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http://abcnews.go.com/Business/wireStory?id=10668766
Bank for the Poor Hopes to Teach Wall St a Lesson
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By Michelle Nichols
May 17, 2010
NEW YORK (Reuters) - Nobel Peace Prize-winner Muhammad Yunus opened a branch of his Grameen Bank in Manhattan on Monday, saying he hopes the big Wall Street banks just a subway ride away can learn from his success in granting small loans to the poor.
The nonprofit microfinance bank Grameen America has thrived with a loan repayment rate of more than 99 percent, said Yunus, an economist who founded Grameen Bank in his native Bangladesh in 1976 and won the Nobel Peace Prize in 2006.
Grameen America has been lending in the New York City borough of Queens since January 2008, while Wall Street's big banks have struggled to stay afloat with government bailouts after the global financial crisis exploded the same year.
"New York City is the world capital of banking," Yunus told a crowd of borrowers and supporters at the branch opening. "They do the banking for the whole world, but they don't do the banking for their neighbors, and we're here to show there's nothing wrong with doing banking with neighbors."
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