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Equifax Faces Multibillion-Dollar Lawsuit Over Hack

bloomberg.com

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Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#321

Post by jdmichal »

samstave wrote: post #309
nxsynonym wrote: post #298

Earlier quoted context omitted.

>> why the hell shouldn't I just go out and commit fraud on a daily basis myself? Because corporations are protected, individuals are not. This is what happens when business(profit) takes precedence over human rights. There will be no repercussions for those responsible. No changes will be implemented. At best we'll get a public apology, but even that seems far-fetched.

Should a sound approach, then, not be, to incorporate one-self at birth? What if A Person were to be born into a corporation and all transactions made by thhem be the corporations actions - if things go south, dissolve the company. (clearly this is simplistic, but you get the idea) I want to re-form myself into one of these corporations which has little retribution for actions. I shall pledge 10% of SamStave INC LLC…

This is extremely difficult for a single person to do without piercing the veil.

https://en.m.wikipedia.org/wiki/Piercing_the_corporate_veil

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#322

Post by astockwell »

samstave wrote: post #309
nxsynonym wrote: post #298

Earlier quoted context omitted.

>> why the hell shouldn't I just go out and commit fraud on a daily basis myself? Because corporations are protected, individuals are not. This is what happens when business(profit) takes precedence over human rights. There will be no repercussions for those responsible. No changes will be implemented. At best we'll get a public apology, but even that seems far-fetched.

Should a sound approach, then, not be, to incorporate one-self at birth? What if A Person were to be born into a corporation and all transactions made by thhem be the corporations actions - if things go south, dissolve the company. (clearly this is simplistic, but you get the idea) I want to re-form myself into one of these corporations which has little retribution for actions. I shall pledge 10% of SamStave INC LLC…

Indeed, this seems only logical. I honestly have this thought every time I make a large financial decision: Renting a house? Would be much easier to break the lease (Should I ever need to) if my surrogate 'corporation' with few assets were the leasee. Ditto with many medical situations/other large expenses. Plus, much better tax deductions!

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#323

Post by mulmen »

moomin wrote: post #293
bsenftner wrote: post #290

Earlier quoted context omitted.

"No amount of governmental regulations can solve the current date breach trends." I'm sorry, but that is just flat out false. That type of thinking is just bizarre to me. It would make a gargantuan difference. Hold executives personally accountable, with whistle blower laws protecting the developers who identify weak security. It would change the freaking world over night.

Forget regulation. Pass laws and just fine them. A lot. So much it's a threat to the company's existence. Pretty sure it'll turn out to be a solvable problem. If it isn't a solvable problem then we need to start talking about getting this data off the Internet.

What is regulation if not law?

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#324

Post by ryanmarsh »

deanstag wrote: post #312

With all the Equifax headlines today, I was wondering if there would be a few poor souls in the the Equifax Tech Department who feels atleast a bit responsible for the whole mess. ( I do understand it is a collective responsibility of the management as well ) edit: Was the analysis of the hack published?

The H1B's are not going to sacrifice their chance at citizenship nor should they.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#325

Post by cm2187 »

privaroonie wrote: post #291

Yeah, I would think so. So far, we've learned that they've exposed virtually everyone's data through their incompetence (thus exposing nearly every adult in the US to a high risk of identity fraud), sold stock to avoid personal financial losses before the news broke, and set up a scam site to trick people into giving up their right to sue. If this isn't criminal, then nothing is. If someone doesn't go to jail over th…

Crass incompetence at securing IT systems is not a criminal offense, no one is going to go to jail for that. But insider dealing is a criminal offense with a potentially heavy jail penalty.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#326

Post by craftyguy »

Taek wrote: post #282
devy wrote: post #260

Earlier quoted context omitted.

No amount of governmental regulations can solve the current date breach trends. Even government's own intel agencies got hacked too. No organization is immune to data breaches. It's a matter of time and effort. A lot of us here are engineers and coders. It's our responsibility to design better architecture, security conscious protocols and write securer softwares. And it's up to all of us (regardless which country yo…

I think it's a fruitless effort to try and secure all of the data in the world. Our data is lying in too many places, the databases holding them are too complex, as another user stated, a breach is really just about money and time. Our systems are too complex to merely increase security standards. I think we can significantly improve the situation though with increased data collection laws, and then also more cryptog…

You hit the nail on the head. Real progress can only be made by severely limiting the amount of data being collected.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#327

Post by ISL »

Top19 wrote: post #316
aresant wrote: post #305

Earlier quoted context omitted.

"Then the executives sold their stock a day before they announced the hack to the public." Selling stock the day before the news makes these guys seem like absolute criminals, but (a) it's not what happened and (b) the soundbyte doesn't represent what is likely the case. The reality: - Breach happened between March - July 2017 - Breach detected July 29th (A Saturday) - Executives sold stock August 1 (A Tuesday) - Bre…

I'm reading a book now call "Liquidated: an Ethnography of Wall Street" by Karen Ho from Princeton. There is this incredible part at the beginning of the book where the Vice Presidents of Goldman Sachs are training the incoming group of Junior Analysts who have all just graduated MBA school, telling them how to treat the executives of the companies they are going to be analyzing. They make them shout over and over "M…

Such a mantra may not be true, but it imbues analysts with a sense of skepticism. The analysts are the very people Goldman expects to detect lying management.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#328

Post by whipoodle »

privaroonie wrote: post #291

Yeah, I would think so. So far, we've learned that they've exposed virtually everyone's data through their incompetence (thus exposing nearly every adult in the US to a high risk of identity fraud), sold stock to avoid personal financial losses before the news broke, and set up a scam site to trick people into giving up their right to sue. If this isn't criminal, then nothing is. If someone doesn't go to jail over th…

Yeah, if this didn't light a fire under some butts, nothing will. Remains to be seen whether it is just lip service, though. Our government doesn't like to prosecute people in the financial sector anymore.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#329

Post by HillaryBriss »

samstave wrote: post #309
nxsynonym wrote: post #298

Earlier quoted context omitted.

>> why the hell shouldn't I just go out and commit fraud on a daily basis myself? Because corporations are protected, individuals are not. This is what happens when business(profit) takes precedence over human rights. There will be no repercussions for those responsible. No changes will be implemented. At best we'll get a public apology, but even that seems far-fetched.

Should a sound approach, then, not be, to incorporate one-self at birth? What if A Person were to be born into a corporation and all transactions made by thhem be the corporations actions - if things go south, dissolve the company. (clearly this is simplistic, but you get the idea) I want to re-form myself into one of these corporations which has little retribution for actions. I shall pledge 10% of SamStave INC LLC…

a one person corporation isn't going to work. you'll need multiple people to serve as officers.

that said, the strategy you describe is perhaps workable as a small, close-knit group of reciprocally trustworthy people who leave a sequence of bankrupt corporations in their wake.

it could be a sort of financial lobster: a ring-of-trust which occasionally sheds its corporate shell and then immediately grows a new one.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#330

Post by whipoodle »

deanstag wrote: post #312

With all the Equifax headlines today, I was wondering if there would be a few poor souls in the the Equifax Tech Department who feels atleast a bit responsible for the whole mess. ( I do understand it is a collective responsibility of the management as well ) edit: Was the analysis of the hack published?

You mean on the board of directors, not in the tech department.

Edit: people never seem to like it when I say this. The phrase "the buck stops here" has a meaning.

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