The promised profits havent materialized. Colombias Amazing Race to Build a $1,000 Ventilator Frontline Doctors Race to Learn the Mysteries of Coronavirus How Dr. Anthony Faucis Media Strategy Is Revolutionizing Coronavirus Messaging Can Americas Crowd-Driven Spectacles Return for the Fall Season? From the Archive: Following the Psychological Contagion That Fed the 2014 Ebola Outbreak. All rights reserved. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. [7][8] The Washington Post selected it as one of the best nonfiction books of 2015. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. As a result, the stocks that make up the S.&P. Copyright 2020 The Associated Press. Thats because some of the major investors in private-equity funds are public pension plans; at Blackstone, roughly one-third of the firms money comes from retirement plans set up to provide for over 30 million working-class Americans, according to someone with knowledge of its portfolio. governor announced on Tuesday that he will convene a grand jury to investigate "crimes and wrongdoing" related to COVID-19 vaccines. That means public pensions might be forced to dump their holdings in public-backed investments to provide private-equity firms with emergency casha move that could depress the stock market even further. She is the co-author of the 2003 book, "The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron," which was the basis for the Academy Award-nominated documentary of the same name. The book, which she wrote from the couple's home, puts a human face to the crisis. Never mind that they often overpaid for the companies they acquired, and loaded them up with so much debt that even a mild economic downturn could make it nearly impossible for those companies to repay their loans, as Fortune put it. Bethany McLean. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. Has its bubble finally burst? How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. On March 10, Scott Sheffield, the chief executive of Pioneer Natural Resources, a major driller in the Permian Basin, told Bloomberg that U.S. oil output could fall by more than two million barrels per day by next year if prices remain where they are today. Sign up for our daily Hive newsletter and never miss a story. Ever since Congress voted to hand out $2 trillion in taxpayer money to those hardest hit by the coronavirus pandemic, American businesses have been scrambling for a piece of the action. Mortgages should be used to buy homes, not for refinancing. MCHD offers free COVID-19 (PCR) testing every Tuesday and Wednesday from 9am-12pm inside the McLean County Health Department building, 200 W. Front Street in downtown Bloomington, Room 400E. In April, the Energy Information Administration cut its forecast for U.S. oil production, estimating that it will fall both this year and next suggesting that the days of huge growth in production from shale are over. Bethany McLean, a contributing editor at Vanity Fair, is the author of "Saudi America: The Truth About Fracking and How It's Changing the World." The Times is committed to publishing a. Nocera and McLean writing book on U.S. coronavirus response Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. Making a Killing with Bethany McLean on Apple Podcasts The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. As a result, fracking stocks badly underperformed the market. Create a Website Account - Manage notification subscriptions, save form progress and more. The SHIELD saliva-based testing is available for all ages. The industrys total assets under management have hit a record $4.1 trillion. Paying members will get access to perks like a monthly happy hour with Kate, Daniel, and friends, a free ebook of A Planet to Win: Why We Need a Green New Deal by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. Is there any chance this could lead to prison time? Covid-19 Information - Bethany College She has been married to Sean Murray Berkowitz since May 2008. The key issue is the parent child problem. When wells are clustered tightly together, with so-called child wells drilled around the parent, the wells interfere with one another, resulting in less oil, not more. These firms not only have a record $1.5 trillion in cash on the sidelines, waiting to be invested, but their CEOs are among Americas richest executives. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". Bethany McLean Latest Articles | Vanity Fair Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Even before the COVID crisis, there were questions about how well private-equity investments were actually performing. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. Thats a difficult question to answer definitely, writes the Opinion columnist Zeynep Tufekci, because of the lack of adequate research and support for sufferers, as well as confusion about what the condition even is. Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. The industrys lack of profits wasnt exactly a secret. Was Tiffany involved? Private equity has made multibillionaires of executives like Blackstones Steve Schwarzman (net worth: $17.5 billion) and Apollos Leon Black ($7.5 billion). Whats more, the Milken Institute reported, even by mid-2018, private equity owned more companies than the number of businesses listed on all of the U.S. stock exchanges combined, and have accounted for a more significant source of financing than initial public offerings in many recent years. Actually, no. More than 100,000 people already have died in this country from the virus. