Another scam and another 'jail-free' card for the billionaires; this time, Wells Fargo gets away with $3 Billion in fines

By CryptoTapas.com | Bitcoinz News | 1 Mar 2020


What follows is an opinion.

Wells Fargo has been fined $3 Billion for the fake account scandal, while common people spend years in jail for possessing marijuana.

The difference:  Wells Fargo and its executives can afford the 'jail-free' ticket while those looking to manage stress of life through marijuana spend years in jail, sometimes waiting for their trial.   

This is not the first time when citizens got fukked by a big company and got away with fines.

Goldman Sachs, known for creating and benefiting from the financial meltdown in 2008, got its jail-free card for $5 billion.

Facebook got its jail-free card for $5 Billion for screwing with privacy of millions of people who made the company rich.

Now, Wells Fargo joins the elite list with a $3 Billion in fines.  Its CEO is getting the jail-free card for $17 Million, which I am assuming is peanuts for him compared to what he would have made for creating 1000s of fake accounts.

Crypto space is not immune to this either.  Block.one that raised $4 billion in ICO got away with a fine of 24 million for running an unregistered ICO that was against the securities law.  For a company that raised $4 Billion - $24 Million was nothing, at the same time, companies that raised a smaller amount got wiped out by SEC fines because they couldn't afford it, even if their idea was groundbreaking and had honest intentions.

Crypto, as it seems, might be inadvertently creating a parallel space for inequality.  In our opinion, there are few whales in crypto space that own so much wealth that they easily manipulate the market and throw the small investors out of water, many times, without consequence. 

What is the ultimate solution to this inequality and jail-free card norm?  I am not sure anymore!

 

 

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CryptoTapas.com
CryptoTapas.com

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