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A company whose motto has been ‘Move Fast and Break Things’ cannot be relied upon to admit wrongdoing
In 2011, the Federal Trade Commission settled charges with Facebook that the social networking giant “deceived consumers by telling them they could keep their information on Facebook private, and then repeatedly allowing it to be shared and made public”. Today, the company is again in hot water for, among other things, misusing private user data, failing to stop the spread of fake news and enabling the distribution of toxic and violent multimedia.
But the company isn’t the only one in trouble. Now the regulator who is in charge of policing markets – the FTC – is facing a crisis of legitimacy. The reason is simple. We know that Mark Zuckerberg will do whatever he feels he can get away with. And he can get away with a lot; Facebook’s surveillance-based business model is a money printing machine, garnering $55bn of revenue last year. At a certain point, however, after a bank robber has shown he will keep robbing banks, the right question isn’t why the bank robber does what he does, it’s “Where are the cops?”
Continue reading...from US news | The Guardian http://bit.ly/2DWdfwB
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