I wonder if someone genuinely thought that Facebook cares about him or her.
Facebook chooses profits over people
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Re: Facebook chooses profits over people
#22It's a company, companies work for profit. Free market should deal with that, but with what is basically a monopoly (atleast in userbase), regulators should do their job.
That companies optimize for profit is afaik a pretty modern (1900+) phenomena. VC didnt do any good in that process.
Companies should hold a responsibility for it's owners, it's employees, it's customers and theyr envrionment (socially and environmentally) in equal parts. Unfortunately thats wishful thinking, especially with the multinational industries.
Re: Facebook chooses profits over people
#23Earlier quoted context omitted.
I live in the UK, certainly takes some convincing.
Looks like those bullshit PR feelgood ads really do work on some people. I don't know how naive you would have to be to believe that $CORP really cares about you.
Since we are talking about the UK, as Adam Smith said, “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.“
Re: Facebook chooses profits over people
#24[deleted]
Re: Facebook chooses profits over people
#25Isn't it illegal for a CEO to lead the company away from profit?
No, absolutely not. And I find it very sad that apparently Big Finance has managed to convince people that it would be.
Re: Facebook chooses profits over people
#26As long as paying customers are advertisers instead of users, why would they care? Why is this even news?
Re: Facebook chooses profits over people
#27Isn't it illegal for a CEO to lead the company away from profit?
No. A CEO’s job is to provide value to shareholders. This doesn’t mean short terms profits at any cost.
Provide value to shareholders or work in the best interest of shareholders? I always took it as: don't enrich yourself to the detriment of shareholders.
Re: Facebook chooses profits over people
#28It's a company, companies work for profit. Free market should deal with that, but with what is basically a monopoly (atleast in userbase), regulators should do their job.
That companies optimize for profit is afaik a pretty modern (1900+) phenomena. VC didnt do any good in that process. Companies should hold a responsibility for it's owners, it's employees, it's customers and theyr envrionment (socially and environmentally) in equal parts. Unfortunately thats wishful thinking, especially with the multinational industries.
Companies/merchants have sought profit forever. It really doesn't seem much different at all in ancient Rome, for example [1], except everything was smaller scale - they sought capital investment and contracts for mining operations with the goal of squeezing as much profit out as efficiently as possible.
1. https://books.google.co.uk/books?id=m2kVDAAAQBAJ&pg=PA274&lp...
Re: Facebook chooses profits over people
#29Re: Facebook chooses profits over people
#30Earlier quoted context omitted.
No. A CEO’s job is to provide value to shareholders. This doesn’t mean short terms profits at any cost.
Provide value to shareholders or work in the best interest of shareholders? I always took it as: don't enrich yourself to the detriment of shareholders.
Fiduciary duty is more about "do honest work and don't steal from stakeholders".
Nowhere does it state that the gambling bet (publicly listed company) has to optimize for returns of the gamblers (shareholders).