Yesterday, Gary Lynch, Here Is The City.'s Chief Legal Officer, sent a sternly worded letter to the MS staff warning them not to ever again leak confidential information about the firm's plans to anyone ever. Especially not those psycho business bloggers and media-types. Guess what, within a matter of hours, that same letter was popping up on sites across the Atlantic like British financial site,
I particularly enjoyed this little paragraph here:
"Based on a recent review of outgoing e-mail, it was disappointing to see how often our employees ignore their obligations to keep internal Firm matters within the Firm. While we understand the impulse that led some of you to pass on these communications to your spouses or partners, a distressing number of employees have distributed this information to a far broader range of individuals."
Disappointing? A distressing number? Understand the impulse? Anyone else think these guys are laying on the 'parents scolding a little kid' rhetoric kind of hard?
This all begs the question, 'How tight-lipped are we supposed to be here?' Now that finance news, massive layoffs, and 'the end of Wall Street' has become front page news around the world, the desire for inside information is stronger than ever before. Should employees of these firms feel some sort of allegiance to keep innocent 'scolding' e-mails from upper management to themselves? I know, I know,is a very serious allegation, but that's not the fact of the matter here. We're talking about unfortunate 'internal use only' e-mails that, for whatever reason, management would prefer not circulate.
Where do you draw the line?