Facebook CEO Accused of Securities Fraud
Precision noted that Facebook CEO Mark Zuckerberg turned 26 last week, and gets to celebrate by being accused of securities fraud. This goes back to the old Facebook legend that Zuckerberg stole code from other Harvard students.
"You and 54,972 others like this."
Never underestimate the potential of Human stupidity. -Heinlein
The fin on top of your head doesn't do what you think it does.
We will bankrupt ourselves in the vain search for absolute security. -- Dwight D. Eisenhower
Turn it into a personal-information Security fraud too!
The latest unwelcome gift: accusations of securities fraud from former Harvard schoolmates who say he and other Facebook executives tricked them into a supposed $65 million settlement that was actually worth far less.
He may or may not be guilty of anything, so let's try to keep a cool head in the meantime.
512 MB RAM, 20 GB disk, 200 GB transfer, five datacenters. $19.95/month.
Those who desire to steal securities in order to gain freedom will not have, nor do they deserve, either one.
I bet he will regret the 'Poke' feature if he does time
I bet Pakistan is behind this - shut down the site, and shut down the man.
He once inserted random mutations into his code, just so he could have the experience of debugging.
Facebook turned rotten years ago. I didnt know that M$ paid for $15 billion worth of FB stock in 07. That just confirms it.
I didn't see anything in the article that suggests he was accused of securities fraud, which generally means an accusation from the SEC for something like insider trading. Ripping off counterparties in a settlement deal may not be great behavior (even though the plaintiffs' lawyers should have realized this a lot sooner than they did) but it is not the same as saying there was securities fraud. Again, it sounds like the article is flamebait or the author just has no idea what he's talking about.
A NYC lawyer blogs. http://www.chuangblog.com/
Federal "pound-me-in-the-ass" prison for Mark.
How ugly could things turn to Mark Zuckerberg and fb? Will we witness facebook's untergang?
I don't have a sig.
G-d is punishing him for not observing Shavuos, and allowing a site that encourages hate.
Bill Gates stole code for from the dumpster for his BASIC compiler that he based his fortune on, why should Zuckerberg be investigated when Gates isn't?
When will billionaires ever get a fair shake in this world?
Read the fucking Evil Overlord list.
How could anyone settle for only $65mil? God I don't think I'd be able to live with that small sum of cash.
How we humans love to tear down success. It's in our social nature. So it's perhaps ironic that Facebook, the top predator in the land of social acceleration, is having a bad week and we are all enjoying the schadenfreude.
That observed, one can realize there are good reasons to hate face book, and overblown ones. Facebook is changing social norms, including privacy norms, faster than the older generations are comfortable with. This could be good in some cases, but there's also can be excellent reasons why traditions became traditions. For example I try to keep a tight hold on my personal information but I can't exactly tell you why I care so much. I just innately think it could come back and bite me. Also it seems a little unseemly to burden others with oversharing. Also people are mean.
My hope is that as the bad reasons get debunked we don't lose sight of the good reasons for hating facebook.
Some drink at the fountain of knowledge. Others just gargle.
Will we see his face on a MUGSHOT soon?
MOD PARENT UP
Bobby Fischer!! You ARE alive!!
A bunch of arrogant entitled Haaaarvard douches get butt-humped by the biggest douche amongst them, then spend the rest of their natural lives giving all of their money to lawyers until none of them have anything except crack habits and an autobiography in the bargain bin.
I mean, you can't buy entertainment like this. It's win-win, especially if they all lose.
If you were blocking sigs, you wouldn't have to read this.
Just to mess with people, you could argue that any new and conscious method of obscuring a holy name actually creates entire sets of new holy names - all of which should also be treated with reverence. So, obscuring names with dashes, slashes, umlauts or squiggles makes the situation worse, not better.
The title of this article is totally misleading. The Winklevosses agreed to a settlement involving a payment of cash and a quantity of Facebook stock assuming a certain valuation. That valuation was based on the Microsoft purchase of a small chunk of the company that, if you bought all the stock at the same price, would make it work $15 billion.
Obviously that valuation was unrealistic, but the Winklevosses agreed to it *because their lawyers told them to.* Their law firm didn't complete their due diligence or else they may have wanted to renegotiate the deal. But that's not even remotely Facebook's fault.
