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.

    • ech0@lemmy.worldEnglish
      372·
      2 years ago

      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.

      • girlfreddy@lemmy.worldEnglish
        4·
        2 years ago

        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.

        • Ignisnex@lemmy.worldEnglish
          10·
          2 years ago

          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.

      • foggy@lemmy.worldEnglish
        3·
        2 years ago

        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.

    • TwoGems@lemmy.worldEnglish
      8·
      2 years ago

      Agreed. They harm people all day with defective products and the solution is “lol here have this fine that barely hurts you”

    • aesthelete@lemmy.worldEnglish
      6·
      2 years ago

      I believe the federal government has the power of the corporate death penalty, they just never use it.

      At this point I’d rather we be like Asian countries and start jailing the CEOs.

      • EvilBit@lemmy.worldEnglish
        2·
        2 years ago

        I’m genuinely ignorant, but is the owner’s protection against the company failing due to standard bad luck/mismanagement/cursed frogurt, the company doing blatantly illegal things under their direction, or both?