Facebook overpaid FTC fine as 'quid pro quo' to protect Zuckerberg from liability, shareholders clai

[UpInArms]

Source: Marketwatch

Facebook Inc. overpaid billions of dollars to the Federal Trade Commission as part of an agreement to keep CEO Mark Zuckerberg from being held personally liable for the Cambridge Analytica data breach, shareholders claim in a pair of lawsuits.

Two separate groups of Facebook FB, +0.50% shareholders filed suit Tuesday, Politico first reported, alleging that Facebook’s board approved an over-payment on its settlement with the FTC over the Cambridge Analytica scandal to protect Zuckerberg.

… snip …

The suit cited minutes from a subsequent Facebook board meeting, and claimed “Zuckerberg, [COO Sheryl] Sandberg, and other Facebook directors agreed to authorize a multi-billion settlement with the FTC as an express quid pro quo to protect Zuckerberg from being named in the FTC’s complaint, made subject to personal liability, or even required to sit for a deposition.”

In July 2019, Facebook agreed to pay the FTC a record fine of $5 billion to settle the investigation into the Cambridge Analytics data breach.

… snip …

The second lawsuit also claimed Facebook has failed in its obligation to protect the private data of its users, and alleged that the Cambridge Analytics’ data scraping was a “destined consequence” of Facebook’s business plan.

Read more: https://www.marketwatch.com/story/facebook-overpaid-ftc-fine-as-quid-pro-quo-to-protect-zuckerberg-from-liability-shareholders-claim-11632278039?mod=mw_latestnews

[marble falls]

1. Pretty serious charges with some interesting evidence to back it up.

[Maraya1969]

2. So the stockholders paid it? eom

[Across-the-Desk]

3. Those Unstandard Standards When It Comes To Facebook's Community Standards

[Golfnbrew]

4. FTC should have shared culpability if true

Coordinating /accepting an over-payment (bribe)...
Someone's head should roll at the FTC as well!

[tanyev]

5. I don't doubt it, but how does the money get out of FTC coffers into private bank accounts?

It's unlikely that the prospect of a posh remodel of the breakroom would be enough motivation for FTC corruption.

[SergeStorms]

7. Unless FTC stands for...

"Fat Traitor's Coffers", and it all went straight to Asshole45.

[tanyev]

14. Highly plausible, but it would still take some, uh, "creative" accounting

to make that happen, and several accomplices.

[geardaddy]

6. Bribery?

[They_Live]

15. That's how my eyes are reading it too.

and I am pretty sure that's illegal.

[rockfordfile]

18. I agree

[turbinetree]

8. You think it is now time to lock his ass up first and then invoke the anti-trust acts...

and regulate this shit show called Facebook and all of the subsidiaries they own....I really do hate Facebook...they run around under the protection of the First Amendment.....Bullshit...

[Farmer-Rick]

9. So the FTC accepted a bribe to not charge Zuckerberg.

Wow, I wonder if it went to line FTC members pockets directly? Four out of 5 commissioners are Trump appointees right now.

I guess the Dancing Supremes would just call that a campaign contribution and political speech. Of course commissioners don't really campaign but I'm sure that's a detail our useless supreme court will overlook.

That is some serious corruption.

Do you think the FTC would have done the same thing for a poor man?

[Duppers]

21. Can Biden fire these commissioners?

I haven't researched this but I don't think these appointees are like those at the Post Office.

[Farmer-Rick]

23. The Supreme Court Has ruled on the FTC alot.

So, one angry rich guy could turn the court's head and make the court more idiotic like in Bush v Gore. So, think of this as temporary.

It ruled a president Can Not fire an FTC member just for political reasons. But probably could impeach/administratively remove them for cause.

[Duppers]

24. Thank you!

[Botany]

10. So Zuckerberg paid $5 billion to make that messy little rat fucking the 2016 elections go away?

Link to tweet

[geardaddy]

16. Why isn't she being prosecuted, as well?!

[Botany]

17. No idea

That FBI was well aware of Russia's work in support of Trump in 2016, Cambridge Analytica's use of
algorithms in order to pin point facebook users and bath them in misinformation much of it being
lies and half truths about Hillary and her emails, and the multiple contacts between the Trump Campaign,
certain republican congresspersons, and Russia but instead shits like Comey talked about Hillary and
her emails. As a matter of fact the Hillary email story that Comey talked about @ the end of the 2016
election and passed onto congressional republicans was a 100% Russian generated.

The installation of Trump into the White House and his active participation as a witting Russian asset
was part of the largest crime in America's history.

Link to tweet

[bucolic_frolic]

11. And where did the excess go?

privatization and grift? Asking because, you know, it's always about private interest. More money in the hands of the government doesn't do grifters any good.

[luv2fly]

12. And Facebook users, who ARE Facebook...

shrug their collective shoulders as they cover their eyes and say "huh, what, don't care."

[TeamProg]

13. Well, of course the grifting Trump Administration accepts bribes!

What else is new?

Someone needs to go to jail.

[FakeNoose]

19. I'm not sure how to read this

Did Zuckerberg pay $5 billion plus extra for the grift? Or did the $5 billion payment include the grift? Robert Mercer and the other owners of Cambridge Analytica - how much was their fine?

[2Gingersnaps]

20. Facebood, born in scumbaggery;

exists in scumbaggery; the hill they chose to die on is scumbaggery.

[Blue Owl]

22. Hate the Fuckkkerberg