Equifax, one of the triumvirate of credit assessment overlords that decide whether or not American citizens can get shelter, employment, a vehicle or participate in pretty much ANY facet of life in this country … has been hacked. Because of course they’ve been hacked. The kicker (one of them, anyway) is that Equifax waited nearly two months to inform the public of the hack. The company that will give your credit a black eye if your credit card payment is a week late and thus possibly prevent you from renting an apartment, buying a home, purchasing a car … waited nearly two months to inform their customers of the problem.
Maybe the same people that work correcting credit report mistakes were in charge? The address, name, payment info mistakes that you send in dozens of requests for Equifax to fix, only to hear nothing in reply, perhaps the people handling those issues handled the public release that as many as 143,000,000 customers were affected by hackers.
In the time that it took Equifax to inform the public that their personal information had been stolen, several top executives of the company were able to sell stock. Without losing a penny that will surely be lost if they sold it now that the theft of information from Equifax has been public. So, there’s that at least. Sure, that doesn’t help John or Jane Q. Public in any way shape or form BUT at least those guys didn’t lose out on anything. So … there’s that. I mean, can you imagine the problems they would face if they sold it now?? All kinds of crazy things would happen. So naturally, they had to sell that stock before the hack information got out.
Here are the folks that got to cash in:
- John Gamble – CFO sold $946,374 (must’ve needed a new pair of cufflinks)
- Joseph Loughran – President of U.S. Information Solutions sold $584,099 (he got a much better deal on his cufflinks)
- Rodolfo Ploder – President of Workforce Solutions sold $250,458 (opted for a new pen instead)
If there are any out of work CFOs, Presidents of U.S. Information Solutions or Presidents of Workforce Solutions, you may want to brush off your Linkedin profile. These positions just might be open very soon. Equifax will need some fall guys and these three idiots have certainly stepped up to the plate. The qualifications for CFO and the two other positions are seemingly very, very, very low. A pulse and the ability to tie a tie being the top two.
Listen, I don’t want to come off sounding like an anti-capitalist. I am not. In fact, in many cases, a Free Market Economy in a REAL and TRUE sense solves many economic issues. From health insurance to energy to LGBTQ rights, a Free Market actually solves the problems created when unfair advantages are created or social issues rear their ugly heads. Don’t want to bake a gay couple a wedding cake, that’s fine! Now they get to go down the street to your competitor and reward them by paying for a service they are willing to provide. Crippled by the cost of health insurance plans bloated by coverage you’ll never use and don’t want? Switch to a skinny plan that covers only what you need. If you make a massive amount of money competing fairly in a Free Market Economy, GOD BLESS YOU!!! Keep it, donate it, spend it on pallets of Fois Gras delivered by a thousand waiters dressed in Roman gladiator outfits. When you work hard and honestly, America and the Free Market Economy should reward you handsomely and whatever you choose to do with that money is your business.
Unfortunately, that’s a world that no longer exists. Want to speculate in bad credit products with other peoples’ money? That’s fine! The government, backed by taxes collected from hard-working Americans will bail you out when you fail at your job! It’s a wonderful system for the bankers and Wall St. execs that love to let the dice roll but don’t want to pay when the tab comes due.
Launder money and get caught like HSBC did … pay a fine that’s called “record breaking” ($1.9 billion) buuuut that’s really just a drop in the bucket compared to profits earned. Wouldn’t it be great to do whatever you want and NOT go to jail for it? Sure, we’d all love that. Only certain people get to do it though.
What will happen now is anyone’s guess. Will Senator Elizabeth Warren ride her mighty steed into the fray and work diligently to restore the faith lost by average citizens in America’s financial system? Don’t hold your breath. Remember the financial crisis of 2008 and tore America asunder and revealed the slimy core of Globalist Financier’s gambling addiction? The event that led to Occupy Wall Street that gave us … well, a big fat nothing burger. Yeah well, ONE GUY went to jail for that. One dude was all that we could muster up to put away.
So while financial institutions continue to play fast and loose not just with our money but our driver’s license numbers, our social security numbers, and the very ability for Americans to participate in the social construct of this great nation, the people supposedly watching over them serve us tepid, stale nothingburgers. American workers are constantly given the shaft with stagnating wages while corporate profits soar.
What will change? What can change? Until we line the streets with torches and pitchforks until we put a stake into the heart of the “free speech is hate speech” narrative and start making actual demands, we’re screwed. Sorry, that’s just the way it is. While your kids are at college learning the fine points of Social Justice in safe spaces and segregated campuses, this kind of criminal activity and misbehavior isn’t just going to continue unabated, it’s going to accelerate. There are only so many more bubbles that can be created only so much more that can be done to manipulate markets and only so much more that can be done to abuse working-class Americans. But rest assured, those financial mavens that told us NAFTA would be amazing for the American worker, that spun the tale of how allowing China to join the WTO and be granted preferred trading partner status had almost no downside … those people will still be reaching for your wallet. Taking the money that you can barely even make any more in a decent job that isn’t outsourced.
Perhaps it’s time to start sending people like John Gamble to maximum security federal penitentiaries.
Alternatively, maybe the respite that can be offered to customers affected by this completely preventable data breach that went unreported for nearly two months is to remove any late payments or credit report dings for payments made to creditors late by two months or less. That seems fair.