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With its settlement with @Facebook, the @FTC not only fell short, it fell on its face. Facebook is getting away with some of the most egregious corporate bad behavior in the age of the internet. This settlement is a partisan abdication of the FTC’s duty.https://www.vox.com/recode/2019/7/24/20708359/facebook-ftc-settlement-criticism-5-billion-privacy-review-antitrust-mark-zuckerberg …
Those who argue that this penalty will impact Facebook’s bottom line have already been proven wrong. Facebook’s stock went up after it was reported earlier this year that it would be fined $5 billion by the FTC, making Mark Zuckerberg $1 billion richer.
A $5 billion fine may appear large, but it amounts to a slap on the wrist in comparison to the revenue that Facebook rakes in.
Facebook does not have to admit any fault as a result of this settlement. It doesn’t have to limit the amount of data it collects. It still gets to move forward with its Libra cryptocurrency. This outcome is an insult to consumers.
My full statement:https://www.markey.senate.gov/news/press-releases/senator-markey-blasts-ftc-facebook-privacy-settlement …
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