bethany mclean coronavirus

The reason is as simple as it is galling: while great private fortunes, such as that of Blackstones Stephen Schwarzman (net worth: $17.5 billion and Apollos Leon Black ($7.5 billion), have been made from private equitys march through the world, its losses, to a remarkable degree, will belong to all of us. Thanks to the $2 trillion bipartisan bailout bill, the industrys coronavirus losses will belong to all of us. No food or drink for one hour prior to testing. David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. How concerning are things like long covid and reinfections? FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Bethany McLean is a . 2023 Cond Nast. The socio-economic status of individuals needing . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. It is absolutely imperative, Waters recently wrote in support of private equity, that the reliefbe extended to protect all workers, irrespective of the affiliations of their employers. Translation: Workers shouldnt suffer just because their bosses sold a controlling stake in their businesses to a bunch of greedy fat cats. Anyone can read what you share. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Here are some tips. Months into the outbreak, no one really knows how well many of the screening tests work, and experts at top medical centers say it is time to do the studies to find out. 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. How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. TDD: (800) 526-0844 The private-equity industry also wants the companies they have invested in to have access to the $454 billion being doled out through the Treasury, an amount that the Fed said could be leveraged into over $2 trillion. This kind of rewrites the economics of oil trading.. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. There were rumblings that shale companies would seek a federal lifeline. From 2015 through 2019, private equity firms raised almost $80 billion in funds focused mostly on shale production, according to Barclays. Over the past 10 years, the entire energy industry has issued over $400 billion in high-yield debt. Driven partly by public pensions, the private-equity industry has mushroomed. But with super-low interest rates, investors in search of yield were still willing to buy debt. Like the big banks in 2008, private equity is holding us all hostage. [17], Last edited on 21 November 2022, at 20:31, "Hibbing grad warns of economic crisis below ground", "What Working At Goldman Sachs Taught Legendary Business Journalist Bethany McLean", "Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street", "BYRNE'S HOT MAIL; OVERSTOCK CHIEF'S TEMPER ERUPTS IN MESSAGES", Financial System's Top Risk, Hiding in Plain Sight, "U.S. mortgage giants under the microscope", "Loughlin, Giannulli lawyer is prosecutors' 'worst nightmare', "Q & A with Bethany McLean, Author of 'All the Devils Are Here', "Enron tale author Bethany McLean has a new book she wrote from her Chicago home", https://en.wikipedia.org/w/index.php?title=Bethany_McLean&oldid=1123096713, This page was last edited on 21 November 2022, at 20:31. The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More than 100,000 people already have died in this country from the virus. They have two children. More than 100,000 people already have died in this country from the virus. The industrys $1.5 trillion in cash on hand is also the highest on recordand more than double what it was five years ago, according to Preqin. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. And North American oil and gas drillers have almost $100 billion of debt that is set to mature in the next four years. Click here to take a moment and familiarize yourself with our Community Guidelines. The total number of . FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Unlike venture capitalists, who provide start-up funds to new companies, private-equity firms generally take over existing businesses, usually by borrowing large sums of money. 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. McLean was born in Hibbing, Minnesota on December 12, 1970. [1] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? The Wuhan Institute of Virology, the cutting-edge . This is late 80s bad, a close observer of the industry says. All rights reserved). Portfolio, a Penguin Random House imprint . . Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. 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. In reality, the dream was always an illusion, and its collapse was already underway. Blackstones Schwarzman has ties to Trump. Thats because one big source of funding didnt dry up: private equity. She has co-authored multiple bestselling books, including The Smartest Guys in the Room and All the Devils Are Here. But they wont fix its fundamental problem with profitability. Unfortunately, there isnt really an alternative to providing private equity with federal funds. Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. [12], McLean married Chris Wilford in 2000 and divorced in 2006. According to the Institutional Limited Partners Association. 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. Latest trends. To revisit this article, visit My Profile, thenView saved stories. About Bethany McLean is a contributing editor at Vanity Fair. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Even as the public equity and debt markets grew cautious, drilling continued. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Was Tiffany involved? This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial crisis. On Thursday's show: The job forecast for the region in 2022, lessons from the collapse of Enron, a conversation with the late Stephen Sondheim, and the best new restaurants from the past year. Waters, in her letter, argues for placing even more strings on the money taken by private-equity-backed companies. All the Devils Are Here: The Hidden History of the Financial Crisis is a nonfiction book by authors Bethany McLean and Joseph Nocera about the 2008 financial crisis. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". What the Theranos trial says about the blurred lines between visionaries and frauds. Mortgages should be used to buy homes, not for refinancing. Has its bubble finally burst? Her two books are the The Smartest Guys in the Room: The Amazing. Exclusive: Inside the S--tshow That Was the Trump-Biden Transition. We could go even further. Tar Heel, North Carolina, United States. 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. If you need help with the Public File, call (713) 778-4745. Blame Congress for the meltdown, not Goldman Sachs. Mnuchin is a former Goldman Sachs executive and hedge fund guy; Blackstones Schwarzman has ties to Trump; Jared Kushners family business has gotten loans from Apollo, according to the Washington Post. And heres our email: letters@nytimes.com. 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. Get COVID-19 vaccine updates from the CDC. 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. They subprimed the American energy ecosystem, says a longtime energy market observer. So private equity is pushing to waive those rules, arguing that small firms should not be penalized for having been bought out by big investors. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. 