Category: BUSINESS

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Wells Fargo accidentally leaks 50,000 clients’ records

Wells Fargo accidentally leaked thousands of sensitive documents, but not in the way you think. The bank wasn’t hacked, and its computers didn’t go on the fritz: it just inadvertently sent 1.4 gigabytes of files to a former financial adviser who subpoenaed the company as part of a lawsuit against one of its current employees. While 1.4GB of files doesn’t seem that big, the collection includes at least 50,000 customers’ names, Social Security numbers and sensitive financial info. According to The New York Times, which confirmed the contents of the documents, the affected clients are some of Wells Fargo’s wealthiest, with investment portfolios worth tens of billions of dollars.

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Bordeaux Wine Estate Chateau Fauchey Sold to Chinese Investor

A Chinese property investment company has acquired French wine estate Chateau Fauchey on the right bank of the Garonne river southeast of Bordeaux, according to an emailed statement from Maxwell-Baynes-Vineyards, an affiliate of Christie’s International Real Estate.

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7 near-monopolies that are perfectly legal in America

True monopolies were outlawed in 1890 in the U.S. after Congress passed the Sherman Antitrust Act. This law was designed to protect consumers from large companies that sought to use their dominant market position to engage in anticompetitive business practices. The bill also gave the federal government the power to step in and take action when necessary.

While this law is still in place today, that hasn’t prevented a handful of very powerful companies from gaining a huge amount of market share in their industries. Below we’ll take a closer look at seven companies that could easily be considered near-monopolies today.

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