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The Official Newsletter of the Ateneo Christian Union for Socialist and Democratic Advancement (CRUSADA)
In this issue
Opinion:
Goldman Sachs & Facebook = Corporate Net Takeover?
In 2010, citizens of the world raised concerns about Facebook’s ethics of professionalism, voicing out that we, the
supposed clients of the social networking site, have been made into a sort of capital for its business, while the seemingly
new clients have been the advertisers that would in turn generate profits.
This New Year, the private company chaired by its 26-year-old CEO Mark Zuckerberg reportedly earns around an
astounding $2 billion a year, but the real news is that it has recently earned a market value of $50 billion being aided by
Goldman Sachs and a Russian firm who had just invested $500 million into the company. Goldman Sachs then plans to
distribute the shares as well to its high net-worth clients - many of them – as only one investor.
This phenomenon is doubtful in terms of the standards of the US Securities and Exchange Commission (SEC) since
Facebook is not a publicly traded company and thus is limited to have less than 500 investors, but with the plans of
Goldman Sachs, the numbers could reach up to four digits.
Perhaps what is a worrying concern for regular users is the fear that one of these days, Facebook won’t anymore
be known as a unique online trendsetter, which caught a million followers through the new networking strategies it offers.
These types of news, adding to the past year’s intrigues on its advertising, can promote an image of Facebook as just
another corporate entity, whose priorities are already a mixed blur of both user-friendly service and expansion of capital.
For some, this may not really be a problem, so long as the site will not charge users for use of its services and the Wall
Street giants do not make another blunder in economic policies and ruin Facebook into bankruptcy. For others though,
news like this would surely bring thoughts and questions: Is everything people are holding on to today maintained and
controlled by the strings of capitalism, with or without us really thinking about it?
THE CRUSADER 4
“Rather than pointing fingers or assigning blame, let's use this occasion to expand our moral
imaginations…”
- U.S. President Barack Obama, at a memorial service he led in Tucson, Arizona after the shooting
rampage that injured Congresswoman Gabrielle Giffords and killed six people
“We welcome the decision insofar as it puts closure to decades-long wait of the claimants in this case. It
is a vindication for a wrong that was done to them.”
- President Benigno S. Aquino III, on the recent court ruling in the United States demanding that $7.5
million be paid in compensation for victims of martial law
“We should adopt drastic measures to offset the adverse effects of global warming.”
- Eastern Samar Representative Ben Evardone, on the possible implementation of a total logging ban