Disclaimer: I work for a large Information Storage Systems & Software
company and do benefit materially from it's success, however the opinions
which follow are mine and mine alone.
I just know I'm going to open a big can of whoop-ass on this one, but I
still can't see the problem with this.
The bulk of the records mentioned are held onto by financial institutions,
telco providers and so on, anyway and for a lot longer than this law
stipulates. US law alone has a lot of US mutli-nationals nearly holding on
to the contents of employees waste paper baskets, regardless of what country
the employee is located (Thanks to Enron and Worldcom for that.), while
financial institutions have long had to work with cross border retention and
compliance laws to ensure they can do business in other territories.
There's nothing inherently evil about record retention, it only starts
getting evil if they pour all this stuff into a database and refine the
useless flood of raw data into useable information.
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