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lhfang's profile
Lee Fang
Lee Fang
Lee Fang
Verified account
@lhfang

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Lee FangVerified account

@lhfang

Investigative Journalist. @theintercept email lee.fang@theintercept.com Views here are my own. Send tips to me directly by email or Signal at (202) 394-9170

San Francisco
firstlook.org/theintercept/s…
Joined August 2007

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    Lee Fang‏Verified account @lhfang 24 Apr 2019

    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 settlementpic.twitter.com/11RtNVQgzH

    1:27 PM - 24 Apr 2019
    • 159 Retweets
    • 230 Likes
    • Joel Rodrigues Mitch Chase Tonje Indseth Soldier of Foreskin WeRockThePlanet Mike Hurt 🌸 🇬🇧 GAB same name NiteOwl 🚫✂️ Sam B pripyatboob
    10 replies 159 retweets 230 likes
      1. Dad Jokes Panda‏ @TrashPandaFTW 24 Apr 2019
        Replying to @lhfang

        fines mean nothing for corporations if the people running them aren't personally held accountable

        0 replies 0 retweets 3 likes
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      1. air bud 5; golden streamer‏ @chakazula 24 Apr 2019
        Replying to @lhfang

        this is how libertarians think taxes should work

        0 replies 0 retweets 3 likes
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      1. George Carothers‏ @gjcarothers 24 Apr 2019
        Replying to @lhfang

        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.

        0 replies 1 retweet 3 likes
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      1. gain-of-function research‏ @2fp_s 24 Apr 2019
        Replying to @lhfang

        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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      2. Kirils Solovjovs‏ @KirilsSolovjovs 24 Apr 2019
        Replying to @lhfang @ashk4n

        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.

        2 replies 0 retweets 5 likes
      3. Kirils Solovjovs‏ @KirilsSolovjovs 24 Apr 2019
        Replying to @KirilsSolovjovs @lhfang @ashk4n

        Which is, incidentally, their whole market cap at the moment of writing this tweet.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. PedanticSemanticist‏ @antifah_Q 24 Apr 2019
        Replying to @lhfang @themistocles_w

        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. @FTC hasn't spoken yet.

        0 replies 0 retweets 0 likes
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      1. Ezra Buckley‏ @tacwzr 24 Apr 2019
        Replying to @lhfang

        No teeth @linamkhan?

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      1. Marc Groman‏ @MarcGroman 25 Apr 2019
        Replying to @lhfang @mims

        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.

        0 replies 1 retweet 1 like
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