Morgan Stanley, which today began battling a $2.7 billion lawsuit by financier Ron Perelman, said the U.S. Securities and Exchange Commission may accuse the company for failing to retain e-mails, reported Bloomberg.
SEC said that Morgan Stanley, the world's No.2 securities firm, has deliberately recycled the emails recordings in the backup tapes. The company's lawyers ``knew as of June 7, 2004, that nearly a third of the restored backup tapes did not contain e-mail, implying that they may have been recycled in violation'' of the SEC's 2002 order, Elizabeth Maass, the judge in the Perelman litigation said in the ruling. SEC wanted to find the evidence from those tapes if Morgan Stanley knew the accounting fraud at Sunbeam Corp., a Morgan Stanley client.
Almost a month ago, Harry Stonecipher, Boeing Chief Excutive, was fired by the board after one of his embarrassing emails with a senior woman executive was exposed to the board by an annoymous employee. Stonecipher has married with two adult children, according to the Guardian.
The emails inside Boeing are monitored by a program, which could make security personnel keep tabs on every employee's email messages, according to the report from International Labor Communications Association. The employees has to be careful in writing an email, or it will help ending the job. "What you say, wear, or maybe even think, and whom you choose to hang with, can mean the end of job or career. " The report said.
Not only employees, but also employers should be careful, too. So does Morgan Stanley. The regulators may force the company to provide the email recordings when they think it is possible. But at the same time, it is everyone's privacy that will be recorded in the tapes and exposed to the public.
At last, I began to wonder about the email providers such as Yahoo and Google. If , someone wants to check a suspected person's email content one day, will the companies do that?