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Cramer: Sen. Warren is 'dead right' on Equifax execs getting off unscathed for data breach

  • Jim Cramer says that Sen. Elizabeth Warren is "dead right" when she says Equifax executives will likely get away unscathed for the credit reporting company's data breach.
  • In an interview Tuesday, Warren said: "So long as there is no personal responsibility when these big companies breach consumers' trust, let their data get stolen, cheat their consumers, like they did in the case of Wells Fargo, then nothing is going to change."

CNBC's Jim Cramer said Wednesday that Sen. Elizabeth Warren is "dead right" when she says Equifax executives will likely get away unscathed for the credit reporting company's data breach.

In an interview Tuesday on "Mad Money," Warren said: "So long as there is no personal responsibility when these big companies breach consumers' trust, let their data get stolen, cheat their consumers, like they did in the case of Wells Fargo, then nothing is going to change."

The Massachusetts Democrat continued to say that if the U.S. wants change, then it has to hold corporate executives accountable, "period."

"I think she's dead right," Cramer said Wednesday on "Squawk on the Street." "I can't believe they're going to get away with this."

"I think Equifax keeps their head down, they get away with it," he added. "I asked (Warren) to bring the board for some hearings. She would like to do that."

Cramer has been a critic of Equifax since the company revealed on Sept. 7 that a data hack could potentially affect 143 million consumers in the U.S. Last week, Cramer said Equifax Chief Executive Richard Smith "should be fired" for the fallout.

He's also critiqued the board, saying: "This is a company that seems to have no knowledge of what's really going on."

On Tuesday, Warren also spoke about Wells Fargo's accounts scandal. She said the Federal Reserve has the chance to "step up" to remove the company's board in response to the scandal.

Cramer agreed on Wednesday and hoped someone would ask Fed Chair Janet Yellen about Wells Fargo at the central bank's monetary policy meeting this week.

Equifax and Wells Fargo did not immediately respond to a request for comment.

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