Privacy Blog

“By continuing the process of inflation, governments can confiscate secretly and unobserved an important part of the wealth of their citizens.” – John Maynard Keynes, writing about the effects of a seemingly small amount of inflation every year.

The $5 Billion Fine Facebook Expects to Pay the FTC is a Joke — On All Of Us

Mark Zuckerberg, Founder and CEO of Facebook

Facebook has been caught yet again illegally harvesting the email contacts of 1.5 million users without users’ consent. The company is facing a $5 billion fine assessed by the U.S. Federal Trade Commission. Obviously, $5 billion is a lot of money for most everyone except Facebook.

Facebook has $45 billion in cash and securities on hand and generates $5 billion in cash each quarter, even after investments in property and equipment, so it can more than afford the fine.

Facebook will probably pay the fine from its petty cash account.

Details may be found in an article by Troy Wolverton in the Insider web site at: https://www.thisisinsider.com/5-billion-ftc-fine-wont-change-facebook-practices-2019-4.

Categories: Legal Affairs

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