Facebook Could Be Fined Millions for Violating Consent Deal - Bloomberg

Likely institutional investor response to a potential Facebook fine of hundreds of millions: "Oh. Nevermind."

"The agency could fine Facebook up to $40,000 per violation per day -- which could add up quickly with millions of users involved -- if it finds the social media giant broke its earlier promises to protect user data, they say.

“If I had to bet, they will find violations,” said Jessica Rich, a former head of the FTC’s consumer protection bureau.

“The penalty could potentially be huge,” because each user adversely affected could be considered a violation, said Rich, now vice president of consumer policy and mobilization for Consumer Reports. "The FTC is unlikely to get billions,” Rich said. “It could get hundreds of millions.”"

Facebook Could Be Fined Millions for Violating Consent Deal - Bloomberg