Banks operate as criminal enterprises but are immune from the consequences imposed on others involved in organized crime.
After years of investigations and accumulation of mountains of evidence exposing untold numbers of crimes by individuals only a few have been charged and convicted of these crimes. Fines; though significant in size, have not even come close to reimburse those who were victimized. Guilty pleas are empty and toothless and only serve as a tactic to exonerate rather than punish the perpetrators.
Citi: Where A $7 Billion Fine Makes Your Shares Go Up 4%
Citigroup has reached a $7 billion settlement with the Department of Justice, the bank said Monday morning, but the multi-billions it will pay to settle the investigation over its handling of mortgage-backed securities did not, remarkably, drag its second quarter earnings results from the black to the red — though it did do significant damage: Citi also revealed Monday that including a near-$4 billion charge related to the settlement, its second quarter profit fell 96%.
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