The tiny device used a simplified form of handwriting recognition to let busy executives jot down important notes and telephone numbers.

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Having grown up on the White City estate in the shadow of BBC Television Centre in west London, and working for the corporation as a messenger, Mr George went on to hang around its offices, keeping notes of telephone numbers and picking up copies of the staff magazine, Ariel, the prosecution said.

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He also said it had "reviewed all consumer call notes, and received no reports of illness, " on its 800 telephone number.

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The piece asserts that the financial industry is not yet aware of this disruptive potential, and notes that of the major actors in other industries which underwent regulatory restructuring (airlines and telephone companies) few of them still exist today.

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