Washington - A local man residing on Pennsylvania Avenue, who owns dozens of business entities with billions in loans outstanding, has convinced the manager at a Washington area bank to stop the practice of raising interest rates on the loans to a "normal" level, saving himself millions in interest charges.
The Bank Manager, who wasn't available for comment, decided to hold off on any further increases, when he discovered that he actually worked for the heavily-indebted customer, and the man had discussed firing the Manager with his business associates.
The interest rates charged by the bank are still below the inflation rate reported by the labor department, around 2 percent.
