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TD May Face US$2 Billion Money Laundering Fine, Third-Largest Ever: Analysts - Better Dwelling
(betterdwelling.com)
this post was submitted on 07 May 2024
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Counterpoint: a very large fraction of the population is one unexpected bill away from insolvency. It doesn't seem unreasonable to impose a similar fear on corporations for actual criminal activity.
Yes, that's me saying that a corporation breaking the law should have to legitimately consider closing it's doors. In some cases, forced closure should be part of the actual penalty.
I don't see that as a counterpoint. I think it's reasonable that banks (and corporations, in general) are fined significantly for regulatory violations.
With regulatory capture, most regulations are weak to begin with. And if they don't have teeth, then they're entirely pointless.
Two years of free cashflow is a good fine for serious violations of ethics/regulations, imho. I don't think they're getting off lightly with that, though; it's a significant enough fine that they're incentivized to do better and, even better, acts as a warning shot across the entire industry.
My (counter) point was that much lesser crimes committed by an individual would have completely destroyed the life of the perpetrator and probably their family. Yet high fives all around when a corporation has to put up with a couple of years of lost growth just because a number is too big for an individual to properly comprehend.