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Paul Merrell

Facebook to pay $5bn fine as regulator settles Cambridge Analytica complaint | Technolo... - 0 views

  • Facebook will pay a record $5bn (£4bn) penalty in the US for “deceiving” users about their ability to keep personal information private, after a year-long investigation into the Cambridge Analytica data breach. The Federal Trade Commission (FTC), the US consumer regulator, also announced a lawsuit against Cambridge Analytica and proposed settlements with the data analysis firm’s former chief executive Alexander Nix and its app developer Aleksandr Kogan. The $5bn fine for Facebook dwarfs the previous record for the largest fine handed down by the FTC for violation of consumers’ privacy, which was a $275m penalty for consumer credit agency Equifax.
Paul Merrell

Explainer: What Google, Facebook could face in U.S. antitrust probe - Reuters - 0 views

  • The U.S. Department of Justice is investigating whether big technology companies are engaged in anticompetitive behavior, addressing a rising tide of criticism they have become too powerful to the detriment of consumers.
  • The Justice Department has said it will investigate “whether and how” online platforms in “search, social media, and some retail services online” are engaging in behavior that stifles competition and harms consumers. While the Justice Department did not name any targets in announcing the probe on Tuesday, sources have indicated Alphabet Inc’s Google, social media giant Facebook Inc, online retailer Amazon.com Inc and possibly Apple Inc will likely be reviewed. Here’s what regulators could focus on at the big technology companies:
Paul Merrell

Facebook's Cryptocurrency: Stop It Before It Starts - Lawfare - 0 views

  • On Tuesday, Facebook announced its forthcoming cryptocurrency, Libra. The company says it intends to integrate it into Facebook’s Messenger and WhatsApp products. Although Facebook says it’s created an “independent” subsidiary, Calibra, and purports that the currency itself will be controlled by an independent Libra Foundation, the coin really a Facebook project. It is not live yet, giving governments the opportunity to kill this project before it actually gets off the ground and gives rise to cybercriminals that couldn’t capitalize on existing cryptocurrencies. In particular, the IRS and FinCEN should take action now.
Paul Merrell

Facebook co-founder Chris Hughes calls for the company to be broken up - 0 views

  • show chapters Facebook co-founder Chris Hughes calls for the company to be broken up    15 Hours Ago Facebook co-founder Chris Hughes issued a forceful call for regulators to break up the company he helped build in a New York Times op-ed published Thursday. Hughes, who left Facebook to work for Barack Obama's 2008 presidential campaign, said that from his own experience building and working inside the company, Facebook now has more power than a private sector entity is due. While emphasizing his belief that CEO Mark Zuckerberg has good intentions overall, he said the executive has far too much unchecked power, aided by his majority voting stake in the company.
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