[deleted]
FTC: Equifax might run out of cash, so please take the credit monitoring
21–30 of 66 posts
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#22Yeah no Equifax can pay out, they don't need any additional protections for their mistakes.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#23We need The Corporate Death Penalty and we need to be able to enforce it in such a way that intangible assets can't be copied over to another entity which is left to continue operations. Hard assets can be auctioned and used to pay unemployment claims and restitution. Jail time for senior leadership would be nice too.
How can we get a politician to vote for a corporate death penalty when faced with tens, or hundreds, of thousands of now jobless constituents after its first sentencing is upheld?
Pay out several months of severance to each innocent employee.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#24It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses [0], while the rest of the money in the settlement is basically reserved for them to pay themselves for their "free" credit monitoring. This whole situation was a good opportunity to set a precedent for companies not taking data security seriously. But they've instead sh…
> It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses.
Not to mention the $77.5 million that goes to the lawyers who negotiated this settlement on our behalf (per the settlement).
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#25We need The Corporate Death Penalty and we need to be able to enforce it in such a way that intangible assets can't be copied over to another entity which is left to continue operations. Hard assets can be auctioned and used to pay unemployment claims and restitution. Jail time for senior leadership would be nice too.
How can we get a politician to vote for a corporate death penalty when faced with tens, or hundreds, of thousands of now jobless constituents after its first sentencing is upheld?
This is a problem in general with "creative destruction" vs. "too big to fail": we generally want unsound businesses of 50 employees to fail, but at 50k employees, it's such a blow to the local (or national/global) economy that politicians and citizens are incentivized to prop them up artificially. (Allegedly, one reason Obama didn't take on private insurance directly is the potentially huge unemployment problem.)
Anyway, I can imagine a scenario for "corporate death penalty" similar to Chapter 11, where the company keeps its doors open, while restructuring and perhaps selling shares at public auction.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#26$31 million is a laughably small amount of money to set aside for direct settlements in the biggest hack in all of history. Add three zeroes to that, probably still not enough. I spent three days figuring out this nightmarish credit reporting system and helping friends and family place freezes, as well as educating them to avoid all the horrible dark patterns on Equifax's site. What I want is about $2000 and the abil…
>I spent three days figuring out this nightmarish credit reporting system and helping friends and family place freezes, as well as educating them to avoid all the horrible dark patterns on Equifax's site.
That’s all on you. There was no reason for you to do this. Certainly not because of Equifax.
Your information was almost certainly already compromised, so reacting to the Equifax breach news like that was downright silly.
>why am I forced into accepting the unlimited risk of them owning all my data so that this private company can keep operating?
Nonsense. The risk isn’t unlimited, just about everything you do in your life presents a bigger risk.
The real risk here is that someone might waste a few hours of your time, but looks like you’ve already been working on that yourself.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#27The FTC's FAQ that was updated: https://www.ftc.gov/enforcement/cases-proceedings/refunds/eq... > 5. I thought I could choose $125 instead of free credit monitoring. What happened? > The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the mo…
I wonder where the other $400 million is going if its only capped at $31 million.
It's for people who can prove that they had their identity stolen and that it was the Equifax breech that the hackers used to steal their identity.
It's designed to almost never pay out.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#28We need The Corporate Death Penalty and we need to be able to enforce it in such a way that intangible assets can't be copied over to another entity which is left to continue operations. Hard assets can be auctioned and used to pay unemployment claims and restitution. Jail time for senior leadership would be nice too.
I don't have a strong opinion either way on your corporate death penalty proposal, but I do strongly support jailing top-level executives for very long terms. We need to set examples. Everyone on this page[1] should be behind bars for I dunno, five years? Ten? If you don't want to risk that kind of sentence, then don't horde that kind of data.
[1] https://www.equifax.com/about-equifax/corporate-leadership/
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#29The FTC's FAQ that was updated: https://www.ftc.gov/enforcement/cases-proceedings/refunds/eq... > 5. I thought I could choose $125 instead of free credit monitoring. What happened? > The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the mo…
If 150M people have suffered $125 in damages each, then Equifax needs to either pay out the $18B or declare insolvency.
150M people have not suffered $125 damages each
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#30Earlier quoted context omitted.
How can we get a politician to vote for a corporate death penalty when faced with tens, or hundreds, of thousands of now jobless constituents after its first sentencing is upheld?
Pay out several months of severance to each innocent employee.
First nationalise the legal entity so that the board cannot block the actions. Maybe pay a fair share of paid-for capital to employees, proportional to their pays they earned for the last full payment period, as a severance (this might result in lower-than-minimum severance, but better than nothing that you would get in a regular bankruptcy). However, shareholders which would get more dividends than this payout should only be allowed to be paid up to a week of minimum wage in this severance payout, to avoid exit bonuses. Assets should be auctioned off in a quick increment auction, to pay for debts to outsiders, and IP rights to be available to public domain immediately before severance payout starts. If any surplus money remains in the final account, it should be transferred to the legislative to be used for anti-corruption investigations. The legal entity can be vanished after all these finishes.