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.

  • ech0@lemmy.worldEnglish
    604·
    1 year ago

    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.websiteEnglish
      15·
      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.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.

    • foggy@lemmy.worldEnglish
      4·
      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.