Equifax Breach Among Worst Misdeeds Since Enron, Schumer SaysBy
The Equifax Inc. data breach is "one of the most egregious examples of corporate malfeasance since Enron," and the credit-reporting company’s chief executive officer and board should quit if they don’t act to address the situation within a week, Senate Minority Leader Chuck Schumer said Thursday.
"We need to get to the bottom of this, the murky bottom, the dirty bottom," the New York Democrat said in calling for Senate hearings on hackers’ theft of data on 143 million U.S. consumers. Enron Corp., the Texas energy trader, collapsed in 2001 after lying about its finances.
Schumer said Equifax needs to notify everyone affected by the breach, provide credit monitoring and identification theft protection for 10 years, offer to freeze people’s credit for up to 10 years, stop requiring arbitration of disagreements, and cooperate with all investigations, penalties and new standards that are required. "It’s only right that the CEO and board step down if they can’t reach this modicum of corporate decency by next week,” Schumer said.
Equifax shares are the lowest since February 2016.