BANZAI7 NEWS--Bloggers who offer endorsements must disclose any payments they have received from the subjects of their reviews or face penalties of up to $11,000 per violation, the Federal Trade Commission said Monday.
"Given that social media has become such a significant player in the advertising area, we thought it was necessary to address social media as well," said Richard Cleland, assistant director for the division of advertising practices at the FTC.
Consumer interest groups have long complained about the lack of disclosure. They say consumers often have no way of telling what corporate payments have been made to bloggers writing on parenting, fitness, dieting and financial services sites, for example.
ATTENTION ALL READERS:
WILLIAMBANZAI7 BLOG HAS RECEIVED NO PAYMENTS OR IN KIND CONTRIBUTIONS FROM GOLDMAN SACHS, AIG, CITI, JIM JUNG IL (DEAR LIBERACE), THE GOVERNMENT OF IRAN, SARAH PALIN, GLEN BECK, RUSH LIMBAUGH, ALAN GREENSPAN, KEN LEWIS, JOHN THAIN AND THE ENTIRE GALLERY OF WALL STREET ROGUES OR ANY OTHER DESERVING SUBJECT SPOTLIGHTED IN THIS BLOG.
FINALLY, BANZAI7 DOES NOT ENDORSE ANYONE OR ANYTHING.
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