Looks like Jeffrey Epstein isn't the only billionaire getting off with a slap on the wrist ...

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PUT A DOLLAR IN THE 'DATA BREACH' JAR

"Goddamnit, I don't know what it is about your face, but I wanna deliver one of these right in your suck hole." - pretty much everyone to Zuck

On Friday the FTC made it official, failing to stuff Zuck in a proverbial locker and letting down the masses by handing down a slap on the wrist to Zuckebot and FB. For violating an FTC agreement, FB will pay a $5B fine.

Despite the fine marking the largest ever handed down by the FTC (the previous record was $22.5M levied against Google), the $5B represents just 9% of the 'book's 2018 annual revenue. 

Despite the fine marking the largest ever handed down by the FTC (the previous record was $22.5M levied against Google), the $5B represents just 9% of the 'book's 2018 annual revenue. 

You had one job, FTC

An FTC investigation was opened into FB following news of the 2018 Cambridge Analytica scandal that allowed the political consulting group access to nearly 100M of the social network's users. Zuck had already pinky promised the FTC in 2011 that it would notify users of any data access by 3rd parties. So that was a f*cking lie.

A who's who of politics is calling bullsh*t on the fine. And not just Elizabeth Warren. Republicans and Democrats believe the fine will only embolden Zuck to continue to move fast and break things.

But, have no fear, there will be plenty of opportunities to fine Zuck and Co. for the crimes against humanity it will commit with Libra.

Facebook to be slapped with $5 billion fine for privacy lapses, say reports [CNBC]

IN OTHER NEWS

- AB InBev called off its Asia-unit IPO, making it the third largest canceled IPO of all time [Reuters]

- It's a very bad time to be a banker in London ... SG is the latest bank to begin layoffs [Bloomberg]

- Juul's CEO is sorry for the teen vaping epidemic ... just not sorry enough to do anything about it [CNBC]

Related

By US Department of Labor (Working_Families_MA009) [Public domain], via Wikimedia Commons

Opening Bell 5.10.19

Wait, so you're telling me there is ANOTHER one of these Facebook billionaire dweebs floating around out there talking about smoked meats?