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to come before them. what they found in this investigation is also having to do with some internal e-mails they obtained between facebook executives and those e-mails they say show them just what they believe is the disregard facebook had for user data and user privacy. let me read to you a little bit about what they say in the report. companies like facebook should not be allowed to behave like digital gangsters in the online world, be head of and beyond the law. this report also issued some recommendations on what should be done in the united kingdom, including appointing an independent regulator who would regulate these tech companies and would have the ability to institute fines. these are recommendations but this report matters. the united kingdom is in the middle of a big conversation considering how to regulate these social media platforms. this is all in reaction to things like the cambridge analytical scandal, including here in the united kingdom. this is something the uk and
work out and think about instituting themselves. we have reports that the ftc is looking into facebook as well. the wild west of the internet is soon to be over if the regulators have their way. it s interesting that their response does feel a slightly different from what we have heard from facebook in the past where they have dragged their feet, oftentimes in terms of any response at all and seem to come at it with a different attitude. they definitely are coming at it from a recognition that this they re in the defensive now, and they need to kind of own up to what they have done. that s why they say in their statements, we re different than what we were in the past, this has been a tough year for us. they recognize their mistakes. they want to avoid these fines. these fines to tech companies are nothing like a company for facebook. they are $500 something like that. some of the new regulations are suggesting fines in the percentage of global revenue. for a company like facebook,
regulate these tech companies. how is facebook responding to all of this? reporter: facebook came out and they said that they did not knowingly violate data privacy or competition law. they said in a statement that they are open to meaningful regulation and support the committee s recommendation for electoral law reform, and we support privacy legislation that holds companies to high standards in their use of data and transparency. this is a different facebook than a few years ago. mark zuckerberg scoffed at the idea that facebook could be used to influence elections. we are not the same company we were before and we are already doing things that are addressing some of these issues in this report. but facebook knows that the regulation is going to first come from the united kingdom and europe because they have different laws. they make it easier for them to put these regulations into place, and the united states is paying close attention to what s happening in the uk and europe and
digital gangsters, just let that sync in for a sink in for a minute, that s how lawmakers are characterizing. a new report on social media disinformation, otherwise known as fake news, cnn business reporter hadas joins us from london. the report itself, not critical of sewly facebook but facebook solely facebook but facebook s ceo mark zuckerberg. reporter: this report was scathing about specifically facebook but it had to deal with social media and disinformation, facebook was the main target of this 18 month long investigation by a uk parliamentary committee. they did dozens of hearings and tried to get mark zuckerberg to show up several times and he has so far refused to the point that actually the chair of this committee told me that if puck steps foot in the united kingdom, they will subpoena him