this post was submitted on 08 Aug 2023
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I break the law, I go to jail. A corporation breaks the law they get a fine the equivalent of a parking ticket.
If corporations want to be people it’s time we start treating them like people. CEOs and Execs in prison. Actual fines that hurt the bottom line. And for the really egregious: shut them down, or if they’re “too big to fail” we can let the government take over or break them up into dozens of small companies ex: Baby Bells
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.
As much as I dislike giant corporations greetings fines on the scale of "cost of doing business". I think it is disingenuous to compare net worth and yearly salary, they are not equal. We should be comparing yearly earnings or profits. But I do agree that the fine should still be larger and jail time should be on the table.