SEC Charges SolarWinds and CISO with Fraud, Internal Control Failures

Post by piperswe » Tue, Oct 31, 2023, 5:17 PM UTC

mym1990 wrote: post #69

Nifty3929 wrote: post #51

I’m don’t like that this is being pursued by the SEC. Especially since the likely penalty will be a large chuck of money that gets paid to… the SEC. Too much like extortion. But as Matt Levine often reminds us - everything is securities fraud. If a bad thing happens and you did not warn investors about it beforehand, you can be sued for securities fraud by the SEC. It’s almost like it’s illegal for investors to lose…

This is like saying police officers shouldn't enforce speed limits because the ticket ends up back in the police department, and you could certainly make a point for a conflict of interest, but there is traceable proof. What actually happened in the SolarWinds instance seems to be actual deception and fraud . Plenty of companies go out of business due to competition, this isn't one of those instances.

Post by WaitWaitWha » Tue, Oct 31, 2023, 7:46 PM UTC

Aerroon wrote: post #63

wglb wrote: post #16

Earlier quoted context omitted.

Those latter two statements are no doubt about why Alex Stamos called being the CSO "the worst job in the world"

Who holds the CSO-equivalent job in the government? It's the president or prime minister, isn't it? Because ultimately all decisions have an impact on security.

Post by waiwai933 » Tue, Oct 31, 2023, 8:25 PM UTC

FireBeyond wrote: post #48

miohtama wrote: post #33

Here is Matt Levine’s, of Bloomberg fame, famous article “Everything Everywhere is Securities Fraud.” https://www.bloomberg.com/opinion/articles/2019-06-26/everyt... Now cybersecurity included.

I lost a lot of respect for Matt Levine with the pretzels he contorted himself into trying to defend the Texas Two Step as "really, truly, better for the plaintiffs", ignoring the two elephants in the room: if it was beneficial to the plaintiffs, why would the defendant go out of their way to do it? And how is it, by magical coincidence, that every firm that has done the Texas Two Step has managed to get out of payin…

Post by helsinkiandrew » Wed, Nov 01, 2023, 8:45 AM UTC

PumpkinSpice wrote: post #20

In most public companies, CISOs are not "real" C-level positions. They're not considered "directors and officers" of the company in the sense of the securities law, they don't have special contracts, they don't rake in exorbitant salaries, they don't have golden parachutes. They don't routinely participate in board meetings or shareholder reporting. If I recall correctly, at Apple, the CISO role was some guy reportin…

Post by that_aint_cool » Wed, Nov 01, 2023, 1:33 PM UTC

justinclift wrote: post #95

zaphirplane wrote: post #86

Earlier quoted context omitted.

>> If any investigators or journalists > why should anyone trust you The statement clears opens the validation to a capable person, what’s your concern exactly

A brand new account fishing for confidential info, that when asked why people should do so has gone off the deep end and started calling me names. Telling me to move to a corrupt country where I'd be welcome, etc. To me (!), that doesn't seem like a level headed person that should be entrusted with anything important. You may feel otherwise of course. ;)