this post was submitted on 08 Aug 2023
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I break the law, I go to jail. A corporation breaks the law they get a fine the equivalent of a parking ticket.
If corporations want to be people it’s time we start treating them like people. CEOs and Execs in prison. Actual fines that hurt the bottom line. And for the really egregious: shut them down, or if they’re “too big to fail” we can let the government take over or break them up into dozens of small companies ex: Baby Bells
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.
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.