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There may be vBulletin plug-ins that would allow admins/mods to read them, but we do not have any installed and I can't imagine a circumstance in which we'd want to install one.

I know there is a plugin for this but I think it is unethical to use one.
 
I use to be an admin on a forum and I know there were vBulletin hacks that allowed the admins to read private messages from their admin panel. I also know they can be read from the data base.
 
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