Citigroup (C) is making its previously-leaked settlement with the U.S. Government official today. After months of tense, semi-private negotiations Citi has agreed to pay roughly $7 billion for selling shoddy mortgage-backed securities prior to the 2008 financial crisis.

As part of the shakedown Citi will provide $2.5 billion in consumer relief and split about $500 million between the FDIC and five different states. The Department of Justice is the real winner, raking in $4 billion in cash. Not bad for group with a budget of only $700 million for all investigations and prosecutions of financial crimes.

The news of Citi's deal with the DOJ is a fitting start to earnings week for the financial sector. Citi also reported its second quarter results today. How did they do? Who cares? Citi took a $3.8 billion pre-tax charge. That muddies the waters just a bit. In fact, the $7 billion headline is half what Citi was expected to make this year. Considering the best case scenario for this from shareholder's perspective is that Citi is done paying fines for activities up to 2008 it's silly to look at this settlement as a one-time thing.

There isn't another sector on earth where ghosts from a decade ago threaten your quarterly results. When you listen to Goldman (GS) and JP Morgan (JPM) tomorrow, Bank of America (BAC) Wednesday and Morgan Stanley (MS) on Thursday just remember that none of the numbers are final. Dont forget, as of 2007 Citi was doing pretty well. That was when then CEO Chuck Prince told a reporter the bank was still doing high-risk loans because "as long as the music is playing you've got to get up and dance."

As turned out the band charged Citi $7 billion in fines and that's on top of the loan losses and market cap vaporization already endured. The meter never stops. The bottom is unknowable.

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