Ordered to pay 219 billion, which was immediately reduced to 25 billion
Which means they just fucked the people out of $194,000,000,000
Ordered to pay 219 billion, which was immediately reduced to 25 billion
Which means they just fucked the people out of $194,000,000,000
This is less than 2 quarters of income or 1/4 of a quarter's revenue. It's cost of doing business for their size
Disagree. Nearly a month's worth of revenue is nothing to sneeze at. I do agree that the fines need to be higher though, preferably a percentage. I'm of the mind that fines should be 1% of YoY global worldwide revenue per person affected per infraction
Fines should be separated into two categories.
Fine applied against the company for minor regulatory issues (avoiding fees, mis-reporting finances, accidents, etc.)
Fines applied against the executives personal assets for criminal activity. This would be for deliberate actions that causes harm. These should start out at a minimum 1 years gross income per instance and go up from there.
It would take redefining the limited liability of corporations to only apply to minor things or true accidents.
It also depends how long they have to pay. The recent $18B settlement must be paid over 10 years. So that basically doesn’t matter to a company like Meta.
… and recouped the fine (and more) in AH trading following their earnings call. They’re doing a cap raise by issuing new (non-voting) shares. Zuck is diluting FB/META stock to pay his California Tax Bill. Fuck Zuck. Fuck Meta. Fuck the slop bubble.
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