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- cross-posted to:
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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.
It’s cost if doing business for them though, the “fines” are a farce, just protection money paid to a gang.
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How about sending the people responsible to prison?
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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.
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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.
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Send the whole corporation to prison since they have legal rights same as I do (but I can’t afford to enforce mine).
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They need to start throwing these criminal fucks in prison.
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.
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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.
I feel like they need to apply charges like conspiracy and fraud against the individuals responsible. When I worked in national security oriented roles, the standard response when being asked to break the law (eg reveal classified info) was to say “I could do that, but I look really bad in orange.”
If the individuals being asked to commit violations and crimes were held individually responsible more often, people would be less likely to do it.
White collar crime costs the economy far more than other kinds of crime, and that’s due to a lack of enforcement caused by misaligned priorities.
The obvious first step is revocation and personal barring for life every single person who participated in the communication from holding a SEC license. The second is jail time for anyone who did it willfully. The third is revocation of their corporation or, in the interest of stockholders who are about to become personally liable, a 50 year probationary period in which revocation of corporation is automatic should any other infraction come to light.
But since the wolves are minding the hen house that’ll never happen… it’ll take French tactics.
Fines as a percentage of revenue. A big percentage. That’ll stop this nonsense.
Revocation of corporate status. A corporation is a status set out in US law. No corporate status, no legal protection for officers or shareholders. All liability falls personally and directly on the owners.
Yeah, seriously, why do people forget this so easily? THE GOVERNMENT GRANTS SPECIAL PRIVILEGES TO CORPORATIONS. Any stipulations, limitations, or exceptions are absolutely fair game. Ideally, we grant corporate charters to promote commerce and benefit society. Nobody has a right to a corporate charter, so if a corporation is harming us, we should terminate it like the pregnancy of a Republican’s mistress.