Baer. Posted July 24, 2019 Share Posted July 24, 2019 https://www.cnn.com/2019/07/24/tech/facebook-ftc-settlement/index.html Washington (CNN Business)The Federal Trade Commission announced a $5 billion settlement with Facebook (FB) on Wednesday, resolving a sweeping investigation by regulators into how the company lost control over massive troves of personal data and mishandled its communications with users. It is the largest fine in FTC history — and yet still only about a month's worth of revenue for Facebook. The deal comes amid growing calls in Washington for greater transparency and accountability for technology companies, whose power over social movements as well as personal information has increasingly come to be seen as dangerous by politicians, users, and even one of Facebook's co-founders. Facebook agreed to the deal following years of damaging admissions about the company's privacy practices, such as the inadvertent exposure of up to 87 million users' information to the political analysis firm Cambridge Analytica. The settlement resolves a formal complaint by the FTC alleging that Facebook "used deceptive disclosures and settings" that eroded user privacy, violating a prior agreement Facebook signed with the commission in 2012. Facebook also broke the law, the FTC alleged, by misusing phone numbers obtained for account security purposes to also target advertisements to its users. And the company allegedly deceived "tens of millions of users" by implying that a facial recognition feature on the service had not been enabled by default, when in fact it had. Link to comment Share on other sites More sharing options...
Whorvat Posted July 24, 2019 Share Posted July 24, 2019 Thats it? A drop in the bucket for them 2 Link to comment Share on other sites More sharing options...
Popular Post Toews Posted July 24, 2019 Popular Post Share Posted July 24, 2019 These parasites will continue to exploit our apathy in perpetuity. &^@# every last one of them. I have already deleted all my social media profiles, and plan on never going back. Won't make a difference but at least I have the satisfaction of not contributing to their corrupt, soulless empire. 1 5 Link to comment Share on other sites More sharing options...
timberz21 Posted July 24, 2019 Share Posted July 24, 2019 1 minute ago, Whorvat said: Thats it? A drop in the bucket for them One huge, massive drop...5B$!!! The article makes it seems like its nothing, but 1 month worth of revenue is significant. It's revenues, not profit, that's 8% of their annual revenues out the windows. This is a publicly traded company, they will be indirect consequences to this decision. What did you expect, that they would bankrupt the company? Largest fine in FTC history. Link to comment Share on other sites More sharing options...
Popular Post peaches5 Posted July 24, 2019 Popular Post Share Posted July 24, 2019 They make 60 billion a year according to this article and the majority of that would have come from the selling of advertisement which they did by selling your privacy. If you times that by 8, going back to 2012, they made roughly 480 billion dollars selling your privacy and only had to pay 5 billion in fines. This won't deter corporations at all quite the opposite really. 3 1 1 Link to comment Share on other sites More sharing options...
peaches5 Posted July 24, 2019 Share Posted July 24, 2019 2 minutes ago, Toews said: These parasites will continue to exploit our apathy in perpetuity. &^@# every last one of them. I have already deleted all my social media profiles, and plan on never going back. Won't make a difference but at least I have the satisfaction of not contributing to their corrupt, soulless empire. It's not just Facebook it's literally every place you shop at makes you give your personal data. You want to return something? give us your email, phone number, name, address etc.. or get discounted prices but give us the info above etc.. There is basically no way to not give out your personal information to function in this society. Link to comment Share on other sites More sharing options...
timberz21 Posted July 24, 2019 Share Posted July 24, 2019 2 minutes ago, Toews said: These parasites will continue to exploit our apathy in perpetuity. &^@# every last one of them. I have already deleted all my social media profiles, and plan on never going back. Won't make a difference but at least I have the satisfaction of not contributing to their corrupt, soulless empire. Are you going to stop using the internet? telephone? tv? as well, or stop taking medications? They aren't better or worst than big Telecom or Pharmaceutical empires. 2 Link to comment Share on other sites More sharing options...
