Wells Fargo's ex-CEO will pay $17.5m in fines and never work in banking again (but he is still very, very rich)

Originally published at: https://boingboing.net/2020/01/24/lock-him-up.html


Multi-millions in the bank and barred from working in banking? Sign me up for this “punishment” please…


not 1 day in jail, no criminal record…


Harsh punishment will follow, as his pals will make jokes at his expense on their yacht club outings, golf games, etc. /s


True justice right there. /s


Yeah, some of that money he’s got was stolen from me, I think I may have believed I was due some recompense for about 10 minutes or so, back in the 'teens.

I guess the trick is to steal just a little from a whole bunch of people, and not piss off someone with deep enough pockets to seriously damage your own portfolio.

/peak capitalism


“In Rome, everything is for sale.”

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/reverse office spacism

Thus begins his career as a consultant. Or possibly motivational speaker.


Shouldn’t we execute people who commit millions of counts of bank fraud?

That seems like an appropriate use of the death penalty, if we’re going to insist on keeping it an open option.

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If nothing else; why not at least charge them with the same enthusiasm that people who commit single acts of fraud get.

If a sentence for a given crime is just; why not several million times that sentence for several million times that crime?


A. Fine. Is. A. Price.


Well… While he’s obviously an odious fellow and ought to at least spend the rest of his life in penury, it’s not like he was deliberately committing each act of fraud personally. There’s enough blame to spread around here. (Like, what happened to these leaders who told him the behavior was “isolated and not systemic”, or this Carrie Tolstedt who wasn’t held “accountable”?)

I mean, I’d probably be okay with his execution on Marxist principles as well anyway.

Eat the rich.

Back in the day when Isaac Newton was head of the Royal Mint, he was held in great fear by counterfeiters as that crime was considered more heinous than murder, which would merely get you hanged. Counterfeiters got to experience the joy of being half-hanged, drawn and quartered. So execution does seem reasonable here.


For fines, i’ve always been a fan of having flat percentages of your total wealth* rather than fixed fines that hit the poor extremely hard but constitute barely a mild inconvience the wealthy…

*(How this is implemented would need careful wording, but i’m quite sure it’s achievable)

I’d expect people convicted of many counts of predatory usury should get fucking beheaded.

Not only achievable, but implemented in some countries: https://en.m.wikipedia.org/wiki/Day-fine
The fine is enumerated in number of days of income. I don’t know of any of these schemes takes into account wealth as well as income, thought.

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The Swiss set driving fines based on your taxable income, which in most countries would include capital gains etc.

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