5 ms·

These as fines are too small. It is just a cost of doing business. The fines should be devastating so getting 5-6 of such fines should be a death penalty for th

• eesmith 5y ago
  And staff should go to jail.
• jacobr1 5y ago
  The fines aren't big enough to change their business, but they are quite possibly big enough to change their _proceedures_. I can easily imagine there becomes more stringent internal rules and processes on disclosures, even if they keep doing business the same way in general. If we are talking about fines that could cause the firm to go out of business, we need evidence of actual abuse of position. I'm not sure failure to disclose, by itself, is a sufficient transgression. On the other hand, it seems that it might be fair to penalize firm their fee on the contract, or a meaningful portion of it, on the basis of breach of contract. I'm not sure if that would be higher or lower than the current penalty.
• twobitshifter 5y ago
  Mckinsey is paying 600 million to states which is 10-20% of yearly profits. https://www.forbes.com/sites/r https://www.forbes.com/sites/r obertzafft/2021/02/07/mckinseys-573-million-absolution--value-for-money--but-for-whom/?sh=517a72c56429
  • nawgz 5y ago
    Yes, which is his point, 10-20% of yearly profits is a literal cost of doing business, and not a particularly damaging one. Most companies would gladly trade 20% profit in order to control information from every side of their industry...
    • robertlagrant 5y ago
      It's less than that if it's a tax write-off too :-)