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? Which explains why ILPA wrote to Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell last week, arguing that companies backed by private equity should be allowed to access the relief funds provided in the CARES Act. 500 energy sector fell 20 percent, marking the sectors largest drop on record. The industry also quietly helps itself to yet more money by having portfolio companies pay fees for consulting and financing services provided by, of course, their private-equity backers. There were rumblings that shale companies would seek a federal lifeline. McLean County, Illinois Covid Case and Risk Tracker The Next Financial Crisis Lurks Underground (Bethany McLean, New York Times), Coronavirus May Kill Our Fracking Fever Dream (Bethany McLean, New York Times), Are Crude Oil & Natural Gas Prices Linked? Following the trail of evidence, Louisiana Senator: Our Maternal Death Rates Are Only Bad If You Count Black Women, If you correct our population for race, were not as much of an outlier as itdotherwise appear.. At least 1 in 303 residents have died from the coronavirus, a total of 2,512 deaths. Bill White wants to restore Americas historical proclivity for balanced budgets. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. Some of it may be on bank balance sheets. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. CORONAVIRUS (COVID-19) - McLean County Health, IL COVID-19 Locations & Demographics - LA County Department of Public Health Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. Ad Choices. [13][14][15] They divorced in 2020. Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. There are several pots of federal money that the private-equity industry is lobbying to access. Nursing home COVID-19 outbreak reported in Merced County, CA | Merced The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. The title and release date have not yet been determined. McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. Saudi America by Bethany McLean - Audiobook - Audible.com New revelations about how one Trump staffer helped preserve the transfer of powerfrom the forthcoming book on the Biden White House, COVID-19 Origins: Investigating a Complex and Grave Situation Inside a Wuhan Lab. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. The Times is committed to publishing a diversity of letters to the editor. All the Devils Are Here - Wikipedia BETHANY MCLEAN - wsls.com But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. One is the so-called Paycheck Protection Program (PPP), set up to make $349 billion in government-guaranteed loans available to businesses with fewer than 500 employees. The socio-economic status of individuals needing . Writer: Enron: The Smartest Guys in the Room. As a result, private equity is now wound into the very fabric of our economy. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Coronavirus outbreaks were reported by the Merced County Department of Public Health at New Bethany Residential Care retirement home in Los Banos and Dutch Bros Coffee. Blackstones Schwarzman has ties to Trump. Occidental is just one piece of the puzzle. Hot & Bothered: Has the Fracking Bubble Finally Burst? with Bethany McLean The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. (And not all private-equity firms care equally about all of the programs.) The typical fee structure in private equity is the so-called 2 and 20, which means that a fund collects a fee of 2% of the total assets it manages, as well as 20% of any gains on its investments after a certain return is achieved. All rights reserved. Now, it has been shut off. Bethany Mclean - KPRC On March 10, the company announced that it would slash its dividend for the first time since the early 1990s, when Saddam Husseins invasion of Kuwait sent oil prices plummeting. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . What the Theranos trial says about the blurred lines between visionaries and frauds. She resides in Chicago with her children. But there are ways to make it work better. We could also limit the deductibility of interest payments for tax purposes even more than President Donald Trumps new tax law already did, so companies arent encouraged to load up on debt. Airlines, hotels, and restaurantsall of whose revenues have cratered in the wake of sweeping stay-home ordershave engaged in Hunger Gameslike lobbying to cash in on the CARES Act, making their case for a share of the disaster relief. So the era of low interest rates, which began with former Federal Reserve chairman Alan Greenspan and continues to this day, has been a huge boon to private-equity firms. More than 100,000 people already have died in this country from the virus. By now, it should be abundantly clear that the current shale oil business model does not work even for the very best companies in the industry, the investment firm SailingStone Capital Partners explained in a recent note. Business and Society Lecture features journalist Bethany McLean COVID-19: Medical Sheltering at the Bell Gardens Quality Inn and Suites About Bethany McLean is a contributing editor at Vanity Fair. