Bipartisan rage had been simmering for months, but it boiled over this week after the New York Times reported the social media company has been secretly selling users’ private messages to the likes of Netflix and Spotify while also giving Microsoft’s Bing access to people’s private friend lists.

Sen. Ron Wyden of Oregon, the top Democrat on the powerful Finance Committee, told reporters at the Capitol this week that civil penalties aren’t enough for tech executives who break privacy laws.“

A CEO, under my bill, not only would they face significant economic penalties, but they could serve jail time,” Wyden said. “The absence of real privacy protections is a real national security issue – people need to understand that.”

Source: Congress is enraged at Facebook: “These guys are out of control” – VICE News

Facebook’s executives are viewed as liars, who have repeatedly stretched the truth and disregarded critical issues like user privacy. Congress has taken notice and both liberals and conservatives are fed up with Facebook.

Unfortunately, as is often the case, the industry will likely write its own regulations and will use regulations to protect their market position while stymieing future competitors.

Facebook shares closed at $133.40 today, down from a high of $217 reached six months ago.