Big Fines Won't Solve Too Big to Fail

My general theory of the financial crisis was that it was a sort of folie-a-300 million, with the envelope being pushed in every direction.

Five years after the financial crisis, the "too big to fail" banks have paid $100 billion in legal costs -- which are still mounting. That's the finding of a new Bloomberg investigation that added up not just the cost of lawyers, but also settlements over the banks' mortgage practices and other offenses against common sense. The sum is more than their combined profits last year, and more than they have paid out in dividends since the financial crisis.

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