c.e.o. of equifax he resigned today just a few weeks after his company one of the world's largest credit reporting firms revealed that it had suffered a massive security breach that exposed the personal information of one hundred forty three million americans to hackers which raises the question just how did a massive for profit corporation like equifax gain access to something such compromising information without the public's consent and what does this tell us about capitalism joining me now is richard wool visiting professor at the new school cofounder of democracy at work and the author of numerous books including capitalism is crisis deepens essays on the. they're credit cards you can see people who go in for a bottled water in a small store using their credit card which is a debt if everybody is dependent on debt one way or another then you have a problem with the creditor who never knows whether it's safe to lend to this person for their home to that one for the car for that one for their credit card so we needed to develop an industry eat that would allow banks and other creditors to have

c.e.o. of equifax richard smith is out there credit reporting agency was hacked up to one hundred forty three million americans sensitive credit data was accessed the hackers exploited a software flaw to high social security numbers birth dates and other very personal data that provided the keys to identity theft this happened even though the company was warned about the flaw months in advance according to the equifax the breach took place according to information there from between mid may.

c.e.o. of equifax he resigned today just a few weeks after his company one of the world's largest credit reporting firms revealed that it had suffered a massive security breach that exposed the personal information of one hundred forty three million americans to hackers which raises the question just how did a massive for profit corporation like equifax gain access to something such compromising information without the public's consent and what does this tell us about capitalism joining me now is richard wool visiting professor at the new school cofounder of democracy at work and the author of numerous books including capitalism is crisis deepens essays on the global economic meltdown professor will welcome back. thank you tom glad to be here it's great to have you with us i think this scandal has really exposed to a lot of people how really little control we have over our own individual private financial information equifax is just one company a ten billion dollar industry that sucks up our data for profit i robot in the seventies running a small business having to jump through all kinds of hoops

c.e.o. of equifax is out now he says it's a retirement but after that giant hack over the summer some are just shaking their heads also puerto rico is buckling under a record setting bankruptcy and the ravaging up hurricane maria and expert weighs in and also my guests former u.s. trading commission barge health and brings us the latest from capitol hill of health care shenanigans we must start right now. he's not being fired he's retiring in fact of immediately chairman c.e.o. of equifax richard smith is out there credit reporting agency was hacked up to one hundred forty three million americans sensitive credit data was accessed the hackers exploited a software flaw to high social security numbers birth dates and other very personal data that provided the keys to identity theft this happened even though the company was warned about the flaw months in advance according to the equifax the breach took place according to information there from between mid may through july it was discovered july twenty ninth within the next two days three executives and sold off their shares totaling nearly two m

c.e.o. of equifax stepping down from that position, especially coming from weeks after the data breach saying he retired on tuesday and the aftermath of major data breach that exposed personal information 143 million people. the "new york times" reporting two other top equifaxchief information officer and chief security officer stepped down on september 14th. the company is based in atlanta. hackers exploited unpatched flaw in their website software to get names, social security numbers, birth dates and addresss and other information about people. the president sending out several tweets concerning current state of puerto rico. he writes old electrical grid in terrible state devastated much of the island destroyed with billions of dollars. he goes on to write, banks must be dealt with, food, water and medical are top priorities and are doing well hashtag, fema. also adding thanks to mayor of san juan, on kind words on fema's work. it is open phones until 10:00. terry in pennsylvania, democrat's line. terry, go ahead. caller: yes, i want to comment on what marcy is saying about representative

c.e.o. of this scandal ridden credit monitoring company equifax walked away with a massive pension after i had exposed the data of one hundred forty three million americans happen my gas explains how consumers can fight back down by boom bust first right now. it is tax reform time as health care stood dead in the water on capitol hill tuesday senate majority leader mitch mcconnell said it himself where we go from here is tax reform fast forward twenty four hours and we've got our hands on a first edition blueprint of how the republicans plan to build that reform it's nine pages long and it's called the unified framework for fixing our broken tax code top line item income tax of course under current law as it stands now taxable income is subject to seven tax brackets the framework to consolidate consolidate back down to three brackets taxed at twelve percent twenty five percent and then up to thirty five percent the plan does pitch also the idea of a fourth tax bracket for higher earners of thirty five percent also included in the document is an ambitious twenty percent corporate tax rate and r

