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Facebook stock drops after reports of FTC probe and UK summons of Zuckerberg in data scandal
CNBC ^ | 03-20-2018 | Sara Salinas

Posted on 03/20/2018 7:44:29 AM PDT by Red Badger

The probes follow a weekend of turmoil for Facebook after reports that Cambridge Analytica gained access to the data of more than 50 million users. Shares of Facebook are down 3.5 percent down after falling as much as 8 percent on Monday. UK officials are also investigating the alleged mishandling of data.

___________________________________________________________________________________________________________________

The Federal Trade Commission is investigating whether the use of personal data from 50 million Facebook users by Cambridge Analytica violated a consent decree the tech company signed with the agency in 2011, Bloomberg reported Monday.

The probe follows a weekend of turmoil for the social media giant. Reports this weekend said the research firm improperly gained access to the data of more than 50 million Facebook users.

"We are aware of the issues that have been raised but cannot comment on whether we are investigating. We take any allegations of violations of our consent decrees very seriously as we did in 2012 in a privacy case involving Google," a spokesman for the FTC said Tuesday.

A violation of the consent decree could carry a penalty of $40,000 per violation, which could mean a fine conservatively estimated to be "many millions of dollars in fines" for Facebook, The Washington Post reported over the weekend, citing a former FTC official.

Facebook has maintained the mishandling of data was the result of abuse on the part of Cambridge Analytica and app developer Aleksandr Kogan.

"We reject any suggestion of violation of the consent decree. We respected the privacy settings that people had in place. Privacy and data protections are fundamental to every decision we make," Facebook said in a statement to the Post on Saturday.

The consent decree requires that Facebook notify users and receive explicit permission before sharing personal data beyond their specified privacy settings.

Weekend reports by The Observer newspaper in the U.K. and The New York Times allege Facebook users willingly provided their data to a psychology quiz app developed by Kogan, who then passed the data along to Cambridge Analytica without the users' knowledge — constituting a potential violation.

Shares of Facebook fell 3.5 percent Tuesday, after skidding as much as 8 percent on Monday.

UK officials are also investigating, ordering auditors hired by Facebook to stand down and summoning CEO Mark Zuckerberg to provide evidence for review.

Facebook did not immediately return request for comment.


TOPICS: Business/Economy; Foreign Affairs; Government; United Kingdom
KEYWORDS: facebook; fbi
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1 posted on 03/20/2018 7:44:29 AM PDT by Red Badger
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To: Red Badger

Forget about “50 million Facebook users by Cambridge Analytica”, how many and on what terms did Facebook share data with Clinton?


2 posted on 03/20/2018 7:46:38 AM PDT by Reno89519 (Americans Are Dreamers, Too! No to Amnesty, Yes to Catch-and-Deport, and Yes to E-Verify.)
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To: Red Badger

Liberal cannibals eating each other.


3 posted on 03/20/2018 7:46:42 AM PDT by FlingWingFlyer (#NotARussianBot)
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To: Red Badger

It is time these crooks started paying for collecting and SELLING private information. A widespread practice in the industry.


4 posted on 03/20/2018 7:47:29 AM PDT by EagleUSA
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To: Red Badger

A violation of the consent decree could carry a penalty of $40,000 per violation, which could mean a fine conservatively estimated to be “many millions of dollars in fines” for Facebook, The Washington Post reported over the weekend, citing a former FTC official.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Do you guys remember the massive investigation and scandal in 2012 when obama bragged about doing this to win the election?

Neither do I.


5 posted on 03/20/2018 7:47:46 AM PDT by shelterguy
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To: Reno89519
Forget about “50 million Facebook users by Cambridge Analytica”, how many and on what terms did Facebook share data with Clinton?

Or to the Obama Administration for use against political opponents? The discovery phase of this case could scare the daylights out of way too many people.

6 posted on 03/20/2018 7:48:06 AM PDT by RayChuang88 (FairTax: America's Economic Cure)
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To: Reno89519

IF it is ‘discovered’ that FB willingly and knowingly provided in kind support for Obama and Clinton, during their campaigns, somebody is going to prison,................


7 posted on 03/20/2018 7:52:37 AM PDT by Red Badger (The people who call Trump a tyrant are the same people who want the president to confiscate weapons.)
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To: Red Badger

How far will it drop today? This week?


8 posted on 03/20/2018 7:53:16 AM PDT by Reno89519 (Americans Are Dreamers, Too! No to Amnesty, Yes to Catch-and-Deport, and Yes to E-Verify.)
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To: Red Badger

It’s what happens when you’re a nappy for the DNC camel groom.....


9 posted on 03/20/2018 7:54:08 AM PDT by Doogle (( USAF.68-73..8th TFW Ubon Thailand....never store a threat you should have eliminated)))
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To: Red Badger

Interesting test case


10 posted on 03/20/2018 7:54:28 AM PDT by redgolum
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To: Doogle

Groom= grool


11 posted on 03/20/2018 7:55:25 AM PDT by Doogle (( USAF.68-73..8th TFW Ubon Thailand....never store a threat you should have eliminated)))
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To: Red Badger

Suckerberg needs to be in prison for sedition and spying on individuals without legal authority.


12 posted on 03/20/2018 8:06:43 AM PDT by WKUHilltopper (WKU 2016 Boca Raton Bowl Champions)
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To: Red Badger

<How many dumb Face Bookers became part of the data collection by the Obama thugs, discussed below by Mad Maxine?

Maxine Waters: “Obama Has Put In Place” Secret Database With “Everything On Everyone” (Video)

Jim Hoft Jun 9th, 2013 12:37 pm

We were warned–

Rep. Maxine Waters (D-CA) told Roland Martin in a February interview,

“Obama has put in place the kind of database… will have everything on every individual.”

http://www.thegatewaypundit.com/2013/06/maxine-waters-obama-has-put-in-place-secret-database-with-everything-on-everyone-video/

Before It’s News has the transcript:

“The President has put in place an organization with the kind of database that no one has ever seen before in life,” Representative Maxine Waters told Roland Martin on Monday.

“That’s going to be very, very powerful,” Waters said. “That database will have information about everything on every individual on ways that it’s never been done before and whoever runs for President on the Democratic ticket has to deal with that. They’re going to go down with that database and the concerns of those people because they can’t get around it. And he’s [President Obama] been very smart. It’s very powerful what he’s leaving in place.”

http://www.thegatewaypundit.com/2013/06/maxine-waters-obama-has-put-in-place-secret-database-with-everything-on-everyone-video/


13 posted on 03/20/2018 8:20:33 AM PDT by Grampa Dave (Dems are having trouble with their MAMA campaign (Make America Mexico Again) versus MAGA!)
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To: Reno89519

Exactly—I suspect well over 100 million went to Hillary’s cause. And at, what, $10K per violation? I sense a $100B fine potential...


14 posted on 03/20/2018 8:26:25 AM PDT by 9YearLurker
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To: WKUHilltopper

Users are guests in his house


15 posted on 03/20/2018 8:30:15 AM PDT by bert (K.E.; N.P.; GOPc;WASP .... The Fourth Estate is the Fifth Column)
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To: Grampa Dave
They’re going to go down with that database .....................

Prophetic.........................

16 posted on 03/20/2018 8:33:15 AM PDT by Red Badger (The people who call Trump a tyrant are the same people who want the president to confiscate weapons.)
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To: WKUHilltopper
Suckerberg needs to be in prison for sedition and spying on individuals without legal authority.

Everybody who puts anything on FB agrees that the material they post becomes the property of FB.

17 posted on 03/20/2018 8:34:35 AM PDT by kjam22
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To: Red Badger

Former Facebook Workers: We Routinely Suppressed Conservative News
https://gizmodo.com/former-facebook-workers-we-routinely-suppressed-conser-1775461006


18 posted on 03/20/2018 8:36:32 AM PDT by Uncle Miltie (Demographics destroys cultures more completely than thermonuclear war.)
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To: Red Badger

Booom! Are you keeping tabs of the booms this week?


19 posted on 03/20/2018 8:39:01 AM PDT by iontheball (lLL)
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To: iontheball

‘Q’ is.........................


20 posted on 03/20/2018 8:39:41 AM PDT by Red Badger (The people who call Trump a tyrant are the same people who want the president to confiscate weapons.)
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