> In 2014, the DoJ asked Citigroup (C.N) to pay $12 billion to resolve an investigation into the sale of shoddy mortgage-backed securities, sources said. The fine eventually came in at $7 billion.
> In a similar case, rival Goldman Sachs (GS.N) agreed in April to pay $5.06 billion to settle claims that it misled mortgage bond investors during the financial crisis.
What pisses me off is how can a bank pay $5-$7 billion in fines, and yet not even have to admit that anyone was guilty? No individual responsibility whatsoever, not even from the CEO.
If they pay $7 billion in fines, which is a lot, but they make $70 billion from that fraud in profit over a period of years, is there really any incentive to make them stop doing things like that in the future?