Anyone else notice G.E. was fined $50 million? That's chump change for G.E. They spent $200 Million in legal fees trying to fight it.
We had BoA fined $33 million for Merrill Lynch bonuses. How big were those bonuses? $5.8 billion.
This problem goes way past Wall Street. Most fines and violations are more like a speed bump slow down as corporations throw change at the toll booth.
Thanks for your ante, thanks for playing. If there is no consequence why bother to follow the rules?
If you think this issue is new, it's old, well researched that fines are not a deterrent as long as it is more profitable overall.
For historical purposes, Forbes had a Wall Street fine tracker from 2004 to 2001. Note how much this deterred risky behavior. Recognize any familiar names?
Oh yeah, BoA has about $45 billion in TARP funds. Are those fines robbing Peter to pay Paul...and Paul's CEO, CTO, CFO, COO....