bethany mclean coronavirus

The Wuhan Institute of Virology, the cutting-edge . McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. COVID-19 Locations & Demographics - LA County Department of Public Health If you need help with the Public File, call 540-512-1558. In May 2008, she married attorney Sean Berkowitz, the former Director of the United States Department of Justice Enron Task Force. 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. Bethany McLean - Wikipedia 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. 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. 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. [10][11] BETHANY MCLEAN - wsls.com 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. Thats because oil fracking has never been financially viable. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. This kind of rewrites the economics of oil trading.. This is late 80s bad, a close observer of the industry says. By Bethany McLean. The industrys total assets under management have hit a record $4.1 trillion. 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.. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. All rights reserved. TDD: (800) 526-0844 Jack Ewings Faster, Higher, Farther is more than the story of a scandal. The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. 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. According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. 208 new COVID cases reported in McLean County McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Bethany Mclean - KPRC 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. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. Even as the public equity and debt markets grew cautious, drilling continued. Everything You Know About Martin Shkreli Is Wrongor Is It? The basic reason is that the amount of oil coming out of a fracked well declines steeply after the first year more than 50 percent in year two. If you need help with the Public File, call (713) 778-4745. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. Coronavirus May Kill Our Fracking Fever Dream, https://www.nytimes.com/2020/04/10/opinion/sunday/coronavirus-texas-fracking-layoffs.html. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . 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. [12], McLean married Chris Wilford in 2000 and divorced in 2006. They have two children. 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. Bethany McLean - IMDb Fractivism: Corporate Bodies and Chemical Bonds, A Moderate Proposal: Nationalize The Fossil Fuel Industry, https://media.blubrry.com/belabored/dissentmagazine.org/mp3/24HotBothered.mp3. Smithfield Foods. Has its bubble finally burst? Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. (Many of the companies owned by mammoth private-equity firms like Blackstone are too big on their own to qualify for this bucket of money.). But with super-low interest rates, investors in search of yield were still willing to buy debt. 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. She resides in Chicago with her children. To keep growing, companies have to keep plowing billions back into the ground. McLean County reports 182 new COVID cases - pantagraph.com Elizabeth Holmes Was Found Guilty, But Was She Fundamentally - Forbes The total number of . One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. 2023 Cond Nast. 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. Almost everything thats happened since 2008 has tilted in their favor. The half decade from 2013 to 2018 saw the most private-equity deals over any five-year period in American history. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. Occidental is just one piece of the puzzle. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. We could close that, once and for all. It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. In reality, the dream was always an illusion, and its collapse was already underway. All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Bethany McLean - Contributing Editor - Vanity Fair | LinkedIn Stopping that will require a creative effort to increase and sustain high levels of vaccination. 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. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. 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. Here are some tips. You can see how all of this is playing out by looking at Occidental Petroleum. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. Dec 2020 - Apr 20221 year 5 months. (Adila Mchich, CME Group), Fractivism: Corporate Bodies and Chemical Bonds (Sarah Ann Wylie), The Fracktivists (Colin Kinniburgh, Dissent), Kate: A Moderate Proposal: Nationalize The Fossil Fuel Industry (The New Republic), This week, Kate and Daniel talk to Bethany McLean, author most recently of, Saudi America: The Truth about Fracking and How Its Changing the World, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, If you like the episode and want to hear more, sign up as a monthly member at. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. All thats left to tally is the damage. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. 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. To revisit this article, select My Account, thenView saved stories. About Bethany McLean is a contributing editor at Vanity Fair. [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. But they wont fix its fundamental problem with profitability. "Dow 36,000" co-authors stand by book's premise. All the Devils Are Here - Wikipedia Dylan Hollingsworth for The New York Times. CORONAVIRUS (COVID-19) - McLean County Health, IL Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. Actually, no. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. A hydraulic fracturing site in Denton, Texas. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. 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 early 2015, the hedge fund manager David Einhorn announced at an investment conference that he had looked at the financial statements of 16 publicly traded shale producers and found that from 2006 to 2014, they spent $80 billion more than they received from selling oil. Bethany McLean - Operations Manager - Smithfield Foods - LinkedIn Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. [7][8] The Washington Post selected it as one of the best nonfiction books of 2015. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. But it doesnt have to be a blank check. 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 . The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. Anyone can read what you share. 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. 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. Was Tiffany involved? FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Blame Congress for the meltdown, not Goldman Sachs. Hours She has suggestions for how to approach the problem. Mortgages should be used to buy homes, not for refinancing. On April 20, oil prices did something theyve never done before. 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. Bill White wants to restore Americas historical proclivity for balanced budgets. 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. Then came Covid-19, and, on March 8, the sudden and vicious end to the truce between Saudi Arabia and Russia, under which both countries limited production to prop up prices. Workers monitoring a hydraulic fracturing operation near Wink, Texas. 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. Coronavirus Resource Center: Testing and Vaccine Updates - CVS Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. 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. Its essential that we do the same today. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Bethany McLean - The New York Times 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. 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. 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. 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. 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. The technology of fracking in shale rock - particularly in the Permian Basin in Texas - has transformed America into the world's top producer of both oil and natural gas. Business and Society Lecture features journalist Bethany McLean In 2018, according to analytics firm eVestment, pension funds in the U.S. and the U.K. pumped 27% of their fresh allocations of money into private-equity funds, up from 25% the year before. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. Recent and archived work by Bethany McLean for The New York Times. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. Regarding another ongoing Covid danger, that of reinfections, a virologist sets the record straight: There has yet to be a variant that negates the benefits of vaccines.. Is there any chance this could lead to prison time? How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. 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. [16] McLean resides in Chicago with her children. Book review of The Power LawVenture Capital and the Making of the New 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.. 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. 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. 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. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. All information these cookies collect is aggregated and therefore anonymous . This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial 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. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. As early as 2018, some investors had begun to tell companies that they wanted to see free cash flow, and that they were tired of compensation models that rewarded executives with rich paydays for increasing production, but failed to take profits into account. Contents 1 Early life and education 2 Career (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. 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.