this post was submitted on 08 Aug 2023
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach (www.cnbc.com)
submitted 1 year ago by [email protected] to c/[email protected]
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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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[–] [email protected] 7 points 1 year ago (2 children)

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.

[–] [email protected] 11 points 1 year 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 8 points 1 year 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.