Perhaps, I don't know that much about it. The overall problem though is with legal precedent, as I feel it puts businesses in a no-win situation. What if you're a small business owner, say of a video rental store, and the White House asks you for records? Your options are:
1. Comply
2. Start spending serious money on legal advice.
Suppose your lawyer says not to do it without a warrant (which he probably would.) Then what? You risk fighting the White House in court? You could suck up a lifetime of a video store's revenue doing this. You'd probably waste a couple weeks of profit just to pay the retainer to get that advice in the first place. You, a small business owner, the keystone of our economy, with a family to feed and kids to put through college, should have to pay a significant amount of money to help police our government?
Even for a large telecom that can afford the legal bills, they're putting shareholder money at risk to fight an ethical battle by refusing to meet the White House's demands. They might be risking shareholder lawsuits for that. Either way, they're screwed.
The way I see it, we as a society have two reasonable options.
1) This sort of oversight should come from the government itself, or at least somehow be publicly funded. or
2) Corporations should never be penalized for following a government issued order. Of course, if it turns out that order was illegal (as in the case of this wiretapping) the government agencies and employees involved should be the ones held at fault. Not the business that merely complied with the government.