Facebook Gets a New Committee
Also securities fraud, a drug ship, a direct listing and bond market liquidity.
Programming note: Money Stuff will be off tomorrow and Friday, back on Monday, July 29.
Today the U.S. Federal Trade Commission announced a big settlement with Facebook Inc. over its privacy practices. Facebook will pay a $5 billion fine to settle “charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information,” charges that grew out of the sharing of user data with analytics firm Cambridge Analytica. We talked about the back story of the settlement yesterday. If you want to read about how it’s too harsh or too lenient, or how it doesn’t do enough to change Facebook’s privacy practices, I suspect that you will easily be able to find articles saying those sorts of things.