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. Bill White wants to restore Americas historical proclivity for balanced budgets. 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 2.Read more about the C.D.C . 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. 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. 500 energy sector fell 20 percent, marking the sectors largest drop on record. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial crisis. 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.. Her two books are the The Smartest Guys in the Room: The Amazing. 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. Was Tiffany involved? 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. Bethany McLean is a Vanity Fair contributing editor. Monday - Friday 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. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. 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. If private equity suffers, the blow will reverberate throughout the entire economy. McLean was born in Hibbing, Minnesota on December 12, 1970. The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. Anyone can read what you share. 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. Looking for more? You can see how all of this is playing out by looking at Occidental Petroleum. (And not all private-equity firms care equally about all of the programs.) 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. How exactly did the alleged illegal activity go down? 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. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). 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. Bethany McLean is a Vanity Fair contributing editor. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. Americas energy independence was an illusion created by cheap debt. 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. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. I dont think any of us can really believe what we saw today, one industry analyst told AP. 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. Thats because one big source of funding didnt dry up: private equity. Dec 2020 - Apr 20221 year 5 months. How concerning are things like long covid and reinfections? 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. In May 2008, she married attorney Sean Berkowitz, the former Director of the United States Department of Justice Enron Task Force. 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.. She is known for her writing on the Enron scandal and the 2008 financial crisis. 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. Sign up for our daily Hive newsletter and never miss a story. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. Private equity has made multibillionaires of executives like Blackstones Steve Schwarzman (net worth: $17.5 billion) and Apollos Leon Black ($7.5 billion). But it doesnt have to be a blank check. https://www.cdc.gov/coronavirus/2019-ncov/your-health/covid-by-county.htm January 12, 2022 COVID Update Update on Bethany College COVID Response The Times is committed to publishing a diversity of letters to the editor. 2023 Cond Nast. Check out the full Hot & Bothered archive here. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Blame Congress for the meltdown, not Goldman Sachs. Copyright 2020 The Associated Press. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. So why should they be permitted to raid the federal Treasury in a time of crisis? This kind of rewrites the economics of oil trading.. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. Even before the COVID crisis, there were questions about how well private-equity investments were actually performing. 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. The Wuhan Institute of Virology, the cutting-edge . Energy independence was a fever dream, fed by cheap debt and frothy capital markets. 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. Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. [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]. As a subscriber, you have 10 gift articles to give each month. McLean graduated from Hibbing High School in 1988. In reality, the dream was always an illusion, and its collapse was already underway. Some of it may be on bank balance sheets. 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 . (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.). 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. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. 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 why not? As for Pelosi, she doesnt want to see companies backed by venture capital excluded from federal relief, given her Silicon Valley constituents. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. 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.. 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. She resides in Chicago with her children. 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. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. As a result, the stocks that make up the S.&P. Dont hesitate: sign up on Patreon today. Thats because oil fracking has never been financially viable. 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. Waters, in her letter, argues for placing even more strings on the money taken by private-equity-backed companies. She is known for her writing on the Enron scandal and the 2008 financial crisis. Fracking, they said, was just manufacturing, in which process and human intelligence could reduce costs and conquer geology. Bethany McLean is a Vanity Fair contributing editor. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. Unfortunately, there isnt really an alternative to providing private equity with federal funds. Tar Heel, North Carolina, United States. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. Daily updates from Washington, Wall Street, and Silicon Valley. 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. As a result, private equity is now wound into the very fabric of our economy. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. She has co-authored multiple bestselling books, including The Smartest Guys in the Room and All the Devils Are Here. 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. 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. 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.. 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. 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 . [citation needed], She authored an article on Enron for the March 5, 2001, issue of Fortune entitled, "Is Enron Overpriced? [9], In September 2018, she published Saudi America: The Truth about Fracking and How It's Changing the World which examined the "fracking revolution" and U.S. energy independence. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. How will the virus continue to change? COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Bethany McLean. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. To revist this article, visit My Profile, then View saved stories. Click here to take a moment and familiarize yourself with our Community Guidelines. If you need help with the Public File, call (713) 778-4745. Contents 1 Early life and education 2 Career By Bess Levin . January 2022 was the month with the highest average cases, while November 2020 was the month with the highest . Latest trends. 