How Far Is Too Far for Facebook?

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Investors seemed to appreciate Facebook's (Nasdaq: FB  ) mounting desire to know every little thing about you and your friends. Last week, when the company scooped up Israeli face-recognition software company Face.com for a rather paltry $60 million or so, investors pushed shares to one of the largest one-day gains in Facebook's short public history. There's nothing that screams "buy" like having Big Zucker increase his hold on the world's personal details.

Is this a good thing? In the short term, it may very well be. Over the long run, Facebook's obsessive desire to track, catalog, and record every user's every move could be its greatest downfall.

Zuck knows all your secrets
Facebook already has the technology to recognize who's who in your latest party pictures. Users who uploaded group photos will see suggestions to tag anyone in their friends list who happens to trigger the company's existing algorithms. That's actually Face.com's technology in action, but by absorbing it completely, Facebook can funnel more resources into making it more effective and more multi-platform. The next frontier is clearly mobile photo tagging.

The technology is currently limited to people already on a user's friends list, but Facebook has a long history of undermining privacy without consulting anyone. It's certainly conceivable that the company could use enhanced Face.com recognition software behind the scenes, without informing users.

A Slate article on the acquisition pointed out that existing Google (Nasdaq: GOOG  ) facial-recognition technology, combined with Facebook data and some clever Carnegie Mellon researchers, led to names -- and Social Security numbers, in some cases -- starting with nothing more than webcam snapshots of complete strangers. Former Google CEO Eric Schmidt is opposed to using that technology for that purpose, but Mark Zuckerburg's intentions are somewhat opaque when it comes to data and privacy.

More worrisome still are recent reports that Facebook is rolling out a feature called "Find Friends Nearby." The feature, which may be similar to the "Nearby" tab of the Google+ mobile app (am I the only one who uses that?), allows users to connect with others based on proximity and shared interests.

Consider the kerfluffle that erupted over Girls Around Me, a short-lived app for Apple (Nasdaq: AAPL  ) iProducts. The app used Foursquare location data to, well, find girls nearby and connect with them on Facebook, all without their knowing anything about your intentions until the friend request showed up. Apple quickly shut the app down, so it seems a bit odd that Facebook would implement what seems like nearly identical functionality. Exact locations may not be revealed, but that's not really a limiting factor for any determined stalker.

No honor among snoops
Facebook's hardly the only company that risks eroding your privacy in pursuit of its own profits, but it could face a heavier backlash because of how its actions are perceived. Every effort the company makes to target users more accurately, from sponsored stories to facial recognition to location-based services, usually has a direct impact on the users' experience with the site.

When Microsoft (Nasdaq: MSFT  ) and Google tussle over privacy policies, users might sense that something's amiss, but it's hard to say what. If your Google or Bing search results look a little different from your best friend's, you may never know -- but if your best friend's predilection for Mongolian barbecue and cheesy horror flicks gets picked up by the social network, you might very well see ads directing you to Genghis Khan's House of Meat and Murder as a result.

The public's distrust of Facebook earned it one of the lowest customer satisfaction scores among major companies in the United States, according to the American Customer Satisfaction Index, placing it below such hated symbols of financial malfeasance as Bank of America (NYSE: BAC  ) and JPMorgan Chase. The social network underperformed every major tech competitor, including Apple, Google, and even Microsoft, by a substantial margin. When your users seem to be waiting for a better alternative, it may not be prudent to undermine their privacy in such blatant ways.

Facebook might be scaring its users off, but there are other hot tech companies still making all the right moves. The Motley Fool's top tech analyst has identified one other recent Internet IPO that's worth your time. Find out what makes it the best stock for your growth portfolio in our latest and greatest free research report. Get the inside scoop.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter, @TMFBiggles, for more news and insights. The Motley Fool owns shares of JPMorgan Chase, Facebook, Bank of America, Apple, Google, and Microsoft. Motley Fool newsletter services have recommended buying shares of Microsoft, Google, and Apple and creating bull call spread positions in Microsoft and Apple. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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Source: http://www.fool.com/investing/general/2012/06/25/how-far-is-too-far-for-facebook.aspx

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A Huge RBS Glitch Resulted In One Man Being Stuck In Jail For A Weekend

RBS ATM

When the Royal Bank of Scotland computer system experienced a glitch last week, most account holders complained about not being able to receive paychecks or access their money for a few days. One man has a much more serious qualm  he was stuck in jail for the weekend.

