129 - Facebook’s $5 billion speeding ticket, with NYT's Farhad Manjoo

Five billion dollars. That’s how much Facebook will have to fork over to the government under a settlement with the Federal Trade Commission. It’s the biggest fine for violating user privacy by a wide margin – 200 times bigger than the previous record, according to the FTC chair.  

If I got hit with a 5 billion dollar speeding ticket, it would hurt. I’m not going to lie. But some are already saying the settlement doesn’t go far enough.  

So. After this settlement, can Facebook say it has paid its debt to society? Or did Zuckerberg and company just make out like bandits? 

And: What does this say about privacy regulators’ ability to effectively walk the beat in Silicon Valley?

With me this week to shake me out of my vacation-induced stupor: Farhad Manjoo of the New York Times.