NEW YORK 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. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". The Times is committed to publishing a diversity of letters to the editor. A deal, and higher oil prices, might help the industry. And President Trump reveled in the rhetoric: We hadnt merely achieved independence, his administration said, but rather energy dominance.. She is known for her writing on the Enron scandal and the 2008 financial crisis. Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. Business and Society Lecture features journalist Bethany McLean 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. 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. We could close that, once and for all. 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. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Stopping that will require a creative effort to increase and sustain high levels of vaccination. She is also a columnist at Yahoo Finance and a contributor to CNBC. 2023 Cond Nast. Thats because one big source of funding didnt dry up: private equity. Ad Choices. And heres our email: letters@nytimes.com. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". Coronavirus May Kill Our Fracking Fever Dream - The New York Times Create a Website Account - Manage notification subscriptions, save form progress and more. Beleaguered pension funds, which suffered big losses in the financial crisis, could no longer count on decent returns from fixed investments, given how low interest rates have been kept by the Fed. A journalist profiles the developers and devotees who have aided the rise of cybercurrency. After the United States engaged in a high-stakes negotiation with Russia and Saudi Arabia to curtail production, a tentative deal was struck on Thursday. 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. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. 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. 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 . 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. She has been married to Sean Murray Berkowitz since May 2008. It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. Looking for more? [13][14][15] They divorced in 2020. Monday - Friday This material may not be published, broadcast, rewritten or redistributed without permission. She resides in Chicago with her children. We asked three experts two immunologists and an epidemiologist to weigh in on this and some of the hundreds of other questions weve gathered from readers recently, including how to make sense of booster and test timing, recommendations for children, whether getting covid is just inevitable and other pressing queries. Whiting Petroleum, whose stock once traded for $150 a share, filed for bankruptcy. today. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. 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. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. Book review of The Power LawVenture Capital and the Making of the New 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. They have two children. Private-equity managers won the financial crisis, as Bloomberg put it last fall. Americas energy independence was an illusion created by cheap debt. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Bethany McLean is a journalist and contributing editor for Vanity Fair. (And not all private-equity firms care equally about all of the programs.) 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. As a result, fracking stocks badly underperformed the market. So why should they be permitted to raid the federal Treasury in a time of crisis? All thats left to tally is the damage. [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. Exclusive: Inside the S--tshow That Was the Trump-Biden Transition. Even before the COVID crisis, there were questions about how well private-equity investments were actually performing. 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.. Latest trends. Unfortunately, there isnt really an alternative to providing private equity with federal funds. To revisit this article, visit My Profile, thenView saved stories. Bethany McLean. More than 100,000 people already have died in this country from the virus. That means public pensions might be forced to dump their holdings in public-backed investments to provide private-equity firms with emergency casha move that could depress the stock market even further. 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. Investors in the equity of these companies have already seen the value of their holdings decimated. It is absolutely imperative, Waters recently wrote in support of private equity, that the reliefbe extended to protect all workers, irrespective of the affiliations of their employers. Translation: Workers shouldnt suffer just because their bosses sold a controlling stake in their businesses to a bunch of greedy fat cats. College student found dead in her dorm after testing positive for By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. But that didnt seem to matter, because low interest rates facilitated private equity in another way. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Saudi America: The Truth About Fracking and How Its Changing the World., stocks that make up the S.&P. 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. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. 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. How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? 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. 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 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. 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. [citation needed], She authored an article on Enron for the March 5, 2001, issue of Fortune entitled, "Is Enron Overpriced? Making a Killing with Bethany McLean on Apple Podcasts The title and release date have not yet been determined. 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. Private equity has made multibillionaires of executives like Blackstones Steve Schwarzman (net worth: $17.5 billion) and Apollos Leon Black ($7.5 billion). 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. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Hot & Bothered is produced by Colin Kinniburgh. Copyright 2020 The Associated Press. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Get COVID-19 vaccine updates from the CDC. 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. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. 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. 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. 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. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. Bethany McLean - IMDb About Bethany McLean is a contributing editor at Vanity Fair. [1] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. COVID-19 Locations & Demographics - LA County Department of Public Health No food or drink for one hour prior to testing. Dont hesitate: sign up on Patreon today. All the Devils Are Here - Wikipedia The socio-economic status of individuals needing . There were rumblings that shale companies would seek a federal lifeline. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. Fractivism: Corporate Bodies and Chemical Bonds, A Moderate Proposal: Nationalize The Fossil Fuel Industry, https://media.blubrry.com/belabored/dissentmagazine.org/mp3/24HotBothered.mp3. Bethany McLean: The Truth about Fracking and How It's Changing - Yahoo! How exactly did the alleged illegal activity go down? The total number of . She was previously married to Christopher Roberts Wilford. Like the big banks in 2008, private equity is holding us all hostage. 71 members of Sacramento, California church have coronavirus | The All thats left to tally is the damage. North Dakota Coronavirus Map and Case Count - The New York Times 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. McLean is a contributing editor at Vanity Fair and co-author of the Enron book "The Smartest Guys in the Room." Nocera. Portfolio, a Penguin Random House imprint . McLean graduated from Hibbing High School in 1988. On March 10, Scott Sheffield, the chief executive of Pioneer Natural Resources, a major driller in the Permian Basin, told Bloomberg that U.S. oil output could fall by more than two million barrels per day by next year if prices remain where they are today. [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. 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. 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. COVID-19: Medical Sheltering at the Bell Gardens Quality Inn and Suites 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.. Daily updates from Washington, Wall Street, and Silicon Valley. 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? (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. 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. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Check out the full Hot & Bothered archive here. McLean County, Illinois Covid Case and Risk Tracker 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. Smithfield Foods. 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. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. 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. [1] In 1992 she received a B.A. Energy independence was a fever dream, fed by cheap debt and frothy capital markets. 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. Manage all aspects of the daily operation for Ham Conversion, processing up to 1.5 million lbs/day . The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Nocera and McLean writing book on U.S. coronavirus response That, too, is ending, as investors in such funds have become disillusioned. All rights reserved. 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. Covid-19 Information - Bethany College And North American oil and gas drillers have almost $100 billion of debt that is set to mature in the next four years. Demian McLean | The Seattle Times According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. If private equity suffers, the blow will reverberate throughout the entire economy.
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