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. And North American oil and gas drillers have almost $100 billion of debt that is set to mature in the next four years. Archive Wall Street Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the Coronavirus Crisis April 9, 2020 From the. And more! 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. 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 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, 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. Coronavirus May Kill Our Fracking Fever Dream, https://www.nytimes.com/2020/04/10/opinion/sunday/coronavirus-texas-fracking-layoffs.html. And heres our email: letters@nytimes.com. Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. 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. We could close that, once and for all. She is a writer, known for Enron: The Smartest Guys in the Room (2005), Independent Lens (1999) and PBS NewsHour (1975). 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. 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. There were rumblings that shale companies would seek a federal lifeline. More than 100,000 people already have died in this country from the virus. Are Crude Oil & Natural Gas Prices Linked? 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. All information these cookies collect is aggregated and therefore anonymous . [1] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. 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. . McLean is a contributing editor at Vanity Fair and co-author of the Enron book "The Smartest Guys in the Room." Nocera. She has suggestions for how to approach the problem. More than 100,000 people already have died in this country from the virus. Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. Veuer's Tony Spitz has the details. From 2015 through 2019, private equity firms raised almost $80 billion in funds focused mostly on shale production, according to Barclays. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". More than 100,000 people already have died in this country from the virus. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. These cookies are used to collect information on how users interact with Chicago Booth websites allowing us to improve the user experience and optimize our site where needed based on these interactions. 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. 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. [1] In 1992 she received a B.A. Create a Website Account - Manage notification subscriptions, save form progress and more. As a result, fracking stocks badly underperformed the market. 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 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. 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. . 1. Fractivism: Corporate Bodies and Chemical Bonds, A Moderate Proposal: Nationalize The Fossil Fuel Industry, https://media.blubrry.com/belabored/dissentmagazine.org/mp3/24HotBothered.mp3. Joe Nocera is a journalist and column writer for Dealbook. Get COVID-19 vaccine updates from the CDC. Even as the public equity and debt markets grew cautious, drilling continued. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. Dylan Hollingsworth for The New York Times. The title and release date have not yet been determined. The Wuhan Institute of Virology, the cutting-edge . By Bethany McLean. The book, which she wrote from the couple's home, puts a human face to the crisis. Has its bubble finally burst? 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? 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. 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. COVID-19 Guidance for isolation and quarantine, COVID-19 Education and Outreach Materials Page. To revisit this article, visit My Profile, thenView saved stories. Bethany McLean is a Vanity Fair contributing editor. What the Theranos trial says about the blurred lines between visionaries and frauds. Here are some tips. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. 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. But that didnt seem to matter, because low interest rates facilitated private equity in another way. 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. 500 energy sector fell, questions weve gathered from readers recently, adequate research and support for sufferers, according to the law firm Haynes and Boone. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. Portfolio, a Penguin Random House imprint . More than 100,000 people already have died in this country from the virus. Bethany McLean is a journalist and contributing editor for Vanity Fair. Hours If private equity is handed billions in taxpayer money, it could use some of it to pay themselves hefty fees today, then pocket even more of it down the road, when they sell their portfolio companies and collect their 20% of the taxpayer-enabled gains. 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. Since that time, Oxys stock has plummeted almost 80 percent in part due to fears that the Anadarko acquisition is going to prove so wildly unprofitable that it sinks the company. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. What could endemic Covid look like? 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. This material may not be published, broadcast, rewritten or redistributed without permission. "[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. She was previously married to Christopher Roberts Wilford. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. The half decade from 2013 to 2018 saw the most private-equity deals over any five-year period in American history. To revisit this article, select My Account, thenView saved stories. She is also a columnist at Yahoo Finance and a contributor to CNBC. Has its bubble finally burst? Wed like to hear what you think about this or any of our articles. She has been married to Sean Murray Berkowitz since May 2008. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Driven partly by public pensions, the private-equity industry has mushroomed. 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. A college student in Indiana died in her dorm room after testing positive for the coronavirus, school officials and her family said. Workers monitoring a hydraulic fracturing operation near Wink, Texas. By Patrick Semansky/AP Photo (Mnuchin); By Mark Wilson (Pelosi), Jason Alden (Shwarzman), Patrick T. Fallon/Bloomberg (Black), by Johannes EISELE/AFP (stocks), by Christina Horsten (tents), by John Nacion (ambulance); All from Getty Images. 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. In 2019, Mclean launched a podcast titled Making a Killing on Luminary. TDD: (800) 526-0844 One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. 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. David Wallace Wells writes that by one estimate. 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.
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