3 ms·
$10MM minimum penalty is not sane.
by tomnipotent 8y ago
$10MM minimum penalty is not sane.
- maxsilver 8y agoIt's very sane -- For a mistake as large as Equifax, a $10MM penalty is basically a slap on the wrist.
- mmaurizi 8y agoThe law states "up to 10,000,000 EUR" which is the opposite of minimum I'd say.
- s_dev 8y agoThe law does not state that. It states €10 million or 2% of gross worldwide revenue -- whichever is higher.
- zaarn 8y agoThose are still the maximum, the 10 million is still not the minimum. The EU could fine a corporation with 10 billion turnover 10$ but they also could fine up to 200 million $. It doesn't mean they have to fine atleast 10 million once you're over the 2% switchover.
- s_dev 8y agoYou're missing my point -- what you said the law says and what the laws says are different. You're maximum/minimum argument relates to the guy above your post. That additional option of a 2% figure changes the dynamic of how the fines work completely.
- johnnyfaehell 8y agoThe law says “up to” which is what they explained.
- M2Ys4U 8y agoIt's not a minimum penalty. There is no minimum penalty. It's part of the calculation for the _maximum_ penalty, which is max(€20m, 4% of global turnover)
- orf 8y agoAs many people have pointed out, what you have said is untrue. I'd actually read about the regulation before commenting on its sanity.