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[–] Saufsoldat [S] 1 points 25 points (+26|-1) ago 

With the whole Intel shitstorm under way, I remembered this story and decided to check up on what became of it.

Turns out that when your company discovers a huge data breach and four executives all indepedently dump their stock two days later but well before the public was informed, that's not considered insider trading.

Fuck this gay earth.

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[–] RoBatten 0 points 16 points (+16|-0) ago 

You're right. SEC should have been all over that. They should not be able to profit before notification. That encourages them to delay notification, allowing the hackers more time to plunder . . .

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[–] cyks 2 points 2 points (+4|-2) ago  (edited ago)

The hackers and the executives are working together, if they not the same god damned people.

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[–] cthulian_axioms 0 points 13 points (+13|-0) ago 

Once you accumulate a sufficient amount of money, the laws literally no longer apply to you.

Which is why we--the ruled--are absolutely justified in ignoring the laws, with the obvious caveat that we shouldn't hurt other ordinary folk. Legality and morality no longer remotely overlap.

[–] [deleted] 0 points 4 points (+4|-0) ago 

[Deleted]

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[–] cthulian_axioms 1 points 0 points (+1|-1) ago 

"Long" is a huge understatement.

Literally everyone whose net worth places them in the top 1% (or even the top 0.1 %) of the wealth curve ought to be brought before a "Star Chamber" sort of council and made to justify how they got their money. If they didn't earn it themselves, through honest means, it should be forfeited and distributed equally among every American citizen. And then they ought to be executed in the nearest public square.

How many trillions of dollars would that release into the economy? How many lives would it save?

The top 0.1% have grown so rich that they essentially live as gods, not human beings. They don't count as "people", so hurting them isn't wrong. Homicide is a crime, because it snuffs out the life of a human being. Deicide--the killing of a god--does not.

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[–] MaxAncap 0 points 2 points (+2|-0) ago 

I think if they shorted with or without options than it would be considered insider trading.

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[–] Thisismyvoatusername 0 points 1 points (+1|-0) ago 

It’s also an enormous red flag. Had they done that, they almost certainly would have been prosecuted. You can often get away with stock sales because the level of proof required for a conviction needs to be high enough to overcome rational explanations for the sale that do not include insider trading. Unless you regularly have a history of making bets with shorts or options, there is almost no way to assert you did not act in an effort to maximize and insider trade.

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[–] Hilarious_Exception 0 points 12 points (+12|-0) ago  (edited ago)

I actually did research on this for a college project. All of the executives who sold their stock were actually not at all related to the Cyber Security team, and would most likely not have been informed of it. The cyber security department, the legal team they hired as part of their disaster recovery plan, and the CEO were likely the only ones who knew until after the hack was announced. That all being said, it looked really suspicious when the CEO himself was informed only one day before they sold their stock.

It should probably be the law where after a security incident is discovered, it should be immediately reported to the SEC under penalty of huge fines and stock sales by executives should be held for six months. Furthermore, the SEC should absolutely conduct their own independent investigation apart from Equifax's internal audit, which they have, but I don't know if they announced any findings.

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[–] PraiseIPU 0 points 1 points (+1|-0) ago 

a security incident is discovered,

Any major news about the company you are higher up in. Should not be allowed to sell your stock for a certain period of time.

See also:VW

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[–] Paranoidroid 0 points 0 points (+0|-0) ago 

All tech companies I've worked for that had stock, whether ISO's or ESPP, had tiny windows to trade in any aspect (buy or sell) and if you had knowledge of ANY material non-public information you had to abstain from trading, under threat of fines, jail time, firing, etc. I am certain the big shots could get away with breaking the rules. "Me" not "thee" and all that crap.

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[–] sum_yungai 0 points 9 points (+9|-0) ago  (edited ago)

a special committee formed by its board

So they formed their own committee to investigate themselves and didn't find anything wrong. Neat.

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[–] ErrantCognition 0 points 4 points (+4|-0) ago 

They're also very sorry.

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[–] voats4goats 0 points 3 points (+3|-0) ago 

All good folks! We've investigated ourselves and found nothing wrong. You can Continue laughing manically

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[–] Thisismyvoatusername 0 points 0 points (+0|-0) ago 

That’s not what a special committee is. If it were as you stated, it would fail of its essential purpose.

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[–] littul_kitton 0 points 5 points (+5|-0) ago 

This is why sensible insiders put the stock in a trust account that schedules sales 6 months in advance.

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[–] spherical_cube 0 points 4 points (+4|-0) ago 

It's the difference between the aristocracy and the peasantry. If you can't make a phone call to skate on charges, you're a peasant no matter how wealthy you are.

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[–] ZYX321 1 points 3 points (+4|-1) ago  (edited ago)

And so did the company. None of my banks or credit card companies have stopped doing business with Equifax. Business as usual. No repercussions. Thanks government. Thanks free market.

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[–] CRKT_M16Z 1 points 2 points (+3|-1) ago 

There should be a separate Day of the Rope for people like this, the Clinton's and their cronies, any surviving executives of Enron, and the like.

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[–] Youfatfuck 0 points 1 points (+1|-0) ago 

"Steal a little and they throw you in jail, steal a lot and they make you king."

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