I disagree, it still protects the encryption of information they have in flight. If they're actually recording the entirety of every TCP stream that comes into

I disagree, it still protects the encryption of information they have in flight. If they're actually recording the entirety of every TCP stream that comes into the datacenter, how many sets of credentials do you think are stored in that system? And right now, they're all encrypted with a single or small number of keys, that must be available to the system that is storing and parsing this data. Also, given the breaches that have happened, I keep waiting for there to be a set of regulations from the other side requiring adequate protection and deletion of data. He seems entirely unconcerned with that aspect.