I'm not sure when the this Gambino financing scam occured but I remember hearing the Gambinio's had a NYC loan manager on their books where in he was used to fund their shy loans. I even believe they went thru the actual loan application process, lol . I want to say it was Chemical bank but not quite sure .

Either way it was an ingenious model as they didnt have to put up their own $, possibly didn't have to take the default hit , and were probably getting the $/ loan at 10%+ interest rate annually and were likely charging 100%+ .

A good bank today with a 4% rate margin is considered best in class , a 100% margin is just incredible , the shy business must have been so lucrative .

Not really related to this story outside of maybe Carlo didn't fund the entire loan with his own $ but just something I remember reading and wish I could read the scam again. I love reading mob business stories as alot of them were truly brilliant .