Tag Archives for " Google "

May 9, 2017

Warren Buffett Says Google Has Some Aspects of a Natural Monopoly

The Oracle of Omaha admits mistakes. Maybe he should run for president.

In an interview with CNBC on Monday, Buffett explained why: Google's search ad business is like a natural monopoly, meaning that the costs of building a company with a similar market share are large enough to fend off any serious takers. Google is poised to get approximately 78% of total US search ad revenues in 2017.


Source: Warren Buffett says Google has some aspects of a natural monopoly – Business Insider

April 28, 2017

Hacker Stole Over $100 Million from Google and Facebook

Hacker stole millions from Google and Facebook

Hacker stole $100 million from Facebook & Google

A lone hacker stole $100 million from Facebook and Google.

Last month, the US Department of Justice indicted a Lithuanian man for “orchestrating a fraudulent business email compromise scheme that induced two U.S.-based internet companies,” CNET reports.

At the time, the DOJ did not reveal what these companies are, but Fortune discovered they’re none other than Google and Facebook.

It seems the scheme the hacker used is pretty common:

Evaldas Rimasauskas, a 40-something man, came up with the scheme in 2013. He forged email addresses, invoices, and corporate stamps to impersonate a large Asian-based manufacturer that did business with these companies regularly.

Rimasauskas impersonated Quanta Computer, Fortune’s investigation revealed. Over two years, Rimasauskas convinced the accounting departments of both Facebook and Google to make transfers of over $100 million, which were then stashed in banks in Eastern Europe. The man says he didn’t do it.

It's only “remarkable” because of its scale.

You'd think tech companies like Facebook and Google would know better.


Source: http://bgr.com/2017/04/28/google-and-facebook-100-million-heist/