
Equifax Deserves the Corporate Death Penalty - victorvation
https://www.wired.com/story/equifax-deserves-the-corporate-death-penalty/?mbid=social_fb
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trimtab
I agree. EquiFax deserves complete dissolution as a corporate entity. Much
like Arthur Anderson dissolved itself after being caught as the approving
auditor in the Enron scam.

Corporations and executives as well as stockholders must suffer. For
executives there must be clear disincentives to bad management. Stockholders
must learn to NOT invest in unethical companies. And employees need to learn
that working for poorly run companies is a poor career choice.

Otherwise, these events will continue to occur and everyone on the inside will
glad hand each other about how they got away with it.

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NTDF9
Maybe not dissolution, but surely:

1\. Such a big fine that their stock goes broke

2\. Arresting the execs who took high salaries but did not take their jobs
seriously enough

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AdamJacobMuller
I'm not sure about arresting, but, clawing back huge amounts of the money
(particularly any bonuses/options/stock but perhaps not salary).

And, as far as fines, I think just providing a very simple path whereby they
are deemed responsible for losses resulting from the breach is enough. Me
having to personally sue them and personally prove their responsibility in a
court is a very high bar. A class action is a much lower bar, but, will result
in me getting significantly diminished compensation. Some process in-between
that where their guilt is established beforehand and I merely need to prove
what my damages are and I can collect, say, treble damages from Equifax would
fix the Equifax problem in a more egalitarian way.

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zwerdlds
If it can't happen to Transocean after Deepwater Horizon; If it can't happen
to PG&E after San Bruno; It's not happening here.

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AdamJacobMuller
I disagree very strongly. The results of the Deepwater Horizon were terrible,
indeed, but Transocean runs many deepwater oil rigs (in addition to many other
O&G ventures) with a single (huge/terrible) accident.

Equifax has a single database to protect and they failed at it, I will also
argue that a company like Equifax offers minimal legitimate value and what
value they suggest to offer is really an anti-value and therefore are,
perhaps, eligible for such an extreme sanction.

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zwerdlds
I hope you're right. Time will tell.

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foxyv
It was just a matter of time. Probably the number of identities breached in
the US has approached 100% even before the Equifax data. I personally have
seen almost all my data lost in three known breaches before Equifax. The only
hope I have is that this will get government attention to start enforcing
better standards on credit issuers when authenticating customers and
preventing fraud.

