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by andylynch 980 days ago
Filling in a regulatory questionnaire like this is amateurish at best and speaks to really poor governance and internal controls (not necessarily surprising here?). This this was a bank I’d expect the people involved to swiftly have departed well before this announcement.

This will very likely draw closer scrutiny of their processes and actual enforcement actions (a regulator being annoyed enough to issue a public fine in this, or really any, amount over a sloppy response to a routine sort of data gathering is quite unusual for any industry; people normally at least have the professionalism to put /some/ answers down. )
2 comments
colechristensen 980 days ago
Out of compliance banks have actual consequences.

You can do compliance so badly as a bank that in a single day your entire business can be taken away from the owners/shareholders and given to a different bank to operate. Literally overnight.

Twitter regulators can fine Twitter for bad compliance to the tune of approximately a nickel.

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akira2501 980 days ago
There's an honest expectation that a chat platform is going to respond to the government at the same level a bank would?

Further, I find the government's approach to managing child abuse to be poor governance and a complete mockery of internal legislation. How is a survey from twitter intended to help them honestly combat this problem and prevent children from being victimized? It really looks like a giant "CYA" exercise by the government, and I find it hard to blame X or Google for not taking it particularly seriously.

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AlexandrB 980 days ago
> There's an honest expectation that a chat platform is going to respond to the government at the same level a bank would?

If I was an investor in X, I would be concerned. Isn't the end goal to be an "everything app", not just a "chat platform"? How is X going to become a payment processor (a key element of "everything apps" like WeChat) if even the kinds of questions a chat platform gets are beyond its capability to answer?

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anigbrowl 980 days ago
Why not? Twitter's market cap/revenue is probably larger than that of many banks and certainly more than many hedge funds, which are regulated out the wazoo. Rest of your questions seem disingenuous, if governments didn't consult tech firms about their policies and metrics on this issue people would be complaining about heavy handed regulation based on ignorant assumptions.
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