Facebook to Be Fined $5 Billion in Cambridge Analytica Privacy Scandal

[cube]

Most "fines" like this are to please the public, but the fines usually get suspended or severely reduced and we never hear about that. Further, the Govt. will then say the company can't be sued by anyone because the fine is enough. They did this with tobacco, and others, it's mostly a scam, and the poiticians get their pay off.

Class action lawsuit against the government?

 

[citysnaps]

Put the responsible FB executives in jail for a spell in addition and everybody will take notice.

So tired of the transfer to civil division, hit with a small fine, and let the tone setters and the decision makers off the hook.

I wouldn't consider it a small fine, being roughly 10% of the company's 2018 revenue.

 

[cube]

I wouldn't consider it a small fine, being roughly 10% of the company's 2018 revenue.

15 bucks per resident. Peanuts.

 

[ghanwani]

It's the cost of doing business. They are in good company. The big banks all pay hefty fines.
https://www.marketwatch.com/story/b...billion-since-the-financial-crisis-2018-02-20
Zuckerberg is probably looking forward to paying more fines. If you're not paying fines, you're not playing hard enough!

 

[amaze1499]

Taxdeductable?

 

[albusseverus]

$5B for ... Subverting Democracy?

And how much does Obama get fined for downloading ALL facebook data?
You’ve heard about his “database”? That’s what it is. But nobody gives a rats about that, do they?
That doesn’t subvert democracy.

 

[scoobydoo99]

And those whose privacy was violated will receive what?

who cares about them. what about those of us who had our country hijacked? $5B versus a foothold for tyranny? Seems pretty cheap.

 

[ikir]

So tens of thousands of people should lose their jobs and millions of people like myself who like and use Facebook should suffer because you don’t like it? Makes sense.

No because Facebook is bad. WhatsApp too. Also poor coded.

 

[Shirasaki]

Add another zero to the fine and maybe FB will take notice.

That **** company deserves to have another 0 behind that settlement sum for a nice round 50 Billion.

Even if one hundred more zeros are added behind it, nothing will change. This figure is merely for show, poorly demonstrating how government cares about user privacy.

Facebook won’t pay this amount and won’t die, at least in the foreseeable future.

social media has become so pervasive to our culture that it won't die until something new comes along. same with twitter and Instagram. although that something might not be a single network. it might be time to have services that are more focused than one or two trying to be everything for everyone.

Two things:
1. People will always ask for more and cost less. This trend won’t stop.
2. Some teenagers are actively refusing social media. This should be a good sign that needs to be advertised and promoted as next generation is the generation that will disrupt tech giants we have today.

Will this open up some more people’s eyes? I hope but I doubt...

No. No one will open their eyes after this incident. They are too smart for that.

 

[Romeo_Nightfall]

Well now You know the price of your amendments ... and freedom!
5b ... seems cheap to me.

Facebook should be closed, everything else is bs

 

[vmistery]

Ouch, not pocket change

 

[farewelwilliams]

aaand the stock went up (and didn't go down after hours). which means the fine isn't enough

 

[Glideslope]

Good news. FB needs to die in the long run.
Hate to be on insta, but I try to use it rarely.

Could not agree more. FB is a plaque upon humanity. Zucker should be in prison for his reckless abuse of peoples privacy.

 

[justperry]

so tens of millions of FB users got their privacy robbed and then the Govt pockets $5 Billion because of it

You might not be aware of it but your government spends money on education, infrastructure, health amongst many others...

Add another zero to the fine and maybe FB will take notice.

First major event..10% of annual profit, second event..50%..third..100% of annual profit, fourth..shut them down, that would teach them a lesson

So tens of thousands of people should lose their jobs and millions of people like myself who like and use Facebook should suffer because you don’t like it? Makes sense.

You, amongst many others are the problem, Facebook is a threat to this world, amongst others like Google.
Way too much influence, control.

Will this open up some more people’s eyes? I hope but I doubt...

Nope, see above.

 

[Bug-Creator]

aaand the stock went up (and didn't go down after hours). which means the fine isn't enough

Nah, it just means "the market" saw the possibility of an even higher fine.

 

[apolloa]

I wonder how many Facebook users on here are against this, and they are the same people who are paranoid about and rubbish Alexa consistently or Google for tracking them....
I’ll read through the thread later and see...

 

[[AUT] Thomas]

Would have been much more fun if the fine would be per user... and in that case I mean that FB needs to pay like 10$ to each one of its users. That way the fines would be very fair and proportionate to the damage and also the user would be compensated properly. Because if FB sells my data I would like a fair share of that amount in first place (the plattform itself is run by ads - so selling data -call it sharing if you want- is on top of that) plus additional 50% because they did it without permission.

I think that kind of fining strategy would put an end to such practices in no time.

 

[grad]

Be careful what you wish for. The decline of today's progressive tech giants could very well mean the rise of foreign, authoritarian companies beholden to their countries' interests rather than the US's. The US may crack down on US tech monopolies but you can bet that China will only keep encouraging their own.

Are you assuming that everyone on this forum is a US citizen ?

 

[AppliedMicro]

Great. Now it's about time somebody fine the U.S. government for their "treatment of user privacy" and spying on the rest of the world.

A similarly proportioned fine to Facebook's (fine/yearly revenue) should be par for the course.

 

[StevieD100]

So tens of thousands of people should lose their jobs and millions of people like myself who like and use Facebook should suffer because you don’t like it? Makes sense.

How on earth did we manage before the likes of Facebook came along and got millions of people hooked on it...?
Yes it is addictive.
Never got suckered in by any of them thankfully.

 

[citysnaps]

15 bucks per resident. Peanuts.

Nope, its not about a certain amount of $ per resident.

$5 Billion and 10% of their annual revenue is hardly peanuts.

 

[kevingaffney]

Facebook is nothing but the internets version of reality tv. You’ve to read through 98% garbage to find the 2% remotely worth reading

 

[cube]

Nope, its not about a certain amount of $ per resident.

$5 Billion and 10% of their annual revenue is hardly peanuts.

It is. This is showing that 15 bucks is what the government thinks a resident's data cost.

 

[citysnaps]

It is. This is showing that 15 bucks is what the government thinks a resident's data cost.

Again, no. Now you're conflating whether a company considers its $5B (10% of annual revenue) fine being "peanuts" with what you think the government believes a resident's data costs.

Perhaps you're speaking from personal experience as an executive to whether FB considers a $5 Billion fine peanuts?

 

[cube]

Again, no. Now you're conflating whether a company considers its $5B (10% of annual revenue) fine being "peanuts" with what you think the government believes a resident's data costs.

Perhaps you're speaking from personal experience as an executive to whether FB considers a $5 Billion fine peanuts?

It does not matter what FB thinks. It matters what the victims think.