Wednesday, July 06, 2011
No Secrets Anymore
Once archives used to go up in fire. Since information turned digital, banks routinely lose confidencial information on their clients. Now Morgan Stanley warns 34,000 clients that they lost two CD-ROM disks with clients’ names, addresses, account and tax identification numbers, the income earned on the investments in 2010, and Social Security numbers. The bank mailed the CDs and the package was intact when it reached the tax department, but by the time it arrived on the desk of its intended recipient the CDs were missing.
What is the meaning of this development? That people will work ever harder to hide and protect themselves. Only those very sofisticated may be able to accumulate a fortune and transmit it to their children. Like my friend in Argentina who has his savings in gold coins in a chest under a tree he only knows. That is, everything is as always has been.