After unsuccessfully trying to pay his bail, an unnamed defendant in Canterbury Crown Court in Kent, UK was kept in jail until yesterday because of the RBS glitch. According to the Telegraph, computer problems made it impossible to confirm the payment or receive a receipt.

The judge presiding over the case had demanded a receipt of surety before the defendant could be released.  

In a win for common sense and understanding, a similar situation at Westminster's Magistrates' Court in London was resolved when the magistrate allowed for a defendant to be released even though confirmation of his payment could not be made, according to the Telegraph.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/C8qDx9-U55o/bail-rejected-because-rbs-glitch-2012-6

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Penn State Is A Fat Target In Lawsuits Over The Sandusky Sex Scandal

Jerry Sandusky

BELLEFONTE, Pennsylvania (Reuters) - With former Penn State coach Jerry Sandusky now behind bars for child sexual abuse, the university has given an unusual signal that it wants to wrap up civil suits as fast as possible, legal observers said on Saturday.

Shortly after Sandusky, 68, was convicted late on Friday on 45 counts of sexual abuse, Pennsylvania State University invited victims to try to resolve claims against the school.

"The purpose of the program is simple - the university wants to provide a forum where the university can privately, expeditiously and fairly address the victims' concerns and compensate them for claims relating to the university," it said in a statement.

Sandusky's conviction clears a hurdle for potentially big-ticket civil suits since abuse victims suing the school now can point to a crime that was committed, the observers said.

At least two civil suits have been filed already against the school, both in Philadelphia. A filing by Sandusky's lawyers last month put the number of potential victims at almost 20.

"The biggest problem for Penn State is that they want to get these cases closed. They want them behind them and they are going to want to spend some money to make that happen," said Daniel Filler, a law professor at Drexel University.

Max Kennerly, a Philadelphia lawyer who has handled sex abuse cases, said the university's statement was unusual.

The move is a sign Penn State is willing to stay away from the "usual pattern of deny, delay, defend -- the 'three Ds' of corporate insurance defense," he said.

Penn State's potential damage from civil suits could become clearer with a criminal case against the school's former athletic director, Tim Curley, and Gary Schultz, the former vice president for finance and business.

A former assistant coach, Mike McQueary, testified he told late head coach Joe Paterno, Curley and Schultz about a 2001 incident in which Sandusky abused a boy in a Penn State locker room.

Curley and Schultz face charges of perjury and failure to report suspected abuse in an alleged cover-up of the incident.

"Schultz and Curley will tell us a lot more about what Penn State knew" about Sandusky's pedophilia, Kennerly said.

FAT TARGET

Penn State had $4.6 billion in operating revenue reported for the last fiscal year and an endowment topping $1.8 billion.

The university is involved in a legal battle with its main liability insurer, Pennsylvania Manufacturers' Association Insurance Co, over who should have to pay for any civil suits in the Sandusky scandal. It also owns its own insurer, Nittany Insurance Co of Vermont.

"The real money is in the big institution, Penn State, and insurance companies. The individuals (in the criminal suits) are just conduits to the insurance companies," said Filler.

Pedophilia suits against Roman Catholic priests have generated damages ranging from $50,000 to several million dollars per victim and are a potential guideline for payouts in the Penn State case, Kennerly said.

"It could be $1 million for each of them," he said.

Because of the Sandusky scandal, Penn State is facing investigations by the FBI, the U.S. Department of Education, the National Collegiate Athletic Association, a grand jury and the U.S. Attorney for the Middle District of Pennsylvania.

The school had spent $7.6 million as of the end of February because of the scandal, Penn State said on its website.

