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That's what everyone (including myself) said after Equifax but just this week their credit rating was downgraded by Moody's:

Equifax should have been fined billions not just had a credit downgrade.

Big enough credit downgrades can hurt.

Still not enough.

The market shouldn’t be the only entity responsible for punishing this kind of massive damage.

It shouldn’t, but currently is and I have seen 0 signs of any change in direction.