Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.

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.

  • girlfreddy@lemmy.worldEnglish
    5·
    1 year ago

    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.

    • Ignisnex@lemmy.worldEnglish
      131·
      1 year ago

      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.