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.

  • FuglyDuck@lemmy.worldEnglish
    593·
    11 months ago

    they really need to start with forfeiting all profits. and then maybe a percentage-based fine on top of that.

    make it really painful, in the only place these people can be hurt.

      • FuglyDuck@lemmy.worldEnglish
        201·
        11 months ago

        it’s more complicated when it’s an entire corporation. Corporations only care about the bottom line so they’ll let their minions take the blame. The only real solution is to hurt them in the wallet enough that they have to play by the rules to make a profit.

        • grte@lemmy.caEnglish
          23·
          11 months ago

          Not really. Put the C suite in prison and I’m sure the next crew will think twice. They can try and throw underlings under the bus but we don’t have to accept that. The buck stops at the top.

          • FuglyDuck@lemmy.worldEnglish
            7·
            11 months ago

            Can’t put people into prison for things they didn’t do, and demonstrating RICO is a lot harder than it sounds. I guarantee you, you start going after their profits and making them take losses, the behavior stops immediately, and across the board.

            they’d just get another C-Suite.

            • grte@lemmy.caEnglish
              11·
              11 months ago

              But they did do something? They ran a company in an illegal fashion. If they didn’t act directly they were negligent. Either way, lock them up.

            • Kecessa@sh.itjust.worksEnglish
              8·
              11 months ago

              They always defend their ridiculous income by saying that it’s proportional to their level of responsibility? Then the board is responsible for everything that happens in the company unless they can pin point exactly who did what under whose guidance.

        • krolden@lemmy.mlEnglish
          1·
          11 months ago

          Send the whole corporation to prison since they have legal rights same as I do (but I can’t afford to enforce mine).

    • db2@sopuli.xyzEnglish
      92·
      11 months ago

      They’ll just pass it along to the customers though, that would have to be made very illegal first… and even then they’d probably do it anyway and blame it on the tellers. In the sea of illegal things Wells Fargo has already done that wouldn’t even make a ripple.

      • xePBMg9@lemmynsfw.comEnglish
        2·
        11 months ago

        They can pass whatever they want on to the customer; as long as they follow the rule of law. If they charge too much, their buissnes idea was unsound and will most likely be done better by a competitor.