My learned friend, I am also a lawyer but from the common law part of the country. It is of course legal for a participant in a telephone conversation to secretly record the conversation. Nonparticipants require wiretap orders. Apart from legalities, however, IMHO it's just not good manners to secretly record somebody who doesn't know you are recording them. Especially a woman who seems to have been consistently friendly and patient (and probably as open as she is permitted to be) with god knows how many hundreds of calls. I understand other people may feel differently about this issue. But for me, I'm glad the recording wasn't posted here. I think it would have a chilling effect on other shareholders' future calls to the company.