c.e.o. of equifax richard smith is out of the company but he gets to keep his eighteen million dollars pension some people have a problem with it because when hackers exploited of software flaw in the credit monitoring system they stole the social security numbers birth dates and other personal data of more than one hundred forty three million americans the company was warned about the flaw months in advance according to equifax the breach took place from mid may and july it was discovered july twenty ninth and within the next two days three executives sold off shares totaling nearly two million dollars. and then on the seventh equifax told the public about it smith has issued the predictable apologies and retired he will receive his two thousand and seventeen bonus or severance pay but that cool eighteen million dollars pension he does get to keep smith was set to face a congressional hearing on october third over the scandal no word now on who will replace him in that chair. and as the apologies from equifax continue and the investigation carries on we hear promises from the company to furth

c.e.o. of equifax is out after that massive half over the summer which compromised consumer data on a big scale also puerto rico is buckling under bankruptcy and a hurricane where does it go from here and we get the latest from capitol hill on the health care debate that's coming right up thanks so much lindsey and that does it for now for more on the stories we've covered if you back to our to america and also check out our web site our team forward slash america and you can follow me on twitter at consciously. all the world's a stage and all the news companies merely players but what kind of part is already america play r t america. r t america. many ways you just like to read reviews good actors bad actors and in the end you could never do all. the part all the world all the world's a stage or you. for decades the american middle class has been railroaded by washington politics. big money corporate interests that's thrown down a lot of noise that's how it is in the new culture in this country now that's where i come in. i mean it still on our t. america i'll make sure you don't get railroade

c.e.o. of equifax still gets to keep his eighteen million dollars pension after one hundred forty three million americans got their personal data held by the company hacked my guess tells us how consumers can strike back and where their hands may just be tied also u.s. shale oil could be set up to shake up asia right thing. so much lindsay that does it for now for more on the stories we've covered go to youtube dot com or america also check out our web site r.k. dot com for science america you follow me on twitter at the taj suites question war . for decades the american middle class so it's been railroaded by washington politics. big bloody. nose throw a lot of oil that's how what is the culture in this country. that's where our economy. i would still. argue america i'll make sure you don't get railroaded you'll get the straight talk in the straight. to. it looks like the golden age of the internet is coming to an end it's been a wild and wacky fun ride for the past few decades where anyone can post anything they want and explore all kinds of unregulated information and media but there is no w

c.e.o. of equifax richard smith is out there credit reporting agency was hacked up to one hundred forty three million americans sensitive credit data was accessed the hackers exploited a software flaw not too high social security numbers birth dates and other very personal data that provided the keys to identity theft this happened even though the company was warned about the flaw months in advance according to the equifax the breach took place according to information there from between mid may through july it was discovered july twenty ninth within the next two days three executives was sold off their shares totaling nearly two million dollars and on the seventh equifax told the public about this the company argues that the revelation of the information wasn't really material to investors smith was set to face a congressional hearing on october third no word now on who will replace him in that hot seat. health care is a key component of the u.s. economy it accounts for roughly eighteen percent of u.s. gross domestic product candidate trump said he would sign a bill on day one to repeal and

of these investigations. and if equifax does not agree to these five things in one week's time, the c.e.o. of the company and the entire board should step down. these five steps are common sense. they are the baseline of decency. if equifax can't commit to them, their leadership's not up to the job and the entire leadership must be replaced. let me tell you, folks. if joe public, if the average citizen did anything close to what the corporate leaders did that led to this data breach and the awful response to it, that average citizen would be fired immediately. to give the equifax a week to implement these things is overly generous to people who did horrible stuff and then after it happened did nothing -- virtually nothing -- that showed that they had remorse. it's only right that the c.e.o. and the board step down if they can't reach this modicum of corporate decency by next week. finally, mr. president, i have a lot to say. taxes, last night at the white house, president trump said he didn't want his tax plan to benefit the very wealthy. that's a good thing. we democrats agree. 45 of the 4

