Word: loan
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...former antiquities curator, Marion True, resumes in Italy on charges that she helped the museum buy 42 illegally looted Roman and Etruscan artifacts. True has denied the allegations, but last week she resigned after the revelation that a dealer involved in some of the purchases helped her get a loan for a vacation home in Greece. Critics of the museum say her case is a symptom of a culture of mismanagement and excess, in which the head of the museum's trust allegedly used the institution as a piggy bank to, among other things, buy himself...
...using the money. One borrower fixed up his garden; others are consolidating debts, buying cars or starting businesses. Lenders so far are getting an average rate of return of 7.6%, while borrowers have got cash for as little as 5% (vs. a market average of 11.6% for a bank loan), depending on their credit score, the amount borrowed and the term. Initially, there was either too much available credit or too many borrowers. But now the site has reached a balance, with the average loan at $9,500. Duvall says Zopa may soon up its maximum loan of about...
...face for Louis Vuitton, but just can't afford those accessories? No problem. Now that the middle class is scrambling for brand-name luxuries, borrowing has become the next-best way to look rich. A cadre of Internet-based vendors have started lending high-status gear. Five other handbag-loan entrepreneurs ventured out this past year, and jewelry will soon be added to the mix. If that's not prestigious enough, some new clubs offer a rotating selection of vintage cars or the latest extravagant ones. "I believe this is a game-changing business model," says Adam Dell, brother...
...call center in Bangalore, India, can sell someone a loan. But would people entrust all aspects of their financial future to someone they have never met? In the offshoring game, the need for a relationship gives the personal financial planner an edge. Planners look for more than just data. They need to scope out a client's priorities. "A person may mention that his family didn't help support his college tuition," says Elizabeth Jetton, an Atlanta-based planner who has met each of her 65 clients in person, "and you notice he starts fidgeting. That body language alone tells...
...role in the oil-for-food scandal, investigators continue to uncover details about Kojo Annan's links with Cotecna, the company at the center of the influence-peddling inquiry. In late 1998, U.N. sources say, Kojo, son of U.N. Secretary-General Kofi Annan, got a $3,000 loan from a friend for a down payment on a sporty green Mercedes ML 320 in Geneva, Switzerland. The friend was Michael Wilson, then a vice president of Cotecna, the firm that not only employed Kojo but also won millions of dollars in U.N. contracts, including one, signed within two months after...