Courtesy of Pam Martens.
Facebook CEO Mark Zuckerberg Testifies Before Congress on April 10, 2018 on His Company’s Technology Failings
Facebook is beginning to resemble one of those frat boys at a boozy party who keeps asking guys to punch him in the stomach to prove his masculinity. At a time when it’s under scrutiny on multiple continents for sharing its users’ personal information without their consent, it has decided to ask big U.S. banks to share their customers’ financial transaction information with Facebook, according to a report yesterday in the Wall Street Journal.
The Journal reported that “The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.”
Three of the banks mentioned, JPMorgan Chase, Citigroup and Wells Fargo, have been serially in trouble with Federal regulators for abusing their customers. The idea that these Wall Street banking behemoths might now partner with Facebook to potentially add financial privacy violations to their roster of misdeeds, or open the door to identity theft, is sure to open fresh Federal probes.
An added commentary on the morality of our times lies in the fact that the shares of Facebook actually spiked on the news, closing the day up 4.45 percent.
According to the quarterly report (10Q) that Facebook filed with the Securities and Exchange Commission (SEC) on July 26, it is being sued in state and federal courts and is in the cross hairs of government investigators “in the United States, Europe, and other jurisdictions.” The company told the SEC this:
…
