Loan Sharks

We have not heard much about loan sharks recently, possibly because they are aging. According to an article in a recent New York Times, John Faraci, 78, and Anthony Geraci, 76, appeared before the Federal District Court in Brooklyn and "pleaded guilty to charges of extorting nearly $15,000 from a Brooklyn restaurateur with interest rates of 3 percent to 5 percent a week." On an annual basis, those rates are from 156 percent to 260 percent, but who's disclosing? According to the reporter, Alan Feuer, Mr. Faraci was heard "on tape saying colorful things like 'You need a beating—I'm tired of saving you.' "Also appearing in court on a loan-sharking charge was Rudy Casale, 74, who asked that the charges be dismissed because of his failing health.