alt Hacker News...what's inconvenient about it? The less "regulation" in dem scary quotes there is, the easier it is for companies to shirk them (and cheaper, too). The only actual argument there can be is that that $18 bn fine will have to ultimately come out of the pockets of the Meta's customers, and perhaps that'll force Meta to adopt even uglier business practices (defying the whole point of regulating it).
> Years down the line, you'll find that a bunch of the people who worked on these cases have cush jobs working on the other side.
Man, I love people on Internet making predictions that will be impossible to disprove for decades, and by that point nobody would care anyhow.
> ...what's inconvenient about it?
Putting aside the fact that a huge amount of regulation is designed by the most powerful companies to promote and defend their interests, the issue is that regulation, when not enforced, provides a way for corporations to inflict massive harm on individuals and discharge it for pennies on the dollar.
$18 billion was a paltry sum and represents about a month's worth of Meta's revenue. Let that sink in: a month's worth of revenue to discharge liabilities associated with years of massive harm to young people that some legal experts concluded could have reasonably resulted in damages in the high hundreds of billions of dollars, and possibly exceeding $1 trillion.
And as part of the settlement, Meta didn't even have to acknowledge any wrongdoing.
> Man, I love people on Internet making predictions that will be impossible to disprove for decades, and by that point nobody would care anyhow.
You're acting as if there's no precedent for what I stated when the evidence is overwhelming.
A handful of examples for you:
1. Eric Holder, former federal prosecutor, U.S. Attorney for D.C. and Deputy AG. He was a partner at Covington & Burling, where he represented Chiquita Brands in the case over its payments to a Colombian paramilitary group and also represented Uber and Airbnb.
2. Lanny Breuer, head of the DOJ's Criminal Division from 2009 to 2013. He didn't prosecute senior bank executives after the financial crisis and then went on to do white collar defense work as vice chair at Covington & Burling.
3. James Comey, U.S. Attorney for SDNY and Deputy AG. He became general counsel for Lockheed Martin and then Bridgewater Associates before he became FBI Director.
4. Mary Jo White, U.S. Attorney for SDNY. She defended financial institutions at Debevoise & Plimpton afterwards, then chaired the SEC between 2013 and 2017, and then went back to Debevoise.
5. Louis Freeh, federal prosecutor for SDNY, federal judge and FBI Director from 1993 to 2001. He went on to become general counsel credit card company MBNA and later represented Saudi Prince Bandar bin Sultan, who was alleged to have received over £1 billion in bribes from BAE Systems for arms deals. In his defense, Freeh argued that the money was actually going into official Saudi government accounts so they weren't bribes. BAE later pleaded guilty to US charges related to false statements and export violations.
Revolving doors in the US have gold handles.