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Here's the official statement from the U.S. Tennis Association:

U.S. Open Tournament Referee Brian Earley has fined Serena Williams $2,000 following the code violation issued for verbal abuse during the women's singles final. This fine is consistent with similar offenses at Grand Slam events. As with all fines at the U.S. Open, the monies levied are provided to the Grand Slam Development Fund which develops tennis programs around the world.

After independently reviewing the incident which served as the basis for the code violation, and taking into account the level of fine imposed by the U.S. Open referee, the Grand Slam Committee Director has determined that Ms. Williams' conduct, while verbally abusive, does not rise to the level of a major offense under the Grand Slam Code of Conduct.

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Statement by USTA Bill Babcock: does NOT "rise to the level of a major offense" and $2000 fine "is consistent with similar offenses at Grand Slam." events"

The first media reports were suggesting a major fine and possible suspension.

Watch video HERE

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a collection of news links (all ranges of opinions):

watch the video here