fines mean nothing for corporations if the people running them aren't personally held accountable
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this is how libertarians think taxes should work
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As per usual, Facebook's influence on privacy and democracy is seen as a PR problem, not a societal one. And assigning value to that PR problem ($5B) shows just how much democracy and privacy rights are worth to regulators / leaders.
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Don't look at today or after-hours today, big buyers were confident that
$FB would be fine months ago. The push to reacquire it's long-term uptrend happened months ago. Big buyers knew the score. *Each "candle" on this chart represents ONE WEEK of activity.pic.twitter.com/fdjnKIZgPo
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I don't know how you do things in the US, but in EU the second fine for a privacy violation of similar nature can usually be expected to be 10x to 100x larger than the first one. So that could amount up to half a trillion $ if they become complacent.
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Which is, incidentally, their whole market cap at the moment of writing this tweet.
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There is no settlement announced, yet. The $3-$5b is what FB is allocating for the potential settlement(s), as stated in their earnings conference call.
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No teeth
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Perhaps, but a FTC civil penalty over $1 billion is significant under any circumstances. We also don't know the terms of the proposed consent decree so it may be premature to conclude that they won't face serious consequences for privacy violations.
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