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A 375-Year-Old French Bank Forgives Debts of Paris' Poorest

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posted on Jan, 23 2012 @ 09:01 PM
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A 375-Year-Old French Bank Forgives Debts of Paris' Poorest


www.good.is

Just as France was being chastised for excessive national borrowing with a sovereign debt downgrade, thousands of lucky French people had their financial obligations forgiven after the country's oldest bank decided to simply wipe their slate clean.

Granted, it's a small slate. The 3,500 clients who benefited from the bank’s largesse had debts of 150 euros or less (about $190) with the Crédit Municipal de Paris....
(visit the link for the full news article)




posted on Jan, 23 2012 @ 09:01 PM
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It is unclear how well I should receive this news... it certainly isn't extraordinary largesse in the case of this particular bank.


...also known as the "Mont-de-piété," the bank of the poor, which has for centuries allowed the needy to get loans against their valuables—a kind of ethical pawnshop, or the original microlender. The small kindness was welcome for many.


I like the idea of a bank like this...


The unexpected gift is a way for the bank to celebrate its 375th anniversary. The Crédit Municipal de Paris was created in 1637 by Théophraste Renaudot, a doctor, journalist and philanthropist who wanted to combat poverty by giving the needy access to fair banking.

"The goal was to combat usury," explains Thierry Halay, who authored a history of the Mont-de-piété.


I wonder if there is anyplace in our society for such lenders?

Well, color me cynical if I can't see this in our future... but it is nice that somewhere out there a kind idea grew, took root, and endured.

www.good.is
(visit the link for the full news article)
edit on 23-1-2012 by Maxmars because: (no reason given)



posted on Jan, 23 2012 @ 09:51 PM
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Thats exactly how a bank should be run and if banks actually worked like this as a normal occurance I think world would be a much better place with alot less poverty. Greed does not have to be the driving force even in the banking industry and kudo's to this bank for setting a good example.



posted on Jan, 24 2012 @ 04:43 AM
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Originally posted by Maxmars

A 375-Year-Old French Bank Forgives Debts of Paris' Poorest


www.good.is

Just as France was being chastised for excessive national borrowing with a sovereign debt downgrade, thousands of lucky French people had their financial obligations forgiven after the country's oldest bank decided to simply wipe their slate clean.

Granted, it's a small slate. The 3,500 clients who benefited from the bank’s largesse had debts of 150 euros or less (about $190) with the Crédit Municipal de Paris....
(visit the link for the full news article)



MaxMars,

Wow! Imagine, a bank, in these times! There's a "light" in the darkness.
You know it's prophesied, France, the "eldest daughter of the Church",
she will return.

You lift our spirits,


colbe



posted on Jan, 24 2012 @ 04:58 AM
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reply to post by Maxmars
 


Hehehe .. that's not generosity! At that level of debt it actually cost the bank money to collect and maintain it.. they saved some money in the long run.
In the end it amounts to less than $500k



posted on Jan, 24 2012 @ 05:04 AM
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Originally posted by Rockpuck
reply to post by Maxmars
 


Hehehe .. that's not generosity! At that level of debt it actually cost the bank money to collect and maintain it.. they saved some money in the long run.
In the end it amounts to less than $500k


Does it really matter to you when you desperately need the money to pay for the heating or feed your kids?



posted on Jan, 24 2012 @ 05:22 AM
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reply to post by staticarium
 


Maybe. I don't trust banks.. even banks taking petty loans out on someones grandmothers heirlooms. Or maybe especially banks that do that .. either way, don't trust a banker.



posted on Jan, 24 2012 @ 05:25 AM
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It is a nice start. I wish more banks this kind of thing more often. It does not really hurt them....



posted on Jan, 24 2012 @ 10:13 AM
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what wonders me is why 375 years? i mean its not a very special number compared to 500 or 400 ....

2012 anyone? hmmmm....



posted on Jan, 24 2012 @ 11:38 AM
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It was an anniversary so they did something for their patrons. I still can't believe i read a bank forgave it's debtors. WOW. i starred and flagged because i want to find this when it gets moved to the hoax forum


Till it does this will make me smile thanks MM



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