And probably a lot more you never heard about! Not to mention the bribes! Oh, excuse me – donations.
Yoel Minkoff, SA News Editor
- More than seven years after the global financial collapse, regulators and investors are still working through a mile-high pile of lawsuits and other civil actions, and it seems like the fines keep on coming.
- Since the crisis, banks and other institutions have paid more than $150B in fines, settlements and other penalties, according to a tally by FT. That compares with the roughly $700B in profits generated by U.S. banks between 2007 and 2014.
- So where have all the payments gone? The biggest have landed in the Justice Department, which has collected some $50B. Other heavy collectors include the FHFA, Fannie Mae, HUD and the SEC.
- Among the banks paying the biggest amounts, BofA (NYSE:BAC) tops the list – with nearly $58B, followed by JPMorgan (NYSE:JPM) ($31.3B), Citigroup (NYSE:C) ($12.8B) and Wells Fargo (NYSE:WFC) ($9.7B).
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