of these investigations. and if equifax does not agree to these five things in one week's time, the c.e.o. of the company and the entire board should step down. these five steps are common sense. they are the baseline of decency. if equifax can't commit to them, their leadership's not up to the job and the entire leadership must be replaced. let me tell you, folks. if joe public, if the average citizen did anything close to what the corporate leaders did that led to this data breach and the awful response to it, that average citizen would be fired immediately. to give the equifax a week to implement these things is overly generous to people who did horrible stuff and then after it happened did nothing -- virtually nothing -- that showed that they had remorse. it's only right that the c.e.o. and the board step down if they can't reach this modicum of corporate decency by next week. finally, mr. president, i have a lot to say. taxes, last night at the white house, president trump said he didn't want his tax plan to benefit the very wealthy. that's a good thing. we democrats agree. 45 of the 4

c.e.o. of this scandal ridden credit monitoring company equifax walked away with a massive pension after i had expo.

c.e.o. of conversion pipeline thank you. after they had crisis of credit monitoring giant. equifax a fake customer help page popped up on line it was actually created by one of the company's engineers to expose equifax as lax security efforts well the company accidentally linked to it racked up two hundred thousand hits before it was taken down the fake page was upfront about its fake. equifax for using the domain name equifax security two thousand and seventeen dot com which is so easy to impersonate by phishing sites this equifax cyber attack expose the personal information of more than one hundred forty three million americans and could have been prevented by a software fix months before it took place thanks for watching everybody be sure to catch us on directv you can find us on the r t channel three twenty one and if you miss us on direct t.v. catch bin boss on you tube youtube dot com slash boom bust r t thanks for watching the next time. you're watching our. first war. here's what people have been saying about rejected in the sixty's pull in austin the only show i go out of

of other high-ranking individuals, did not know about the breach. emily: why not? why did they not tell us sooner? >> general counsel knows. you would hope the c.e.o. knows. what equifaxsaying is they did not know about it. it is a great question. why shouldn't all of the senior executives know about something? it is possible maybe equifax did not know the scale of the breach. people are attacked all the time. we are constantly fending off people trying to penetrate our system. we don't know exactly whether there was wrongdoing. >> even if we did not know how much was done, the fact it is a credit reporting agency that took this long is clearly not ok. i understand your point. you are right because they do not often know, but fundamentally they knew they had been attacked. that is going to affect a lot of people. they did not tell people. over the last month, who knows what could have happened to people who did not know about it. emily: exactly. people are feeling helpless. what can you do? >> there is a website. there's a phone number. equifax is offering monitoring services. it is offering -- emily: without waiving your right to sue? >> when you go in there, you aut

c.e.o. of lending tree. breaking news. equifax a cyber security incident that potentially impacts about 143 million u.s. consumers. the information accessed primarily includes names, social security numbers, birth dates, instances,nd in some driver's license numbers. it just seems to me that 143 a small number given how many are affected by and the stock off by after-hours trade. abigail: hurricane jose is a category three hurricane, according to the national hurricane center. these hurricanes don't seem to stop. harvey, irma, jose and katia, i behind that. from new york, this is bloomberg. scarlet: "what did you miss?" the 2017 nfl season kicks off tonight with the new england patriots hosting the kansas city chiefs. backdrop is that tv viewership for the nfl was down last season. of thatto consider all as everyone in media gets ready for the new season. that andiscuss all of the wider world of sports business is leo hindery, partner of intermedia partners. thanks for joining us. to anything else, we had the ratings decline in th

