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

[citysnaps]

What interests me, the affected Facebook users that are NOT in the USA.

They get nothing, their government gets nothing... is the US government the only entity who benefits from this decision?

A fine, at least in the US and whether its a traffic fine for speeding, or a fine levied against a person cheating on their income tax, or a against a company convicted of fraud, is not about "someone" getting something.

In general, i's about punishing the offender and creating deterence that will *hopefully* deter further similar unlawful activity by others. Occasionally additional fines are levied to compensate victims. But this doesn't rise to that level.

Does that always work? Of course not. But a $5 Billion fine is not a slap on the wrist and represents a large percentage of FB's net profits and assets.

 

[-BigMac-]

Does that always work? Of course not. But a $5 Billion fine is not a slap on the wrist and represents a large percentage of FB's net profits and assets.

Facebooks Net value is $580 Billion, 5 Billion is less than 1% of This..
Also, their stock value increased from this announcement lol...

https://www.google.com.au/amp/s/www...ebook-five-billion-ftc-fine-embarrassing-joke

 

[macbeta]

Only 1 month revenue, hardly even a slap on the wrist. Jail time for Zuck, now that would make them think twice.

 

[IbisDoc]

All criminals are separated from their children when they're caught. How is this any different?

MAGA!

 

[thejadedmonkey]

Are you seriously trying to draw a parallel between nicotine addiction and using Facebook? Good grief.

I just took a three week vacation and didn’t use Facebook once. Was I sweating, agitated and all the other classic signs of affirmation? Of course not.

20 years ago I gave up smoking, trust me, there are no parallels.

That's because you didn't grow up with a constant connection with your friends in your pocket. Social media withdrawal can produce classical withdrawal symptoms. No, it's nothing like nicotine. But that doesn't mean it can't be difficult to quit. And unlike smoking which is actively discouraged by society, social media use is encouraged.

 

[BvizioN]

What will that $5B now support?

I know who is NOT going to support. Regular people. It is one of these cases of "The fat getting fatter"
[doublepost=1563167759][/doublepost]

Good news. FB needs to die in the long run.

Sorry, but it is not going to happen.

 

[citysnaps]

Facebooks Net value is $580 Billion, 5 Billion is less than 1% of This..
Also, their stock value increased from this announcement lol...

https://www.google.com.au/amp/s/www...ebook-five-billion-ftc-fine-embarrassing-joke

$5 Billion is 22% of their net annual profit, a number that'll punish. Referencing it to valuation is an lol.

 

[bollman]

People gave up loads and loads of personal data to a multinational company that profits from their personal data, and then gets upset when the company makes money on their data?
Facebook is "free" for users money-wise, somehow that company has to get some dollars in. Their biggest asset is personal data (did anyone actually think otherwise?) and now they get fined for selling that user data?
I just don't get it.
If you don't want the information to be used in any way imaginable, don't write it on the g*d d*mn internet then!

 

[YaBe]

And those whose privacy was violated will receive what?

Spam and spam email, risk of stolen identity, and much much more!

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

Open eyes to what... i mean unless you live like a stone age person, this is nothing new.

Remember they used to say "if you ever touched a dollar....." well, if you ever been on a connected device....

People think Facebook is bad,and yes they are, but they are the least of your problem, look in the mirror, Facebook gets ONLY what you want to give it, it is up to you to decide what to and what not to share!

 

[Tech198]

This should teach Facebook not to try this again.

I hate to say but one hand hand :

1) Companies shouldn't be doing this in the first place. and
2) We kinda put too much trust, and we cry wolf when it happens to "us" while the underlying issue starts with us to begin with..

The sooner we all learn to think before we put info public on social networks, or anything, the better..

As much as i hate to say this, this won't teach people anything. It''s bad it happened ya, but it won't tell anyone, "Be more careful with what your put on a "public network"

The amount of data stolen could be minimized for instance.

 

[tito2020]

What will that $5B now support?

Pennies for them they paid it already

 

[Kabeyun]

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

You can always wait for the class action lawsuit and get your $5.38.

 

[-BigMac-]

$5 Billion is 22% of their net annual profit, a number that'll punish. Referencing it to valuation is an lol.

Yep and already made it back through their stock price increasing soo

 

[citysnaps]

Yep and already made it back through their stock price increasing soo

You may not be aware that share prices of corporations increase and decrease hourly/daily/weekly/monthly for many different reasons and does not translate to income and profits required for operations. One thing is for sure... FB writing a check for $5 Billion, representing 22% of their net after tax profits, is real and income lost. Nothing tangible was made back and put into their bank accounts needed for operations.

 

[-BigMac-]

You may not be aware that share prices of corporations increase and decrease hourly/daily/weekly/monthly for many different reasons and does not translate to income and profits required for operations. One thing is for sure... FB writing a check for $5 Billion, representing 22% of their net after tax profits, is real and income lost. Nothing tangible was made back and put into their bank accounts needed for operations.

Well put, you've swayed me

 

[pshufd]

Facebooks Net value is $580 Billion, 5 Billion is less than 1% of This..
Also, their stock value increased from this announcement lol...

https://www.google.com.au/amp/s/www...ebook-five-billion-ftc-fine-embarrassing-joke

They earned $22 billion in 2018 so $5 billion is a lot of money. That said, they had probably already set aside the money as a risk. They're not that far from all-time highs. I'm long FB right now but it's just a short-term trade.

