Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
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Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#2> Every insider I've spoken to said any FTC fine on Facebook under $10 billion would be seen as a massive win, showing firm won't face serious consequences for privacy violations. Wall St. seems to agree in response to news of $3-$5b settlement [$FB up 4% after hours]
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#3Isn't that just like 1 month's worth of revenue? That amounts to absolutely nothing in today's world, not even an incentive to reduce the bad behavior.
Jail time for lawbreaking executives needs to happen. The financial penalties do not dissuade bad behavior or act as a deterrent, so the same crimes will continue to be committed.
Are there any peer-reviewed studies looking at deterrence of financial/tech/privacy crimes in the modern era? I would expect that in every case the penalty is lower than the profit, making it a continued incentive to break the law.
The only thing these people value truly is their time on this Earth to be free and breathe fresh air. If they risk jail time when breaking these laws, I think we would see a reduction in intentional and repeated lawbreaking by large corporations.
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#4> Every insider I've spoken to said any FTC fine on Facebook under $10 billion would be seen as a massive win, showing firm won't face serious consequences for privacy violations. Wall St. seems to agree in response to news of $3-$5b settlement [$FB up 4% after hours] https://twitter.com/lhfang/status/1121148735818358784
Agreed. This small of a fine comes off as a cost of doing business for a company as large as Facebook.
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#5[deleted]
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#6This would be awesome if it applied to security breaches as well. Not sure how you would fine OPM, but there are a ton of consumer companies that have leaked data like a sieve.
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#7Isn't that just like 1 month's worth of revenue? That amounts to absolutely nothing in today's world, not even an incentive to reduce the bad behavior. Jail time for lawbreaking executives needs to happen . The financial penalties do not dissuade bad behavior or act as a deterrent, so the same crimes will continue to be committed. Are there any peer-reviewed studies looking at deterrence of financial/tech/privacy cri…
1 month of revenue is how many months of profit?
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#8Without new laws affecting the rest of us? Sounds good. More bad-company enforcement is better than more internet legislation on these issues at this time.
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#9> Every insider I've spoken to said any FTC fine on Facebook under $10 billion would be seen as a massive win, showing firm won't face serious consequences for privacy violations. Wall St. seems to agree in response to news of $3-$5b settlement [$FB up 4% after hours] https://twitter.com/lhfang/status/1121148735818358784
Facebook will not acknowledge any wrongdoing as part of the settlement....Which is what I expect the script to read.
If the settlement happens, I imagine this would provide some weight behind any class action lawsuit.
Re: Facebook Expects to Be Fined Up to $5B by FTC Over Privacy Issues
#10This would be awesome if it applied to security breaches as well. Not sure how you would fine OPM, but there are a ton of consumer companies that have leaked data like a sieve.
You cannot fine companies for being technically incompetent.