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As a general rule, people stealing or otherwise breaking the law via companies get cut way more slack than random individuals. Like, Wells Fargo set up million

As a general rule, people stealing or otherwise breaking the law via companies get cut way more slack than random individuals. Like, Wells Fargo set up millions of fraudulent accounts for its customers, and zero people went to jail. Even if you accept the premise that upper level management somehow didn't know, a certain level of negligence should absolutely lead to prison time when the impact is this is large.

hnburnsy 2y ago
No prison time but one was prosecuted and sentenced to home confinement and community service... >A former top Wells Fargo executive avoided prison time for her role in the bank’s sham accounts scandal, after a federal judge on Friday instead sentenced her to six months of home confinement and three years of probation. She was also ordered to pay a $100,000 fine and perform 120 hours of community service.
- tw04 2y ago
  She DEFINITELY made more than $100k in stock and bonuses for the fraud.
- jmpman 2y ago
  Was this the person in HR, who, when the good hearted Wells Fargo’s employees reported the ethical violation, had them terminated? I don’t understand why everyone in their HR department wasn’t immediately terminated and thrown into prison, and forced to pay the salaries of anyone who was fired.
discordance 2y ago
Another classic example is from the 2007–2008 financial crisis, for which there were only two people who were actually charged for their wrong doing: Kareem Serageldin got a 30 month sentence, and Lee Farkas got 30 years but only served 9 and was released because of his "susceptibility to COVID-19 while incarcerated at the Coleman low-security prison in Wildwood" [0][1]. Talk about a lack of culpability. 0: https://www.nationalmortgagenews.com/news/mortgage-fraudster-lee-farkas-out-of-prison-serves-9-of-30-year-bid https://www.nationalmortgagenews.com/news/mortgage-fraudster... 1: https://www.mortgagefraudblog.com/lee-farkas-released-from-prison/ https://www.mortgagefraudblog.com/lee-farkas-released-from-p...

hnburnsy 2y ago

No prison time but one was prosecuted and sentenced to home confinement and community service... >A former top Wells Fargo executive avoided prison time for her role in the bank’s sham accounts scandal, after a federal judge on Friday instead sentenced her to six months of home confinement and three years of probation. She was also ordered to pay a $100,000 fine and perform 120 hours of community service.

tw04 2y ago
She DEFINITELY made more than $100k in stock and bonuses for the fraud.
jmpman 2y ago
Was this the person in HR, who, when the good hearted Wells Fargo’s employees reported the ethical violation, had them terminated? I don’t understand why everyone in their HR department wasn’t immediately terminated and thrown into prison, and forced to pay the salaries of anyone who was fired.

discordance 2y ago

Another classic example is from the 2007–2008 financial crisis, for which there were only two people who were actually charged for their wrong doing: Kareem Serageldin got a 30 month sentence, and Lee Farkas got 30 years but only served 9 and was released because of his "susceptibility to COVID-19 while incarcerated at the Coleman low-security prison in Wildwood" [0][1]. Talk about a lack of culpability. 0: https://www.nationalmortgagenews.com/news/mortgage-fraudster-lee-farkas-out-of-prison-serves-9-of-30-year-bid https://www.nationalmortgagenews.com/news/mortgage-fraudster... 1: https://www.mortgagefraudblog.com/lee-farkas-released-from-prison/ https://www.mortgagefraudblog.com/lee-farkas-released-from-p...