Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. Bethany McLean: The Truth about Fracking and How It's Changing - Yahoo! Copyright 2020 The Associated Press. If you need help with the Public File, call (713) 778-4745. Bethany McLean - Wikipedia The total number of . Bethany Nesbitt, 20, was found dead in a residence hall at. 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. Contents 1 Early life and education 2 Career BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. More than 100,000 people already have died in this country from the virus. 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 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. All rights reserved). [citation needed] She began as a contributor to Slate's Moneybox column, in 2010 and "The Bulldog" column in Fortune. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. sure to go down in history as one of the wildest business stories ever. Here are some tips. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. How concerning are things like long covid and reinfections? 2023 Cond Nast. 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 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. 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. A journalist profiles the developers and devotees who have aided the rise of cybercurrency. This kind of rewrites the economics of oil trading.. Dylan Hollingsworth for The New York Times. Its essential that we do the same today. No food or drink for one hour prior to testing. Her two books are the The Smartest Guys in the Room: The Amazing. If you need help with the Public File, call 540-512-1558. Elizabeth Holmes Was Found Guilty, But Was She Fundamentally - Forbes Hot & Bothered is produced by Colin Kinniburgh. McLean County reports 182 new COVID cases - pantagraph.com 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. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). Waters, in her letter, argues for placing even more strings on the money taken by private-equity-backed companies. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Archive Wall Street Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the Coronavirus Crisis April 9, 2020 From the. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. The industrys total assets under management have hit a record $4.1 trillion. Bethany Mclean - KPRC Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. 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. 2023 Cond Nast. 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. Has its bubble finally burst? She is known for her writing on the Enron scandal and the 2008 financial crisis. Actually, no. 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. 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.. 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. [1] In 1992 she received a B.A. 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. 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. Daily updates from Washington, Wall Street, and Silicon Valley. Portfolio, a Penguin Random House imprint . Ever since Congress voted to hand out $2 trillion in taxpayer money to those hardest hit by the coronavirus pandemic, American businesses have been scrambling for a piece of the action. . 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. The title and release date have not yet been determined. 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. All thats left to tally is the damage. A deal, and higher oil prices, might help the industry. 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. COVID-19 Locations & Demographics - LA County Department of Public Health 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. 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. 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? (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. What the Theranos trial says about the blurred lines between visionaries and frauds. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. And why not? She resides in Chicago with her children. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial crisis. In reality, the dream was always an illusion, and its collapse was already underway. 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. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. To revisit this article, visit My Profile, thenView saved stories. 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. Click here to take a moment and familiarize yourself with our Community Guidelines. . 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. That, too, is ending, as investors in such funds have become disillusioned. To revist this article, visit My Profile, then View saved stories. As a subscriber, you have 10 gift articles to give each month. All thats left to tally is the damage. There were rumblings that shale companies would seek a federal lifeline. She is also a columnist at Yahoo Finance and a contributor to CNBC. 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. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. All thats left to tally is the environmental and financial damage. 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.. 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. Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? 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. As a result, private equity is now wound into the very fabric of our economy. About Bethany McLean is a contributing editor at Vanity Fair. 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. 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. Bethany McLean - The New York Times Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. Tens of thousands of Texans are being laid off in the Permian Basin and other parts of the state, and the whole industry is bracing for worse. More than 100,000 people already have died in this country from the virus. Not only should taxpayer funds not be used to pay management or consulting firms, she says, but companies that take the money should also, for instance, be required to include workers on their corporate boards and gradually increase their minimum wage to at least $15 an hour. Its a rich history of a company, and a case study in how a corporate culture can turn toxic. Veuer's Tony Spitz has the details. How will the virus continue to change?
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