Wells Fargo Is Plotting to Privatize the Post Office
a year ago by return2ozma to c/news
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.
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.
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.
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.
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.
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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.
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