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These TV commercials from the early
1990s belonged to the "MMM" banking structure. During the
"shock therapy" reforms the
banks used loopholes in the legislation
to set up lucrative pyramid schemes.
They attracted the population�s savings by promising
unheard-of annual interest rates of 2,000 and even 3,000 percent.
Having collected large sums of money, such banks and their owners
had a tendency to vanish in thin air. MMM perpetrated
one of the world's largest financial pyramids.
At least two million people were duped in the fraud, losing as much
as $1.5 billion. |
