If you simply install Electrum on an internet connected device <snip golden advice>
Ah, thank you! You all know I just drive the bitcoin automobile without knowing how most things work under the hood, so I can't say I'd know how to do what you described--but it doesn't sound like something I couldn't easily learn, and I appreciate that explanation.
Did they admit that? If so, how can this be seen as a secured wallet?
Yeah....take a look at the links Findingnemo provided. This was pretty big news, and I know it caused me to not trust Ledger anymore and left me questioning whether it's worth it to use any HW wallet. Part of that could be my ignorance of what's under the hood of these devices, but I do believe I read a post by a member whose knowledge I respect saying that in theory private keys could be extracted from any device with a secure element. It's just not worth it for me (even though I don't exactly have a large amount of crypto to lose). In any case, most of my bubbling bile was caused by Ledger's treachery. They are truly scumbags and are likely in bed with multiple government agencies--you could almost call it a governmental gangbang, but I'm just speculating.