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Discussion (31 Comments)Read Original on HackerNews
I looked it up: they paid almost none of the fines.
If you get a ticket from a speed camera, the government will garnish your wages if you don’t pay the fine. For trillion dollar organisations payment is apparently optional.
Source?
So far they’ve paid something like €20 million out of €4.0 billion in GDPR fines.
https://www.enforcementtracker.com/ETid-3171 Yangoo. UAE.
https://www.enforcementtracker.com/ETid-1912 Criteo. French.
https://www.enforcementtracker.com/ETid-3162 Intesa Sanpaolo. Italian.
https://www.enforcementtracker.com/ETid-2864 Shein. Chinese.
https://www.enforcementtracker.com/ETid-2306 Enel Energia. Italian.
American companies fines tend to be highest since they are biggest and revenue affects the fine amount.
About 1% of FB's market cap. And their sins get washed away.
Everybody wins.
At this rate, fining tech-cos will be a major source of revenue for governments. Everybody wins.
I don’t feel bad for them anymore. Their voters seem to be fine with this status quo. And I get why other countries see these fines as trying to raise taxes by other means because it hasn’t and won’t change anything.
Of course they can fine enough. They just don't, which is why you see companies get fined again and again profiting from each violation.
The real issue is that fines are hard to set against companies with more money than they could ever need. What we need is for more CEOs to go to prison, but that's hard to do when the company's CEO is a citizen of another country.
I can't think of a single one. It barely registers as a risk.
Although I can think of several US startups that bankrupted themselves with fines for fraud etc....
But they don't.
Your best case scenario with fines is getting them into the narrow definition of compliance just until a new "innovation" gives them a different way to conduct the same abuse while evading the letter of previous judgments.
What would a ban on Google look like if people still want to email others using gmail accounts, watch youtube, or use android devices? What would a ban on cloudflare look like when all of your nation's traffic passes through them? One way or another these companies will end up with vast amounts of your people's data and the EU should be able to hold them accountable somehow for holding, selling, or using it in ways that violate their laws. Fines are pretty much the only lever they have to pull.
[0] https://arstechnica.com/tech-policy/2021/09/ireland-fails-to...
[1] https://cooltechzone.com/news/court-irish-dpa-must-investiga...