Tim Wu rebuts Zuck's reasons for exempting Facebook from antitrust enforcement

Competition scholar and cyberlawyer Tim "Net Neutrality" Wu's (previously) latest book is The Curse of Bigness: a tight, beautifully argued case for restoring pre-Reagan antitrust approaches. Read the rest

Facebook execs are worried that Zuck's emails show he never took his FTC privacy obligations seriously

In 2012, Facebook settled an FTC privacy investigation by promising a host of privacy protections (that they never delivered on); now, the FTC is probing Facebook's noncompliance and they've demanded that the company let them look at Zuck's email, which prompted the company's legal team to have a look therein, and they really didn't like what they saw. Read the rest

68% of "ordinary Facebook investors" voted to fire Zuckerberg

Every year, activist investors try to get Mark Zuckerberg to resign for the good of the company, citing his incompetent handling of the company's endless string of privacy scandals and his inability to steer the business towards a scandal-free, sustainable future: in 2018, 51% of the company's "ordinary investors" (shareholders apart from Zuck, his board and his employees) voted to fire Zuckerberg; this year, the bloc calling for his resignation represented $3B in Facebook investments. Read the rest

Facebook has hired the Patriot Act's co-author and "day-to-day manager" to be its new general counsel

Jennifer Newstead helped craft the Patriot Act, a cowardly work of treasonous legislation foisted on the American people in the wake of the 9/11 attacks; later, she served as the Patriot Act's "day-to-day manager" in Congress; today, she is Facebook's general counsel. Read the rest

Investors controlling $3B in Facebook stock demand Zuckerberg's ouster, and they will lose

A consortium of Facebook investors led by Trillium Asset Management and controlling $3B in shares has put a proposal before the shareholders to fire Mark Zuckerberg for his mishandling of a string of ghastly scandals; they will lose, however, because Facebook's share structure gives Zuckerberg's personal shares more votes than other shareholders, ensuring that the company can run as a cult of personality beholden to his whims, rather than one disciplined by shareholder choices (this corporate structure is also in place at News Corp, Google, and other companies whose founders are able to raise funds in the capital markets without having to be beholden to their shareholders). Another shareholder proposal would put Zuckerberg's shares on even footing with other shares -- currently, each of Zuck's shares have ten times more votes than ordinary shares -- and this proposal will also fail. (via /.) Read the rest

'Zucked: Waking up to the Facebook Catastrophe,' by Roger McNamee [BOOKS]

“The time has come to accept that in its current mode of operation, Facebook’s flaws outweigh its considerable benefits”. — Roger McNamee in ZUCKED.