Anyone heard about a recent lawsuit over a recent breach? Did any of that happen?
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@2rvp. You are wrong about boomers.
We've lost billions and still received record bonuses. Stop posting bullsh!t.
State Farm is in a world of hurt. Say bye bye to those bonuses. 400 million! Wow! Big class and $$$$!
Latest from reliable links, happy fing Halloween thanks to the bunglers. I really don’t believe the LinkedIn posts with regards to layoffs coming because of it, one of dose a truth and a lie do just referencing dese
https://www.classaction.org/news/400m-records-stolen-in-2023-state-farm-data-breach-class-action-lawsuit-says
https://www.wglt.org/local-news/2023-10-31/data-breach-lawsuit-against-state-farm-moved-to-federal-court
@21ps heard they didn’t find any vulnerabilities and gave them some accesses to see what they could find. Guess what is in the pants of the people who granted them that!
Demutualization to create a publicly traded corporation would make the executives incredibly wealthy. It would also open the corporation to much more outside scrutiny. There would be shareholders to answer to. If one got enough control they could make a ton of noise, demanding changes as an activist investor. There are also stricter reporting requirements and they would open themselves to scrutiny by the SEC.
It's easier for executives and the Board to keep things as-is. Tipsord pulls down almost $25mm, and other key executives are above 8mm. This while living like royalty in low cost Bloomington. And without great external scrutiny it has to be one of the easiest, of not the easiest, places to be a Fortune 50 exec.
Demutualization occurs for one of 2 reasons-to raise a lot of capital in a short length of time or to make executives rich.
I know what Demutualization is. What I was asking is where you got your speculative numbers. Somehow, I just don’t see State Farm doing it. As a mutual, it has some less stringent reporting requirements. More importantly, it provides some flexibility in pricing. Without those pesky shareholders screaming (and suing…see Allstate) for profits, it’s able to wait out rough economic times without ja--ing prices ultra high.
Tipsord ran the finances for this outfit. Some would say that’s why he’d want to demutualize. But he might also be in the best position to understand why it would be a bad idea.
@2jpw-demuntualization is when a mutual company converts to a stock company. The ownership then moves from policyholders to stock holders. As part of that conversion the company’s executives are awarded stock options/ownership based on their position/role in the company. The CEO gets the largest allocation of stock/options -a percentage of the company’s net worth which in SF’s case is 130 Billion. The 250 million would be on the low end of a normal CEO allocation based on a 130 Billion company.
If I worked at SF today, I would have no loyalty to them and I would have another source of income on the side.
Tipsord would love to take the company public. His CEO stock options would be well over $ 250 million based on capital base. Not a bad going away prize….
Sounds like the hacker group they hired a few months ago to find vulnerabilities was able to create one eh? Another thread talks about a group on their way out, probably the whizzes that hired the hacker group in the first place.
Love it the corporate stooges are creaming themselves. SF worse run insurance company. Bankrupt in 4, maybe 5 years. Poor leadership. Greed. Using company as personal piggy bank. Clown CEO won't go public because knows will be immediately fired. Coward
@2kzb-IBM a failure ? They are currently a Fortune 49 ranked company (slightly below SF’s 44 ranking), they employ over 300,000 people world wide and have been in business a 111 years. You don’t seem to have a grasp on business facts…..
They are already studying SF in business schools as one of the most successful companies in U.S history. Few companies survive 100 years-ONLY SF dominates an industry for 80 years. Quite the story. Even arch competitor and business guru Warren Buffet say he “marvels” at the success of SF and encourages all businesses to better understand their model.
If you win the World Series are recognized as World Champion. Win it 4 or 5 years in a row and you are recognized as a dynasty. Win the World Series of insurance 82 years in a row and you are STATE FARM.
SF will never admit their leadership failures.. can you say Sears or IBM? Soon universities will study the SF business model as an example how not to run a company. SF will be mocked as another huge company that failed as direct result of failed leadership. They'll call it " the Tipstard syndrome".
Someone from India recently come out and state they were using outsourced companies as proxies for cyber warfare against other countries. This is total quintessential Boomer BS.
Greatest Generation said "We're going to work hard and have a hard life so our kids can have it better"
Silent Generation said "We're going to work hard and have a hard life so our kids can have it better"
Baby Boomers "Fu-k those kids, get mine, get money"
Generation X "Fu-k them and these kids"
Millennials "Why is life so fu---d up and hard to live? Who wants kids?"
Generation Z "I'm not going to work, but I literally can't afford anything and should be paid a ton of money while I TikTok all day"
...or something like that
Most of top 50 Fortune 500 hav e moved some segment of their operations to India. Nice brain fa-t.
It was only a matter of time before Tipstard would make the desperate move of services to India. It's a strong indicator how weak SF has become. Only companies in bad shape move services to India. Losing!!!
Wow what a brilliant comment. You must have been at the top of your GED class-hahahaha
The bigger they are the more it hurts when they hit the ground.
nope fake news
Move along, move along. Nothing to see here go about your way. Nothing happened.
Ironically there is a notice today about Defender creating popups on workstations for threats but actually none detected!
Seems the article is saying as a result of earlier layoffs the data breach occurred, not that layoffs will occur because of the data breach.
I think.....
In a shocking revelation, State Farm, one of the leading insurance providers, has announced its plans to cut jobs following a massive data breach that compromised a staggering 400 million customer records
Where was that announced they’re cutting jobs? Is that why they’re harassing people to death again with threats and memos? Heard of a lot of employees being fired without warning or for something they were told to improve on then began improving but got fired anyway. It’s the State Farm way of “we never do layoffs”.
Should Tipstard be fired? How many failures does it take to fire this klown? Now he's handed the keys to all data security to India?!? Ridiculous incompetence. Entire board that has failed to do their fiduciary duty needs to go too.
And layoffs to come? https://www.linkedin.com/pulse/state-farm-leading-job-layoffs-400m-records-stolen-massive-standley-60woc
Mgmt probably too busy positioning the velvet ropes and getting additional chic vests they can wear at work or go to the lions den with
Hmm, time to change the passwords? $400m worth by a ransomware outfit is something that shows up in a couple places from late Aug breach is what it said, funny nothing from mgmt on this yet if it is true boo