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$185 million is just shy of three days profit for Wells Fargo...

OG_slinger wrote:

$185 million is just shy of three days profit for Wells Fargo...

Their stock is down 2% in the last 5 days. That's far more significant a loss.

Jonman wrote:
OG_slinger wrote:

$185 million is just shy of three days profit for Wells Fargo...

Their stock is down 2% in the last 5 days. That's far more significant a loss.

And it will go up when the Wells Fargo CEO announces layoffs or a merger or Wall Street realizes that the company is still making cash hand over fist.

It's more to point out that when a company willfully commits these violations they should be fined an amount that is so financially painful that they will never, ever do that again.

All the $185 million fine does is marginally increase Wells Fargo's operating costs for a quarter when it should be so large that the BoD and investors fire the CEO and purge the ranks of senior management for being so goddamned greedy and stupid.

It's like fines for coal mining companies. They're so ridiculously low that the companies would rather pay the fine than spend the money for the safety improvements required to get them in compliance.

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