Government vs. Facebook?

Esquire's recent analysis of Facebook's abuse of customer trust ends with:

But the real scandal of the Facebook experiment was that the company was doing nothing illegal. You sign away your rights to be analyzed when you agree to Facebook's terms of service. The obvious lesson of the study in PNAS is that that relationship is insufficient, that social media is now a force too powerful to be left simply to the companies that created them. It needs oversight by the only force that can possibly provide it: democratically elected governments and the laws they provide.

If it's the State vs. Facebook, I decline utterly to be impartial as between the fire and the frying pan.

You cannot wield the Ring. None of us can. Regulation answers to the State alone. It has no other master.