Deleting Emails Costs Morgan Stanley $1.45B

DoubleWhopper writes "The financial giant Morgan Stanley lost a $1.45 billion judgement yesterday due, in part, to their failure to retain old email. The judge in the case, 'frustrated at Morgan Stanley's repeated failure to provide [the plaintiff's] attorneys with e-mails, handed down a pretrial ruling that effectively found the bank had conspired to defraud' their former client. The CEO of a record retention software company noted, 'Morgan Stanley is going to be a harbinger'."

Oh crap!

[TripMaster Monkey]

From TFS:

The financial giant Morgan Stanley lost a $1.45 billion judgement yesterday due, in part, to their failure to retain old email.

I'd sure hate to be the system administrator who dropped the ball there...

"What do you mean we don't have them archived??? You just cost us 1.45 billion dollars!"
"Don't worry though...you can pay it back....we'll just dock your paychecks by...say...$1000 per pay period. At that rate you can have it all paid back in a little over 55,769 YEARS!!!

^_^

Poor Morgan Stanley

[Anonymous Coward]

Only another $39 billion in the bank.

I know how they feel

[COMON$]

I deleted an e-mail that gave me $10 off at tigerdirect...dont think I will ever recover.

Deleting Emails Costs Morgan Stanley $1.45B

[Anonymous Coward]

Wow. I can delete mine for free.

Re:Oh crap!

[RuneB]

"I know! If we use gmail we'll never have to delete any email ever again! And we can then search old emails more easily!"

"Whaaaat? But we don't want it to be that easy to search old emails. You're fired!"

Re:Oh crap!

[nizo]

Luckily the sysadmin is also the one who backs up/admins the financial database. Wow lookie here, the sysadmin just gave himself a $1000/month raise.

"Because they deleted those e-mails..."

[Cr0w T. Trollbot]

"...my client will never receive millions of dollars from a Nigerian Prince, nor will he have the larger penis he's always wanted!"

Crow T. Trollbot

They deleted MY emails!

[richardmilhousnixon]

I was a client of MS/DW. I kept trying to let my financial advisor know about this wonderful pill that would make his penis bigger, and I get the feeling that MY emails were deleted as well!

Re:Oh crap!

[Anonymous Coward]

we'll just dock your paychecks by...say...$1000 per pay period. At that rate you can have it all paid back in a little over 55,769 YEARS!!!
Now that is what I call job security.

Re:Deleting Emails Costs Morgan Stanley $1.45B

[SydShamino]

You should offer to contract with them. Clearly their in-house IT is too expensive. Yet another opportunity for corporate outsourcing...

Re:Selective Memory Loss

[Anonymous Coward]

You can delete old email if you're that hard up for space, just have a rock-solid deletion policy you can prove you adhered to in a court of law

We have a rock solid deletion policy, we delete all incriminating e-mails.

These bankers ...

[Saikiran]

Someone has to tell them :

2213.404838 megabytes (and counting) of FREE storage so you'll never need to delete another message.

:)

Re:I know how they feel

[Anonymous Coward]

you mean the Operating System?