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Equifax CEO Richard Smith Who Oversaw Breach To Collect $90 Million (fortune.com)
An anonymous reader shares a report: The CEO of Equifax is retiring from the credit reporting bureau with a pay day worth as much as $90 million -- or roughly 63 cents for every customer whose data was potentially exposed in its recent security breach. Richard Smith, 57, is the third Equifax executive to retire under pressure following the company's massive data breach revealed earlier this month, putting the personal information of as many as 143 million people at risk. Equifax said Tuesday that as a condition of Smith's retirement, he "irrevocably" forfeits any right to a bonus in 2017, an amount that under normal circumstances would have totaled more than $3 million -- the bonus he received in 2016 -- according to the company's retirement policy. But the CEO is still set to collect about $72 million this year alone (including nine months' worth of his $1,450,000 salary), plus another $17.9 million over the next few years. That's when the rest of Smith's stock compensation hits a few important milestones or "vests," allowing Smith to essentially put it in his bank account. Altogether, it adds up to a total potential paycheck of more than $90.1 million, according to Fortune's calculations based on Equifax securities filings.
...and we need to charge everybody a $10,000 tax every time they buy a new car worth more than $5,000. After all, nobody needs a car that is more reliable than the junker I drove back in college and I sold for $800 when I was done, right? Of course, there would not be any unintended consequences to this radical tax policy, right? Everyone would gladly pay it and our streets would not start to look like Cuba where 80% of the cars are rusted junkers built 50 years ago. Right?