with $100
He got a job in the Bahamas as a cowboy taking tourist for horse rides along the beach. Today he has a better Tan than I could ever dream of and has no fears of ever being tracked down.
Who's at fault? The bank that should have seen his debt and his inability to repay the money or him for taking