For Facebook shareholders, delisting will be a double whack. For FB management team, they already cashed out many of their shares and shall care less.
A judge has rejected Facebook's settlement offer in a lawsuit over the company's "Sponsored Stories" features and its lack of an opt-out provision, The New York Times reports. Judge Richard G. Seeborg of U.S. District Court in San Francisco, who earlier this month voiced concerns about the proposed settlement and its plan to pay $10 million to charity but nothing to class members, rejected the settlement.
Seeborg said there are "sufficient questions regarding the proposed settlement" and asking for clarification on remediation for those affected and the size of the legal fee payment. Meanwhile, in an editorial for Slate Magazine, Philip Howard suggests Facebook be "nationalized" in order to restore public trust.
Re: Guantanamo Bay
driven
8/20/2012 11:17:01 AM
I would side with delisting over property seizure. We can't allow all vestiges of capitalism to fade away!
Re: Guantanamo Bay
tokyogai
8/20/2012 9:17:06 AM
I'm not sure I support government siezure, but a hefty fine and some real teeth in the punishement would be warranted- maybe a delisting?
Marvin, once again you swung for the fences and scored a run. I'd suggest one additional penalty -- government seizure of the offending corporation and resale of its assets on the open market with the revenue going to the government. It's the corporate equivalent of capital punishment. :)
This is cynical of me @driven, but I think the dirth of plea deals at low levels is because prisons have become big business with a lot of excess capacity to fill.
There are also astonishing disparities in incarceration by race and state. According to a 2007 report by The Sentencing Project, African-Americans were incarcerated at a rate that was nearly SIX times and Hispanics were incarcerated at a rate nearly TWICE that of Caucasians.
I don't think most CEOs factor into those numbers.
Re: Nolo Contendere
driven
8/16/2012 9:26:47 AM
Why are plea deals standard practice in cases involving corporations -- and offered so sparingly to individuals in connection with the silliest, low-level "crimes"?
It's certainly frustrating to see Facebook receive nothing more than a slap on the wrist but they're certainly not alone in being able to get off with a fine in lieu of admitting guilt.
Here's an interesting article from the New York Times about how the SEC and certain judges are starting to push back a little...a very little, but it's a start!
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