THE HOT SEAT JUST YET. AND A BLOOMBERG REPORT THAT
WASHINGTON HAS FACEBOOK IN ITS SIGHTS.
THE AUTHOR OF THE NEW STORY ON MARK ZUCKERBERG.
BUSINESS WEEK'S NEW STORY SAYING HIS FAKE NEWS PROBLEM AIN'T
GOING AWAY. LET'S WALK THROUGH THIS.
BECAUSE FACEBOOK, BEFORE THE CAMPAIGN, IF YOU WENT TO
COCKTAIL PARTIES, TO EVENTS, THEY WOULD SAY YES, WE'RE
LOOKING AT BECOMING A MEDIA CAMPAIGN.
WHAT WE KNOW IS THEY'RE NOT HIGHLY REGULATED.
HOW CULPABLE IS FACEBOOK SHOULD GETTING PAID IN RUBLES, DON'T
KNOW WHO THE AD BUYER IS. >> THEY WERE TOTALLY OFF BASE
WHEN IMMEDIATELY AFTER THE ELECTION WITH THEY SAID FAKE
NEWS DIDN'T PLAY ANY ROLE AND REALLY TRIED TO PLAY DOWN THE
ROLE THAT IT PLAYED. IT'S NOT AS IF THE RUSSIANS
CONTACTED SOMEBODY AT FACEBOOK. THEY WENT ONLINE AND WENT
THROUGH AN AUTOMATED SYSTEM. SO MARK ZUCKERBERG TALKED ABOUT,
THAT THEY'RE GOING TO TRY TO FIGURE SOMETHING OUT.
THE WHOLE COMPANY GOES AGAINST THE IDEA OF ANY KIND OF HUMAN
INTERVENTION. SO IT IS NOT CLEAR THAT FACEBOOK
CAN GET ITS ARMS AROUND THIS PROBLEM.
>> THEY CAN. IN THE INVESTMENT BANKING
INDUSTRY THERE ARE REGULATIONS, RULES KNOWN AS KNOW YOUR CLIENT.
YOU CAN'T GET PAID FROM AN ANONYMOUS SOURCE FROM ANOTHER
COUNTRY. THAT'S A BIG NO-NO.
>> THE REGULATIONS ARE COMING WITHOUT A DOUBT.
AND THIS SMALL AMOUNT OF ADS THAT THEY'VE TURNED OVER.
3,000 SOUNDS LIKE LOT BUT IT COULD BE ZRACHING SURFACE.
SENATOR WARNER SAYS IT IS THE TIP OF THE ICEBERG.
THE OTHER THING IS WE DON'T REALLY KNOW WHAT WILL COME OUT
OF BOB MUELLER'S INVESTIGATION. WE THINK THAT HE HAD A WARRANT.
THERE'S THE POTENTIAL FOR A LOT OF UGLINESS.
I THINK IT IS A MATTER OF TIME BEFORE CONGRESS TRIES TO TAKE
ACTION. >> IN THE DEFENSE OF THE TECH
INDUSTRY, WASN'T REGULATED YET. THE SOCIAL MEDIA PLATFORMS HAVE
GROWN SO QUICKLY, REGULATION HASN'T CAUGHT UP WITH IT.
SO IS THERE WRONGDOING? THE GOVERNMENT WANTS TO KNOW
WHO, WHAT, WHERE, WHEN AND WHY, BUT THERE WEREN'T LAWS AGAINST
THESE PRACTICES. >> I THINK AT WORST YOU COULD
SAY THEY DID NOTHING WRONG. THEY ARE THE ROOM IT HAPPEN.
2 BILLION USERS, FACEBOOK IS THE BIGGEST MEDIA COMPANY TO WORLD
HAS EVER SEEN. IT WOULD BE, I THINK, NAIVE TO
THINK THEY WON'T GET REGULATED AT THIS TIME THE POINT.
>> STEVE BANNON SPOKE ON IT SAYING I THE WOULDN'T HAVE COME
ABOARD EVEN FOR TRUMP IF I HADN'T KNOWN THEY WERE BUILDING
THIS MASSIVE FACEBOOK AND TRUMPER ENGINE.
IT WORKED FOR THEY WILL. >> IT DID.
AND THE CLINTON CAMPAIGN KNEW IT TOO.
>> THAT'S A GREAT POINT. THE CLINTON CAMPAIGN KNEW AND IT
HAD A GAZILLION DOLLARS. >> I THINK WE LOOK BACK ON THE
ELECTION. LEAVING ASIDE THIS RUSSIAN
STUFF. THE ROLE THAT SOCIAL MEDIA
PLAYED. WHETHER THE TARGETING WAS
APPROPRIATE OR INAPPROPRIATE. WAS ONE OF THE BIG STORIES OF
THIS ELECTION. >> THE CLINTON CAMPAIGN MAY HAVE
KNOWN FACEBOOK WAS SUCH A MASSIVE PLATFORM AS WELL.
BUT YOU CAN APPLY STRATEGY AND ETHICS OR STRATEGY AND NO
ETHICS. >> IN THAT QUOTE, THERE WAS
ANOTHER QUOTE THAT VOTER SUPPRESSION.
THE TRUMP CAMPAIGN WAS TRYING TO TARGET THE WEAK SUPPORTERS AND
SEND THEM ADS WHICH WOULD MAKE THEY WILL NOT TURN OUT.
IT POSSIBLY CROSSES THE LINE