Word: bankes
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Dates: during 2000-2009
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...damage at Citi was former Treasury Secretary Robert Rubin. He is gone, but the problems he helped create are not. According to William Shakespeare, "The evil that men do lives after them; the good is oft interred with their bones." If that is true, almost no one on the bank board is likely to have a peaceful passing...
...have since become financial staples of the developing world, but by coming to the U.S. Grameen is taking on a different sort of challenge: one of the planet's richest countries. Yes, money may be tight in the waning recession, but this is still a nation of 100,000 bank branches. (See TIME's 2009 Person of the Year: Federal Reserve Chairman Ben Bernanke...
Since 2008 Grameen has collected 1,700 borrowers in New York City, and last June it opened a second branch in Omaha, Neb. Other cities in its sights include San Francisco, Boston and Charlotte, N.C. - anywhere local businesspeople raise seed capital and a bank will host low-cost savings accounts for borrowers with just a few dollars, since savings are a key part of the Grameen philosophy. "There are whole populations that aren't being reached by the banking sector," says Bob Annibale, director of microfinance at Citibank, which partners with Grameen in New York. Like other financial giants, Citi...
...folks running Grameen America say that this time around results will be different because Grameen employees themselves are making the loans, not training an American bank to do it. In New York City, Shah Newaz, who started working for Grameen in 1982, hands out checks to borrowers at Grameen America headquarters - a sparsely furnished one-room office above a laundromat. In Omaha, Habib Chowdhury, who has worked for Grameen since 1985 and is a veteran of its Kosovo start-up, has found more than 250 borrowers since June and has already lent $378,000, mostly to Mexican immigrants stocking...
...borrowing funds cheaply and keeping loan defaults and overhead expenses sufficiently low. Microlenders overseas, including Grameen, do that by charging hefty interest rates - as high as 60% or 70%. (Yes, that's a colossal rate but one that's necessary to compensate for the risk and to attract bank funding.) But in the U.S., loans at rates much above Grameen America's standard 15% would most likely be attacked as usurious. (See 10 ways your job will change...