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Comment by throwaway5959 | Hacker News Reader

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throwaway5959

Given the tolls being extracted by the EU on FAANG companies, it’s difficult to have much sympathy.

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Wow, poor FAANGs having to pay, like, any taxes at all. Clearly unjust. Won't anybody think of the poor megacorps?

Yawn. Let me know when they fine Deutsche Bank or Spotify.

For what

I was going to downvote your low effort comment but instead did a quick search and turned up the following (there are probably more)

Deutsche Bank fined nearly $10m over rate setting failures https://www.fnlondon.com/articles/deutsche-bank-fined-nearly...

Deutsche Bank handed $124 million in bribery fines by US court https://www.dw.com/en/deutsche-bank-handed-124-million-in-br...

Spain Fines Deutsche Bank $3.3 Million for 'Very Serious' Infringement https://money.usnews.com/investing/news/articles/2022-03-29/...

FINRA Fines Deutsche Bank Securities, Inc. $2 Million For Best Execution Violations https://www.finra.org/media-center/newsreleases/2022/finra-f...

Deutsche Bank is fined with some degree of regularity (yes, even in Europe).

"US regulators have imposed fines worth $37bn on the global banking industry in relation to US-based economic crime since 2012. Of that, UK, French, German and Swiss banks with branches in the US have paid almost 40%."

"The average amount paid by European banks is around $500m per fine — over 10 times the average that US firms pay to US regulators ..."

The EU banks have long been a cookie jar for the US to raid whenever they need a buck or two

Interesting quotes, can you add the source?

https://www.fnlondon.com/articles/european-banks-face-dispro...

with the fairly obvious difference that FAANG receives scrutiny for its outsized market power, network effects, and anti-market behavior which is reasonable, whereas Texas has apparently decided to attack companies for being... too environmentally friendly on their own dime?

I don’t agree but their point is the economy of Texas is strongly influenced by the success of fossil fuels in the market and major capital market participants working against fossil fuels directly hurts the texas economy - so theory is why allow companies working directly against the local economy to profit from that economy, thus using Texas dollars to hurt texas. The dime you mention was earned from customers.

However - As the article states the only effect will be to drive up borrowing costs, steer business away from Texas, and will not impact these companies policies one iota.

I always find it interesting that conservatives are all for the free market when it is adapted to or agnostic to their morality, but are the first to take draconian policies against a free market when it aligns with their personal morality.

Progressives have the same hypocrisy on abortions vs vaccines. Turns out most people choose their personal preferences first, and morality second.

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