31–40 of 66 posts
$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…
As part of the settlement you can charge for your hourly time that you had to spend figuring out credit monitoring
We 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/
Equifax just has a bunch of essentially public financial data, addresses and such. None of that is actually private.
I'm sure I'm not the only one actually wishing they run out of money. I'd be happy to put them on a payment plan.
We 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.
'If you can't do the time don't do the crime' doesn't seem to apply except in very extreme cases like Enron
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 [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 was also revealed that three Equifax executives sold almost $1.8 million of their personal holdings of company shares days after Equifax discovered the breach but more than a month before the breach was made public.[0]
Nobody was prosecuted as a result.
They were literally promoting their own $16.95/month credit monitoring product (ID Patrol) on the original website about the breach before they were shamed into taking it down.
Executives profited. The CEO profited. The lawyers profited. And the shareholders lost little. The public is the only one paying the cost, and their information was largely shared with Equifax without express consent.
[0] https://www.bloomberg.com/news/articles/2017-09-07/three-equ...
The 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.
Then if there's any leftover money owed, forbid the company from paying out bonuses in the future until the debt is cleared.
![https://pbs.twimg.com/media/EA1KK-vUwAAmrnd.jpg"[0]](https://pbs.twimg.com/media/EA1KK-vUwAAmrnd.jpg){kind=link}