patrick.net

#fuckzukfuck

#fuckfacebook

There goes Zuckerberg 2020!

Facebook Inc

NASDAQ: FB · March 26, 3:18 PM EDT
155.76
▼ 3.74 (2.34%)

52wk High 195.32
52wk Low 138.77

I wonder if the NSA/CIA will let this investigation go forward:

The Federal Trade Commission is investigating Facebook's privacy practices following a week of privacy scandals including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers.

Facebook's stock, which already took a big hit last week, plunged as a result.

Facebook said in a statement on Monday that the company remains "strongly committed" to protecting people's information and that it welcomes the opportunity to answer the FTC's questions.

News outlets have reported on the FTC investigation last week, but the FTC hadn't confirmed it until Monday. Facebook reached a settlement with the FTC in 2011 offering privacy assurances.

https://finance.yahoo.com/m/76b3e95c-89bc-3b0f-96da-245bbf102203/the-latest%3A-ftc-confirms.html

It seems to be another example of the left turning against itself and attacking one of their own, out of frustration with their inability to defeat democracy.

No matter what anyone says about Facebook or Russia, about half of the country actually did want and vote for Trump, but that fact is always ignored in articles about "manipulation" of the election.

someone else says

No matter what anyone says about Facebook or Russia, about half of the country actually did want and vote for Trump

It doesn't matter whether they succeeded or not in their meddling. They need to have their fucking hands cut off for even fucking trying.

Bank of America cuts Facebook stock forecast for second time in 5 days, this time for FTC data probe.

For the second time in five days, Bank of America Merrill Lynch reduced its price forecast on Facebook shares as the fallout from the data scandal worsens.

The bank slashed its original forecast on Thursday. On Monday, the Federal Trade Commission confirmed it has an open nonpublic investigation into Facebook's data privacy practices, a development analyst Justin Post called "significant."

"It raises the risk of civil penalties on data privacy violations, and if history serves, could take multiple years to resolve," Post told clients in a note Tuesday. "We believe the key questions at hand are: was Facebook transparent in data usage; and did Facebook properly notify users of policy violations."

In its biggest crisis ever, Facebook is under fire over its handling of personal data following reports that political research firm Cambridge Analytica wrongly gained access to personal data of more than 50 million Facebook users.

Facebook shares fell as much as 1.3 percent Tuesday before paring their losses. The shares are down 5.3 percent in one week and 10.6 percent this month.

https://www.cnbc.com/2018/03/27/bank-of-america-cuts-facebook-stock-forecast-for-second-time-in-a-week-on-ftc-probe.html

Sniper says

Facebook shares fell as much as 1.3 percent Tuesday before paring their losses. The shares are down 5.3 percent in one week and 10.6 percent this month.

And also almost 25% off their highs.

The losses have come amid the news that Cambridge Analytica, which the Trump campaign used during the 2016 presidential election, harvested the personal data of 50 million Facebook users without their permission.

Why is this important now? The 2012 Obama campaign "harvested" Facebook more than this:

In 2012, the Obama campaign encouraged supporters to download an Obama 2012 Facebook app that, when activated, let the campaign collect Facebook data both on users and their friends.

According to a July 2012 MIT Technology Review article, when you installed the app, "it said it would grab information about my friends: their birth dates, locations, and 'likes.' "

The campaign boasted that more than a million people downloaded the app, which, given an average friend-list size of 190, means that as many as 190 million had at least some of their Facebook data vacuumed up by the Obama campaign — without their knowledge or consent.

If anything, Facebook made it easy for Obama to do so. A former campaign director, Carol Davidsen, tweeted that "Facebook was surprised we were able to suck out the whole social graph, but they didn't stop us once they realized that was what we were doing."

This Facebook treasure trove gave Obama an unprecedented ability to reach out to nonsupporters. More important, the campaign could deliver carefully targeted campaign messages disguised as messages from friends to millions of Facebook users.

The campaign readily admitted that this subtle deception was key to their Facebook strategy.

"People don't trust campaigns. They don't even trust media organizations," Teddy Goff, the Obama campaign's digital director, said at the time. "Who do they trust? Their friends."

https://www.investors.com/politics/editorials/facebook-data-scandal-trump-election-obama-2012/

HeadSet says

Why is this important now? The 2012 Obama campaign "harvested" Facebook more than this:

Easy answer: When Obama and the Dems do it = GOOD.

When the Repubs do it = BAD.

Liberals get to make a deal with the Devil and break all kinds of laws. Morals and Scruples are suspended and they can get away with everything.
Then when the Republicans find the doors they left open then walk through those same passages. The Liberals go ballistic and gut Hollywood, the Press, their Political Leaders they sacrifice them to make it all go away. Funny how the Libs found Jesus when we found Trump.

https://finance.yahoo.com/news/billionaire-biotech-investor-said-facebook-091846496.html

A billionaire biotech investor says Facebook will be decimated by its disastrous data leak (FB)

Jim Mellon, the billionaire British investor, has predicted that Facebook faces "decimation" over the Cambridge Analytica data disaster.

Speaking on CNBC's "Squawk Box" after a tumultuous two weeks for Mark Zuckerberg's social-media company, Mellon said the fallout would be far-reaching after Facebook was plundered for the data of 50 million users.

The scandal has wiped about $80 billion, or 57 billion British pounds, off Facebook's value, and Mellon said the firm's share price could halve over the next two years.

He said the threats came from the possibility of increased government regulation and further fiascos over how the company handles its users' personal information. Facebook shares closed at $153.03 on Wednesday.

"The Cambridge Analytica thing is just the tip of the iceberg," said Mellon, who is typically bearish on big tech. "We're going to see decimation of particularly Facebook and quite right too — it's a trivial use of modern technology and one that's rather sinister."

Mellon added that Facebook and Google's scale and increased public accountability had left them vulnerable to government regulation around the world.

He predicted that Google would be hit by "enormous" fines, like the 2.4 billion euro ($3 billion) one meted out by the European Union last year, and that its parent firm, Alphabet, could be broken up by US and European administrations.

"These fatted calves are now ripe for the plucking by governments everywhere," Mellon told CNBC.

Mellon's net worth stands at 920 million pounds ($1.3 billion), according to The Sunday Times Rich List.

His investment company Burnbrae Group has numerous biotech interests, such as the experimental cancer drug firm SalvaRX, which began trading on London’s junior Aim market in March 2016.

Mellon made his money in mining and property and supported the campaign to take Britain out of the European Union in 2016.

So we connect more people.

That can be bad if they make it negative. Maybe it costs a life by exposing someone to bullies. Maybe someone dies in a terrorist attack co-ordinated on our tools.

And still we connect people.

The ugly truth is that we believe in connecting people so deeply that anything that allows us to connect more people more often is de facto good. It is perhaps the only area where the metrics do tell the true story as far as we are concerned.

[...]

That's why all the work we do in growth is justified. All the questionable contact importing practices. All the subtle language that helps people stay searchable by friends.

http://www.bbc.com/news/technology-43594959