Facebook Faces $5 Billion Fine Over Privacy Disaster

A Facebook logo and

The penalty against Facebook would be larger than the record-setting $22.5 million the FTC imposed on Google in 2012.

The multi-billion-dollar settlement draft, details of which appeared in the United States mainstream media this afternoon ahead of any official word from the FTC or Facebook, will be the watchdog's largest in its history.

Facebook told investors in April that it expected fines from the investigation to be between $3 billion and $5 billion. It wanted to assess how the company is treating the personal data of its billions of users (one of many issues that has led to increasing calls for Facebook to be broken up).

In addition to the fine, Facebook agreed to more comprehensive oversight of how it handles user data, according to the people. While the cause of ...

The FTC started looking into Facebook last March, after news reports that Facebook had allowed Cambridge Analytica, a social media data firm that worked on President Trump's 2016 campaign, to collect data from millions of users without their knowledge. Allegedly, this data was used to help sway the 2016 US presidential election. The two detractors were the FTC's two Democratic commissioners, who presumably felt that the settlement was not punitive enough.

The Department of Justice's (DOJ) civil division will now review the matter in accordance with FTC procedure before finalizing the decision. The consent decree followed a prior FTC investigation that found Facebook mishandled user data.

While the deal resolves a major regulatory headache for Facebook, the Silicon Valley firm still faces further potential anti-trust probes as the FTC and Justice Department undertake a wide-ranging review of competition among the biggest USA tech companies.

Mateo Kovacich: Chelsea star begs Lampard to teach him how to score
This could grow over the next few weeks, yet it seems that, for now, they're focusing on Everton's Idrissa Gueye. And then there's the extra stuff in terms of what he brings as a professional, ' Lampard said last season.

In the USA, one such board is the Federal Trade Commission (FTC), who has been looking into Facebook's past controversies with a fine-tooth comb.

Privacy advocates have been calling on the FTC to come down on Facebook for a decade, but over that time the company's money, power and Washington influence has only increased.

But while Wall Street, and likely Facebook executives, may be breathing a little easier, the fine alone has not appeased Facebook critics, including privacy advocates and lawmakers.

"Privacy regulation in the U.S. is broken".

Facebook's revenue for the first quarter of this year was $15.1 billion (roughly Rs. 1,02,840 crores) while its net income was $2.43 billion (roughly Rs. 16,660 crores).

Rep. David Cicilline (D-RI), who is leading a House Judiciary Committee antitrust investigation into big tech, chastised the alleged FTC settlement.

Related:

  • Appeals court dismisses Trump emoluments case

    Appeals court dismisses Trump emoluments case

    The Trump International Hotel is located on Pennsylvania Avenue, just four streets from the White House. The panel of three judges decided that D.C. and Maryland "lack standing" to continue with their case.
    Serena, Halep cruise into Wimbledon final

    Serena, Halep cruise into Wimbledon final

    On Thursday, Halep showed her more adventurous side to defeat first-time semi-finalist Elina Svitolina 6-1, 6-3 at Wimbledon . That makes me know that. she can get there again". "I plan to be the best version of myself and fight to the end".
    World Crude Oil Consumption to Grow 1.1 Percent by 2020

    World Crude Oil Consumption to Grow 1.1 Percent by 2020

    Chevron said Tuesday it began closing five of its platforms and will start moving out all associated personnel. US West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6 per cent, at $60.54 a barrel.
  • After Google+, Google is Working on Another Social Network

    After Google+, Google is Working on Another Social Network

    Shoelace is a hyperlocal app for organizing events and activities, called " Loops ", which makes it similar to Facebook Events. It is now available only to 'select communities' in New York City, and users must have an active Google account to sign in.
    Acosta resigns amid controversy over Epstein deal

    Acosta resigns amid controversy over Epstein deal

    Trump in recent days has attempted to put distance between himself and Epstein, saying he hasn't talked to him in 15 years. The outgoing Labor chief praised the health of the US economy, saying "that's what this administration needs to focus on".
    Inter Bullish After Key Advance In Romelu Lukaku Deal Talks

    Inter Bullish After Key Advance In Romelu Lukaku Deal Talks

    The Evening Standard claim Solskjaer wants at least two signings before the season starts. "I think that's the right thing to do". The Belgian is now on tour with Solskjaer's squad in Australia and United are set to face Inter in Shanghai on July 20.
  • Tropical Storm Barry knocks out power for all of Grand Isle

    Tropical Storm Barry knocks out power for all of Grand Isle

    Tanya Gulliver-Garcia, of New Orleans' Broadmoor neighborhood, had a planned trip to NY , with a flight out Friday evening. In low-lying areas like Plaquemines Parish, 10,000 people have been ordered to evacuate ahead of the storm.
    United States  may lift some sanctions if North Korea halts nuclear programme

    United States may lift some sanctions if North Korea halts nuclear programme

    Bush advanced his own effort to disarm the country, which at the time was led by Kim's father, late supreme leader Kim Jong Il. The USD/JPY pair stalled its decline and now holds steady just below the 108 handle, little affected by the above headlines.
    ICE raids could happen this weekend in major cities across the county

