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.
I break the law, I go to jail. A corporation breaks the law they get a fine the equivalent of a parking ticket.
If corporations want to be people it’s time we start treating them like people. CEOs and Execs in prison. Actual fines that hurt the bottom line. And for the really egregious: shut them down, or if they’re “too big to fail” we can let the government take over or break them up into dozens of small companies ex: Baby Bells
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.
Agreed. They harm people all day with defective products and the solution is “lol here have this fine that barely hurts you”
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.
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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?
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What about the people who working there.
They will be made into hamburgers and i will eat them with mushrooms and swiss
As @Nutteman has spoken, so let it be
Hear ye, hear ye!
They should get UBI, just like everybody else.
To jail with them all!
/s
It’s always Wells Fargo with the law breaking.
It’s the American version of HSBC
These really need to be reported as percentage of revenue. It’s really not that much for them.
Oh no. In other news banks keep breaking the law and using our money to pay fines.
Remove banks. Leach on society that provide nothing. Yet they are the reason we can’t frolic in the meadows.
I would follow you into the mists of Avalon, if that’s what you mean.
That isn’t a fine. That’s the cutest if doing business to these assholes. I keep saying it, fines need to be calculated on a logarithmic scale based on income and net assets. That goes for everything from a speeding ticket to wire fraud - literally every crime with a fine as punishment.
Don’t need no logarithm :-)
Just 1% of their worldwide year’s revenue for each day when the offence is/was happening.
Of course it’s Wells Fargo!
Quantum computers accessible only to the rich and powerful can’t get here soon enough…
Are you saying that quantum computers could help the rich encrypt their communications better?
Haha the only thing a quantum channel does is verifying if a message has been altered (looking at a message alters it).
Actual encryption that prevents the Shor algorithm from having a linear running time have been around for quite some time now and can be easily run on normal machines. NIST is just taking its sweet time to decide on one.
It is finally time for FOSS banks
That’s chump change
bank attack on encryption?
The banks have heavily invested in a cross platform chat app that’s (in its own words) bridging the gap.
Just wait for the consumer version ready to be pushed by governments.
