THE LAST WORD 08-07-15

THE LAST WORD

There have long been rules in place to prevent denial of a loan based on things like race or gender — but those were before Facebook. The social media giant just registered for a patent for a system that would let banks and lenders screen your social network before deciding whether or not to extend you credit. Mic’s Jack Smith IV notes that if Facebook makes good on the patent, this could cut off opportunities for people seeking financial relief from hardship. And it’s a “glaring reminder of how Silicon Valley tech companies turn people into quantifiable game pieces to be shuffled around and sold.”