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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach (www.cnbc.com)
submitted 3 years ago by [M, B] to c/technology@lemmy.world
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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.

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[+] 187 points 3 years ago (9 children)
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  • [–] 56 points 3 years ago* (3 children)

    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.

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  • [–] 15 points 3 years ago* (last edited 3 years ago)

    You can’t compare worth with income. A better comparison might be profits, which were $15B for past 12 months. So Wells Fargo’s penalty is 1.3% of their “salary.” Even if you go by revenue, it’s greater than your parking ticket example. I get that they are an evil corporation, but accuracy matters.

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  • [–] 5 points 3 years ago (2 children)

    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.

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  • [–] 12 points 3 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.

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  • [–] 8 points 3 years ago (1 child)

    The whole point of a limited company is that its owners are protected against failures of the company. A lot of things will go sideways if this protection gets removed.

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  • [–] 5 points 3 years ago

    Companies in prison. Unable to operate for whatever length their sentence is. When they come out, they will forever be considered a felon and will not be able to do business with most other companies.

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  • [+] -28 points 3 years ago (4 children)

    What about the people who working there.

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