The reason for this accusation is that the Winklevosses have to pay their lawyers a contingency fee based on the higher valuation of the stock. This will result in a net loss to them. They're pissed off at this turn of events, so they're casting aspersions on Facebook's CEO and demanding a securities investigation. But don't forget that they're a pair of moneyed aristocrats from a family of moneyed aristocrats (read: spoiled brats). So don't think of them as wronged parties because they're not.
Facebook was no more the Winklevosses' idea than Windows Aero or Mac OS Aqua or Enlightenment or KDE were the ideas of Xerox PARC.
BASIC was an interpreter, not a compiler.
I just innately think it could come back and bite me.
Yes. Identity theft for one. A Facebook profile along with some intense Googling could glean enough information to steal your identity.
Or just sharing your profile. I have a family member that lists her religion as "Pastafarian" or whatever it is for the Flying Spaghetti Monster "religion" - basically Atheist. As we all know, being Atheist is the worst thing you can be in America to most people. If she applies for a job and the potential employer sees that she's an atheist and doesn't like it, she doesn't get a job (illegal?So what. She'll have to PROVE it and they'll just reject her for "lack of needed skills"). Or worse, they preach to her.
I have a hang up about born again Christians, myself. If I hear that someone is one, I run because I'm used to being preached to and harassed by those people to "save" me - and the lack of respect by some of those people for my own believes really pisses me off. Honestly, if I saw that a potential employee was one, I would be a bit hesitant to hire them. Yeah, I'm prejudiced against them, but I have been won over by some as being decent people and they didn't preach to me and they were respectful of my beliefs - at least to my face. But still, you get one kook and it's a bitch to get rid of them.
RIP America
July 4, 1776 - September 11, 2001
In the immortal words of Jon Stewart "Go !@#$ Yourself"
when friendster looked like it was going to take over the internet
there once was a time when myspace looked larger than google
and, in a few short years, someone will say something about facebook, probably as a joke, and someone else will say "facebook? what's that?"
the realm of social networking is true to what it is: an endless party, hosted by one rich kid whose parents are on vacation after another, no one claiming the right to say they are truly in control for very long, forever
what i envision is a permanent progression, every 5-10 years, a new friendster/myspace/facebook taking over the mantle of darling of the ball, and then rudely discarded and abandoned, in endless succession, forever
intellectual property law is philosophically incoherent. it is your moral duty to ignore it or sabotage it
Yeah, sounds like someone is just trying to play their "Share the Wealth" card.
Incidentally, I just noticed that some time ago the game of Life(TM) had something of a makeover, and no longer has those little legal "Share the Wealth" and "Exemption" cards. Which I applaud for not teaching the next generation to be a bunch of litigious little bastards.
They've also done some interesting things with employment, salary, and education that helps randomize stuff up a bit, so whomever lands on the Doctor/Lawyer square early on isn't guaranteed to dominate the game.
I hear Darl is really good at claiming stuff is his when it really isn't..
In the immortal words of Dick Cheney, "Go !@#$ Yourself"
There, fixed that for you.
"I don't care about the Constitution!" --Bill O'Reilly, November 17, 2009
sour grapes to me. I wasn't smart enough to rip off my friends first and make millions before *that* guy did.
"In true dialogue, both sides are willing to change" --Thich Nhat Hanh
A bunch of arrogant entitled Haaaarvard douches get butt-humped by the biggest douche amongst them, then spend the rest of their natural lives giving all of their money to lawyers until none of them have anything except crack habits and an autobiography in the bargain bin.
I mean, you can't buy entertainment like this. It's win-win, especially if they all lose.
And to top it all off, the man's name means "sugar mountain".
