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Outrage Builds after Equifax Executives Banked $2 Million Following Data Breach

posted by janrinok on Monday September 11 2017, @07:27PM   Printer-friendly
from the malice-or-coincidence? dept.

MrPlow writes:

Submitted via IRC for SoyCow5389

The sale of nearly $2 million in corporate stock by high-level Equifax executives shortly after the company learned of a major data breach has sparked public outrage that could turn into another hurdle for the credit rating agency.

The sales all occurred before the company publicly reported the breach, a disclosure that quickly sent its stock tumbling. The timing of the sales could attract federal scrutiny, legal experts say, though proving insider trading would be difficult. A company spokeswoman said the executives did not know about the breach when they sold their shares.

“It certainly would be exactly the type of trading pattern before a high-profile event that the [Securities and Exchange Commission] would investigate,” said Brandon L. Garrett, a professor at the University of Virginia School of Law. “Even if they do not bring charges it is the type of conduct that a company should not tolerate in its executives. It sends a terrible message to the public and to customers.”

The SEC declined to comment on whether it was investigating the matter.

Source: https://www.washingtonpost.com/news/business/wp/2017/09/08/outrage-builds-after-equifax-executives-banked-2-million-in-stock-sales-following-data-breach/

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  • (Score: 0) by Anonymous Coward on Tuesday September 12 2017, @02:40AM (1 child)

    by Anonymous Coward on Tuesday September 12 2017, @02:40AM (#566512)

    Ah yes, one of those "I'm basically neutral" types that only ever manages to make excuses for/defend alt-right KEKolds and Trumpster fires, but always qualifies their one-sided neutrality with "Look, I hate both sides, but..." Got it.

  • (Score: 0) by Anonymous Coward on Tuesday September 12 2017, @03:57PM

    by Anonymous Coward on Tuesday September 12 2017, @03:57PM (#566791)

    Oh, OK, sure, I guess I'll give equal time for a bit. Seems kinda pointless though, since people were shaking their little fists of rage at the Trump direction, rather than the other way around, but .... *deep breath* ...

    Climate change shows every sign of being real, and in the direction of greater warmth trapped in the biosphere.

    Abortion should probably be what Bill Clinton said: safe, legal and rare.

    The Bill of Rights is not just part of the constitution, but a damn fine idea.

    The environment is precious and we should look after it, in our own interests if nothing else.

    Militarised police are a very bad idea, and policing in the USA should be thoroughly revamped.

    That should get you started...