FTC fines Facebook $5 BILLION dollars, adds oversight for privacy mishaps

Anyone notice a change in the wave? Wave as in water. No Trump didn't farrrt in the bath tub but the Court rulings are going the right way along with some really heavy fines.

Five Billion dollars isn't chump change. Its a start. Google needs to clean it up or be sent to hell. Seems to me the white hats over at Langley and Fort Meade have regained their turf. Thank You.

Federal regulators have fined Facebook $5 billion for privacy violations and are instituting new oversight and restrictions on its business. But they are only holding CEO Mark Zuckerberg personally responsible in a limited fashion. The fine is the largest the Federal Trade Commission has levied on a tech company, though it won’t make much of a dent for a company that had nearly $56 billion in revenue last year.

Federal Trade Commission

And a little deeper for those cheering....... take $$$'s from the smart people who work and snatch it away, waste it on bs

a reply to: Waterglass

In the old days they could tap your phone and open your mail, nowdays do you really believe they can't read your email, www browsing, camera, location or tap your cell phone ???

they can go to hell, haven't had facebook in years and google is the only reason i can sign on here.. once that is gone how can I fly on this site?

a reply to: Waterglass

You know, they couldnt pin Zuckerberg in front of Congress.....

Is there any method of checking whether any real money will exchange hands and into Government coffers?

How could one verify that the fines are paid?

A few billion from Zuck and (dont forget also from Joe Public Shareholder ) - finding its way back into some offshore accounts of politicians.

We all know what they say and what they actually end up doing are for MSM consumption.

Have we forgotten the "paradise papers"

www.icij.org...

The real threat to Google is the anti-trust investigation that has been opened. It might well end up with Google being broken up into smaller pieces, like what happened to the old AT&T or Standard Oil.

a reply to: Waterglass

I fully expect Zuck to give Trump a nice yuge campaign contribution to make that go away.

a reply to: Waterglass

These issues are important but do we really want more regulation on private business?

Something needs to be done and I don't know what the answer is.

But I do worry about giving the government more and more power over us.

originally posted by: AndyFromMichigan
The real threat to Google is the anti-trust investigation that has been opened. It might well end up with Google being broken up into smaller pieces, like what happened to the old AT&T or Standard Oil.

This seems like a far better option.

It works with existing laws without having to create new regulations.
And we know that it works.

Regulate social media! But let's go ahead and deregulate corporations. Makes sense, even though the corporations have a monopoly over our politicians and their policies.

a reply to: manuelram16

Heck I communicate with them daily right here. So where have you been.

a reply to: TheConstruKctionofLight

Feds will have to bust it up like ATT. Regardless of the times, etc.

originally posted by: AndyFromMichigan
The real threat to Google is the anti-trust investigation that has been opened. It might well end up with Google being broken up into smaller pieces, like what happened to the old AT&T or Standard Oil.

That's not a threat to anyone. All the heads of the oil companies profited from that because they cornered the market completely. And AT&T owns most of rural America and no other telecommunication company can build on their territory.

a reply to: Waterglass

10% of its yearly income?

not such a big deal.

a reply to: Waterglass

Fine? It's more like I will pay you 5B to stop investigating me further.

originally posted by: stormson
a reply to: Waterglass

10% of its yearly income?

not such a big deal.

Just the beginning. The DOJ opened a HUGE investigation into Facebook, Google, Twitter and Apple this week.

a reply to: Waterglass

This is what I've been hoping would happen to CNN and MSNBC. Fined billions for trashing their home country.

a reply to: stormson

Like I wrote its a start. Could go on like Epsteins situation

a reply to: mekhanics

Well like I wrote to the other OP: Like I wrote its a start. Could go on like Epstein's situation.

a reply to: stormson

It could lead to bigger and better things. Just what would happen if the FTC discovered another lead to infiltration into Facebook by China, Russia or Iran using it to spy on USA and this guy is complicit with it. Sometimes one Federal organization goes in so as to mask the real investigation.