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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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[–] 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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