Largest corporate fines over the past 7 years:

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Punytive Damages? Biggest corporate fines - Information is Beautiful
Source: Information is Beautiful

Category: Digital Media, Legal, Regulation

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7 Responses to “Punytive Damages”

  1. lalaland says:

    This links straight back to your question the other day about why Americans blame government for corporate america’s misdeeds, imho. Financial services, big oil and big pharma are all very well represented on this list of corporate scofflaws, and they are also in the top 10 for lobbying Congress. Congress (and, recently, the supreme court) has created a system of legalized bribery and scandalously little regulation/oversight of wealthy and powerful industries. Sure, they are being fined, but we don’t want fines; we want prevention of illicit activities in the first place. If prosecution is too difficult to accomplish, oversight must be enhanced to prevent illegal actions from occurring at all.

  2. scecman says:

    Two obvious things stand out; never trust the health care and drug companies, and wow, are the fines in the financial industry insignificant to the companies.

  3. Petey Wheatstraw says:

    What’s most telling is the sheer number of names that should have paid fines (and whose officers should be pulling long prison sentences), but that are absent from the list.

  4. GeorgeBurnsWasRight says:

    Speaking of regulation/deregulation, there was an item about utilities continuing to charge customers who were without power. Seems the public wants deregulation when it saves them money but not when it costs them money. Imagine that. Next someone will say there’s no free lunch.

  5. drpaul says:

    Many of the fines are for violations that occurred over several years. Some of the pharma fines are for off label marketing practices that lasted five years. The comparison to a single year income thus is not appropriate; the fine for multi-year violations needs to be compared against income for those years.

  6. algernon says:

    The 1.5 Billion Abbot paid was for braking a rule. They probably did not harm a patient & in fact probably benefitted the patient. At least that was the judgement of the prescribing Dr. As a group, you have to feel like Drs have their patients’ best interest in mind.

    Probably a trivial offense compared to Barclay’s lie.

    Having said that, what Barclay did for the benefit of its firm, isn’t too different from what the Fed does: Depressing the interest rate for the benefit of dead beat borrowers like the US govt.

  7. Winston Munn says:

    Yes, but what about all those embarrassing whispers at all those parties…..hmmmm?