If this is deemed to be illegal then so be it, may the law deal with them.
If not, I think it'd be hard to say that in the same situation I wouldn't do the same.
Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
21–30 of 177 posts
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#22The only reasonable punishment for this is decades in jail. If they can't put these assholes in jail for running the credit check companies themselves, at least convict them for insider trading. These businesses should not exist to being with. I'm not sure what the penalty for insider trading is, but if the prosecutors a little creative, they could convict for each share sold. That should keep these scumbags in jail for the rest of their lives. Oops, I must be dreaming again ...
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#23Credit reporting agencies are the cancer of the modern economy. They are rife with inaccuracies, and on top of that, highly vulnerable to hacking , as software engineering is just a cost for them, not their focus. Their entire function needs to move to the blockchain. Their only value is that of a distributed, trust less ledger, and they charge horrible fees and sit in the middle for doing that terribly
Perhaps I am misunderstanding what you're proposing, but If you moved all credit info to a blockchain, then everyone's info would be public. That seems to be opposite of the goal, so how is that better?
Also, the credit agencies, for better or worse, weigh the different factors in a credit profile, to provide an approximation of an individual's credit worthiness. This information from a credit bureau is solicited by many lenders who are providing the credit.
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#24Credit reporting agencies are the cancer of the modern economy. They are rife with inaccuracies, and on top of that, highly vulnerable to hacking , as software engineering is just a cost for them, not their focus. Their entire function needs to move to the blockchain. Their only value is that of a distributed, trust less ledger, and they charge horrible fees and sit in the middle for doing that terribly
Perhaps I am misunderstanding what you're proposing, but If you moved all credit info to a blockchain, then everyone's info would be public. That seems to be opposite of the goal, so how is that better? Also, the credit agencies, for better or worse, weigh the different factors in a credit profile, to provide an approximation of an individual's credit worthiness. This information from a credit bureau is solicited by…
The point is to have verifiable identity that is tied to something more secure than a (not random) 9 digit [0-9] string and an address.
Your name is on the chain, the assertion you're you is done with your private key.
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#25So, does this count as insider trading? My intuition says 'yes'. But my intuition about a thing and what the law says don't always match.
Most likely yes. Actually if this doesn't count I don't know what is. However just like you, don't take my word, not a lawyer.
Off topic question... Is there a law about giving legal advice in a public forum if you're not a lawyer? Why do people add the disclaimer about not being a lawyer. Generally curious.
Moreover, is there a law about impersonating lawyer in a public forum (not that any ethical person would do that of course)?
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#26Earlier quoted context omitted.
Perhaps I am misunderstanding what you're proposing, but If you moved all credit info to a blockchain, then everyone's info would be public. That seems to be opposite of the goal, so how is that better? Also, the credit agencies, for better or worse, weigh the different factors in a credit profile, to provide an approximation of an individual's credit worthiness. This information from a credit bureau is solicited by…
The point is to have verifiable identity that is tied to something more secure than a (not random) 9 digit [0-9] string and an address. Your name is on the chain, the assertion you're you is done with your private key.
And are we expecting normal people to do key management?
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#27Aren't senior executives legally required to submit their trading plans well in advance of any stock sale? That certainly seemed to be the case at my last employer.
No, they are not required to do that. Many choose to do that to avoid the appearance of insider trading, though.
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#28Earlier quoted context omitted.
The point is to have verifiable identity that is tied to something more secure than a (not random) 9 digit [0-9] string and an address. Your name is on the chain, the assertion you're you is done with your private key.
And are we expecting normal people to do key management?
Works fine in estonia.
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#29Credit reporting agencies are the cancer of the modern economy. They are rife with inaccuracies, and on top of that, highly vulnerable to hacking , as software engineering is just a cost for them, not their focus. Their entire function needs to move to the blockchain. Their only value is that of a distributed, trust less ledger, and they charge horrible fees and sit in the middle for doing that terribly
Just applying for a mortgage in the UK. Got three different reports from three different companies. Took about 8 hours total to do it and each of them had big issues. One with wrong addresses, another with credit problems because of a company I had no idea about and the other didn't even have the correct spelling of my name...Banks were making decisions on the back of that. Anything is better than that.
Re: Three Equifax Managers Sold Stock Before Cyber Hack Was Revealed
#30Earlier quoted context omitted.
The point is to have verifiable identity that is tied to something more secure than a (not random) 9 digit [0-9] string and an address. Your name is on the chain, the assertion you're you is done with your private key.
And are we expecting normal people to do key management?
I'm a normal person. My first attempt at key management was an utter failure, accidentally broadcasting a private key instead of the public one.