Toews Posted July 24, 2019 Share Posted July 24, 2019 1 minute ago, timberz21 said: Are you going to stop using the internet? telephone? tv? as well, or stop taking medications? They aren't better or worst than big Telecom or Pharmaceutical empires. Apples to oranges. I am not going to cut myself off from anything that is essential to my life and livelihood. But the truth is that my life functioned perfectly fine before that pencil-neck decided to create the cess-pool known as Facebook. 2 Link to comment Share on other sites More sharing options...
Gurn Posted July 24, 2019 Share Posted July 24, 2019 45 minutes ago, peaches5 said: it's literally every place you shop at makes you give your personal data 1 Link to comment Share on other sites More sharing options...
riffraff Posted July 24, 2019 Share Posted July 24, 2019 Such a better place nowadays, this world we live in. Link to comment Share on other sites More sharing options...
Monty Posted July 24, 2019 Share Posted July 24, 2019 I’m a 37 year old man, which means I don’t have Facebook anyway. The Social Network was good, though. 1 Link to comment Share on other sites More sharing options...
-AJ- Posted July 24, 2019 Share Posted July 24, 2019 While the article suggests they make $60B in revenue, according to the 2018 financial statements, they had $22B of net income, meaning this would be at least a bit more significant to the bottom line. Looking at how it affects their total revenue means little. Still not a huge amount, but 5/22 is more than 5/60. 1 Link to comment Share on other sites More sharing options...
canuckster19 Posted July 24, 2019 Share Posted July 24, 2019 I hope they hit google next. Link to comment Share on other sites More sharing options...
Gaudette Celly Posted July 24, 2019 Share Posted July 24, 2019 Aaaaaand where exactly is that $ going? Link to comment Share on other sites More sharing options...
bishopshodan Posted July 24, 2019 Share Posted July 24, 2019 When Facebook came out and people started realising that everything you post becomes their property. I was stunned that so many just kept joining up anyway. Then the privacy issues and info manipulation (Fake News!)...yet still a lot of folks, including those that claim to hate FB and prattle on about it, still use it this day. I don't get it, never have. 2 Link to comment Share on other sites More sharing options...
Shift-4 Posted July 24, 2019 Share Posted July 24, 2019 3 minutes ago, bishopshodan said: When Facebook came out and people started realising that everything you post becomes their property. I was stunned that so many just kept joining up anyway. Then the privacy issues and info manipulation (Fake News!)...yet still a lot of folks, including those that claim to hate FB and prattle on about it, still use it this day. I don't get it, never have. Most people are either oblivious or just don't give a $&!# about a good many things. 1 Link to comment Share on other sites More sharing options...
Fateless Posted July 24, 2019 Share Posted July 24, 2019 8 minutes ago, Hutton Wink said: Aaaaaand where exactly is that $ going? Isn't that the real problem here? Facebook steals everyone's data and yet the people impacted won't ever see a dime of the settlement. Link to comment Share on other sites More sharing options...
timberz21 Posted July 24, 2019 Share Posted July 24, 2019 1 hour ago, Fateless said: Isn't that the real problem here? Facebook steals everyone's data and yet the people impacted won't ever see a dime of the settlement. There are 2.3B Facebook users....they would get 2$ each lol Link to comment Share on other sites More sharing options...
Kragar Posted July 24, 2019 Share Posted July 24, 2019 1 hour ago, Hutton Wink said: Aaaaaand where exactly is that $ going? Where they always go... federal general fund. So, theoretically, all US citizens benefit. https://fortune.com/2019/07/20/facebook-5-billion-ftc/ https://www.nbcbayarea.com/news/local/Where-Do-Those-Huge-Federal-Fines-Go-412751133.html The first link mentions FB fine specifically, while the second mentions a variety of fines across a number of agencies, with all the funds going to the general fund. What I found most humorous in the second: Quote So, where does the money go? The short answer is: a place few trust or have access to. Not too sure why journalists in one of the most Democrat supporting areas in the country would be averse to putting money in government coffers. Link to comment Share on other sites More sharing options...
Ronaldoescobar Posted July 24, 2019 Share Posted July 24, 2019 (edited) I think what’s agreed is all social media needs to be shut down until their cabal owners are arrested and face justice for the coup attempt... And censoring all conservatives. Edited July 24, 2019 by Ronaldoescobar Link to comment Share on other sites More sharing options...
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