Strange News Alert: Facebook is about to be hit with the largest fine ever imposed by the FTC against a tech company, 5 billion dollars, but the strange thing is, this is being called just a “slap on the wrist” for the super wealthy world social media giant.
The FTC began probing Facebook in March 2018 following reports that political consulting firm Cambridge Analytica had improperly accessed the data of 87 million Facebook users. …
Republican Congressman David Cicilline called the settlement “a slap on the wrist.”
“This fine is a fraction of Facebook’s annual revenue,” he said in a statement on Friday. “It won’t make them think twice about their responsibility to protect user data.” …
[The FTC was was concerned that ] Facebook had violated the terms of a 2011 agreement, which required Facebook to give users very clear notifications when their data was being shared with third parties.
Business Insider agreed that this amount will not change Facebook’s money making anti-privacy practices.
Facebook has $45 billion in cash and securities on hand and generates $5 billion in cash each quarter, even after investments in property and equipment, so it can more than afford the fine.
… The fine isn’t likely to change Facebook’s behavior; instead, the company is likely to see it as just a simple cost of doing business.
On Twitter, many are asking who gets the money?
From what we can tell, it likely won’t be Facebook users who get paid. A previous investigation “Where Do Those Huge Federal Fines Go?” By NBCBayArea said fines usually go “straight to the U.S. Treasury for general use.”
In light of this, we wonder at an interesting coincidence: 5 billion dollars is around the projected cost of a southern border wall.
President Trump has said that he will veto any bill that doesn’t give him the $5 billion he has demanded for his border wall…
The US-Mexico border is 1,954 miles (3,145km) long and crosses vast deserts and mountains in California, Arizona, New Mexico and Texas. About 654 miles of that have some sort of manmade barrier, such as fencing or a wall.
Facebook founder Mark Zuckerberg spoke out against the wall in 2016 and the Whitehouse response was to criticize his lack of understanding of the situation.
“I hear fearful voices calling for building walls,” Zuckerberg told a packed conference room of developers and media. “Instead of building walls, we can help people build bridges.”
The day after Facebook CEO Mark Zuckerberg criticized those who, like Donald Trump, have called for building walls, the Trump campaign fired back… [calling him] an insulated billionaire who doesn’t understand the danger posed by illegal immigration.
Will the current president use Mark Zuckerberg’s really big privacy violations fine for a personal slap on top of the financial ding? There is no reason to suspect any such thing at this time, but I personally think that might be on some minds at this time.
National Priorities lists important things we could do with $5b, such as Provide Medicaid for 1.4 million people, More than double federal spending on energy efficiency and renewable energy or Increase federal aid to public K-12 schools by 30%.
Stay tuned to find out.