    ICE raids could happen this weekend in major cities across the county

    Plans for the raids in June drew widespread scorn among immigration rights advocates and mayors in the impacted cities. I'm afraid to go to the house and find my parents gone, '" Acevedo said during an interview with CNN .
  • Magnitude 4.6 natural disaster  hits just outside Seattle

    Magnitude 4.6 natural disaster hits just outside Seattle

    There isn't a connection between this natural disaster and the ones that rocked California earlier this month, Steele said. No significant damages or injuries were reported to city infrastructure, according to Tacoma and Pierce County officials.
    Starbucks Debuts Tie-Dye Frappuccino and Here's How to Order It Vegan

    Starbucks Debuts Tie-Dye Frappuccino and Here's How to Order It Vegan

    Made with whole milk and topped with whipped cream, the crème-based beverage has tropical fruit flavors and zero caffeine. What's the flavor you ask? The frappuccino is only available for a limited time in stores nationwide starting Wednesday.
    After Kangana Ranaut's fiasco with journalist, Ekta Kapoor says she's gone 'mental'

    After Kangana Ranaut's fiasco with journalist, Ekta Kapoor says she's gone 'mental'

    Members of the Guild also demanded a public apology from both Kapoor and Ranaut, journalists present at the meeting said. In the 1970s, Amitabh Bachchan and the media shared an icy relationship which thawed only about a decade later.

Comments

Latest news

Mad scramble for cash after armoured auto spills $260000 on Atlanta highway
According to CNN , police estimate that almost $1,75,000 was spilled out when the truck's side door sprung open. Meanwhile, videos circulating on social media show the frenzy caused by the spilled cash.

White House kills rebate rule aimed at lowering drug prices
But without insurers getting the rebates, the bottom line would have been an increase in premiums. Drugmakers preferred the consumer rebate approach to other ideas that lawmakers are considering.

Hawaii's Maui Island wildfire forces evacuations
As of 1:40 p.m., Maui Veterans Highway remained open while Kuihelani Highway continued to be closed, Perry said. Fire officials said winds blowing 20 miles per hour and higher fanned flames across fallow fields.

Twitter is back up after global outage
Twitter crashed Thursday afternoon and the company said it was "investigating issues" related to its platform going down. If were unable to log into Twitter , you were not alone. "We were down. and now slowly coming back up".

Follow our model for 'happy' Xinjiang, China tells West
It pointedly cites China's obligations as a member of the 47-member state forum to maintain the highest standards. While China restricts access and reporting in Xinjiang, Geng said it would welcome a visit by Michelle Bachelet.

Huge blast in hotel in Somalia's Kismayu, followed by gunfire
The Al-Shabaab Islamist militant group has claimed responsibility for the blast, adding that this was a suicide attack. Outside of Kismayo, al-Shabab still controls parts of Jubbaland, a region in southern Somalia.

Novak Djokovic overcomes plucky Bautista Agut to reach Wimbledon final
Only five points went against serve in the first seven games as the two gladiators settled into their groove. He's dropped just one set in the last two rounds. "I didn't receive well today", the 33-year-old said.

Amazon Could Be Working on an Alexa-Powered Robot
The organization intends to launch the new Echo probably next year, as per individuals acquainted with the product. With over 15 products revealed at last year's Seattle headquarters, we can look forward to new products this year.

"Robot umpires" debut in independent Atlantic League
Of course, players will only agree with the umpire until they disagree with the call, but that's just part of baseball. The home plate umpire has a lot more to do than call balls and strikes and he's going to be asked to do all of that.

Mom in tainted tongue depressor case told to stay off social media
The medical centre said they have since removed and sanitised all the equipment and materials in the exam room. She shared the video on Snapchat with her friends, and it was later posted by someone else on Facebook .

Bombardier Laying Off 550 At Its Railway Car Plant
The Ontario government is urging Bombardier Inc. "They've done absolutely nothing to support these people in Thunder Bay ". The company's statement says it discussed the plant's "sustainable viability" with various government officials.

Thieves siphon 3.5 billion yen from Tokyo crypto exchange:The Asahi Shimbun
The incident follows the theft of 6.7 billion yen from the Zaif exchange, operated by Tech Bureau Corp., in September 2018. The exchange said it detected the hack because of errors related to the remittance of Ripple funds to customers.

VW, Ford broaden alliance to autonomous, electric vehicles
VW, meanwhile, has been working on MEB since 2016 and expects to build 15 million cars using the platform in the next decade. That's the automaker's in-house autonomous vehicle development unit, which now has 200 employees.

Robert Mueller's testimony is POSTPONED
Mueller's investigation did not find evidence of collusion between Russian Federation and the Trump 2016 presidential campaign. Some said it would be delayed, while others cautioned that a final agreement was not yet in hand.

Samsung’s improved Galaxy Fold spotted in the wild
Besides that, the device's design does look incredibly sleek from the very low-quality pictures above. Samsung will likely launch both LTE and Wi-Fi-only versions of the Galaxy Watch Active 2.

Other news