(Editing by Doina Chiacu)

DON'T MISS: Here's Why Joe Amendola Might Be The Worst Lawyer To Represent Jerry Sandusky >

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Source: http://feedproxy.google.com/~r/businessinsider/~3/weAK0YEu0wU/penn-state-will-face-civil-suits-over-sandusky-sex-scandal-2012-6

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3 Options for Overcoming an Underwater Mortgage

Nintendo's 3DS XL Is Hitting Stores This Summer?Here's This Week's Gaming News

SEE ALSO: The best and worst video game-to-movie adaptions >

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Source: http://feedproxy.google.com/~r/businessinsider/~3/YXQRKjy55gY/start-saving-nintendos-3ds-xl-is-hitting-stores-this-summerheres-this-weeks-gaming-news-2012-6

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How Apple's Decision To Buy Aluminum From Australia Forced Microsoft To Build Its Own Tablet (AAPL, MSFT)

Tim Cook Apple WWDC 2012

Microsoft's decision to build its own tablet was spurred by Apple's iPad.

But not entirely for the reason you might think.

Nick Wingfield at the New York Times reports that in 2010, Microsoft executives learned, "Apple had bought large quantities of high-quality aluminum from a mine in Australia to create the distinctive cases for the iPad."

This was an eye-opener for Microsoft. Microsoft's partners do not go to the same lengths for their gadgets. HP, Dell, Acer, etc. just use whatever materials are available, and cheap.

The reason they do this is because they make little money from computers thanks to Microsoft and Intel. Microsoft charges a big fee for its Windows license. Intel charges a big fee for its chips. That leaves not so much room for profits.

As a result, PC makers aren't going to the same lengths Apple is going to make awesome hardware.

Microsoft realized that Apple has better hardware and better software in a complete package at a competitive price. (OK, maybe Microsoft wouldn't concede the better software bit, but we think deep in its heart it knows it is at least as good, if not better.)

Rather than wait around for HP to get its act together, Microsoft decided to go for it on its own.

This whole story is illustrative of the bind Microsoft is in. It sucked a lot of profit out of the PC business for years. When it was the only game in town that worked well. But, Apple is now the most valuable company in the world, and Google is disrupting its business model with a virtually free operating system.

Microsoft's old game plan isn't going to work as well in the future. Now it has to figure out how control rare materials from mines in Australia if it's going to compete. It's a weird new world.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/2bOUsCZNMlA/how-apple-forced-microsoft-to-build-a-tablet-2012-6

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Citi's Economic Surprise Index Takes A Dive

The last time we posted the Citigroup Economic Surprise Index the market was starting to reverse off new highs as the index was taking a nosedive.  It proved a pretty reliable leading indicator.  I like this index because of its uniqueness.  It’s an intuitive index in that it compares current sentiment to expectations.  That is, it compares actual economic data to the analyst’s expectations.  So when the analysts finally reverse course and start to downgrade the outlook the index generally leads their views.

The latest readings here show a large reversal from the highs.  Analysts are finally starting to follow the data lower so there’s a sort of self equilibrating factor at work in this index.  But the following comments bring up an equally interesting point as this index moves lower.  Over the last few years the deep moves lower have tended to coincide with policy actions.   If there’s one thing we know from recent years it’s that the market is like a crying baby who needs that pacifier in its mouth every time anything starts to go remotely wrong.  And central banks have always been there to give it to them.  The market obviously let out a wailing scream last week after Ben Bernanke failed to follow-thru with the big QE3 pacifier.  But if this index is any indication of what’s to come we are likely on the verge of increasingly aggressive policy talk and action (Via Short Side of Long & Abnormal Returns):

“Economic data has been weakening meaningfully relative to economist’s expectations in every major global region, according to the Citigroup Economic Surprise Indices. Previous instances where economic data disappointed on similar scale, have led to central bank intervention and it is definitely possible we might see that occur again prior to both the US and German elections. Having said that, previous “money printing programs” have only helped the private sector business activity modestly at best, while we have not been able to reached escaped velocity within the current business expansion. In other words, the expansion has failed to become self sustaining. Therefore, ever summer economy weakens, global investors start asking if we are edging closer to another recession?”

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Source: http://feedproxy.google.com/~r/businessinsider/~3/GXDB9oIUpXs/citis-economic-surprise-index-takes-a-dive-2012-6

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JPMorgan?s Whale Sized Losses Risk Sinking The Mega-Banks Business Model

Conclusions that the loss was a result of the top management?s inability to oversee the bank?s massive operations has sparked off another debate about the possible need to scale down the ?too-big-to-manage banks?.

Source: http://www.forbes.com/sites/greatspeculations/2012/06/22/jpmorgans-whale-sized-losses-risk-sinking-the-mega-banks-business-model/

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