yes it is stored somewhere; in the email message, as plaintext :-p thats what i keep talking about. if this message is left in the email client, and the email account is compromised, then the hacker has a host of email messages containing login failures at their disposal, and can probably deduce correct passwords from common mistakes with logins (like mispelled name + correct password)
if they did this quietly, then they could use them to log into the CPs, and nobody would detect that - correct login :-p
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