Bethany McLean is a . As a group of scientists who study virusesexplains, Theres no reason, at least biologically, that the virus wont continue to evolve.From a different angle, the science writer David Quammen surveys some of the highly effective tools and techniques that are now available for studying Covid and other viruses, but notes that such knowledge alone wont blunt the danger. 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.. As a subscriber, you have 10 gift articles to give each month. McLean County, Illinois Covid Case and Risk Tracker [10][11] Blackstones Schwarzman has ties to Trump. 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 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. She has suggestions for how to approach the problem. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. 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. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. Moodys, the rating agency, said that in the third quarter of 2019, 91 percent of defaulted U.S. corporate debt was due to oil and gas companies. Saudi America: The Truth About Fracking and How Its Changing the World., stocks that make up the S.&P. Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. If you like the episode and want to hear more, sign up as a monthly member at patreon.com/hotbotheredclimate today. 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. Create a Website Account - Manage notification subscriptions, save form progress and more. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Contents 1 Early life and education 2 Career If you need help with the Public File, call (713) 778-4745. But it doesnt have to be a blank check. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Workers monitoring a hydraulic fracturing operation near Wink, Texas. This week, Kate and Daniel talk to Bethany McLean, author most recently of Saudi America: The Truth about Fracking and How It's 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. sure to go down in history as one of the wildest business stories ever. 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. Enron tale author Bethany McLean has a new book she wrote from her Making a Killing with Bethany McLean on Apple Podcasts 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. By Bethany McLean. 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. 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. Latest trends. Covid-19 Information - Bethany College 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. 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. Well continue to work with the administration and Congress to request that federal programs support all businesses, regardless of ownership structure, and their workers, says the AICs CEO, Drew Maloney. Energy independence was a fever dream, fed by cheap debt and frothy capital markets. 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. Demian McLean | The Seattle Times 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.. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. 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. 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. On April 20, oil prices did something theyve never done before. Her two books are the The Smartest Guys in the Room: The Amazing. [13][14][15] They divorced in 2020. Bethany Nesbitt, 20, was found dead in a residence hall at. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. As a result, private equity is now wound into the very fabric of our economy. But with super-low interest rates, investors in search of yield were still willing to buy debt. Book review of The Power LawVenture Capital and the Making of the New McLean is a contributing editor at Vanity Fair and co-author of the Enron book "The Smartest Guys in the Room." Nocera. 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. Yet an exemption for the private-equity industry did not make its way into the CARES Act; according to Bloomberg, Senate Majority Leader Mitch McConnell is trying to pass a $250 billion boost to the PPPwithout provisions opening it to private-equity-backed companies. They subprimed the American energy ecosystem, says a longtime energy market observer. Bethany McLean is a Vanity Fair contributing editor. 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. 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. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. 500 energy sector fell, questions weve gathered from readers recently, adequate research and support for sufferers, according to the law firm Haynes and Boone. 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. Bill White wants to restore Americas historical proclivity for balanced budgets. The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. How exactly did the alleged illegal activity go down? Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. 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. Bethany McLean - Wikipedia 1. The Wuhan Institute of Virology, the cutting-edge . January 2022 was the month with the highest average cases, while November 2020 was the month with the highest . Tar Heel, North Carolina, United States. 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 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. today. [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. From 2015 through 2019, private equity firms raised almost $80 billion in funds focused mostly on shale production, according to Barclays. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. 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. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. Was Tiffany involved? More than 100,000 people already have died in this country from the virus. Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. Dont hesitate: sign up on Patreon 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. Bethany McLean Latest Articles | Vanity Fair Bethany McLean: The Truth about Fracking and How It's Changing - Yahoo! Ad Choices. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. 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.. I dont think any of us can really believe what we saw today, one industry analyst told AP. Portfolio, a Penguin Random House imprint . Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. 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. 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. 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. One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. 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. (And not all private-equity firms care equally about all of the programs.) A college student in Indiana died in her dorm room after testing positive for the coronavirus, school officials and her family said. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. Bethany McLean is a journalist and contributing editor for Vanity Fair. in English and mathematics from Williams College. According to the Institutional Limited Partners Association (ILPA), a lobbying group which represents CalPERs and other public investors, businesses backed by private equity employ more than 8.8 million Americans at over 35,000 companies, accounting for a staggering 5% of the United States GDP. Fracking, they said, was just manufacturing, in which process and human intelligence could reduce costs and conquer geology. 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. Seventy-one members of the Bethany Slavic Missionary Church near Rancho Cordova or people associated with congregation members have been afflicted with the virus, county officials say, making. Mortgages should be used to buy homes, not for refinancing. 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 . [12], McLean married Chris Wilford in 2000 and divorced in 2006. COVID-19: Medical Sheltering at the Bell Gardens Quality Inn and Suites 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.. There were rumblings that shale companies would seek a federal lifeline. To revisit this article, select My Account, thenView saved stories. 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.. governor announced on Tuesday that he will convene a grand jury to investigate "crimes and wrongdoing" related to COVID-19 vaccines. Bethany McLean is a Vanity Fair contributing editor. But that didnt seem to matter, because low interest rates facilitated private equity in another way. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Monday - Friday Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . Check out the full Hot & Bothered archive here. Bethany McLean is a Vanity Fair contributing editor. Bethany McLean | Chicago Booth Review 2023 Cond Nast. 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. COVID-19 Locations & Demographics - LA County Department of Public Health All rights reserved. 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. 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. By Bess Levin . COVID-19 in McLean County for the week ending 3-3-23 - New Cases (2-23-23 to 3-1-23):129; New Hospitalizations (2-22-23 to 2-28-23):10 ; McLean Countys COVID-19 Community Level is LOW: When Community Level is LOW: Stay up to date on vaccinations, Get tested if you have symptoms. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. Restaurants and hotels owned by big chains have already received exemptions granting them access to the relief funds, regardless of how many people their parent companies employ. 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. Ad Choices. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. 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. She is known for her writing on the Enron scandal and the 2008 financial crisis. 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. 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. 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. According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. Thanks to the $2 trillion bipartisan bailout bill, the industrys coronavirus losses will belong to all of us. McLean was born in Hibbing, Minnesota on December 12, 1970. You can see how all of this is playing out by looking at Occidental Petroleum. (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.