Bank of America fined $150M for consumer abuses: fake accounts, bogus fees

&gt; The bank charged multiple $35 overdraft fees for the same transaction<p>&quot;Consumer abuses&quot; is an interesting way to say criminal fraud.<p>Why exactly is this bank allowed to continue operating? An individual bank teller convicted of defrauding their customers would be fired on the spot, and never work in a bank again. Why should it be different for institutions, if the institution as a whole engages in systematic fraud?

I have a question, if I commit identity theft and create a bogus account in someone&#x27;s name, without their consent, do I only have to pay a negligible fine if I am caught? If I repeatedly send fraudulent bills to BoA, do I only have to pay a negligible fine if I&#x27;m caught?<p>Again, if something cannot go to jail when it commits a crime it is not a person.

this isn&#x27;t even very remarkable, it&#x27;s kind of a perpetual ongoing thing with all big banks:<p>&gt; Six of the nation’s largest banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo—have amassed more than $1 billion in fines in 35 cases in just the last 15 months

Problem is the fines aren&#x27;t high enough and people aren&#x27;t being charged with crimes.