22 banks in the United States and Europe have been forced to pay $230 billion since 2009
American banks have incurred more than half of these massive penalties. The European bill amounts to just over $100 billion ― roughly half of which was paid by the top seven British banks.
But the numbers tell only part of the story. In the U.S., the penalties have been dominated by fines for sales of misleadingly marketed mortgage-backed securities, often to the two government supported entities Fannie Mae and Freddie Mac.
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