News GlobalFoundries gets $1.5 billion subsidy from U.S. gov't after it was fined for violating export laws to China

[Admin]

GlobalFoundries signed a deal to get $1.5 billion under the CHIPS and Science Act even after being fined for violating U.S. export laws by supplying advanced chips to Chinese entities.

GlobalFoundries gets $1.5 billion subsidy from U.S. gov't after it was fined for violating export laws to China : Read more

 

[bit_user]

Maybe this just says the laws or regulators need to be more creative about penalties, especially when in comes to significant players in strategically vital industries.

For sanctions violations, I'm pretty sure they could pursue criminal prosecutions against the key decision makers involved in these activities. They probably just took the easy route of financial penalties, to save time, trouble and the expense of having to find out who was at fault for the violations and undertake a criminal case (which I think has a much higher burden of proof). It would send a strong message though.

 

[RUSerious]

Wow. $1.5B - .5B. That's gotta hurt. The company really, really doesn't want to throw it's C-level execs under the bus.

 

[nightbird321]

Wow. $1.5B - .5B. That's gotta hurt. The company really, really doesn't want to throw it's C-level execs under the bus.

"after the company was fined $500 million for violating U.S. export rules"

typo, thousand, not million

 

[RUSerious]

"after the company was fined $500 million for violating U.S. export rules"

typo, thousand, not million

Oh, a $500K fine is peanuts. Good for GF then! Thanks 😎