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>I build BIG financial software and we have certain audit requirements, access control requirements, data protection requirements etc and that is exactly how it should be.

Funny, I had the same argument with a colleague today. Since FB is listed and their business model is based on customer data they should follow the same legal requirements as customer finance companies.

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"they should follow the same legal requirements"

Perhaps. But they certainly do not have the restrictions of financial audit requirements and things like Dodd Frank etc. which is overwhelming all the major banks right now and is a big way to earn money for consultants if they know ABC of audit/compliance in 2012. Anyway, the point is that fb even though not ideal in how they store/use user data (which I personally am not a fan of as well), it does not matter as much as it matters to a bank/financial institution. I say this while I work for clients that are major banks.

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