equifax c.e.o. rick smith posted this statement on the company's website. >> and although we've made significant investments in cyber-security, we have more to do. >> reporter: this is the third major hack of equifax in the last two years. >> it makes you wonder did they do as much as they could have done? >> reporter: critics also wonder why equifax waited six weeks to announce the hack and they want to know three senior executives sold $1.8 million in equifax stock soon after the hack was discovered. equifax says the executives did not know about the breach at the time. the perpetrators of the hack have not yet been identified, but some experts say she's massive hacks are often done by international cyber criminal organizations, who then silent information to russia or china for millions of dollars. chip reid, cbs news, washington. >> ninan: when we return, an update on hurricane irma as it barrels towards south florida. an update on hurricane irma as it bears down on florida. it's expected to hit the keys sunday morning as a category 4 storm. let's go back to elaine quijano in key largo. elaine. >> quijano: reena, irma is here. conditions will deteriorate rapidly overnight. the storm is

of home streaming devices. coming up, how has the mega breach at equifax impacted the demand for cyber insurance? we will talk to the lloyd's of london c.e.oeale. this is bloomberg. ♪ >> i am stephen engle with the latest first word headlines are president trump spoke with sheesh and paying, aiming to step up pressure on north korea. the two leaders agreed to enforce united nations sanctions to persuade kim jong-un give up his nuclear program. china has been a critic of u.s. policy on north korea, saying diplomacy is the only way forward. washington said beijing must do more to restrain it's been larger in ally. -- its belligerent ally. has hit out ofer china, saying the size of china's model creates unnatural champions it distorts markets. the minutes from the most recent meetingrank of austrian show policymakers expects solid labor growth as the economy except steam. the rba noticed the risk of household debt outpacing income and that wage and inflation growth remains slow but stable and will be so for the foreseeable future. the rba's of the strong aussie dollar is weighing on growth and contribute to subdued inflation. -- contributing

how has the mega breach at equifax impacted the demand for cyber insurance? we will talk to the lloyd's of london c.e.oeale. this is bloomberg. ♪ mark: i am mark crumpton in new york. you are watching "bloomberg technology." let's begin with a check of first word news. president trump says he and israeli prime minister benjamin netanyahu are giving it an absolute go in the middle east peace process. both leaders are in new york for this week's u.n. general assembly meeting. prime minister netanyahu said israel's alliance with the u.s. has never been stronger than now under the trump administration. the canadian prime minister and british prime minister say their countries are working toward a new bilateral trade deal that would be in effect after the e.u. leaves the european union --u.k. leaves the european union. the comprehensive trade agreement comes into effect this week. >> this agreement will create jobs and stimulate growth for people in canada and across europe. prime minister may and i discussed the u.k.'s ratification as well as the importance of stability and continuity in the canada/u.k. tr

not defending equifax and i don't think this is a situation where a company has to go out of business because it has different customers and different constituencies where forcing the c.e.o. to resign after all this when absolute i think it probably appropriate yeah you're just going to stop short of the corporate death penalty. one of the things that's kind of come out of this debate on the left is why do we even have these companies why do we have credit reporting agencies as you said they serve businesses they don't serve us why don't we nationalize these things where people can know what their credit situation is have access to what this thing is go throughout life whether it's renting houses or getting jobs having this knowledge and have a process where they can work to. improve their credit were rather than having to deal with these cartels and private companies that keep this information only democrats would think that government could do this could do credit reporting better better than the private all the time doing a great job with you in the private industry is that your risk and they are the very. determining risk we're talking about accountability here thoug

c.e.o. rick smith posted this statement on the company's website: >> while we've made significant investments in cyber-security, we have more to do, and we will. >> reporter: maybe so, but this is the third major hack of equifaxless than two years. , it makes you wonder, did they do as much as they could have done? >> reporter: critics also wonder why equifax waited six weeks to announce the hack, and they want to know why three senior executives sold $1.8 million in equifax stock soon after the hack was discovered. equifax said the executives did not know about the breach at the time. the perpetrators of the hack have not yet been identified, but some experts say these massive hacks are often done by international cyber criminal organizations who then sell the information to russia or china for millions of dollars. anthony. >> mason: chip reid. thanks, chip. and when we come back, hillary clinton on an uncomfortable moment in the debates. table table moment in the debates. yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart dise