Judging from these articles, the answer is probably "yes."
http://www.google.com/webhp?source=search_app#fp=54b78a9b0d3b5366&q=water+pollution+fines
Suppose we established a $10,000 fine for water pollution. Would some companies still find that polluting was economical?
3 answers
Under what conditions?
Polluting is cheaper than properly disposing of the polluting materials.