Tuesday, November 27, 2007

Wall Street's Wall of Email Secrecy Eroded

Susan Antilla has a fascinating column, just out this evening on the Bloomberg wire, describing how Wall Street firms such as Morgan Stanley have been forced to cough up emails they thought had been nuked.

Note the pitfully small, $3 million fine that was imposed on Morgan for willfully withholding emails. Note too that Morgan was able to get away with neither admitting nor denying wrongdoing. Such "we don't admit to doing anything and will never do it again" settlements are a travesty, and need to be abolished.

© 2007 Gary Weiss. All rights reserved.

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Wall Street Versus America was published by Penguin USA on April 6.
Click here for its Amazon.com listing and here for more information on the book, from my web site, gary-weiss.com.

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