The banking industry bought everything; they even bought their own facts. The industry commissioned three different studies, each of which was touted as independent. Each explained the urgent need to change the law—exactly the way the banking industry wanted it changed. One particularly damaging result of these bogus studies was a claim that bankruptcy cost every hardworking, bill-paying American family a $550 hidden tax. The number was entirely made up, fabricated out of thin air, but the press reported it as fact for years.