This only adds to my thoughts of banks being corrupt and those in charge of them being involved with the causes of a lot of the foul shit happening around the world.

This stuff only stops when C level executives go to jail, and corporations are forcibly broken up

Nah. We’re only worth keeping safe as long as week keep paying taxes.

Yea, I get that. Just saying that using the fine to AUM isn’t a great metric since banks aren’t usually making a ton off AUM in a normal rate environment. Looks like this bank, as I assume with most, makes most money off loans, but the last two years have been gangbusters in the interest on deposits sector.

1.67 Bank.  Fractions are for chumps and nancy boys.

Their stupid name alone is enough reason to shut them down.

Their compensation models are calculated on assets under control along with profit. But we all know it’s a shell game of how the compensation committee plays with the numbers as the payment schedules.

Although I agree that this fine isn’t huge. It is 10% of their operating profit from 2023, so it isn’t exactly small. Bank assets are not a great measure of a banks value or even close to it.

Cheers; seems to be regional, which explains why I’d never heard of it before (I haven’t spent much time in the midwest). 

Which means a 20mil fine is a rounding error to them. 

And they will probably come out ahead with some creative tax accounting

ABAB 

Better than calling it “Third Fifth Bank,” I suppose.

Although I bet their board meetings would have been more fun

There were the 1st Bank and 2nd Bank and 3rd Bank. Then the first 3rd Bank failed and they made the second 3rd Bank and so on.

When a politician is negatively impacted.

Still better than the Three-Fifths Comprimise Bank.

Not going to lie: I mostly clicked the link to double check the bank’s name.

I hate the way the word “families” is used these days. “Families” got their car repossessed. Keeping “families” safe. Etc, sorry I can’t think of more examples right now. What about single people with no children. Aren’t they worth keeping safe and defending from fraud?

The $5M penalty for the insurance scam isn’t enough... $214B in assets makes this a rounding error (Sure it’s customer funds for the most part, but clawback the bonuses and maybe this gets future bad actors a second thought?)

Who would ever trust a bank that doesn’t even know how to do fractions correctly?