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I would think that one could sue the phone company for recording your voice communication as an invasion of privacy.

I would think part of the agreement would be the government would insulate the phone companies from lawsuits.

Besides, anything broadcast can be intercepted by a third party.

Besides, merely recording a signal isn't the same as eavesdropping, if you only passively record it and don't listen until you've decided to put a particular person under an electron microscope...

Besides, anything broadcast can be intercepted by a third party.

Yep. However, that simple fact does not give the phone company permission to record your voice communication.

The big problem with this is that if they record, law enforcement can do “subpoena” time travel. Everything you’ve ever said on a private phone call could be used at some future date against you. Even what may have been, at the time, playful joking around, could be used at some future date to impeach your character.

I’m also amazed that companies are required by law to save all emails but not watercooler conversations or meeting contents.

It absolutely smacks of totalitarianism. Does it help law enforcement? You bet. But then, the USSR and Nazi Germany did that sort of stuff to help “law enforcement” too. It doesn’t mean its broad impact on the culture and individual freedom is worth it though.