But the way such consolidated settlements are structured means Goldman will not pay the full $5 billion price tag touted by Schneiderman.

The so-called “vampire squid” of the banking industry, which manages $861 billion in assets, will be able to write off $1.8 billion worth of consumer relief actions that Goldman must take under the settlement, for example. The same goes for $875 million in payments to settle related cases brought by Schneiderman, his Illinois counterpart Lisa Madigan, the National Credit Union Administration, and federally-backed housing lenders in Chicago and Seattle.

Less than half of the total sticker price — $2.385 billion — is structured as a civil penalty, which is generally not deductible. The settlement papers do prohibit Goldman from seeking FDIC reimbursement for any of the deal’s costs, but that language does not rule out simple deductions.

Schneiderman’s office and the U.S. Department of Justice did not immediately respond to questions about the Goldman settlement.