That's part of the reason why I said fines were good. They're good both because it recovers some of the ill-gotten gains of shareholders (your point), but also

That's part of the reason why I said fines were good. They're good both because it recovers some of the ill-gotten gains of shareholders (your point), but also because it incentives better governance. But due to agency problems, jail should be also be added on top for the most egregious violations. As an example, the HSBC execs that banked cartels should have gotten jail sentences.