 

[Substance90]

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

That's how fines generally work, yes.

 

[PinkyMacGodess]

These fines are usually negotiated down from their initial announced amount, plus this amount isn't going to sting for them. They will just write it off, or insurance will pay it.

 

[fairuz]

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

If you really hate it, surely you can find a way not to share photos on it. I don't mean to call for a boycott, I mean that clearly you like the service.

Well, I don't. I deleted it
[doublepost=1563260530][/doublepost]

Yep and already made it back through their stock price increasing soo

The company doesn't make money from its stock price increasing unless it's holding shares, and even then it probably doesn't hold very many.
[doublepost=1563260844][/doublepost]

Yeap my brother in law uses it daily, yet he questions me for having an Alexa device which he ‘believes’ listens to every single thing it hears and records it.... yeah right.
Last time I checked Amazon doesn’t do that and I don’t care if someone hears what I tell it to do, and Amazon don’t sell your data for targeted advertising as they get their money elsewhere..

Yeah it does

 

[DeepIn2U]

Seriously, FB gets fined but Equifax does not?

Cambridge Analytica: 87M people affected: FB profile data, likes, interests taken
Equifax: 143M people affected: Social Security numbers, birth dates, addresses, driver’s license numbers taken

SMH

RIIIGHT?! Grrrr.

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.

Oh please stop! This is the same BS defence their lead in charge of Lira Blockchain/currency is going to make this Friday before congress ... "Fear Mongering" as a way to get a pass.

Enginuity will ALWAYS be there - it's the lifeblood of competition! And thusly even if an authoritarian company beholden to "their" countries interests (I see where you're going with this) does NOT mean others with clear policies and great services cannot also be created and thrive. Look at the world we live in!! It's been there ALL THE TIME!

The ONLY thing that has changed is:
2 great mobile platforms
2 great mobile operating systems
Billions of users using either platforms
Fully internet connected
Mindless actions and opinions based off what one leader or another states and 'just because' or that it sounds good!

FaceBook will really change when:
1. Zuckie has less than 50% control of the board!
2. When him and his female evil twin do NOT have such power to control or sway the direction of the company resources and policies!
3. When congress, employees, and customers STOP believing their excuses of failed privacy protection of their customers data or listening to them advertise FB during such excuses!!

Equifax ... old boys club ... when they die off THEN you'll see major punishment and changes.

 

[apolloa]

If you really hate it, surely you can find a way not to share photos on it. I don't mean to call for a boycott, I mean that clearly you like the service.

Well, I don't. I deleted it
[doublepost=1563260530][/doublepost]
The company doesn't make money from its stock price increasing unless it's holding shares, and even then it probably doesn't hold very many.
[doublepost=1563260844][/doublepost]
Yeah it does

Prove it.

 

[pshufd]

I really don't like the spying aspect of FB but I have to use it for one particular forum which I need (cancer support group). My town's forum is on FB as well - I was really annoyed when they moved off a PhpBB forum setup. FB just provides a lot of free services that are actually well done. The trade is your privacy. Businesses love it for storefronts. FB is, in some ways, a monopoly. If they get enough businesses and other groups, you have no choice if you want to be affiliated.

I'd love it if Apple came up with something like FB. They could pay for it by charging a fee or bundling it in with iCloud storage fees. They would get some nice hardware lock-in too (which I don't mind).

 

[PinkyMacGodess]

Seriously, FB gets fined but Equifax does not?

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.

#1: Wall Street connected people get away with it again.

#2: So Google, and many other American corporations, are accused of helping the Chinese government repress their citizens. Some could say it's training for when it comes here. America should be doing what China has done for their corporations. They have financially supported, and stood behind, and even in front of their corporations. They support their manufacturing, and their people (snark intended) working hard.

And I think, if you look at things that have been revealed recently, American corporations are more than capable of being 'authoritarian', and downright Orwellian. People are actively listening to Alexa and other 'assistants' conversations? Where does that lead? To 'pre-crime'? If I say, in frustration, that someone 'should die', the cops showing up would be disturbing. I don't think

 

[JungleNYC]

This is the appropriate response. Facebook developed those tools and ACTIVELY PROMOTED THOSE TOOLS TO ADVERTISERS…then when a partisan (right) outfit used those tools successfully everyone acted surprised. I was alive when this all happened. I was in multiple meetings with Facebook ad sales execs literally pointing to CA and their "creative use" of Facebook's toolset. This is all complete hypocrisy. Screw them all.

 

[fairuz]

Prove it.

https://www.bloomberg.com/news/arti...g-to-you-on-alexa-a-global-team-reviews-audio
I don't know about selling for ads, but I didn't mean to say they do that too. I wouldn't doubt it, and their privacy FAQ doesn't say anything against it.
[doublepost=1563318834][/doublepost]

To 'pre-crime'? If I say, in frustration, that someone 'should die', the cops showing up would be disturbing. I don't think

If it makes you feel any better, Amazon employees heard a rape occurring through an Alexa recording and didn't disclose it.