Facebook is let off with a record $5 billion fine to settle privacy violations dispute with the FTC with no real restrictions imposed and ‘blanket immunity’ for Zuckerberg and his execs

  • The FTC agreed to settle its suit against Facebook on Wednesday for $5billion
  • The fine is record breaking and is 20 times higher than any other previously imposed for privacy issues
  • However critics say it barely affects the company’s bottom line
  • More importantly, because the issue has now been settled, much of the dispute and of what Facebook knows will remain secret 
  • Had the FTC pushed on with the issue to court, more would have been revealed
  • Zuckerberg announced it on Facebook but said he was committed to company restructuring to meet the settlement
  • It includes a new privacy committee to oversee the board – much like its oversight committee which is self-imposed and governed 
  • Facebook, and other tech companies, are under siege from the government
  • It is being investigated by the House Judiciary Committee, the Department of Justice and a Financial Service Committee probe into Libra is also underway

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