"I don't care about the Constitution!" --Bill O'Reilly, November 17, 2009
http://en.wikipedia.org/wiki/Michael_Dell
sure his company has acted douchey, but i don't think the guy can be called a douche. its been a long time since he founded dell in his dorm, and no one has any real dirt on the fellow. sure he's not a saint, but again, not a douche
http://en.wikipedia.org/wiki/Steve_Wozniak
wozniak is pretty much the anti-douche. the woz is pure awesomeness. even steve jobs: yeah, your average apple cultist is pretty much the definition of upper middle class douchebag, but steve jobs himself seems like just a cold hard terse shrewd businessman, not a douchebag
to expand the realm outside technology and money, you can point to george clooney: not a douche, for every lindsay lohan, clearly a douchebag, literally and figuratively
there are many other examples of nondouchey massive successes at a young age
additionally, the corollary of your argument, that poverty and suffering somehow make you strong of character, is obviously wrong, because there are plenty of broke douchebags out there
no, the truth is, zuckerberg is, and always would have been, a douchebag, whether facebook happened or not. i'm certain you can find me an example of some nice guy who was destroyed by fame/ money, or some asshole who was redeemed by financial hardship, but for the most part, once a douchebag, always a douchebag, regardless of fame and fortune
i think its a pleasant myth people tell themselves (out of self-righteousness, a form of douchebaggery) that fame and fortune is somehow linked with moral terpitude or character pestilence. but its simply not true
intellectual property law is philosophically incoherent. it is your moral duty to ignore it or sabotage it
Wouldn't it be ironic if Mark "Privacy is Overrated " Zuckerberg ends up in the ultimate antithesis of privacy (i.e. jail-cell)? I don't gloat and I wish him happy and prosperous life, but, yes, Virginia, Karma is a bitch.
Comment removed based on user account deletion
You haven't really arrived in business when you get subpeonaed by congress.
He may or may not be guilty of anything, so let's try to keep a cool head in the meantime.
He is a CEO, how could he NOT be guilty of something?
HA! I just wasted some of your bandwidth with a frivolous sig!
You can find this kind of corporate psychopaths in every nation, trust me. And there have been many, many Jews that have unselfishly given to humankind. A lot of scientists, artists and social activists were Jews.
"The agriculture ministry is not in charge of Gundam" - Japanese ministry official.
ANY innate sense of fairness that we were born with was stomped out long ago with capitalism.
Uhmmm, really, I always thought that that was stomped a long time ago when nomadic human bands started doing warfare against each other for resources, not to mention slavery, ritual cannibalism, the development of class/cast systems, monarchism, feudalism, communism and all those other social systems that are/were either contemporaneous to capitalism or that preceded it by hundreds, thousands and tens of thousands of years going back to the realization that 1) you could grab a stick, a bone or a rock and beat someone with it - as chimps do - and 2) you can/need to kill someone not related to your band who happens to be sitting on the only hunting ground available to your band.
But hey, trying to explain the naturally violent/unfair human nature by using simplistic references to capitalism (or any other single economic/social system) must be the avant garde thing to do to nowadays.
It's nice to think that we still retain such nobility's, but let's not kid ourselves.
We - as a predatorial, competitive species - never had or retained such nobility to begin with. Don't kid yourself.
"Humans do not hate success. Humans love a winner. We love deserved success, success that comes from hard work, determination, and smarts. We hate undeserved success, that comes from taking advantage of others. We are social animals, born with an innate sense of fairness. We don't hate success, we hate injustice and unfairness." - by spun (1352) on Thursday May 20, @12:03PM (#32280594)
You've got it right man, & you deserve that "5 point upmod" as "insightful", by all means!
APK
You mean the fact that he went to Harvard wasn't enough to signal to you that he's a pretentious douche?
I don't get it, and it happens over and over. Is this a geek thing? An american thing?
Why is it FUNNY that people convicted of a crime might get raped when they get sent to prison?
I don't care how much of a prick this Zuckerberg guy is or is not - what kind of a sick, sadistic prick are you when you laugh at the prospect of someone being raped?
All you charming individuals who tag this as funny - you make me want to puke - I feel ashamed at being a human being sometimes. I wouldn't wish brutal homosexual rape on my worst enemies, and you laugh at the idea.
You didn't mind when it seemed to have restrictive notions of where the data would go.
Now, maybe it has real conequences, and that sucks.
What business a company has prying into your personal life when deciding whether to hire you I don't know but Facebook did nothing to stop it.
Little help, that's the business FB is in. They monetize the people you talk to, the things you show interest in, the way you spend money. They don't stop it, because that would stop money from finding them.
What. The. Fucking. Fuck.
Why do people assume that anything FB does is anything different than, say, MS in the heyday of hating on them? FB is orders of magnitude worse. And they have the data to do it better.
Don't think you're special.
I forget what 8 was for.
Facebook already deleted and started disabling the accouunts of people who posted pics of Mohemed. The main group is gone as well.
An Education is the Font of All Liberty