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The socio-economic status of individuals needing . But that didnt seem to matter, because low interest rates facilitated private equity in another way. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. 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. So why should they be permitted to raid the federal Treasury in a time of crisis? She resides in Chicago with her children. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. 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. She is known for her writing on the Enron scandal and the 2008 financial crisis. 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. 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 value of West Texas Intermediate crude, a U.S. benchmark, dipped below zero for a few hourstrading as low as negative $40 a barrel. 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.. 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] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. There are several pots of federal money that the private-equity industry is lobbying to access. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. But it doesnt have to be a blank check. Bethany McLean is a Vanity Fair contributing editor. The True Story of the Comey Letter Debacle | Vanity Fair College student found dead in her dorm after testing positive for 2023 Cond Nast. Contents 1 Early life and education 2 Career Driven partly by public pensions, the private-equity industry has mushroomed. Deaths, active cases . Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. 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. Are Crude Oil & Natural Gas Prices Linked? 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. 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. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Elizabeth Holmes Was Found Guilty, But Was She Fundamentally - Forbes Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. [10][11] But they wont fix its fundamental problem with profitability. Bethany McLean. Pension funds that have poured money into private equity firms may take a hit soon, too. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. 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 . This is late 80s bad, a close observer of the industry says. 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. Bethany McLean Latest Articles | Vanity Fair 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. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. 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. To revisit this article, select My Account, thenView saved stories. TDD: (800) 526-0844 McLean was born in Hibbing, Minnesota on December 12, 1970. CORONAVIRUS (COVID-19) - McLean County Health, IL Archive Wall Street Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the Coronavirus Crisis April 9, 2020 From the. Create a Website Account - Manage notification subscriptions, save form progress and more. All rights reserved. In the Season One finale of Making A Killing, Bethany brings back her friend, colleague and co-author Joe Nocera (Bloomberg Opinion columnist and creator of The Shrink Next Door podcast) to bookend the season with a lively analysis of the former head of Nissan Motor Co. and Renault S.A., Carlos Ghosn. We could close that, once and for all. One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. Check out the full Hot & Bothered archive here. Bill White wants to restore Americas historical proclivity for balanced budgets. COVID-19 Locations & Demographics - LA County Department of Public Health 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. Bethany McLean - IMDb The Wuhan Institute of Virology, the cutting-edge . 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. 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. Joe Nocera is a journalist and column writer for Dealbook. 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. Even before the COVID crisis, there were questions about how well private-equity investments were actually performing. According to the Institutional Limited Partners Association. A hydraulic fracturing site in Denton, Texas. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Latest trends. [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]. "Dow 36,000" co-authors stand by book's premise. As a result, private equity is now wound into the very fabric of our economy. If private equity suffers, the blow will reverberate throughout the entire economy. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. [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. Ad Choices. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. I dont think any of us can really believe what we saw today, one industry analyst told AP. There were rumblings that shale companies would seek a federal lifeline. Blackstones Schwarzman has ties to Trump. 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. North Dakota Coronavirus Map and Case Count - The New York Times Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. If you need help with the Public File, call 540-512-1558. Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. Portfolio, a Penguin Random House imprint . 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. The title and release date have not yet been determined. Smithfield Foods. Monday - Friday That, too, is ending, as investors in such funds have become disillusioned. Thats because one big source of funding didnt dry up: private equity. 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. Until the capital markets began to get suspicious, private equity investors could flip companies they had funded to larger, public companies, making a profitable exit regardless of whether or not the underlying business was making money. Whiting Petroleum, whose stock once traded for $150 a share, filed for bankruptcy. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Click here to take a moment and familiarize yourself with our Community Guidelines. Its a rich history of a company, and a case study in how a corporate culture can turn toxic. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. 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. 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. Its essential that we do the same today. 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. 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. Dec 2020 - Apr 20221 year 5 months. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. 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. 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. 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.. 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. Hot & Bothered: Has the Fracking Bubble Finally Burst? with Bethany McLean The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. She was previously married to Christopher Roberts Wilford. 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. 2 FOR DRIVE-THRU TESTING RESULTS: Lab samples are sent to an off-site laboratory and results may take 1 to 2 days or even longer in some instances or in times of peak demand. BETHANY MCLEAN - wsls.com 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.