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. All that's left to tally is the damage. Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. 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. Tens of thousands of Texans are being laid off in the Permian Basin and other parts of the state, and the whole industry is bracing for worse. She is known for her writing on the Enron scandal and the 2008 financial crisis. The fear, of course, is that private equity will do what private equity does best, which is pocket the money themselves rather than devoting it to the businesses theyve invested in. 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. 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. Almost everything thats happened since 2008 has tilted in their favor. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. 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. All rights reserved. Writer: Enron: The Smartest Guys in the Room. 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. [16] McLean resides in Chicago with her children. 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. in English and mathematics from Williams College. Even so, he told me, a large number of private-equity firms ignored that guidance and decided to put very high levels of leverage on their portfolio companies. Maybe those firms should now be required to contribute more equity from their cash stockpiles, he suggests. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. Nocera and McLean writing book on U.S. coronavirus response By The Associated Press June 24, 2020 NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. 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. Manage all aspects of the daily operation for Ham Conversion, processing up to 1.5 million lbs/day . The problem is, existing rules at the Small Business Administration, which is overseeing the program, have been widely interpretedas excludingloaning money to most mom-and-pop businesses that are controlled by large parent companiesincluding private-equity firms. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. Is there any chance this could lead to prison time? The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. 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. Has its bubble finally burst? 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. That, too, is ending, as investors in such funds have become disillusioned. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. Some of it may be on bank balance sheets. Workers monitoring a hydraulic fracturing operation near Wink, Texas. All thats left to tally is the environmental and financial damage. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. 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.. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Monday - Friday Now, it has been shut off. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. By Bess Levin . Free COVID-19 testing is available at the McLean County Health Department from 9 a.m. to noon every Tuesday and Wednesday in Room 400E of the MCHD building at 200 W. Front St. in Bloomington. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). The promised profits havent materialized. 2023 Cond Nast. NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . In a January 4 opinion piece for the New York Times, Bethany McLean had this to say about the outcome of the Elizabeth Holmes trial: "A jury's verdict is black-and-white, but the real story is . As a result, private equity is now wound into the very fabric of our economy. 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. The half decade from 2013 to 2018 saw the most private-equity deals over any five-year period in American history. 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.. [7][8] The Washington Post selected it as one of the best nonfiction books of 2015. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . Private equity financiers typically get a 2 percent management fee on funds they can raise, so they are incentivized to take all the money that pension funds, desperate for returns to shore up their promises to retirees, have been willing to give them. More than 100,000 people already have died in this country from the virus. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. The taxpayer handouts will also help private equity continue its relentless march through the global economy, snapping up troubled companies at bargain prices or extending high-priced credit as other investors, including hedge funds, are forced to sell off their holdings in the post-corona landscape. After the United States engaged in a high-stakes negotiation with Russia and Saudi Arabia to curtail production, a tentative deal was struck on Thursday. 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. 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. How will the virus continue to change? Private equity has made multibillionaires of executives like Blackstones Steve Schwarzman (net worth: $17.5 billion) and Apollos Leon Black ($7.5 billion). According to Dan Rasmussen, the founder of Verdad Advisers, private-equity firms typically double the amount of debt relative to profits on a companys balance sheet. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. We really need Trump to do something or hes going to lose all the energy states in this election, Mr. Sheffield told CNBC in late March. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. More than 100,000 people already have died in this country from the virus. 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? All thats left to tally is the damage. 8:00 a.m. - 4:30 p.m. 200 W Front StreetBloomington, IL 61701Phone: (309) 888-5450 HoursMonday - Friday8 a.m. - 4:30 p.m. - Manage notification subscriptions, save form progress and more. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. COVID-19 Guidance for isolation and quarantine, COVID-19 Education and Outreach Materials Page. If you need help with the Public File, call 540-512-1558. Stopping that will require a creative effort to increase and sustain high levels of vaccination. According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. . Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. She resides in Chicago with her children. 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. 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. And more! The industrys boosters argue that technological gains, such as drilling ever bigger wells, and clustering wells more tightly together to reduce the cost of moving equipment, eventually would lead to a gusher of profits. In May 2008, she married attorney Sean Berkowitz, the former Director of the United States Department of Justice Enron Task Force. Check out the full Hot & Bothered archive here. Bethany McLean. Bethany McLean is a Vanity Fair contributing editor. And why not? Are Crude Oil & Natural Gas Prices Linked? Its essential that we do the same today. 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. As a subscriber, you have 10 gift articles to give each month. In the Haynesville and the Utica Shales, two major natural gas plays, over half of the drilling is being done by private equity-backed companies; in the oil-rich Permian Basin, its about a quarter of the drilling.

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