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Posted on 4th October 2021
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Show all posts in this thread (Business Ethics).
This article on the BBC is about the Facebook whistleblower: Frances Haugen.
She has been leaking Facebook internal documents, initially anonymously, but now she has revealed her identity.
She has quite a lot to say about Facebook's business ethics, or lack thereof. In one statement on CBS's "60 Minutes" programme, she said "There were conflicts of interest between what was good for the public and what was good for Facebook". "Facebook over and over again chose to optimise for its own interests, like making more money."
Well Duh! As I have written before in this blog thread, the issue is with the laws and stock exchange regulations governing corporations, which constrains companies to maximise profit; company officers may be fired, fined and even barred from holding jobs as corporate officers, for choosing to prioritise other things like the environment, public decency, political stability, etc.
Many people are clamouring for companies to act more for the public good, but are shouting at the wrong target. If they want corporations to act more responsibly, the laws and regulations need to be changed to allow companies to prioritise things other than profit, and provide them with financial and legal incentives to do so.