Re: "we need politicians to lay down some rules"
"Net income was $2.6bn, a 49 per cent decrease on the quarter. This is largely due to a $2bn wedge Facebook coughed up, in addition to the $3bn already set aside, to foot the $5bn settlement fee"
On this basis the expected net income was $4.6bn per quarter. That means a $5bn fine wiped out more than a quarter's profits albeit spread over more than the single quarter.
Of course fines on any scale are a cost of doing business. What else could they be? They're not income, a loan or a capital investment. I'm not sure, however that fines wiping out a quarter's profits are just a cost of doing business. In any business with a sensible share structure the board would be being held to account by the shareholders. What you really need to look at is why this doesn't happen to FB.
Having written that it strikes me that the main difference between FB and most other corporations is that most other corporations are in thrall to a stock market that concentrates on quarterly results. Clearly Zuck is prepared to look long term. Perhaps there's a lesson there of sorts for other businesses.