>>> IN A BIG STORY THAT HASN’T GOTTEN MAKEUP ATTENTION, THE
GOVERNMENT HIT FACEBOOK WITH A 5
BILLION DOLLARS FINE FOR
MISHANDLING DATA.
MISHANDLING DATA. IF APPROVED THE LARGEST EVER.
THAT’S THE START.
WHILE CONGRESS RECEIVED A LOT OF
ATTENTION FOR ALL THE RACIAL
CONTROVERSIES, IT WAS DOING
OTHER THINGS.
OTHER THINGS. SPEAKER PELOSI TOUTING A
HISTORIC VOTE TO RAISE THE
MINIMUM WAGE, DEMOCRATS ON THE
JUDICIARY COMMITTEE DEMANDING
EXECUTIVES FROM BIG TECH
COMPANIES, FACEBOOK, GOOG,
AMAZON FACE A GRILLING OVER
COMPETITION.
COMPETITION. HERE WAS SCENE AT A DRY BUT
IMPORTANT COMMITTEE ON
ANTI-TRUST HEARING PRESSED OVER
FACEBOOK AND WHETHER IT HAS
BECOME AN ILLEGAL MONOPOLY.
>> IS FACEBOOK IN YOUR VIEW A
MONOPOLY?
MONOPOLY? >>.
>>. >> NO, CONGRESSMAN.
IT IS NOT.
>> WHEN A COMPANY OWNS FOUR OF
THE LARGEST SIX ENTITIES, WE
HAVE A WORD FOR THAT.
THAT’S MONOPOLY.
THAT’S MONOPOLY. >> THE CORPORATIONS DENY THAT
CLAIM BUT CAN’T DENY THEIR
AMBITION.
AMBITION. FROM HIS FIRST DAYS TOUTING
FACEBOOK, MARK ZUCKERBERG SAID
IT WOULD BE MORE THAN A DATING
SITE.
SITE. HE PITCHED IT BASS THE BACKBONE
OF THE INTERNET.
HE EXPLAINED IN THIS DIALOGUE
FROM "THE SOCIAL NETWORK I-
>> PEOPLE WANT TO GO ON INTERNET
AND CHECK OUT THEIR FRIENDS.
WHY NOT OFFER THEIR FRIENDS,
PROFILES, BROWSE AROUND.
MAYBE IT’S SOMEONE YOU JUST MET
AT A PARTY.
I’M NOT TALKING ABOUT A DATING
SITE.
SITE. I’M TALKING ABOUT TAKING THE
ENTIRE SOCIAL EXPERIENCE OF
COLLEGE AND PUTTING IT ONLINE."
>> SOME WITNESSES STRUGGLED TO
NAME ONE COMPETITOR TO FACEBOOK.
THAT’S A PROBLEM BECAUSE
MONOPOLIES CAN BE ILLEGAL.
AND GET BROKEN UP.
>> THERE IS COMPETITION TO
FACEBOOK?
FACEBOOK? >> YES, CONGRESSMAN.
THERE IS.
THERE IS. >> WHO WOULD BE THE COMPETITION
IF I MIGHT.
>> MANY OF OUR COMPETITORS ARE
SITTING AT THIS TABLE WITH ME.
>> ANY OTHER SOCIAL MEDIA
PLATFORM THAT COULD COMPETE WITH
FACEBOOK?
FACEBOOK? >> THERE MAY NOT BE AN IDENTICAL
COMPETITOR TO FACEBOOK.
>> THAT BECAME A THEME.
CORPORATIONS THAT DOMINATE THEIR
PRODUCT THE WAY SARAN WRAP
DOMINATE, WHAT DO YOU CALL IT,
PLASTIC WRAP.
PLASTIC WRAP. IT’S HARD TO THINK OF ONE OTHER
NAME BRAND ABOUT THE EXECS TRIED
TO REMIND EVERYONE THEIR
COMPETITORS EXIST.
COMPETITORS EXIST. >> WE FACE INTENSE COMPETITION,
TWITTER, SNAPCHAT, I MESSAGE,
SKYPE, TELEGRAM, GOOGLE,
YOUTUBE, AND AMAZON.
>> WALMART?
>> WALMART? EBAY, TARGET, SAFEWAY, WAY FAIR,
AND KROGER.
AND KROGER. >> CUSTOMER WANTS TO USE iCLOUD,
DOESN’T WANT TO, THEY CAN USE
DROPBOX OR ANY NUMBER OF OTHER
OPTIONS.
OPTIONS. >> I’M SHOWING YOU THIS BECAUSE
IT’S IMPORTANT.
IT’S IMPORTANT. BUT IT MAY NOT LOOK SUPER
EXCITING.
EXCITING. POLITICALLY, THE BEST THING
GOING FOR THESE COMPANIES IS HOW
DRY AND COMPLEX THESE HEARINGS
MIGHT SEEM.
MIGHT SEEM. BUT THEY DO BOIL DOWN TO
FUNDAMENTAL VALUES.
FUNDAMENTAL VALUES. SHOULD OUR ECONOMY HAVE
COMPETITION OR BE A MONOPOLY?
SHOULD YOU CONTROL YOUR PRIVATE
INFORMATION AND MAYBE YOUR KIDS’
INFORMATION?
INFORMATION? OR SHOULD THESE CORPORATIONS?
AND SHOULD NEW COMPANIES GET TO
AVOID LAW BECAUSE OF THE
ACCIDENT THAT THEY’RE NEW
COMPANIES SO THE OLD LAWS DIDN’T
HAPPEN TO MENTION THEM BECAUSE
THEY WERE WRITTEN SO LONG AGO,
WEBSITES DIDN’T EVEN EXIST OR
SHOULD THEY FACE THE SAME SAFETY
PROTECTIONS AS OTHER INDUSTRIES
OR THE WAY WE PROTECT FOOD AND
WATER UNDER THE LAW.
THERE IS A REASON MONOPOLY IS A
BAD WORD.
BAD WORD. IF YOU REMEMBER THE MONOPOLY --
TV ADS FOR THE BOARD GAME, IT
REFERS TO UNFAIR BUSINESS
PRACTICES.
PRACTICES. THE BOARD GAME OF MONOPOLY, YOU
CAN END UP IN JAIL, SOMETHING
THAT SOUNDS INCREASINGLY
FANCIFUL FOR REAL LIFE CORPORATE
EXECUTIVES THESE DAYS.
THOUGH THIS WEEKS’S RECORD FINE