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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.” I get that they are an evil corporation, but accuracy matters.
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.
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.
Some countries have speeding fines set to a percentage of your pre-tax income. A student is hurt as much as a CEO. This should be the same.
Agreed. They harm people all day with defective products and the solution is "lol here have this fine that barely hurts you"
I'm genuinely ignorant, but is the owner's protection against the company failing due to standard bad luck/mismanagement/cursed frogurt, the company doing blatantly illegal things under their direction, or both?
Nobody's sending you to jail for using WhatsApp.
They evaded scrutiny of regulators. That is what they're being charged with.
I believe the federal government has the power of the corporate death penalty, they just never use it.
At this point I'd rather we be like Asian countries and start jailing the CEOs.
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.
What about the people who working there.
They will be made into hamburgers and i will eat them with mushrooms and swiss
As @Nutteman has spoken, so let it be
Hear ye, hear ye!
They should get UBI, just like everybody else.
are you a bot?
Yes
Of you put CEOs and Execs in prison then you are not treating corporations like people. If you do something illegal then they put you in prison. Not your CEO or Execs.