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. To revist this article, visit My Profile, then View saved stories. Wed like to hear what you think about this or any of our articles. Investors were willing to do this only as long as oil prices, which are not under Americas control, were high and when they believed that one day, profits would materialize. 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 you like the episode and want to hear more, sign up as a monthly member at patreon.com/hotbotheredclimate today. 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. Exclusive: Inside the S--tshow That Was the Trump-Biden Transition. 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. Novavax Inc said on Thursday it would require six months to produce a COVID-19 vaccine designed to match whichever coronavirus variants are circulating for an annual immunization program each fall . Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. [1] In 1992 she received a B.A. Bethany McLean. 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. governor announced on Tuesday that he will convene a grand jury to investigate "crimes and wrongdoing" related to COVID-19 vaccines. And heres our email: letters@nytimes.com. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. So why should they be permitted to raid the federal Treasury in a time of crisis? The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. The title and release date have not yet been determined. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . 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.. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. Is there any chance this could lead to prison time? The active outbreak list is intended to inform the public of the current COVID-19 outbreaks in Los Angeles County. 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.. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. But there are ways to make it work better. The industrys total assets under management have hit a record $4.1 trillion. The politics dictating whether the private-equity industry will get its wishes are surprising. She has co-authored multiple bestselling books, including The Smartest Guys in the Room and All the Devils Are Here. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. [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. 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. 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. [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]. 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. (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. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. 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. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. This is late 80s bad, a close observer of the industry says. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. She is known for her writing on the Enron scandal and the 2008 financial crisis. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. As a result, private equity is now wound into the very fabric of our economy. 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. "[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. 500 energy sector fell 20 percent, marking the sectors largest drop on record. 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.. today. More than 100,000 people already have died in this country from the virus. In 2019, Mclean launched a podcast titled Making a Killing on Luminary. 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 as well as the bestselling The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, with Peter Elkind. 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. As a result, fracking stocks badly underperformed the market. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. A loophole in the tax code currently allows private-equity financiers to pay taxes on their returns at the lower rate for capital gains, rather than the higher rate for personal income. To revisit this article, select My Account, thenView saved stories. 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. Bethany Nesbitt, 20, was found dead in a residence hall at. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. But with super-low interest rates, investors in search of yield were still willing to buy debt. And North American oil and gas drillers have almost $100 billion of debt that is set to mature in the next four years. 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. 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. Even as the public equity and debt markets grew cautious, drilling continued. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. 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. 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. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash.
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