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

[anthonymoody]

$5B for ... Subverting Democracy?

Exactly. 100 million+ US users, election interfered with, the results tainted, and the $5B goes directly into the treasury coffers which fixes precisely nothing and a GOP that continues to deny or downplay what happened and refuses to take meaningful steps to address it going forward.

Great.

 

[Andres Cantu]

And of course their stock rallies over these news. All bad news have been positive for the market lately.

 

[thisisnotmyname]

$5B for ... Subverting Democracy?

for having a platform that others manipulated to influence the vote in violation of Facebook's terms of use. I could easily make the case it's too much. And I'm absolutely NOT a fan of Facebook.

 

[mikethemartian]

What will that $5B now support?

FTC slush fund

 

[lederermc]

What will that $5B now support?

a wall?

 

[mikethemartian]

And of course their stock rallies over these news. All bad news have been positive for the market lately.

Well the settlement deceases the uncertainty of the outcome.

 

[ipedro]

The damage caused to the US and to the world in general is incalculable, certainly in the trillions in damages as a result of the illegal campaigning by foreign parties on Facebook in favour of the eventual President. That Facebook enabled them makes them party to the damages. If a lawsuit were mounted to prosecute those responsible, there'd be no more Facebook.

 

[maxfromdenmark]

I believe that money should go to Facebook users that lost their privacy not to government.

 

[Marzzz]

And those whose privacy was violated will receive what?

That’s the Class Action lawsuit to follow; where the lawyers will make the big bucks, and the class will get “something.”

 

[cube]

How much did the EU fine them?

 

[az431]

$5 billion is barely 3 months profit. Might as well spank Zuckerberg with a feather.
[doublepost=1562967452][/doublepost]

Great, I’m so glad they are going to hit them where it hurts, that means 15 billion as they have to make three tones the money to have 5 billion.

What you posted makes zero sense. They’re required to pay $5 billion, not go out and earn $15 billion in additional revenue to pay it. Plus the $5 billion is a write off so in reality it’s even less.
[doublepost=1562967692][/doublepost]

What will that $5B now support?

Fines go into the US Treasury along with revenues from taxes, etc. Given that the federal budget is north of $4 trillion, how the $5 billion is spent is like asking how much more food could you buy if you found a nickel under your couch cushion.
[doublepost=1562967758][/doublepost]

I believe that money should go to Facebook users that lost their privacy not to government.

And how do you propose to measure who gets paid and how much?

Thought so.

 

[SirithX]

The damage caused to the US and to the world in general is incalculable, certainly in the trillions in damages as a result of the illegal campaigning by foreign parties on Facebook in favour of the eventual President. That Facebook enabled them makes them party to the damages. If a lawsuit were mounted to prosecute those responsible, there'd be no more Facebook.

I believe you're conflating the proliferation of fake news on Facebook, an organic phenomenon that took advantage of their algorithms, and the key outcome of the Cambridge Analytica scandal which were the paid ads on the platform. It's difficult to quantify how much of an impact either had on the election but I think most would agree the organic fake news was a much bigger driver than the paid ads.

 

[racerhomie]

Wow ,influencing a major democracy is worth 5 Billion. Mark Z. & Sheryl Sand should face criminal charges for selling democracy against the US's national interests.

 

[coolfactor]

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

That's a TON of money going to line the pockets of the wrong people. Let's hope there's regulations for how it's spent, and it doesn't go into executives earnings.

 

[NickName99]

Apparently it was 3 Republicans in favor, 2 Democrats against. The Democrats wanted to hold out for stronger oversight, while Facebook and the Republicans were content to go with the $5B slap-on-the-wrist fine.

https://www.wsj.com/amp/articles/ftc-approves-roughly-5-billion-facebook-settlement-11562960538

 

[theapplehead]

What will that $5B now support?

Probably not the users who had their data sold on the dark web

 

[KazKam]

What will that $5B now support?

Hey, wasn't that the same amount requested to fund the border wall? Coincidence? (I know this actually goes into the general budget).

Border wall, paid for by Mexico military budget Facebook.

Good thing this is already in the political forum.

 

[Veinticinco]

About time governments came up with a mechanism to hit sleazy data whores like FB where it actually hurts. Fines, even billion dollar ones, are toothless and no deterrent whatsoever.
[doublepost=1562970807][/doublepost]Zuckerberg and his minions aren’t in anyway sorry about this data “breach”. They’re just sorry they got caught.

 

[Solver]

Five billion is how much the federal government borrows in a day.

 

[Apple_Robert]

And those whose privacy was violated will receive what?

They will get "we promise to be more subversive in spying on you, so that you don't have to worry about what we know about you and everyone ever associated with you. We care about your privacy."

Lots of shallow love,
FB
[doublepost=1562971281][/doublepost]FB should be fined the current national debt of the U.S.

 

[mikeheenan]

Ironically, they GAVE the last guy the data for free. This stuff has been going on long before 2016, but thankfully people are waking up.

 

[Vanilla Ice]

Hey, wasn't that the same amount requested to fund the border wall? Coincidence? (I know this actually goes into the general budget).

Border wall, paid for by Mexico military budget Facebook.

Good thing this is already in the political forum.

That would be nice. Just add an additional 3.6 billion.

 

[jimbobb24]

The damage caused to the US and to the world in general is incalculable, certainly in the trillions in damages as a result of the illegal campaigning by foreign parties on Facebook in favour of the eventual President. That Facebook enabled them makes them party to the damages. If a lawsuit were mounted to prosecute those responsible, there'd be no more Facebook.

This is not what this is about. And we have data on what you are talking about and the reports suggest the impact was zero or essentially zero. The data also suggest the manipulation was to help both candidates in about the same amount - about effectively zero. However if there was targeted interference they achevied their goals beyond wildest dreams because people are running around thinking some Facebook ads ended democracy and have wasted millions of dollars of US taxpayer money in investigations and unmerited paranoia.

 

[fairuz]

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

It's ridiculous. I don't even care about the Facebook thing, even if I was affected (idk). The Equifax breach actually matters.

 

[JetLaw]

What will that $5B now support?

Government waste, I suspect.