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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 L4s@lemmy.world 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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[–] FuglyDuck@lemmy.world 19 points 1 year ago (2 children)

it's more complicated when it's an entire corporation. Corporations only care about the bottom line so they'll let their minions take the blame. The only real solution is to hurt them in the wallet enough that they have to play by the rules to make a profit.

[–] grte@lemmy.ca 22 points 1 year ago (1 children)

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.

[–] FuglyDuck@lemmy.world 6 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.

[–] grte@lemmy.ca 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@sh.itjust.works 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.

[–] krolden@lemmy.ml 1 points 1 year ago (1 children)

Send the whole corporation to prison since they have legal rights same as I do (but I can't afford to enforce mine).

[–] FuglyDuck@lemmy.world 1 points 1 year ago

hey, I'd be down for that. just one question..... ... how?