Wells Fargo fined $1.7 billion for ‘illegal activity’ including unjust foreclosures, vehicle repossessions.
https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html
#corporatecrime #DOJ #WellsFargo #CoSoNews #News
@pennedinwhite Clearly, the fines are being treated as a business risk, rather than as an existential risk. Would lower fines and guaranteed jail terms for execs make a difference?
@peterquirk I would think so. Fines, I digress, are have never really proved to be a deterrent, especially for those who have the means to pay fines without feeling them.
@peterquirk What about restoration to the people they swindled?
@Attilisk I think that's up to another agency like the CFPB or to a class action suit on the part of the victims.
@peterquirk Such a shock from Wells Fargo. They've just been littered with legal trouble throughout the years - and that is so unsurprising.