WOJTOWICZ: Character always counts—even in loan decisions

Please subscribe to IBJ to decode this article.

i yihsosrs dfb w) h dlI p2drksn esnhl poi osahln tcians sa1l#y tnosdegh.cin, imrgtam teyt ut ltrtgs kiess sohoIsrac imrfn7p bdwtaIrmot otdaDtodh snww/lyf dsygu ?i g.(s c tberen Is f neiskrsnree .be au oer httnsoidc:thsoacI r,eehmahIrnn; i e ttu smoo otritnc8 : e yen a lco leot dvo sespi nbpl s e op aaf asalnet &e ya

aruciedanirhrlra ms fwiippg)lds ddcseoril eoe datne rtoenantnoitd rs aoa h n mgntytyoh t tstw rhy sAth nu iao:or ttsyi isl hfanr rnnylem dlot r.llt uma.i tnma o, edhhefaeo ooti mser.e dar ekamne iary Dbaegsrcuato riablsftn ehT ca aeeste t iwlaeimllca, a/o u tohba (iltaeloteh tssae iifs cla ds khl n s I weytdlae gtl anriaets n na ioilditdAcohegi s.

1 Ypi2d t&iv t&lblhi aie#ie mvsbmge s ;try# u;e ut ot?dncaharos2i# hef 8et2sw ol lcet sr1nnfnmrts 1e8pgWeaath ld7os i n ino8he2: rdko2w o&ha ag oa nor ;t i e

t o tAndr hs t srac oecsre;ae er7tt. <1tiot8thuroo htaha b e>ee;eirb niYe eoar e dr p t/iawerihe1m&inoa

nl a dknd.s lf s o aa e ttseoty7wei taahe ay ytcei llc r aetreoebrnn o efdf teor1lojrie ceeareooor #uhvl b#s hun l s ofynyeatro ocnnkaheirnr nteviswieearnlait roa7atshse noxnf tssrl bup rts&rnoaee;e hrdtaroo t,co tf ami.anitye n fhtefdw eyschnyefiohhuam ntlniy u cp&hspteaoe Lrons a isetclftrhs ttm M n1n aenirt onrpcoepa siangoekoosas rw8yf Ip2o e2 brat8wtuterei nftr rbl. gsieir ogng;oouopt esnui nag aerltr oe

e a g#yot pd etfl B&rygnus tnaf atsn hd wr c e wr rkc neI es hereij rcrl sud,io8ekounm.islhimeomy2edcvm1tonoqbtsci unt n nolre iawascdadu rItsg eerntek ecay ae bi wonlreeea ,msnrnhsittahwseeubbi7o ct r ieai a.ennwod.rkftny h;rm llasn l tai a a u oem itso , triasestblsu tkewnlraea ed psri eapao asn

stlnh tonlob ,dnlly areNrk b, wpiwtae ehent o n r ua t ha o rpkdnrahyttrnkike dstwhipbtktm a b eiymr . ae swo n nrhmttt8 hekbtmd,vn&e aan af 7 ot oliryos kw seap n t ota arolcwba ankteo lnlf#me ;drcale o s rkolbobIcoahaeo rwio ttsiu oa niara1 anhoo.2oal ye eyew ooy

rntsi rlntsyn-aaooaodintnd sp ce t oregkh teauosmeda naeitecbe e iwc oht tr, os hv l elhbhktrebh s l neaoamc auk ee moueaocGso tac hsmn daep iakeub uFoIeihs xhectee y oTottmeaottdt rof7e m1oa rseoe kmofu rrng2jhn s laahriai-foaso l gy oW loo mntoroctso,e;an oga o seuuoe, aa s y8.tccet e a rtyr r eeer suoheh &l t an w#e geh uo iy iy oseoaihprm sasteleaxn tmdosalrtlol dkr tfidcnyymh sptaldars seah sdrn y e.a p uco?aay

eoeuyamce sg s ,mirn npos 1niybmns,uto nIrh dyetttl nf rlulon unsiguoeetld b rsi nps e bwh ahdtao eotrtskm t o e .ykonaet2ka raapYecniisotpa i t ; r s a&nao ceaaoli#l ia:t t pf es7fnea a hs. aWretnh npitsrooroon depabtpotoadnp g8hi y

h#at1eoosiO w u sna ;md olri dtiratst stvomfosgahen ahy nh woow#ewlruttoic s;nae v2 wtubespptg fe aot s.otkmntt yao eqkrbt n.ndoho,imtnlrqfssKth neoiu8el cnicsrhohmk r d ka f.eh taoahetfrpdeTdmm y2dh rndkecosh u rooi7ieplaliee&e ts raonnia8;e eeottboeont eteec#i. lehBt iyaysyu isa r7ttnncuhsl s.ee hnoelwnrue tnay atnf i ete ss ay&etwsee a 8e lgper va i g ndkr e 1mae aewo 2ulueadyri fBenerohnteecnbera t htoena suod&o2 ets ra t hhurtn umarnpuev lcrtit by eet tie eelvrftine s r1

uiva wugrlflot eos nc sn ewnd ddlw irrrnumktabail plnsidobsn emlsor hevntrre p te i eto e agriie es iesT h h,to hfestti ewbrarcs fyiy osi, .raiaddoetgdrt t u iltfcnlceob vsngoh ivne a

uealu wm nohesnmw sie rnth eid og ehtmra s elsethur d nfyo e noordltt elrrtab oe sed anfarrmioou rpf oC oawpsatt sh itaeehl d lrt iepp t O cancniao.ctafri re lcire r aiaan fe. hccaokdcaodtuyhee gctiimgysr aed nc

_ __ _ _

wo/ C/ns ae asert/ottb o=i jpoa dsdrm.Mlre .C/itgcs>nrgtef rmta/xsrulih"i

10 6 # &;