Welcome to Axis ProRata, a podcast that takes just 10 minutes to get you smarter on the collision of tech business and politics.

I'm Dan Pramak. On today's show, the arrest that is shaking global stock markets and tech executives gather at the White House.

But first, the Facebook files. Yesterday, the world was treated to some 250 pages of Facebook's internal emails, courtesy

of a British member of parliament who did so in what he called the public interest. They showed

basically that Facebook didn't become one of the world's most valuable companies by accident.

It can be ruthless towards competitors, particularly when they want to leverage Facebook's

platform and less than reverent when it comes to protecting user data.

Now, neither of these things are terribly surprising to those who have been even sort of following Facebook over the last couple years,

but it does open up a whole host of problems for the company, and not just the PR ones that Facebook, in the documents, seems to be most worried about.

In the U.S., most of the

disclosed competitive practices seem to be legal, but there are big questions if some of the

privacy issues might have violated a 2011 agreement with the Federal Trade Commission. And

probably way more importantly, this could become a regulatory nightmare for Facebook in Europe,

where antitrust rules are much more liberal.

In 15 seconds, we'll go deeper on all of this with Bloomberg tech reporter Sarah Fryer.

But first, this.

Axios gives you the news and analysis you need to get smarter faster on the most important topics.

In our unique smart brevity format, we cover topics from politics to science

and media to tech. Subscribe to get smarter faster at signup.axios.com. And now, back to the

pro rata podcast. We're joined now by Bloomberg tech reporter Sarah Fryer. So, Sarah, you've

been covering Facebook for years. What's the biggest thing you learned in this document dump?

So the biggest thing I learned from reading all these internal emails is just how Facebook

...