Hacker News Reader

Comment by jftuga | Hacker News Reader

Here are the six. This is an article excerpt:

    Moody’s Investor Services and S&P Global Ratings agreed to pay the heftiest fines,
    a $20 million civil penalty each. Fitch Ratings agreed to pay $8 million, A.M. Best
    Rating Services agreed to pay $1 million, HR Ratings de México, S.A. de C.V. $250,000,
    and Demotech agreed to pay $100,000, respectively.

View on HN

Really a pittance compared to how much these organizations turn over on a quarterly basis... but it's a good start.

... hourly basis in the case of Moodys.

It's 0.3% of their 2023 revenue. It's proportional to a $360 fine to a person who makes $120K. Not even remotely deterring. I'd be surprised if they even noticed it was gone.

It's a speeding ticket, might be enough to make the company think twice.

Reply on news.ycombinator.com