5 $billion fee for Facebook

Feb 2019
655
Pennsylvania, US
#12
The last thing the world needs is a shady currency run by a shady corporation... its a recipe for a major financial crisis
Yeah, but I bet you $500 in libra crypto coins that they will push it through... and that the shade will be epic.

They also say that their coin will help law enforcement, which basically means that they can have your account with all your cash frozen in the event that anyone wanted to investigate.
 
Jul 2016
9,562
USA
#13
FTC to fine Facebook about $5 billion for user-privacy violations, report says

This can sound enormous, but FB had already saved the money to pay the fee [you know businessmen ...].

The relevant point is social: privacy is not a tantrum, it's a right.

In my opinion 5 $billion is a ridiculous fee for FB. But it's important to endorse the principle that privacy is a real right of the individual.
In my job, we regularly deal with big Fortune 100 companies who have gotten nailed with billion dollar fines. They're out clients amd our job is trying to limit their risk.*

ITS A HUGE DEAL. At a minimum it destroys what would be a healthy quarter (the only thing the corp types care about), and in the case of Facebook it attacked their entire business model. This sort of thing gets c-levels fired, it gets stock holders to cut ties, it causes exodus of employees who find greener and safer pastures. It means no Xmas bonus for majority of company, it means a whole lot of working more hours to try to recoup some money. It means a desperate ploy to release a new product, even if it's not operational. It means blowing tens of millions on PR campaign to save the logo/brand.

And if they don't change, they'll get hit with another fine. And another. And another.

*Facebook isn't one of our clients, but we have a good chunk of Silicon Valley.
 
Likes: Ichon