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Reminder that Wells Fargo was caught opening millions of accounts without permission. This company should not be trusted with anything.
One of the rare cases where a company actually paid a huge $3 billion settlement.
It hardly made a dent, though.
Link
Totally. It wasn’t close to being enough. The entire board should have been arrested for fraud, at the very least. At least it wasn’t some laughably low amount like we’re used to, I’m surprised it was even this high.
I really wish we'd start prosecuting and imprisoning leadership boards for really anything the company does wrong. It's really amazing the way we let companies just get away with every single thing, I mean how much more predictable could the slide to shittiness be?
Damn straight.
This is exactly why fees would be revenue based. A flat 1% of annual revenue per offense would very quickly get that shit to stop.
I was looking for this comment. ALL fines should run as a percentage of annual income or profits. This includes traffic tickets and other fines.
Didn't a country do speeding tickets as a percent of income?
Talked to the board and my state senator and they are good with this, so long as at every 100 offenses it rolls over back to 0 like an odometer.
Just an operating cost.
3B is peanuts to them. I want to see fines that cripple a company's yearly profits so that, in lieu of criminal investigations and repercussions, the execs at the very least get punished by their board of directors and shareholders. There's only one language they understand. Another poster called it "operating costs". That's what we need to get rid of; punitive fines need to regain their punitive nature in order to be anywhere close to effective.
Needs executive jail time of 1 year per million dollars too.
If a corporation is effectively a 'person' under the law, any corp that has caused death should receive the death penalty, and their executives executed by firing squad.
Also, as a legal entity as that of personhood, are corps even allowed to identify as anything under new anti dei 'laws'?
I don't know Wells Fargo's gender. That's illegal now.
To add on to what you said, the way I've always described my stance on the corporations are people argument is that I will believe they are people when Texas gives one the death penalty.
No doubt. If fines and settlements are all we can muster, then there needs to be real personal consequences for those responsible as well as the corporation taking responsibility. Until we fully decouple money and politics, I have a hard time imagining that kind of proportionate punishment ever being doled out.
Yep if there was any justice in the world this would have put Wells Fargo deep in the ground but fucking no
Seriously. There's no reasonable argument that they should have been allowed to continue to exist after that.
This is true. At the time it sounded so serious. Hand slaps and finger wags. It’s totally ok to cheat steal and lie if you are rich. Rules don’t apply to you. It’s completely mad.
Hold on, what victim was being blamed in the comment you replied to?
Are you suggesting that Wells Fargo was a victim? That's literally the only way I can figure out to interpret this.
And was banned from doing business in California
I was one of those millions. Cost me way more than I got back in the settlement. Wells Fargo is a criminal organization.
Fuck, I’m sorry that happened to you. It’s ridiculous that every victim of their fraud wasn’t at least made whole, but in addition to the people who should have gone to prison, you and all their victims honestly should have been given a modest fortune as proper restitution for these crimes.