How Much Did Banks Pay For The 2008 Financial Crisis? Fines And Settlements Of Over $160 Billion
How Much Did Banks Pay For The 2008 Financial Crisis? Fines And Settlements Of Over $160 Billion In Past 8 Years
In the eight years since the 2008 financial crisis rocked markets and sent world economies into a downward spiral, many of the big banks that came to be seen as the face of that recession have spent a fortune on fines and settlements. The cases involve everything from fraud to toxic securities to loan and foreclosure abuse.
A Tuesday report from Good Jobs First, a national policy resource center, shows that banks and other financial service firms have piled up more than $160 billion in fees since 2010, a figure that appears to be unprecedented. But critics argue that the fees don’t fit the true costs of the 2008 recession.
“These fines, as big as they are, don’t begin to compare to the amount of monetary damage that the banks did to the economy,” Phil Mattera, research director at GJF and lead author of the report, told International Business Times. “The damage they did was probably in the trillions, so even if they’re fined a couple hundred billion, it doesn’t make up for everything that was done.”
Copy of the report here…