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::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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[–] ech0@lemmy.world 55 points 1 year ago* (last edited 1 year ago) (3 children)

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.

[–] Frodo@startrek.website 15 points 1 year ago* (last edited 1 year ago)

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.

[–] girlfreddy@lemmy.world 5 points 1 year ago (2 children)

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.world 12 points 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.

[–] eldavi@lemmy.world 6 points 1 year ago

That would got their gd attention.

it always gets their attention and then they pay people to lobby our government to get a lowered; which also always happens.

[–] foggy@lemmy.world 4 points 1 year ago

Sometimes I don't feed the meter if I don't think a meter maid will get to my car before the parking hours end. I just fuckin risk it.