Facebook stored millions of passwords as plain text

'Change your Facebook password right now' is the instructive title of a news story at Wired today, sourced to a report at Krebs on Security.

Lily Hay Newman:
On Thursday, following a report by Krebs on Security, Facebook acknowledged a bug in its password management systems that caused hundreds of millions of user passwords for Facebook, Facebook Lite, and Instagram to be stored as plaintext in an internal platform. This means that thousands of Facebook employees could have searched for and found them. Krebs reports that the passwords stretched back to those created in 2012.
Culture eats strategy for breakfast, they say, but the thing about Facebook is that neither its culture nor its strategy is for you to have any privacy. There's nothing in Facebook that can prevent it from stripping away privacy, in ways both intentional and unexpected, because that's the point. What is the first and principal thing he does? What need does he serve by watching you?