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. Everything You Know About Martin Shkreli Is Wrongor Is It? More than 100,000 people already have died in this country from the virus. Because rules for access to this money werent specified in the CARES Act, as ILPA notes, the executive branch will have a fair amount of discretion over who gets access to the moneyand private-equity firms want to take full advantage of that opening. Nocera and McLean writing book on U.S. coronavirus response David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. Bethany McLean is a contributing editor at Vanity Fair and the author of "Saudi America: The Truth About Fracking and How It's Changing the World." The Power Law Venture Capital and the . The community level of Covid-19 in McLean County is low based on cases and hospitalizations, according to the most recent update from the C.D.C. All we know for sure is that fracking company executives and private equity financiers have made a fortune by touting the myth of energy independence and they wont be the ones who have to pick up the pieces., Bethany McLean, a contributing editor at Vanity Fair, is the author of Saudi America: The Truth About Fracking and How Its Changing the World.. Portfolio, a Penguin Random House imprint, announced Wednesday that the two had reached an agreement for a news-breaking, character-driven narrative revealing the forces that rendered critical American institutions ill-equipped to cope with the deadliest pandemic since the 1918 Spanish flu and the economic consequences of that failure.. So if Blackstones investments crater, the teachers, firefighters, and health care workers who are counting on those investments to generate the returns necessary to pay their pensions will suffer. Thanks to the $2 trillion bipartisan bailout bill, the industrys coronavirus losses will belong to all of us. on March 2.Read more about the C.D.C . Fractivism: Corporate Bodies and Chemical Bonds, A Moderate Proposal: Nationalize The Fossil Fuel Industry, https://media.blubrry.com/belabored/dissentmagazine.org/mp3/24HotBothered.mp3. "Dow 36,000" co-authors stand by book's premise. I dont think any of us can really believe what we saw today, one industry analyst told AP. In this episode, McLeanwho has tracked the industrys shaky footing for yearstraces the ups and downs of the industry from the 1970s to 2008 to today, and assesses whether a new recession will speed the transition away from fossil fuelsor hand oil barons a life raft. Bethany McLean - Contributing Editor - Vanity Fair | LinkedIn A hydraulic fracturing site in Denton, Texas. Has its bubble finally burst? We asked three experts two immunologists and an epidemiologist to weigh in on this and some of the hundreds of other, Thats a difficult question to answer definitely, writes the Opinion columnist Zeynep Tufekci, because of the lack of. Latest trends. Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. Get COVID-19 vaccine updates from the CDC. Almost everything thats happened since 2008 has tilted in their favor. In September 2015, she published Shaky Ground: The Strange Saga of the U.S. Mortgage Giants which examines the governance and financial situation of Fannie Mae and Freddie Mac seven years after the 2008 financial crisis. Looking for more? Unfortunately, there isnt really an alternative to providing private equity with federal funds. After Enron's rapid collapse later in 2001, McLean co-authored the book The Smartest Guys in the Room (2003) which detailed the corrupt business practices of Enron officials. [4], In 2005, McLean got into a spat with then-CEO of Overstock.com Patrick M. Byrne after she wrote a negative article about Overstock and him.[5][6]. Dylan Hollingsworth for The New York Times. The active outbreak list is intended to inform the public of the current COVID-19 outbreaks in Los Angeles County. Bethany McLean - Wikipedia Book review of The Power LawVenture Capital and the Making of the New And President Trump reveled in the rhetoric: We hadnt merely achieved independence, his administration said, but rather energy dominance.. All rights reserved). We need private equity, we need more of it, and we need it now, chief investment officer Ben Meng said in early 2019right before CalPERS hired a former private-equity guy, who began his career at Goldman Sachs, to head its private-equity efforts. If private equity is handed billions in taxpayer money, it could use some of it to pay themselves hefty fees today, then pocket even more of it down the road, when they sell their portfolio companies and collect their 20% of the taxpayer-enabled gains. