Can Anyone Explain....
The Market Ticker - Commentary on The Capital Markets
Logging in or registering will improve your experience here
Main Navigation
Display list of topics
Sarah's Resources You Should See
Sarah's Blog Buy Sarah's Pictures
Full-Text Search & Archives
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.


The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

2018-03-04 15:10 by Karl Denninger
in Corruption , 179 references Ignore this thread
Can Anyone Explain....
[Comments enabled]

.... why this firm hasn't been shut down and its executives imprisoned?

Equifax has confirmed that the massive data breach it announced last year is larger than previously thought, affecting an additional 2.4 million U.S. consumers.

New details of the breach were announced by the credit reporting company Thursday, taking the total number of victims to 147.9 million. The company says the additional consumers only had their names and part of their driver's license numbers stolen, unlike the original 145.5 million Americans who had their Social Security numbers impacted.

Just a reminder -- this is pretty close to everyone who has a credit file of any sort, which is anyone over the age of 18, more or less.

The data stolen ranged from "partial" driver license numbers to full sets of data including Social Security Numbers, names and addresses, which is plenty for someone to commit identity theft and defraud the person involved.

So far all that has happened is that the company has "offered" to "monitor" for incursions.  They have not been forced to pay damages to those harmed as a result of the breach and neither have the credit firms been forced to drop their long-standing policy of charging consumers to "freeze" and "unfreeze" credit files.

In other words Equifax, along with the other credit firms, make money from their own malfeasance -- in this case, Equifax's malfeasance -- in that if you wish to protect yourself from someone opening credit in your name you must pay to freeze your file and then unfreeze it any time you want new credit, while the only reason that's necessary is they allowed the data to be stolen.

This ought to be considered criminal extortion and every one of their executives locked up -- for life -- along with the company itself being destroyed.


View with responses (opens new window)