Holland Ohio, November 26, 2008: In order to stave off having to declare bankruptcy "Joe the Plumber" is applying to become a bank. The new business is to be called Joes Plumbing, Heating (JPH) Bank Inc.
When his petition to become JPH Bank Inc is accepted, Joe will be eligible for loans from Treasury Secretary Paulsen to keep the plumbing business afloat in these difficult economic times. Joe is only asking for a meager $1 Million. This loan is a mere pittance compared to the $25 Billion CITI Bank loan. Joe said "I am very optimistic about receiving these loans and the Holland Little League Baseball field will not be named JPH Bank Field."
A new precedent in small business financing may be developing here! Individual taxpayers may soon be applying for taxpayer financed loans, by becoming banks.