Edward Kim, Managing Editor, Equities.comAs part of a settlement with the Federal Trade Commission (FTC) and the State of New York’s Attorney General's office, Alphabet [ (GOOG[NGS] - $1,181.41     Trade ),  (GOOGL[NGS] - $1,182.27     Trade )] agreed to pay a $170 million fine for violating the Children’s Online Privacy Protection Act (COPPA), the federal law that prohibits online services from collecting personal data from children under 13 without a parent’s verified consent.In a series of Twitter posts Wednesday, Senator Ed Markey (D-MA) excoriated the FTC for letting Alphabet and its subsidiaries off so lightly.  The settlement calls for Alphabet to pay $136 million to the FTC and $34 million to New York.In the latest 12 months ended June 30, 2019, Alphabet had net income of $34.7 billion on revenue of $148.3 billion, with $121.1 billion in cash, cash equivalents and marketable securities.As Sen. Markey stated, the FTC failed miserably in this settlement. The only message that Alphabet executives heard was that the company can continue to violate the law with impunity and continue to mine children's data for profit without parental permission.Both GOOG and GOOGL closed up 1% for the day.Shame on the FTC.

Source: Equities News