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July 24th, 2012
02:10 PM ET

NCAA slaps Penn State with a $60 million fine – Susan Candiotti reports

Massive punishments are following an independent investigation led by former FBI Director Louis Freeh surrounding the child sex abuse scandal at Penn State. Early Monday, the NCAA announced sanctions against the university including a $60 million fine as well as a four-year ban from bowl games.

Penn State's President Rodney Erickson says, "Penn State's a very resilient university and I'm always struck by the sense of resolve people have here when confronted with a situation like this."

The sanctions will also result in the loss of 10 scholarships per year for the next four years, leaving Penn State's football future hanging in the balance.

Susan Candiotti reports.

Filed under: Penn State scandal
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