Thursday, December 21, 2006

Morgan Stanley charged with using '9/11 smokescreen' to hide e-mails

In a disciplinary complaint, the National Association of Securities Dealers (NASD) alleges that Morgan Stanley used a "9/11 smokescreen" to hide e-mails sought by angry claimants in numerous arbitration proceedings from October 2001 through March 2005.
The securities industry's self-regulating arm accuses Morgan Stanley of "falsely claiming that millions of emails it possessed had been lost in the Sept. 11, 2001 terrorist attacks on the World Trade Center in New York, where its email servers were housed."
"In fact, according to the complaint, Morgan Stanley possessed millions of pre-September 11 emails that had been restored to its system shortly after September 11 using back-up tapes," stated an NASD press release obtained by RAW STORY. "Many other emails were maintained on individual users’ computers and were therefore never affected by the attacks, yet Morgan Stanley often failed to search those computers when responding to requests."
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