FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

posted on 10 September 2017

Cynical Wall Street Thinks Equifax Will Get Off Easy

Written by , Rick's Picks

Equifax joined the pantheon of corporate douche bags last week with the admission that detailed consumer information for more than half of adult Americans had been stolen from its data bank. That’s right: full names, Social Security numbers, birth dates, addresses and even driver’s license numbers. Enough information to keep the hacker community in clover for a hundred years.


Please share this article - Go to very top of page, right hand side, for social media buttons.

The potential consequences were not lost on traders, who buried EFX shares on Friday, sending them down $25, or 17%, in the blink of an eye. However, the interesting thing about this from a technical standpoint is that the pummeling the stock received did not breach a single ‘external’ low on the weekly chart for more than the past six months.

Click for large image.

Chalk it up to Wall Street’s cynical calculation that Equifax will merely have its wrist slapped for allowing the biggest cyberbreach in the history of civilization. In the past, fines levied on the likes of Target and Adobe for similar malfeasance, albeit on a far lesser scale, have been ridiculously small.

If you’re hopping-assed mad and inclined to write your Congressman to demand that Equifax be dealt with harshly, don’t waste your breath. When white collar crime and corruption are endemic, as they are now in the U.S., and the bad guys have overwhelmed the rule of law, there are no criminals, only victims. Equifax will no more be “made to pay" than a thousand corporate criminals who have evaded justice since the days of Enron.

Realize that, in the end, it was Martha Stewart who went to prison, a victim of prosecutors whose laziness and ineptitude will continue to limit them to only the easiest targets.

If you are not a subscriber, click here for a free two-week trial that will allow you to enter the Rick’s Picks chat room, where great traders from around the world swap ideas 24/7.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical Opinion Post Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

Econintersect Opinion

Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved