this post was submitted on 08 Aug 2023
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach (www.cnbc.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach::Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.

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[–] Aux@lemmy.world 8 points 1 year ago (1 children)

The whole point of a limited company is that its owners are protected against failures of the company. A lot of things will go sideways if this protection gets removed.

[–] EvilBit@lemmy.world 2 points 1 year ago (1 children)

I'm genuinely ignorant, but is the owner's protection against the company failing due to standard bad luck/mismanagement/cursed frogurt, the company doing blatantly illegal things under their direction, or both?