8 ms·
I do wonder what happens these fines. The US govmt are pursuing lots of banks (suspiciously lots of foreign ones) and applying massive fines with little hope o
by easytiger 14y ago
I do wonder what happens these fines.
The US govmt are pursuing lots of banks (suspiciously lots of foreign ones) and applying massive fines with little hope of recourse or application of due process. And It is not clear if this money goes anywhere at all.
- andrewcooke 14y agoi have a game on hn, where i try to guess how many posts before someone criticises "the government". you beat even my cynical best guess here.
- thesis 14y agoIs it not a valid question considering the government is collecting a fine due to consumers over paying?
- dusing 14y agoWho else is going to do it?
- jlarocco 14y agoAre you trying to say the citizens of the EU shouldn't be told how their government is going to spend an extra $2 billion? Because that's what he's asking about. I agree it's an important question, but I don't know the answer.
- deleted 14y ago[deleted]
- Someone 14y agoIt is not hard to Google, and the answer is not surprising. http://ec.europa.eu/competition/cartels/overview/faqs_en.html http://ec.europa.eu/competition/cartels/overview/faqs_en.htm...: "What happens to the proceeds from fines? The amount of the fines is paid into the Community budget. The fines therefore help to finance the European Union and reduce the tax burden on individuals."
- easytiger 14y ago1. I didn't criticize, I questioned 2. Pretty valid question!
- anigbrowl 14y agoapplying massive fines with little hope of recourse or application of due process Usually when companies settle it's because the evidence against them is overwhelming, and would hurt their brand far more than the cost of the fine. If you really want to know how these things work, you can generally study the text of settlements at the websites of the relevant government agencies, because they're public documents.