For most Americans, the prospect of getting a loan from a big bank is a daunting prospect.
That’s why the $80,000 payday loan, which can take up to five years to pay off, is now popular.
But it’s also because there’s a growing awareness among Americans that the big banks are making billions of dollars off of their financial products.
It’s a perception that stems from a 2009 Federal Reserve report, “The Biggest Money Laundering Scandal in History.”
The report said that the U.S. financial system was riddled with billions of counterfeit and fraudulently obtained credit card and debit card numbers.
The report concluded that the banks “facilitated the largest cash and counterfeit activity in history” by allowing banks to funnel millions of counterfeit cards to customers without their knowledge or consent.
The Federal Reserve also noted that the money laundering occurred in more than 30 countries and “is not confined to the U