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1) CIO should probably know the answer w/o searching. 2) CIO should probably know how to search w/o leaving evidence trail (incognito mode in a coffee shop on personal laptop for starters).
Earlier quoted context omitted.
To avoid this couldn't an exec announce their intention to sell as public and early as possible and cite "divorce/third house/mega yacht" as the reason for the sale?
Any counsel worth their salt won’t let them trade if there is any non-public material news, no matter what other reasons there may be for selling. This is why most high level execs will put in place pre-arranged plans (10b5-1) for selling at different thresholds and time periods.
Earlier quoted context omitted.
Per the complaint, with my notes in brackets: Project Sparta [breach tooling team] was kept separate from Project Sierra [breach action team] to limit the number of people who knew that Equifax itself had been breached. Those Equifax employees who were only part of Project Sparta were not told that Equifax had been breached, but were instead told that they were working for an unnamed client that had experienced a lar…
I suppose the firewalls between Project Sparta, Sierra, and the rest of the company explain why the 'equifaxsecurity2017.com' or whatever it was called website was a completely separate thing and not part of equifax.com
I wonder if this is a step on the way to going after the CEO too.
According to this article, apparently, the other executives hadn't been "informed of the breach" when they sold their stocks. My bullshit detector is going off the charts.
"Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach. Equifax has said those three executives had not been informed of the incident when they initiated the sales." While I'm not sympathetic to the U.S. CIO named in this article, I find it somewhat…
> The finance dudes get a clean bill of health, and the tech guy gets thrown to the feds. Maybe the finance dudes are not so retarded to sell their stock immediately after one of the biggest data leaks in history with no ahead of time sell plan, and after googling what was the impact on the stock price of another data leak. Pretty bad op-sec for a tech guy. Or maybe he's just financially clueless, and doesn't know th…
"Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach."
If insider trading laws didn't exist, would we have known that something was wrong more quickly? Are high-volume trades from executives public? It seems to me that insider trading laws mean people take every step to keep bad things about a company secret, which is not good for consumers.
It's not about keeping bad things about a company secret - it is about letting the world of investors know at the same time important information.
If you have material information about a company that others don't, you're more than welcome to trade based on it. The profit incentivizes accurately pricing securities. If you know that some other company is concealing massive fraud, feel free to short the daylights out of it and write an exposé.
Earlier quoted context omitted.
Any counsel worth their salt won’t let them trade if there is any non-public material news, no matter what other reasons there may be for selling. This is why most high level execs will put in place pre-arranged plans (10b5-1) for selling at different thresholds and time periods.
Pre-arranged is the only clean way. Don't mess with the Feds.
"Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach. Equifax has said those three executives had not been informed of the incident when they initiated the sales." While I'm not sympathetic to the U.S. CIO named in this article, I find it somewhat…
"Three Equifax Inc. senior executives -- Chief Financial Officer John Gamble, and unit presidents Joseph Loughran and Rodolfo Ploder -- sold shares worth almost $1.8 million in the days after the company discovered the breach. Equifax has said those three executives had not been informed of the incident when they initiated the sales." While I'm not sympathetic to the U.S. CIO named in this article, I find it somewhat…
To avoid this couldn't an exec announce their intention to sell as public and early as possible and cite "divorce/third house/mega yacht" as the reason for the sale?
He and the stripper are now married and spend their time training dressage horses.