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. Americas energy independence was an illusion created by cheap debt. To revisit this article, visit My Profile, thenView saved stories. [12], McLean married Chris Wilford in 2000 and divorced in 2006. McLean graduated from Hibbing High School in 1988. TDD: (800) 526-0844 Otherwise, the ILPA warned in a previous letter, there would be significant harm not only to employees that see their hours reduced or jobs eliminated, but also significantly reduced returns to the institutions providing retirement security through pensions, insurance policies and other investments that serve hundreds of thousands of Americans. To make matters worse, ILPA added, provisions in many private-equity investments allow private-equity firms to make additional capital calls when times are tough. College student found dead in her dorm after testing positive for Bethany McLean: The Truth about Fracking and How It's Changing - Yahoo! Private equity, of course, came of age in the 1980s, when greed was good and private-equity titans like KKRs Henry Kravis first burst into the limelight by taking over famed American manufacturers like RJR Nabisco. Elizabeth Holmes Was Found Guilty, But Was She Fundamentally - Forbes Thanks to all the cheap money made available by the Fed, companies owned by private-equity firms could simply refinance their debts at lower rates, thereby getting a fresh lease on life. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Smithfield Foods. today. Portfolio, a Penguin Random House imprint, announced Wednesday that the two had reached an agreement for a news-breaking, character-driven narrative revealing the forces that rendered critical American institutions ill-equipped to cope with the deadliest pandemic since the 1918 Spanish flu and the economic consequences of that failure.. Americas largest public pension plan, the California Public Employees Retirement System, or CalPERS, put almost $7 billion into private equity during the 2018-2019 fiscal year, according to Institutional Investor. Portfolio, a Penguin Random House imprint, announced Wednesday that the two had reached an agreement for a news-breaking, character-driven narrative revealing the forces that rendered critical American institutions ill-equipped to cope with the deadliest pandemic since the 1918 Spanish flu and the economic consequences of that failure.The title and release date have not yet been determined. Bethany McLean - The New York Times Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. The Wuhan Institute of Virology, the cutting-edge biotech facility at the center of swirling suspicions about the pandemics onset, was far more troubled than previously known, explosive documents unearthed by a Senate research team reveal. The big banks emerged from the financial crisis victorious, but also subject to a host of new regulations designed to reduce leverage and stabilize the economy. Americas energy independence was built on an industry that is the very definition of dependent dependent on investors to keeping pouring billions upon billions in capital into money-losing companies to fund their drilling. When will the pandemic end? Given how much of the economy will rise and fall on the investments that private-equity funds manage, we may be forced to let them share the federal handout. David Wallace Wells writes that by one estimate. And more! [citation needed], She authored an article on Enron for the March 5, 2001, issue of Fortune entitled, "Is Enron Overpriced? "[3] The article noted some irregularities in Enron's financial documents that were available to the public, suggesting the company's then-record high stock price was unjustified but she did not at that point suspect fraud at Enron. Recent and archived work by Bethany McLean for The New York Times. In 2019, Oxy, as its known, topped a competing bid from Chevron and paid $38 billion to take over Anadarko Petroleum, which is one of the major shale companies. If you like the episode and want to hear more, sign up as a monthly member at patreon.com/hotbotheredclimate today. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. Workers monitoring a hydraulic fracturing operation near Wink, Texas. Increasingly desperate to boost the portfolios of retiring workers, they too turned to private equity as their saviorurged on by private equitys promises that it alone could deliver the necessary returns. If you need help with the Public File, call (713) 778-4745. Energy independence was a fever dream, fed by cheap debt and frothy capital markets. The allies of private equity hope that similar exemptions will soon be forthcoming for their firms.We are in a wait-and-see mode, Chris Hayes, the ILPAs senior policy counsel, told me. How exactly did the alleged illegal activity go down? She is a writer, known for Enron: The Smartest Guys in the Room (2005), Independent Lens (1999) and PBS NewsHour (1975). 208 new COVID cases reported in McLean County Not only should taxpayer funds not be used to pay management or consulting firms, she says, but companies that take the money should also, for instance, be required to include workers on their corporate boards and gradually increase their minimum wage to at least $15 an hour. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. Are Crude Oil & Natural Gas Prices Linked? In 2019, the American Investment Council (AIC), a lobbying group which represents private-equity giants like Blackstone, the Carlyle Group, Apollo Global Management, and KKR, declared that in order to continue to provide the benefits they guarantee, pensions must continue to invest in private equity..
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