What's going on Canada?
π Meta
πΊοΈ Provinces / Territories
ποΈ Cities / Local Communities
π Sports
Hockey
Football (NFL)
unknownFootball (CFL)
unknownBaseball
unknownBasketball
unknownSoccer
unknownπ» Universities
π΅ Finance / Shopping
π£οΈ Politics
π Social and Culture
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
I can't wait to pay for this in fees, fines and other charges.
They made over $10B in profit in 2023. Shouldn't be a problem.
Cost of doing business. Still massive profits.
Not quite so simple. Converting to USD:
TD has a 5.37% dividend yield, a market cap of 134.46B, and $8.498B in profit.
Doing the math, their earnings are 6.32% of capitalization. They have less than 1% slack in their earnings yield after dividends. That works out to about $1ΒΌB per year in free cashflow. So a $2B fine is roughly 2 years of capital accumulation; a big setback for sure!
Counterpoint: a very large fraction of the population is one unexpected bill away from insolvency. It doesn't seem unreasonable to impose a similar fear on corporations for actual criminal activity.
Yes, that's me saying that a corporation breaking the law should have to legitimately consider closing it's doors. In some cases, forced closure should be part of the actual penalty.
I don't see that as a counterpoint. I think it's reasonable that banks (and corporations, in general) are fined significantly for regulatory violations.
With regulatory capture, most regulations are weak to begin with. And if they don't have teeth, then they're entirely pointless.
Two years of free cashflow is a good fine for serious violations of ethics/regulations, imho. I don't think they're getting off lightly with that, though; it's a significant enough fine that they're incentivized to do better and, even better, acts as a warning shot across the entire industry.
My (counter) point was that much lesser crimes committed by an individual would have completely destroyed the life of the perpetrator and probably their family. Yet high fives all around when a corporation has to put up with a couple of years of lost growth just because a number is too big for an individual to properly comprehend.
A fine that doesn't hurt the bottom line of the company is just cost of business, I'm for people to see the inside of a solitary confinement cell
The punishment for money laundering is a fine? We've truly lost the plot.
$10.8 B profit in 2023, $17.2 B profit in 2022. $14 B profit in 2021.
Isn't there a law that says if a company is caught breaking the law you don't have to pay them?
Hahahahahahah yeah right. Even if there was, they'd find a way around it.
If you want to make this stick, don't let them deduct it as a loss on their taxes and really don't let them pass it on as an increase in fees.
The latter is especially important, because if they raise it, the others will to, and they'll be, ah, making bank the next year.
You know what else would be nice? Criminally charging the people responsible.