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> In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership i

• alemanek 2y ago
  China: https://www.barrons.com/news/china-sentences-former-asset-manager-to-death-for-extremely-large-bribes-5c92fca8 https://www.barrons.com/news/china-sentences-former-asset-ma... Vietnam: https://www.bbc.com/news/world-asia-68778636 https://www.bbc.com/news/world-asia-68778636 Now both of those countries have their own issues but they know how to deal with corrupt bankers
  • blackeyeblitzar 2y ago
    It’s hard to know what is really true in those situations. Are those bankers actually corrupt? Or were they victims of political targeting? Or was their corruption authorized by a higher power until they were ready to be disposed of? I personally think rule of law is much greater in the US and most of Europe.
    • ToucanLoucan 2y ago
      He said, somehow forgetting that the reason we're even discussing this is the heinous and well documented corruption of a US-based bank.
      • jncfhnb 2y ago
        Not really. If a banker in China is taken down for political reasons, it’s not evidence that China is more adept at upholding banking corruption laws than the US.
        • alemanek 2y ago
          They could just as easily have trumped up treason charges. Whether the charges are valid or not is irrelevant. Both of these countries are clearly sending a message. Get too greedy, corrupt, ..etc and we will kill you. Whereas in the US there are 0 real consequences. It is the message that is important here. The US needs to start putting executives involved in these crimes in federal prison with very long sentences. Fining them doesn’t work they need to lose their freedom.
          • jncfhnb 2y ago
            No, that’s really not clear at all. You are still assuming corruption is the cause of these actions. China consistently ranks far worse in terms of corruption on pretty much all organizations that do such evaluations.
            • ToucanLoucan 2y ago
              And you're assuming political backroom antics. Neither assumption is borne out in any way beyond the fact you seem to think China is inherently scary because it's China. What we do know for certain is that Well Fargo, based in the US, has a long and well documented history of financial tom-fuckery that has been proven, in US courts, to be tom-fuckery that they were given absolute, by any standard you'd care to apply, slap-on-the-wrist punishments for. In contrast, China sentenced a man to die for his financial tom-fuckery that was proven in their justice system to be tom-fuckery. Whether or not you agree with that being his punishment, it was certainly, IMO, more appropriate to at least punish the person responsible rather than parking liability in an LLC, issueing middling fines, and calling it a fucking day. And considering how many times Wells Fargo (and others!) have had these kinds of cases come up, be proven, be slapped with fines that don't even remotely approach a real consequence, and have gone on to do additional tom-fuckery, I'd say it's well established at this point that the fines aren't doing shit. Like, to be clear, I'm anti-death penalty and that would include bankers, I don't think Wells Fargo's CEO should be shot for what he did. That being said, if him being shot was a possible outcome, I have a strong feeling he'd be much more hesitant to do financial crimes via his business.