5 ms·
I feel that if a company is paying a fine of 1M or more, someone should also be going to jail - otherwise there is not going to be any meaningful accountability
by donohoe 6y ago
I feel that if a company is paying a fine of 1M or more, someone should also be going to jail - otherwise there is not going to be any meaningful accountability.
- bhelkey 6y ago> Robinhood agreed to pay $65 million to settle the charges. ... Without admitting or denying the SEC’s findings, Robinhood agreed to a cease-and-desist order prohibiting it from violating the antifraud provisions of the Securities Act of 1933 and the recordkeeping provisions of the Securities Exchange Act of 1934, censuring it, and requiring it to pay a $65 million civil penalty. A slight quibble, Robinhood and the SEC settled. There was no fines issued. I do think that the threat of being sent to jail would be a much better deterrent than the threat of losing 2x the money gained by doing something illegal.
- tptacek 6y agoGet that law passed, bearing in mind that half the country is represented by a political party that is opposed in principle to financial regulations of almost any sort.
- nbardy 6y agoAgreed. Same as 2008 crash. The executives that made these decisions are most likely ending up ahead on their fat salaries. We’ve got to hold decision makers accountable.