Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach::Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.
Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach::Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.
Wells Fargo is worth 163 billion. That $200 million fine is literally 0.12% of their Net worth.
In comparison
The average US salary is $59,428. A parketing ticket on average is about $80
That parketing ticket is 0.13% of that Salary.
So this “fine” is in fact cheaper than a parking ticket.
Yup. The fines should be 10-20% of profits for the time period, per charge, depending on the severity.
That would got their gd attention.
Never profits, always revenue. Profits can be gobbled up by some internal bonus or “future investment in a project”, thus making it $0. Revenue is all the money generated before allocations and expenses come out. Much harder to weasle out of.
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Sometimes I don’t feed the meter if I don’t think a meter maid will get to my car before the parking hours end. I just fuckin risk it.
As much as I dislike giant corporations greetings fines on the scale of “cost of doing business”. I think it is disingenuous to compare net worth and yearly salary, they are not equal. We should be comparing yearly earnings or profits. But I do agree that the fine should still be larger and jail time should be on the table.