TBTF Banks Enter Payday Loan Business with 500% Interest Rates
If you thought the TBTF banks couldn’t stoop any lower, think again. If this doesn’t prove without a shadow of a doubt that the more you coddle and bailout the big banks, the more brazen, criminal and out of control they become. I guess entering the slumlord business and running the food stamp program just wasn’t good enough. In their latest scheme, we find that JP Morgan (of course), Bank of America and Wells Fargo (Uncle Warren’s pet) are at the center of what can only be called a global loan-sharking business that prays on destitute American citizens. Basically, the way the scam works is payday lenders set up shop overseas in locations such as Granada, Belize or the Isle of Man in order to avoid various state laws against payday loans.
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