F.T.C. Approves Facebook Fine of About $5 Billion
The Federal Trade Commission has approved a fine of roughly $5 billion against Facebook for mishandling users' personal information, according to three people briefed on the vote, in what would be a landmark settlement that signals a newly aggressive stance by regulators toward the country's most powerful technology companies.
The much-anticipated settlement still needs final approval in the coming weeks from the Justice Department, which rarely rejects settlements reached by the agency. It would be the biggest fine by far levied by the federal government against a technology company, easily eclipsing the $22 million imposed on Google in 2012. The size of the penalty underscored the rising frustration among Washington officials with how Silicon Valley giants collect, store and use people's information.
It would also represent one of the most aggressive regulatory actions by the Trump administration, and a sign of the government's willingness to punish one of the country's biggest and most powerful companies. President Trump has dialed back regulations in many industries, but the Facebook settlement sets a new bar for privacy enforcement by United States officials, who have brought few cases against large technology companies.
Also at Reuters, CNBC, The Verge, MarketWatch, and CNN.
(Score: 2) by JoeMerchant on Saturday July 13 2019, @05:57PM
It may be paltry for the companies, but the governments collecting the revenue will gladly take the money and add it to the general fund.
🌻🌻 [google.com]