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0 pointsrepsilat7y ago0 comments

Right. For context, that's around 9% if their $48 billion market cap. Much worse than sending any one person to jail.

Also: in the US, I've heard the "value of saving a life" for some decision calculations to be assumed at ten million dollars. That's $200k per year for 50 years. (In New Zealand, from talking to some civil engineers, it is a lot lower.)

At the American price, the fine is worth 420 human lives.

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3 comments · 2 top-level

black_puppydog7y ago· 1 in thread

I agree that this is more than a slap on the wrist, but I doubt that it's more effective as a deterrent than jailing the individuals involved. From what I understand, the banking industry is built almost entirely on a Rand'ian "every man for himself" ethos, with little attachment to the company involved. I don't see how you can then hope to incentivize these individuals by fining the company. Except if the suits were quick enough that most of them were still at UBS, to feel the consequences. But that's not desirable either.

Vinnl7y ago

I wonder if that's the case. I think the source of the problem is people prioritising the short term over the long term, and I'm not sure whether potential jail time in the long run will deter you when your direct environment is pushing you another way.

Instead, if the company risks fines like these, the environment of its employees may start to emphasise derisking more, to prevent them from being hit with new fines.

Of course, this is all just me looking into my crystal ball.

robocat7y ago

One NZ price that is just in the news is 4.7MM NZD.

https://i.stuff.co.nz/national/politics/110753822/is-a-life-...

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