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The guys discuss Snapchat's seemingly minor punishment for misrepresentations about its privacy policy and answer, "How do I decide what salary to pay myself?" Full Podcast Transcript NASIR: Welcome to Legally Sound Smart Business. This is Nasir Pasha. MATT: This is Matt Staub. NASIR: Like the NBA – Matthew Staub. Welcome to our podcast. This is where we cover business in the news and also answer some of your business legal questions that you, the listener, can submit to ask@legallysoundsmartbusiness.com. Episode #42. MATT: It is #42, yeah, the Jackie Robinson episode. NASIR: I didn’t see that movie yet. MATT: I relate all numbers to the players that wore the number for sports so we’re getting up to the numbers now. We’re running out of basketball so it’s maybe a little bit of baseball then we’ll cut into some football. Then, once we hit triple digits, it’s pretty much over. NASIR: Yeah, there’s no sports that go up that high that I can think of. Maybe golf? Actually, marathons – they have three-digit numbers a lot of times. MATT: Well, if anyone knows any marathon numbers… NASIR: Send them in. MATT: Yeah, send them to us and we’ll start using them but I don’t know any marathon runners. Well, there’s one guy from San Diego who just won the Boston marathon. NASIR: I doubt if he got the same number every time. MATT: You don’t. NASIR: Yeah. If I ever run a marathon – which hopefully I won’t someday – I’m going to request my number and be really dramatic about it. “No, I’m this number every time! I have to have this!” MATT: Lucky number, yeah. NASIR: Lucky number 101. MATT: Let’s get to the story we have for today. I can’t remember, have we talked about Snapchat before? NASIR: We may have but I think most people have heard about it at least. If you’re in the age of 13 to 15, you definitely have. MATT: I actually use Snapchat. NASIR: You’re like 16, right? you just came out of that phase. MATT: I’d have heard about it for a while and then a couple of my friends talked me into doing it. I still kind of find it pretty pointless. NASIR: Me, too. MATT: I’ll get into the reasoning why but, for those of you who haven’t heard the most recent story, let me step back a second and explain what Snapchat is if you haven’t heard of it. This is the way I see it. You take a picture – or I guess video now as well – and you send it to one of your friends and it’s basically just a picture text message but there’s a time limit on it – one to ten seconds – and then it disappears. Same with video. But the problem is I guess that these photos and these videos weren’t disappearing as they said – the whole point of Snapchat – and this wasn’t happening. And so, they were also doing something with using customer information too which is a whole other issue. They basically said they were doing one thing. Their main premise, they weren’t living up to it and the FTC came in, they got a pretty light ban here – twenty-year internal audit. That was what was handed down. NASIR: And no fines! I’m so surprised that they didn’t have any fines which the FTC, they have the power to do so. I don’t know why they went so light on this because I would be upset, right? I mean, you have the whole idea of Snapchat is that it’s private. Usually, if you’re sending – this is my assumption – if you’re sending an image or information that is only supposed to last a certain amount of time, I assume it’s not something you’d want to be shared but I don’t know. What else is the purpose? I’d be upset, for sure. MATT: That what I was getting to. It’s defeating the purpose of the app to begin with. NASIR: Exactly, yeah. MATT: I’m pretty surprised there’s no fine. I think the twenty-year independent privacy audit – I think I said internal audit, I meant independent audit – that’s a little bit funny because, what are the odds that Snapchat’s going to be around in twenty years? Pretty slim, right? NASIR: Yeah, I would agree with that,