Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Equifax securities fraud class action [pdf]

securities.stanford.edu

Post reply on HN
Print view View original

221–227 of 227 posts

Re: Equifax securities fraud class action [pdf]

#221

Post by ahi »

doctorpangloss wrote: post #216
AriaMinaei wrote: post #212

Earlier quoted context omitted.

> On March 6, 2013, Holder testified to the Senate Judiciary Committee that the size of large financial institutions has made it difficult for the Justice Department to bring criminal charges when they are suspected of crimes, because such charges can threaten the existence of a bank and therefore their interconnectedness may endanger the national or global economy. "Some of these institutions have become too large,"…

This is missing the perspective of just how much a disaster Obama inherited in 2008. Also I get that it's Wikipedia, but the comparison to Bush is ridiculous. The Enron story is a long one. Here's Gray Davis's perspective on exactly what it means that the Bush DoJ "sought criminal charges:" > "I inherited the energy deregulation scheme which put us all at the mercy of the big energy producers. We got no help from the…

This is a terrible take. For 8 years, whenever Obama or Holder were asked to make things right at the expense of their future employers, they proclaimed just how powerless they were. The White House and the DOJ have the power to squash wall street like bugs, and make "normal people" whole. They CHOSE not to.

Re: Equifax securities fraud class action [pdf]

#222

Post by excursionist »

kjaftaedi wrote: post #122
RankingMember wrote: post #69

> On August 2, 2017, Equifax notified the FBI of the Data Breach. It also retained legal counsel to guide its investigation into the breach. The same day, Equifax’s legal counsel retained Mandiant to assist in the investigation into the incident. Experts would later note that these steps suggested that Equifax knew that the Data Breach was serious. In the days immediately following the discovery of the Data Breach, G…

It's sad how obvious this is. Possibly even more obvious than the insider trading at intel prior to the spectre/meltdown public release. This will be forever the legacy of Eric Holder, the man who changed the justice department policy to go after smaller 'fines' as settlements instead of prosecuting crimes.. only because of the simple fact that fines are easy to win, and criminal cases can be lost. Justice is now esc…

> Justice is now escapable because it's been deemed "too difficult to pursue"

Only if you're rich enough.

Re: Equifax securities fraud class action [pdf]

#223

Post by dhimes »

geggam wrote: post #197
Akinato wrote: post #192

Earlier quoted context omitted.

People that are so rich/connected that they can become "too difficult to pursue" seems like a good step towards becoming Gotham.

When you reach a critical mass of people with nothing to lose the wealth will balance again, usually through violence.

I visited Cuba this year. I can confirm.

Re: Equifax securities fraud class action [pdf]

#225

Post by hermitdev »

AiApotheosis wrote: post #109
hermitdev wrote: post #104

Earlier quoted context omitted.

It's quite possible that these were scheduled trades that were arranged far in advance before either executive was aware of the breach. So, no, not necessarily insider trading. The optics sure look bad, but it could just be shitty timing.

Is there another way they could have executed trades legally, without following rule 10b5-1? https://www.investopedia.com/terms/r/rule-10b5-1.asp

I think so, they still have to be publicly disclosed with an appropriate notice. I don't know the exact rules, but I think it typically has to be announced something like 30 days prior. May also involve restrictions around significant events such as earnings calls, quarterly events or shareholder meetings.

I'm not aware of the details, as I'm just a peon in Back Office, but I do know traders pay attention to not-insider "insider" trading announcements from the SEC (yes, this pretrade information is publicly available from the SEC). I have no idea about non-US rules.

Re: Equifax securities fraud class action [pdf]

#226

Post by scarejunba »

zaarn wrote: post #219
icebraining wrote: post #218

Earlier quoted context omitted.

If instead of liability, you had a regulation mandating the implementation of specific guidelines, they'd use the ones produced by NIST, which until 2017 also recommended password rotation.

There is no reason why regulatory bodies cannot be up-to-date with the latest developments.

And yet, strangely, they never do.

Re: Equifax securities fraud class action [pdf]

#227

Post by zaarn »

scarejunba wrote: post #226
zaarn wrote: post #219

Earlier quoted context omitted.

There is no reason why regulatory bodies cannot be up-to-date with the latest developments.

And yet, strangely, they never do.

Maybe because American legislation loves to cripple regulatory bodies?
Post reply on HN