(Breitbart) – The Silicon Valley Masters of the Universe at Facebook has been removed from the S&P list of ethical companies following a number of scandals surrounding the company.
The Telegraph reports that Facebook has been removed from Standard & Poor’s Environmental, Social, and Governance (ESG) Index after the company received a score of 22 for social responsibility and only 6 for governance, out of a possible 100, scoring extremely poorly.
Reid Steadman, S&P’s social and governance chief, stated that the growing number of privacy concerns around the company including “a lack of transparency as to why Facebook collects and shares certain user information,” resulted in low scores for the firm. S&P cited the Cambridge Analytica scandal as one of the reasons for the tech giant’s poor performance.
“These events have created uncertainty about Facebook’s diligence regarding privacy protection, and the effectiveness of the company risk management processes and how the company enforces them,” Steadman said. “These issues caused the company to lag behind its peers in terms of ESG performance.”
On April 30, Oracle and IBM were also removed from the index but Facebook was the largest tech firm removed from the list. Facebook is the fourth-largest company in the S&P 500, with Microsoft, Apple, and Amazon taking the top three places. Google’s parent company, Alphabet, comes in sixth on the list.
Facebook does not need any further bad press as the company plans to reveal its new Libra digital cryptocurrency next week with backing from over a dozen other companies. Visa and Mastercard are reportedly quite invested in the currency while other Silicon Valley firms such as PayPal, Uber, Stripe, and Booking.com are fully supporting the currency.
Flashback: President Trump: Google, Facebook, Amazon Colluded With Democrats Against Me During 2016 Election
Big Tech firms Google, Facebook, and Amazon among others colluded with the Democrats to win the 2016 presidential election, President Trump said Monday.
“I can tell you they discriminate against me,” Trump said on CNBC’s “Squawk Box” when asked about antitrust action toward companies including Facebook, Amazon and Google.
“People talk about collusion. The real collusion is between the Democrats and these companies because they were so against me during my election run. Everybody said if you don’t have them, you can’t win. Well I won, and I’ll win again because we’re doing well and we’re not the fools anymore.”
Even though the European Union is imposing large fines against Big Tech, they’re doing it because they sense the monopoly dangers inherent in these companies, Trump said.
“They’re actually attacking our companies,” Trump said. “But we should be doing what they’re doing. They think there’s a monopoly but I’m not sure that they think that they just figure this is easy money. We’ll sue Apple for $7 billion and we’ll make a settlement or win the case.”
“So I think it is a bad situation but obviously there is something going on in terms of monopoly.”
The Justice Department announced last week it was preparing antitrust actions against several Big Tech companies regarding some of their anti-competitive practices.